Arkham Intelligence has identified the blockchain wallets for Morgan Stanley's new Bitcoin spot fund (BTC). The bank's Bitcoin holdings are now publicly available for near-real-time monitoring.

The Morgan Stanley Bitcoin Trust (MSBT) began trading on the NYSE Arca exchange on April 8. It was considered the first Bitcoin spot fund issued by a major US bank.

Arkham made MSBT holdings visible

Arkham's blockchain analytics team has accurately identified the custodial wallets used by MSBT before verifying them. Users can now track Bitcoin inflows and outflows as soon as they are settled on the chain.

However, traditional funding settlements must follow a T+1 settlement cycle. Blockchain confirmations appear one day after allocation decisions are made. This structural delay means that wallet data reflects movements from the previous day, not the current day.

Since its launch, MSBT has purchased approximately $102.79 million worth of Bitcoin. On-chain holdings total approximately 1,348 Bitcoin.

Bloomberg investment fund analyst Eric Balchonas placed this launch in the top 1% of all investment fund launches over the past year.

Targeting low fees, BlackRock leads the way.

MSBT charges an annual fee of 0.14%, the lowest among US Bitcoin spot funds. The BlackRock iShares Bitcoin Trust (IBIT) charges a fee of 0.25% and leads the market with nearly $57 billion in assets under management.

Morgan Stanley's wealth management division employs approximately 16,000 advisors overseeing $9.3 trillion in client assets. Even a small shift in asset allocation toward MSBT can generate significant cash flows over time.

Coinbase and BNY Mellon hold the fund's digital assets. Goldman Sachs and Charles Schwab are reportedly planning to launch competing cryptocurrency products, suggesting that further fee-cutting pressure may emerge.