Morgan Stanley is preparing to launch a spot Bitcoin ETF on the NYSE, filing a second amended S-1 registration with the SEC for its Morgan Stanley Bitcoin Trust under the ticker MSBT. If approved, it would become the first spot Bitcoin ETF issued directly by a major U.S. bank.
The NYSE Arca filed an official listing notice for MSBT on March 25-26, 2026, a procedural step that typically precedes the start of trading. The amended S-1 filing details $1 million in seed capital raised through 50,000 initial shares, with Coinbase Custody handling Bitcoin storage in offline cold wallets and BNY Mellon serving as administrator for cash, transfers, and fund operations.
Key Development
NYSE
Morgan Stanley’s Bitcoin ETF is set to list on the New York Stock Exchange, one of the world’s largest equity exchanges, signaling deepening institutional acceptance of Bitcoin as an investable asset class.
The fund’s authorized participants are Jane Street, Virtu Americas, and Macquarie Capital. Morgan Stanley has not yet publicly disclosed its management fee, though competitors BlackRock (IBIT) and Fidelity (FBTC) each charge 0.25%.
Bloomberg Intelligence senior ETF analyst Eric Balchunas described the NYSE listing notice as a signal that launch is “imminent,” noting that this step typically precedes trading commencement by a short window.
The SEC has not yet granted final approval. The filing remains under regulatory review, and no official decision deadline has been confirmed.
Why Morgan Stanley’s Entry Changes the Bitcoin ETF Market
Morgan Stanley is not a newcomer to Bitcoin exposure. The firm already holds over $729 million across multiple Bitcoin ETFs, including $667.32 million in BlackRock’s IBIT, according to Benzinga reporting. More than 15,000 Morgan Stanley financial advisors are authorized to proactively pitch Bitcoin ETFs to clients.
That distribution network is the key differentiator. While BlackRock and Fidelity built their Bitcoin ETF businesses through broad market access, Morgan Stanley channels its products through one of the largest wealth management operations on Wall Street. MSBT would give those advisors an in-house product to recommend alongside, or instead of, competitor offerings.
The move also creates an unusual competitive dynamic. Morgan Stanley would simultaneously be one of the largest holders of BlackRock’s IBIT and the issuer of a directly competing product. How the firm manages that overlap, particularly in advisor recommendations, will be closely watched.
This Bitcoin ETF filing is part of a broader digital asset push. Morgan Stanley also filed S-1 registrations for an Ethereum trust and a Solana trust in January 2026. In February, the firm applied to the OCC for a National Trust Bank Charter through “Morgan Stanley Digital Trust National Association,” covering digital asset custody, fiduciary staking, and token transactions.
Bitcoin ETF Landscape as a New Competitor Enters
MSBT would enter a market pioneered by the wave of institutional inflows that followed the SEC’s January 2024 approval of spot Bitcoin ETFs. BlackRock’s IBIT and Fidelity’s FBTC quickly emerged as dominant products, attracting tens of billions in assets.
The timing of Morgan Stanley’s near-launch is notable. Bitcoin traded at $68,817 at press time, down 3.52% over 24 hours, with the Fear & Greed Index sitting at 10, deep in “Extreme Fear” territory. The cryptocurrency has fallen sharply from its all-time high of $126,080 reached in October 2025.
Market conditions reflect broader risk-off sentiment, with macroeconomic uncertainty weighing on crypto prices. Yet institutional product development has continued regardless of short-term price action, suggesting that major financial firms view the current drawdown as a cyclical event rather than a structural concern.
For investors tracking Bitcoin ETF flow trends, the key question is whether Morgan Stanley’s brand and distribution muscle can pull new capital into the market, or whether MSBT will primarily cannibalize flows from existing products.
The next concrete milestone is SEC approval of the registration statement. Until that happens, no shares can be issued or traded. The NYSE Arca listing notice signals the exchange-side paperwork is in place, but the regulatory green light remains pending.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
