摩根士丹利首次发行的 1.16 亿美元比特币 ETF 规模仅为 1.9 吨，这就是华尔街会注意到的原因

Morgan Stanley launched its spot Bitcoin ETF on Apr. 8 on NYSE Arca, calling MSBT the first cryptocurrency ETP from a US bank-affiliated asset manager and pricing its sponsor fee at 0.14%, the lowest Bitcoin ETP sponsor fee. By Apr. 16, Farside Investors' data showed cumulative net inflows of $116 million across seven trading sessions. Against Morgan Stanley Investment Management's $1.9 trillion in assets under management as of Dec. 31, 2025, that figure represents roughly 0.006% of the platform. At the 0.14% fee rate, it would generate only about $162,400 in annual gross revenue if assets were held at that level. What makes the MSBT launch harder to ignore is the competitive arithmetic. A number that travels At roughly $16.6 million of net inflows per session , MSBT has already surpassed BTCW, which Farside shows at $86 million in cumulative inflows. For a late entrant launching into a choppy Bitcoin market , clearing an existing competitor's total in less than two weeks establishes that brand, price , and distribution can still generate demand in a field already dominated by BlackRock's IBIT at $64.3 billion and Fidelity's FBTC at $10.8 billion. A logarithmic bar chart shows MSBT's $116 million in cumulative net inflows surpassing BTCW's $86 million, while trailing FBTC at $10.8 billion and IBIT at $64.3 billion. Morgan Stanley has converted “crypto access” into “crypto manufacturing.” The filing was the first such move by a major US bank, and Morningstar's Bryan Armor told Reuters that a bank's entry into the crypto ETF market adds legitimacy and that others could follow. Goldman Sachs filed for its first Bitcoin ETF product on Apr. 14 , six days after MSBT launched. The timing reinforces the sense that the reputational barrier to bank-branded Bitcoin products is contracting fast. Morgan Stanley's own launch statement frames MSBT as part of a firmwide digital asset push spanning custody, trading, and product development. The fund is both a product decision and a