00:00When does this new Morgan Stanley Bitcoin ETF begin trading? I think we're all waiting but probably this week. And
00:05it's really interesting because we talked about this earlier on the phone with Eric. It's going to be the cheapest
00:10in the cohort at 14 basis points. One basis point cheaper than a grayscale mini Bitcoin fund and 11 basis
00:15points cheaper than I bet. And as we know I bet has a lion's share 60 percent of all the
00:20$86 billion in assets. So it's interesting because Morgan Stanley has allowed their wealthy clients to buy it. But you
00:26pay someone because you pay fees to I bet and FBTC. So now I guess you
00:29buy your own. And let me ask Ethan this because you've you're pretty skeptical on Bitcoin. But even you have
00:36to be like this is a big deal because Morgan Stanley has over six trillion in advisory assets and they
00:42have 16,000 advisors or the biggest wire house. And at 14 bips they never have to feel conflict of
00:47interest because if it was like 30 bips it's like well why didn't you choose BlackRock it was cheaper. Now
00:52the Morgan Stanley will be cheapest. I mean I don't see how this doesn't get at least some assets. I
00:57think you're definitely right. Well I would have liked
00:59to have seen them build a whole suite. So saying we're going to do this across every beta. Right. U
01:05.S. stocks international bonds whatever. But maybe to your point there's more room there to undercut. Like you can't go
01:11up with VOL right. Like you have to offer it really cheap. You know you see it as a positive.
01:16I see it as like them selling out. They're like we're going to launch Bitcoin now because they couldn't raise
01:21money in their other ETFs. But it's fine. That's that's how you have to work in this industry. You have
01:26to pivot. Or they're listening to clients because this is what clients want. And we hear that a lot.
01:29from these firms. Eric do you think this is going to launch a fee war among Bitcoin ETFs. Yeah probably
01:34because when something does the exact same thing people tend to just sort by fee.
01:39Right. That's why spy M is getting all these assets because it happens to be a two bips instead of
01:43it's boo which is three. Yeah. So if you do the same thing as everybody else fee becomes almost paramount.
01:50Now there's a whole bunch of other Bitcoin ETFs coming up because the ones that we have what do we
01:55have like five or six. We're going to get more of these. Isabel tell us a little bit more
01:59about NGIT, BITA and two others that we don't even have tickers for. The TRO price is the most interesting
02:06to me because it's an active crypto ETF.
02:08We've seen a lot a lot of large cap ETFs that tracks mainly Bitcoin and Ethereum and some three to
02:14five smaller tokens. But this one is active.
02:17So it's we talked about it. It's also Eric and I had a phone call in the morning and it's
02:21about how which which coin they think will be the biggest
02:24beneficiary or which will gain more. And I feel like it's a different game. It's like have it's almost like
02:29a active ETF for stocks but for crypto.
02:32Yeah. I mean. And TRO is like a mutual fund serious. It is. It is a little bit like hello
02:38fellow kids I think a little bit here.
02:39But to their credit there's like 60 analysts who cover Amazon. What possibly can be known there. This is probably
02:47more alpha potential because it's way less
02:49analyst coverage. So I end there for more volatility. So to me it's like an active playground. I want to
02:54ask you about the night ETF.
02:56So there's I believe this week they're going to roll out Bitcoin after hours ETF which is basically only going
03:02to hold Bitcoin after four and before 930.
03:06But you wrote a note on this a year ago saying that's when all the returns happened. Why. Yeah. I
03:11mean crypto obviously trades 24 seven.
03:14But we it's applied to the S&P 500 to maybe just because more news sometimes drops over the weekend
03:19or drops overnight and it tends to move a lot more.
03:22The S&P one unfortunately when it launched that strategy didn't work at the time. So it kind of ebbs
03:28and flows. Sometimes the intraday works better.
03:30Sometimes you know overnight works better. But Bitcoin has shown that this does work better overnight. So you know I
03:36think it's just part of this
03:38expanding the crypto ecosystem. They're going to try all different ideas. I don't know where it ends. Maybe like they
03:42just own on Wednesdays.
03:44That's like the next week. Yes. Right. Yeah. I don't know. So I think it is just keep going with
03:48it. But we'll see how this one does.
03:50And also I shares with a premium income ETF. Can you tell us a little bit more about that. I
03:55guess they're merging merging like two really hot
03:57topics. It's obviously crypto and then income. Right. In one ETF. Yeah. And one. I'm not like super familiar with
04:04it. But obviously it's it's two
04:05really big trends in the industry. So throw it into a pot. Yeah. And this is BlackRock just obviously continuing
04:10their suite of
04:11you know their crypto stuff. This is like zero calorie Bitcoin because you give up a lot of the upside
04:17but you get a big yield. And a lot of
04:19the a lot of investors who don't want Bitcoin volatility are pretty happy to do that. And if iShares sees
04:25it I think there's probably something
04:26there because they have millions of investors in iBit so they must be hearing we want this but like with
04:31covered call. And a lot of people on Twitter the best place on earth X actually say that think of
04:36it as
04:36Jeppy but for Bitcoin.
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