Morgan Stanley's Bitcoin Trust (MSBT) debuted on April 8 with a 0.14% expense ratio, making it the most cost-effective US spot Bitcoin ETF. This undercuts BlackRock’s iShares Bitcoin Trust (IBIT) by 11 basis points. Despite the competitive pricing, analysts like Eric Balchunas do not anticipate BlackRock will reduce its fees, citing IBIT’s liquidity and market dominance. MSBT attracted approximately $30.6 million in net inflows on its first day, trading over 1.6 million shares. Analysts project MSBT could reach $5 billion in assets under management within a year. However, IBIT remains the largest with $55 billion in assets, benefiting from tighter trading spreads and deeper options market activity. While MSBT's pricing may pressure smaller issuers to lower fees, BlackRock's position appears secure unless significant outflows occur or a new competitor like Vanguard enters the market.
Morgan Stanley's Bitcoin ETF Launches with Lowest Fee, Challenges Rivals
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