$6.2T in captive advisory assets and 16,000 wealth advisors who can default-route into MSBT — that's what makes the 0.14% fee lethal, not the 11bps undercut itself. At a 2% recommended crypto allocation, MS's theoretical demand pipeline dwarfs IBIT's entire $55B AUM by roughly 3x. Day-one flows already confirmed the dynamic: $34M into MSBT while the broader BTC ETF complex hemorrhaged $124M in outflows — MS is cannibalizing existing issuers, not expanding the pie.

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