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The newly launched Morgan Stanley Bitcoin Trust (MSBT), which is linked to the price of Bitcoin, garnered approximately $32 million on its inaugural trading day on the NYSE Arca exchange. The trading volume exceeded 1.6 million shares.
Bloomberg ETF analyst Eric Balchunas characterized the debut of MSBT as one of the most robust launches of cryptocurrency spot exchange-traded funds (ETFs). According to his assessment, the Morgan Stanley fund ranks among the top 1% of the most successful ETFs based on initial trading performance.
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He cited examples of strong launches including the Defiance Bitcoin Strategy ETF (BSOL), VanEck XRP Strategy ETF (XRPC), and Tema Digital Asset Mining ETF (DRAM), which achieved trading volumes of around $60 million in their early days. As per the SoSoValue platform, the total market volume for spot Bitcoin ETFs exceeds $91 billion.
Previously, Balchunas had forecasted trading volumes for MSBT in the range of $27–30 million, with the potential to rise to $50 million in the following days. He also suggested that the fund could increase its assets under management to several billion dollars within the first year, aided by Morgan Stanley’s network of advisors and aggressive pricing strategies.
MSBT is the first cryptocurrency ETF launched under the brand of a major commercial bank in the United States. The fund’s fee is set at 0.14%, which is lower than that of its main competitors. In comparison, the iShares Bitcoin Trust (IBIT) from BlackRock has a fee of 0.25%.
