Morgan Stanley today launched its own spot Bitcoin exchange-traded fund. Ticker symbol MSBT, traded on the NYSE Arca exchange, with an expense ratio of (fees) 0.14%.

This makes it the cheapest spot Bitcoin ETF in the United States, outperforming the Grayscale Mini Trust by 0.15% and BlackRock IBIT by 0.25%. This is not just a third-party product distributed by Morgan Stanley; they built it themselves.

Morgan Stanley has about 16,000 financial advisors overseeing trillions of dollars in client assets. (Eric Chalonas) from Bloomberg noted that the low fees mean that any of these advisors "won't feel a conflict of interest when using it," and they now have the opportunity to attract external assets as well. Bitcoin custody and management are handled through Coinbase.

Two years ago, a major Wall Street bank issuing a Bitcoin ETF with competitive fee pricing seemed unlikely. Now, it’s a race for the best service, led by the banks. The same institutions that dismissed Bitcoin for an entire decade are now competing to hold it for you at the lowest possible cost.

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