Morgan Stanley's spot Bitcoin ETF—the Morgan Stanley Bitcoin Trust (MSBT)—logged nearly $194 million in net inflows during its first month, avoiding a single daily outflow since launching on April 8. By May 7, net assets stood at $239.6 million.
$30.6M on Day One, Trading Volume at $34M
On its first trading day, MSBT attracted $30.6 million in inflows, with trading volume reaching roughly $34 million. Bloomberg ETF analyst Eric Balchunas ranked the debut among the top 1% of all ETF launches. Notably, the broader spot Bitcoin ETF market saw $94 million in outflows on that same day.
Data from SoSoValue shows MSBT logged 17 inflow sessions and five flat days through May 7, with zero net redemption days.
Lowest Fee in the Industry at 0.14%
MSBT carries a sponsor fee of just 0.14% annually—the lowest among U.S. spot Bitcoin ETFs. It undercuts the Grayscale Bitcoin Mini Trust (0.15%), as well as Bitwise's BITB and Ark Invest's ARKB products. The low fee helped drive early demand.
The ETF also traded at a 0.24% premium to net asset value, exceeding BlackRock's IBIT (0.18%) and Fidelity's FBTC (0.13%).
Crossed $103M in Six Days, Beat Legacy Products
Within six trading days, MSBT's cumulative inflows topped $103 million—surpassing WisdomTree's BTCW cumulative total since January 2024.
Amy Oldenburg, Morgan Stanley's head of digital asset strategy, said early flows came mainly from self-directed investors, not the bank's nearly 16,000 advisors who manage over $9.3 trillion in assets.
E*Trade Pilots Spot Crypto Trading
Morgan Stanley is also expanding crypto access via its E*Trade brokerage, which has started piloting spot trading for Bitcoin, Ethereum, and Solana. The platform charges a 50-basis-point transaction fee and allows users to hold crypto-related ETPs alongside stocks and traditional ETFs.
According to SoSoValue, U.S. spot Bitcoin ETFs collectively brought in over $3 billion during a six-week inflow streak through May 8.