On March 27, 2026, Morgan Stanley filed an amended S-1 for its proprietary Morgan Stanley Bitcoin Trust (MSBT).

​The 0.14% Fee: This is now the lowest management fee in the U.S. spot Bitcoin ETF market, undercutting the previous leader, Grayscale's Bitcoin Mini Trust (0.15%), and significantly beating BlackRock’s IBIT (0.25%).

​The "Gatekeeper" Effect: Morgan Stanley has roughly 16,000 financial advisors managing over $6 trillion in assets. This launch (expected in early April) signals that big banks are moving from just selling others' ETFs to building their own in-house crypto infrastructure.