Morgan Stanley wins listing approval for spot Bitcoin ETF; trading to begin once regulatory process is completed

Morgan Stanley has received listing approval from the New York Stock Exchange (NYSE) ahead of the launch of a spot Bitcoin (BTC) exchange-traded fund (ETF). Trading is expected to begin within weeks once the remaining regulatory procedures are completed.

According to Crowdfund Insider on the 30th, the ETF is set to list on NYSE Arca under the ticker “MSBT,” and trading is expected to start within weeks once the remaining procedures are finalized.

The product is structured to hold physical Bitcoin as the underlying asset. Coinbase will provide custody, while BNY Mellon will handle cash management and administrative services.

Morgan Stanley has been fine-tuning the detailed terms since filing its S-1 registration in January this year, and the initial seed investment has been set at about $1 million.

The standout feature of the ETF is its fee. The annual total expense ratio is 0.14%, the lowest among spot Bitcoin ETFs in the U.S. This is lower than Grayscale’s low-cost product (0.15%) and substantially below BlackRock’s IBIT (0.25%).

Market participants are watching whether the product’s launch could intensify fee competition among ETFs once again.

The listing is seen as an extension of the institution-led expansion that has continued since spot Bitcoin ETFs were approved in early 2024. The existing ETF market has grown rapidly, managing about $83 billion in assets.