By Connor Hart
Morgan Stanley is expanding its push into digital assets with the launch of its Bitcoin trust, an exchange-traded product designed to track the performance of Bitcoin.
Morgan Stanley Investment Management said Wednesday that it will be the first U.S. bank-affiliated asset manager to offer a cryptocurrency ETP, reflecting the firm's continued focus to develop digital-asset solutions designed to meet evolving client demand.
The launch builds on Morgan Stanley's recent investments across the digital-asset ecosystem, including the appointment of dedicated leadership to guide firmwide digital asset strategies and ongoing efforts to expand institutional-grade capabilities across custody, trading and product development, the company said.
The Morgan Stanley Bitcoin Trust seeks to track the performance of Bitcoin, the largest cryptocurrency, as measured by the performance of the CoinDesk Bitcoin Benchmark 4 p.m. New York settlement rate, which aggregates trading activity across major spot bitcoin exchanges.
It will trade under the ticker MSBT on NYSE Arca, carrying a sponsor fee of 0.14%, which Morgan Stanley said is currently the lowest among bitcoin ETPs.
Coinbase and BNY will provide digital-asset custody services for the fund, with BNY also serving as the administrator and transfer agent.
"MSBT is an example of how leveraging Morgan Stanley's collective strength and deep expertise across asset classes and market segments can add value for existing clients, unlock new investor opportunities and continue to pursue compelling and innovative investment ideas that solve investor challenges," Head of Morgan Stanley Investment Management Ben Huneke said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
04-08-26 0953ET
