Morgan Stanley files amended S-1 for spot Bitcoin ETF, proposes 14 bps fee

Morgan Stanley has amended its S-1 registration statement to launch a spot Bitcoin ETF, the Morgan Stanley Bitcoin ETF (MSBT), with a proposed 14 basis-point management fee. The pricing would come in below Grayscale's 0.15% and BlackRock's 25 bps. If approved, MSBT would be the first spot Bitcoin ETF issued by a major U.S. bank, a move that could intensify fee competition and channel new inflows through Morgan Stanley's large financial-advisor network.