Morgan Stanley Bitcoin ETF's fee has dropped to a minimum of 0.14%, which is 1 basis point lower than Grayscale and 11 basis points lower than BlackRock!
Bloomberg analyst tweeted directly after watching: "Big moves, they are not playing."
The latest S-1 filing submitted by this Wall Street giant shows that the proposed Morgan Stanley Bitcoin Trust (MSBT) has a fee of only 0.14%, and it is expected to be listed as early as early April.
Currently, the U.S. spot Bitcoin ETF market has reached a scale of $87 billion, and the fee structures are as follows:
Grayscale Mini Trust: 0.15%
Franklin Templeton: 0.19%
Bitwise: 0.20%
ARK 21Shares: 0.21%
BlackRock IBIT, Fidelity FBTC: 0.25%
If MSBT's 0.14% goes live, it will directly take the label of 'the cheapest'.
But what truly makes Wall Street nervous is not the 0.01% difference.
Another Bloomberg analyst Eric Balchunas pointed out the key: approximately 16,000 financial advisors under Morgan Stanley manage $6.2 trillion in client assets.
With low enough fees, these advisors have no concerns about 'conflicts of interest' when recommending to clients.
He said a big truth: 'They are the ultimate gatekeepers of the wealth of the baby boomer generation.'
This moat cannot be replicated by BlackRock and Fidelity.
Low fees do not automatically mean maximum scale, but distribution is the amplifier. If MSBT is approved, it will become the first spot Bitcoin ETF directly issued by a large US bank, which holds far greater significance in terms of trust for Morgan Stanley's millions of high-net-worth clients than the fees themselves.
Back to us ordinary players.
Wall Street giants are competing on fees and grabbing clients, while we are trading contracts on Binance; have you calculated the fees?
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Morgan Stanley has 16,000 advisors as its moat.
We don’t have it, but we can treat the fees we save as our own moat.