just saw Morgan Stanley got approval to launch a spot bitcoin ETF under ticker MSBT - finally making it official after that SEC filing. they're putting in $1 million seed capital to get it started, which is pretty standard for these things. the interesting part is they're requiring a 10,000-share creation unit, so it's definitely targeting institutional players more than retail.

with BTC sitting around $73.48K right now, this ETF would let people get bitcoin exposure without actually holding it. there's already like 11 other spot bitcoin ETFs out there since early 2024, so the competition is getting real. Coinbase is handling custody on this one, which makes sense given Morgan Stanley's banking weight. wonder how much capital this will actually pull in compared to the others