The Morgan Stanley Bitcoin Trust (MSBT) is a spot Bitcoin ETF that began trading on NYSE Arca on April 8, 2026, making Morgan Stanley the first major U.S. bank to issue a spot Bitcoin ETF under its own name. MSBT holds actual Bitcoin rather than derivatives like futures contracts, designed to track Bitcoin's price as a passive investment vehicle. The fund tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate and charges an annual expense ratio of 0.14% — the lowest fee in the U.S. spot Bitcoin ETF market. 

Bitcoin is held in cold storage by Coinbase Custody, while BNY Mellon handles cash custody, fund administration, and transfer agent functions. Bitget Investors in MSBT do not need to manage private keys, wallets, or security risks associated with holding crypto directly — instead, they gain exposure through traditional brokerage accounts. 

What sets MSBT apart from every other Bitcoin ETF is not the product itself, but the distribution infrastructure behind it. Morgan Stanley operates approximately 16,000 financial advisors managing over $6.2 trillion in client assets. The wealth management arm has recommended clients allocate 2%–4% of their portfolios to crypto.