Morgan Stanley Bitcoin Trust
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMorgan Stanley Bitcoin Trust is a Delaware statutory trust operating as an exchange-traded fund that seeks to track the performance of bitcoin, with shares listed on NYSE Arca under the ticker MSBT since April 8, 2026.
What they do
The Trust was organized on December 16, 2025, and issues common shares of beneficial interest that trade on NYSE Arca. It seeks to track bitcoin's performance as measured by the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, adjusted for Trust expenses and other liabilities. The Trust is sponsored by Morgan Stanley Investment Management Inc., with BNY as administrator, cash custodian, and transfer agent, and Coinbase Custody Trust Company, LLC together with BNY serving as bitcoin custodians.
Revenue drivers
- Bitcoin price exposure — The Trust's total assets were $299.0 million as of June 30, 2026, and its performance is driven by changes in the price of bitcoin as measured by the Pricing Benchmark, adjusted for expenses.
- Share creation and redemption — The Trust issues shares that trade on NYSE Arca; the filing does not disclose fee rates or net inflows/outflows for the period.
- Sponsor and service provider arrangements — The Delegated Sponsor, administrator, custodians, and marketing agent provide services; the filing does not break out expense amounts or revenue by counterparty.
Recent performance
As of June 30, 2026, the Trust reported total assets of $299.0 million, total liabilities of $33,151, and cash and equivalents of $0.00. The Trust's shares were listed for trading on NYSE Arca on April 8, 2026, under the ticker symbol MSBT. The filing does not provide comparative period results or net asset value per share in the excerpt provided.
Strategy
The Trust's stated investment objective is to seek to track the performance of bitcoin, as measured by the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, adjusted for the Trust's expenses and other liabilities. The Delegated Sponsor is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The Trust relies on BNY for administration, cash custody, and transfer agency, and on Coinbase Custody Trust Company, LLC together with BNY for safekeeping of all bitcoin owned by the Trust.
Risks
- Bitcoin price volatility — The Trust's total assets of $299.0 million are exposed to changes in the price of bitcoin as measured by the Pricing Benchmark, which can be highly volatile.
- Custodial concentration — All bitcoin owned by the Trust is safekept by Coinbase Custody Trust Company, LLC together with BNY, creating reliance on those custodians.
- New fund with limited operating history — The Trust was organized on December 16, 2025, and shares began trading on April 8, 2026, so it has a limited track record.
- No cash reserves — Cash and equivalents were $0.00 as of June 30, 2026, leaving the Trust dependent on bitcoin holdings and service provider arrangements for expenses and liabilities.
Outlook
The filing excerpt does not include management guidance or forward-looking performance targets beyond the Trust's stated investment objective of tracking bitcoin's performance, adjusted for expenses and liabilities. The Trust states it does not intend to update forward-looking statements except as required by federal securities law.