Morgan Stanley's much-anticipated spot Bitcoin ETF, ticker symbol MSBT, is finally launching, the firm said Wednesday.
"With MSBT, we’re extending our product offering to meet growing client interest in digital assets," Morgan Stanley Investment Management's Global Head of ETF Strategy Ally Wallace said in a statement.
The new ETF immediately becomes a highly competitiveproduct, undercutting other existing Bitcoin ETFs. "MSBT’s unitary delegated sponsor fee is 0.14%, which is currently the lowest bitcoin ETP sponsor fee as of this release," the firm said.
The fee beats Grayscale’s Bitcoin Mini Trust, currently the low-cost leader at 0.15%, and sits 11 basis points below BlackRock’s iShares Bitcoin Trust at 0.25%. BlackRock's Bitcoin ETF is far and away the market leader with $63 billion in assets under management.
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"MSBT is an example of how leveraging Morgan Stanley’s collective strength and deep expertise across asset classes and market segments can add value for existing clients, unlock new investor opportunities and continue to pursue compelling and innovative investment ideas that solve investor challenges," said Ben Huneke, head of Morgan Stanley Investment Management.
Last month, in an effort to contextualize the importance of Morgan Stanley launching a spot BTC ETF, Bloomberg Senior Analyst Eric Balchunas said the bank boasts "the largest network of financial advisors, 16,000 advisors managing $6.2 trillion," double Merrill Lynch, Goldman Sachs, and JPMorgan.
"Arguably biggest BTC launch since they began," Balchunas added Wednesday. "Here are our predictions: $5 billion in [assets under management] in first year and $30 million in day one volume."
Coinbase and BNY are providing digital asset custody services for MSBT, the bank said.
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