MSBT’s 0.14% is the lowest fee ever set by a US spot bitcoin ETF; for every $10,000 invested, holders save $11 annually versus IBIT — a gap that reaches $110,000 per year at a $100 million institutional allocationMorgan Stanley’s 16,000 financial advisors, who previously could only recommend third-party bitcoin ETFs from BlackRock or Fidelity, now have a house-branded product that redirects management fee revenue back to the bankIBIT retains a significant structural advantage with approximately $70.6 billion in assets and the deepest liquidity in the spot bitcoin ETF market; for active institutional traders, IBIT’s tight bid-ask spreads likely outweigh the 11-basis-point fee gap