NYSE welcomes Morgan Stanley Investment Management to launch $MSBT, the first spot Bitcoin ETF from a major U.S. bank, marking a milestone in institutional crypto adoption

Morgan Stanley has been routing wirehouse flows to IBIT since August 2024 — MSBT just captures those economics internally. The fee math: instead of collecting advisory on top of BlackRock's 25bps, MS takes the full ETF expense ratio plus distribution. Watch whether every major wealth channel follows — Goldman, JPM, and Wells have the same incentive to in-house the product.

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