Wall Street's Cheapest Bitcoin ETF Made $400 Million Without Lifting A Finger — Executive Sees More Assets Ahead

• Morgan Stanley’s Amy Oldenburg said the company’s Bitcoin Trust has pulled in more than $400 million since April, with about half coming before advisors or the sales team got involved. 
• In July, E*TRADE from Morgan Stanley began spot trading for Bitcoin, Ethereum and Solana at 50 basis points via Zero Hash.
• The three-asset list “will continue to evolve,” and self-custody and transfers are on the roadmap, Oldenburg said.

Morgan Stanley's (MS) head of digital asset strategy, Amy Oldenburg, said the cheapest spot Bitcoin (BTC) fund on Wall Street has brought in more than $400 million since April before its sales team even recommended it. 

The first $200 million or so into the Morgan Stanley Bitcoin Trust (MSBT) was all self-directed, client-placed trades that came in on brand recognition rather than distribution, Oldenburg said on Saturday, speaking with Scott Melker at the Out East Summit on Long Island’s North Fork. She said advisor-driven activity has also increased in recent weeks. 

More Assets To Come

E*TRADE from Morgan Stanley launched its spot crypto platform in July, allowing eligible clients to buy, sell, and hold Bitcoin, Ethereum (ETH), and Solana (SOL) at 50 basis points through digital asset infrastructure provider Zero Hash. 

The assets are held in a linked Zero Hash account, not with Morgan Stanley, and are not Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC)-insured.

The list of three assets "will continue to evolve," Oldenburg said, adding that the firm is "working very hard to make sure that we can turn on some additional assets in the near term." Self-custody and transfers are on the roadmap, she said, citing the firm's filing for an OCC digital trust charter. She added that, “There's still more to come, and I think unfortunately the environment, especially this year, it's been tough to add when you have so many other assets across your overall portfolio that have been performing so well."

MSBT’s price closed down over 1% on Friday. On Stocktwits, retail sentiment around MSBT remained in the ‘bullish’ zone, accompanied by ‘high’ chatter levels over the past day. 

Cheapest Fee In Category

MSBT has the sponsor fee of 0.14%, the lowest among all providers, undercutting BlackRock's (BLK) iShares Bitcoin Trust and Grayscale's Bitcoin Trust (GBTC) by 11 basis points and 136 basis points, respectively. Oldenburg said the firm wanted to make sure the product was priced well for the marketplace before layering on more advanced offerings.

Morgan Stanley’s work on asset allocation on the wealth side is “relatively limited,” with many clients having no exposure to crypto, Oldenburg said. In October 2025, the firm’s Global Investment Committee recommended that clients allocate 2% of balanced growth portfolios, 3% for market growth and 4% for opportunistic growth to crypto, while no allocation was recommended for wealth preservation and income mandates.

BTC’s price was trading at $64,482, up over 1% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, while chatter stayed at ‘low’ levels over the past day.

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