Banking giant Morgan Stanley launched its spot bitcoin exchange-traded fund today, opening a new front in the battle for dominance in the growing U.S. crypto ETF market and setting up a direct challenge to BlackRock’s flagship iShares Bitcoin Trust (IBIT).

The new fund, trading under the ticker MSBT, began trading April 8 on NYSE Arca with an expense ratio of 0.14%, the lowest among spot bitcoin ETFs. The pricing undercuts IBIT’s 0.25% fee and signals a shift toward cost competition in a market where products offer near-identical exposure to bitcoin’s price.

Spot bitcoin ETFs hold bitcoin directly and track its market value, leaving fees, liquidity, and distribution as the main…

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