Morgan Stanley Bitcoin ETF had net inflows of $193.6 million in its first month, with no single-day net outflows since listing.

According to data from SoSoValue cited by The Block on May 10, from when the Morgan Stanley Bitcoin Trust (MSBT) was listed on April 8 to May 7, over 22 trading days it recorded net inflows on 17 trading days and no net outflows on any single day; as of May 7, MSBT’s cumulative net inflows reached $193.6 million, and net assets were $239.6 million.

MSBT first-month fund inflow details

According to SoSoValue data cited by The Block, MSBT’s key first-month funding figures are as follows:

Cumulative net inflows: $193.6 million (as of May 7, 2026)

Net assets: $239.6 million

Net inflow on day one: $30.6 million; day-one trading volume of about $34.0 million

Cumulative net inflows over the first six trading days: over $103 million (exceeding WisdomTree BTCW’s cumulative total of $86.0 million since January 2024)

Flow structure: 17 trading days of positive inflows, 5 trading days flat, 0 trading days of net outflows

Bloomberg senior ETF analyst Eric Balchunas said MSBT’s day-one performance ranked in the top 1% of all ETF issuances in history; Morgan Stanley Digital Asset Strategy Director Amy Oldenburg called it the strongest ETF day-one performance in Morgan Stanley’s history.

Based on SoSoValue data, on May 7, 2026, MSBT recorded $5.7 million in net inflows; BlackRock’s IBIT recorded $27.2 million in net outflows the same day, and Fidelity’s FBTC recorded $97.6 million in net outflows; MSBT’s premium on the day was 0.24% of net asset value (NAV), higher than IBIT’s 0.18% and FBTC’s 0.13%.

MSBT fees and comparison with peers

According to public data, MSBT’s annual sponsor fee is 0.14%, the lowest among all spot Bitcoin ETFs in the United States at present:

MSBT (Morgan Stanley): 0.14%

Grayscale Bitcoin Mini Trust: 0.15%

BITB (Bitwise): 0.20%

ARKB: 0.21%

IBIT (BlackRock), FBTC (Fidelity): 0.25%

GBTC (Grayscale): 1.50%

Based on SoSoValue data, in the same period Grayscale Bitcoin Mini Trust saw net outflows on at least one day, and its average daily inflow volume overall was lower than MSBT; its current net assets are $4.3 billion.

Status of advisor channels, E*Trade plans, and broader market backdrop

According to Amy Oldenburg’s public remarks at the Consensus conference in Miami, in MSBT’s first month, almost all fund inflows came from Morgan Stanley’s proprietary investing clients, rather than being recommended through financial advisor channels; during the first month, MSBT had not yet launched Morgan Stanley’s wealth management advisory platform. Oldenburg said: “The first one or two weeks were almost all self-directed—that is to say, it wasn’t our advisors selling these products.” Morgan Stanley has about 16,000 financial advisors and manages customer assets of more than $9.3 trillion.

Morgan Stanley is also currently piloting spot trading of Bitcoin, Ethereum, and Solana on the E*Trade platform, with fees of 50 basis points.

Bloomberg ETF analyst Balchunas expects MSBT’s assets under management (AUM) to reach $5.0 billion in its first year since launch. Based on SoSoValue data, as of May 8, 2026, 13 U.S. spot Bitcoin ETFs have recorded net inflows of more than $3.0 billion for over six consecutive weeks, with total net assets of $106.6 billion, accounting for 6.67% of Bitcoin’s total market value. Since launching in January 2024, their cumulative net inflows have reached $59.3 billion.

FAQs

What is the data source for MSBT’s cumulative net inflows and zero net outflows record in its first month?

According to SoSoValue data cited by The Block on May 10, 2026, from April 8, 2026 to May 7, 2026, MSBT’s cumulative net inflows reached $193.6 million and net assets reached $239.6 million, with no net outflows on any single day throughout the entire period.

Why is MSBT’s annual fee, and how does it compare with key competitors?

According to public data, MSBT’s annual fee is 0.14%, the lowest among all current U.S. spot Bitcoin ETFs; Grayscale Bitcoin Mini Trust’s annual fee is 0.15%, and BlackRock’s IBIT and Fidelity’s FBTC both charge 0.25%; Grayscale GBTC’s annual fee is 1.50%.

What are the main sources of funds for MSBT in its first month, and what is the state of Morgan Stanley’s advisor channels?

According to Amy Oldenburg’s public remarks at the Consensus conference, in MSBT’s first month, nearly all funds came from self-directed investing clients; during the first month, Morgan Stanley’s wealth management advisory platform, which is managed by about 16,000 financial advisors, had not yet formally included MSBT in its recommended channels.