The Morgan Stanley Bitcoin Trust has received an official listing notification on NYSE Arca, signaling an imminent launch according to analysts.
The Morgan Stanley Bitcoin Trust (MSBT) has taken a decisive step toward its launch: the New York Stock Exchange has confirmed an official listing notification for the product. According to Eric Balchunas, senior ETF analyst at Bloomberg, a listing notification typically signals that a launch is “imminent.” If approved by regulators, MSBT would be the first spot Bitcoin ETF issued directly by a major U.S. bank, unlike the products currently available, which are managed by asset managers such as BlackRock and Fidelity.
According to an update filed with the Securities and Exchange Commission (SEC), the fund will operate as a passive investment vehicle designed to track the spot price of bitcoin through direct holdings. Shares will reflect the value of bitcoins held in custody, allowing investors to gain exposure through brokerage accounts without directly owning the asset. The chosen ticker is MSBT and the listing will take place on NYSE Arca.
Morgan Stanley’s wealth management division manages one of the largest financial advisor networks in the industry, with approximately 16,000 advisors and client assets in the trillions of dollars. The fund’s fee structure has not yet been disclosed: as a reference point, BlackRock’s iShares Bitcoin Trust (IBIT) currently charges a management fee of approximately 0.25%, while other issuers fall within a range of 0.20% to 0.30% annually.
The trust plans to launch the fund with 50,000 shares, with an initial expected value of approximately $1 million. Coinbase Custody Trust Company will serve as the primary custodian of bitcoins, storing the majority of assets in cold storage and managing transfers related to the creation and redemption of shares. BNY Mellon will handle administration, transfer agent duties, and cash custody, managing the trust’s accounting, shareholder records, and cash operations.
The structure mirrors the models adopted by other spot Bitcoin ETFs on the market, with a portion of holdings moving into trading wallets during share creation or redemption, when authorized participants exchange cash for bitcoin or redeem shares for the underlying asset. The prospectus notes that insurance coverage on custody is active but shared among multiple clients and may not cover the full extent of losses — a standard clause in the spot Bitcoin ETF sector.
Speaking at the Digital Asset Summit, Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, framed the bank’s positioning in the context of a structural transformation of the financial system: “We have been on a path to modernize the entire financial infrastructure for years,” she stated.
