Why Morgan Stanley Launched the Cheapest Bitcoin ETF on the Market

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 10 April 2026

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

James Seyffart didn't expect Morgan Stanley to do this. Now he's watching to see if BlackRock blinks. Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/unchained Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else. Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. ======================================================== When Morgan Stanley launched MSBT this week, it didn't just become the first major US bank to issue its own spot Bitcoin ETF — it became the cheapest one on the market, undercutting BlackRock's iBIT by 11 basis points. For a firm not known for fee competition, that surprised even close ETF watchers. James Seyffart, senior analyst at Bloomberg Intelligence, has spent years tracking how wirehouses have slowly warmed to Bitcoin products. He joins Laura Shin to discuss what MSBT's launch says about where institutional crypto adoption is heading, whether Morgan Stanley's 16,000 advisors and $7 trillion in assets could meaningfully shift flows, and why Seyffart now sees inaction on crypto as the active choice, not the safe one, for portfolio managers. Plus: Strategy's $14.5 billion loss, Saylor keeps buying, and why MSTR’s S&P 500 question is now entirely a Bitcoin price story. Host: ⁠Laura Shin⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠James Seyffart, Senior Analyst, Bloomberg Intelligence Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin.
0:05.2	Thanks for joining this live stream. Before we get started, a quick reminder, nothing new here on Unchained is Investment Advice.
0:10.8	This show is for informational and entertainment purposes only, and my guest and I may hold assets discussed on the show.
0:16.3	For more disclosures, visit Unchained Crypto.com.
0:19.8	Introducing Nexo, the premier digital wealth platform.
0:23.2	Receive interest on your digital assets.
0:26.0	Barrow against them without selling.
0:27.8	Trade a variety of cryptocurrencies, all-in-one platform.
0:32.0	Now available in the U.S.
0:34.2	Get started today at nexo.com slash unchained. Etherfi is giving Unchained listeners 15%
0:41.9	cash back on food and ride apps, and that's on top of the 3% you get on everything else.
0:46.8	Your bank is charging you to use your own money. I switched. Go to ether.fi slash unchained
0:52.5	to claim your discount. Bitcoin changed how money works.
0:56.0	Satrea changes how Bitcoin scales.
0:58.0	With a trust minimized BTC and a native stable coin, CTUSD,
1:02.0	Citraea enables Bitcoin capital markets with lending, privacy, Bitcoin yield, and more.
1:08.0	Get started at Citraia.xyZ slash Unchained.
1:13.5	Morgan Stanley became the first major U.S. Bank to issue its own spot Bitcoin
1:17.8	ETF, which launched, and that was MSBT, which launched on Wednesday.
1:23.3	So what made this interesting to me is that this is coming amidst this broader market slump.
1:29.6	And oh my gosh, I am so sorry, James. I completely forgot to introduce you.
1:34.0	It's okay.
	...

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