Bitcoin · Bitcoin ETF · CryptoSlate
Morgan Stanley’s Bitcoin ETF drew $371 million of share contributions while Bitcoin erased $66.8 million
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Morgan Stanley Bitcoin Trust (MSBT) recorded a $66.8 million decrease in net assets from operations during its first 85 days, even as the exchange-traded fund brought in $371.1 million of gross share contributions against $5.26 million of redemption distributions.
Key facts
- Morgan Stanley Bitcoin Trust (MSBT) recorded a $66.8 million decrease in net assets from operations during its first 85 days, even as the exchange-traded fund brought in $371.1 million of gross share
- Morgan Stanley's Bitcoin ETF net asset value per share fell 14.01%, from $19.70 to $16.94, while its disclosed CoinDesk Bitcoin benchmark declined 13.98% over the same period
- MSBT issued 17.9 million shares and redeemed 250,000 during the reporting period, equal to 1,790 creation baskets and 25 redemption baskets
- Unrealized Bitcoin depreciation accounted for $66.17 million of the operating-period decrease, nearly 99%
Summary
01 Morgan Stanley Bitcoin Trust reported $371.1 million in gross share contributions during its first 85 days, despite $66.8 million in operating losses. 02 Nearly all the decline came from unrealized Bitcoin depreciation, showing the trust's accounting loss was not the same as heavy investor withdrawals. 03 Redemptions stayed small, but the filing cannot say who sold shares or whether retail trading drove the later basket activity. The trust’s first quarterly filing shows creations dominated redemptions while Bitcoin fell.