Morgan Stanley’s spot Bitcoin exchange-traded fund (ETF) began trading Wednesday with strong initial activity, seeing more than 1.6 million shares traded and about $34 million in inflows, the bank said.
The fund, listed under the ticker MSBT, tracks the CoinDesk Bitcoin Benchmark settlement rate as of 4 p.m. in New York and charges an expense ratio of 0.14%. It is the cheapest fund in the category, offering a clear, albeit limited, pricing advantage over competitors.
MSBT entered the market with a strength different from others: distribution. Morgan Stanley’s wealth management arm oversees billions of dollars of client assets and operates one of the industry’s largest networks of financial advisors. This reach could help the fund gain traction as more investors access bitcoin through advisors rather than direct trading platforms.
Tuesday’s trading offers an initial signal of demand, although it remains to be seen whether MSBT can maintain its momentum in a market dominated by a handful of large players.
