Data as of .
GBTC vs MSBT: which tracked its coin?
Over the window both share, GBTC finished 0.38 of a percentage point behind Bitcoin and MSBT 0.04 ahead.
ETFIQ Coin Capture Score: MSBT scores higher
How much of what holding the coin gave did a holder of the fund keep?
A percentile among the 24 spot crypto ETPs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All crypto ETFs ranked by it · How it is computed
The same coin, two trusts
GBTC and MSBT hold the same asset. Both are 1933 Act trusts holding Bitcoin through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, GBTC finished 0.36 of a percentage point behind Bitcoin and MSBT 0.35 of a percentage point behind, but the two windows are not the same days, so neither figure is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one figure. GBTC has 2,288 more days of record than MSBT, and a longer record is a longer window over which a cost can show itself.
Performance, window by window
| Window | Total return | The coin over the same days | Difference, percentage points | |||
|---|---|---|---|---|---|---|
| GBTC | MSBT | GBTC | MSBT | GBTC | MSBT | |
| 1 month | +21.9% | +22.0% | +21.8% | +21.8% | +0.1 pts | +0.2 pts |
| 3 months | +21.1% | +21.6% | +21.5% | +21.5% | −0.4 pts | 0.0 pts |
| 6 months | +7.8% | not published | +8.8% | not published | −1.1 pts | not published |
| 1 year | −33.5% | not published | −33.2% | not published | −0.4 pts | not published |
| Since each listed | +649.0% | +8.3% | +1008.7% | +8.6% | −32.4% of its growth | −0.3 pts |
| GBTC Grayscale Bitcoin Trust ETF Holds Bitcoin through a custodian, listed Jan 2, 2020 | MSBT Morgan Stanley Bitcoin Trust Holds Bitcoin through a custodian, listed Apr 8, 2026 | |
|---|---|---|
| Sponsor | Grayscale | Morgan Stanley |
| Holds | Bitcoin | Bitcoin |
| Net assets | $8.1bn, balance sheet of Jun 30, 2026 | not read |
| Sponsor’s fee | 1.50% | 0.14% |
| Fee waiver | none | none |
| Staking | the chain has none | the chain has none |
| Listed | Jan 2, 2020 | Apr 8, 2026 |
| Days since listing | 2,444 days | 156 days |
| Days it has traded | 1,682 | 109 |
| Days it closed unchanged | 12 | 0 |
| Quoted | on an exchange, every trading day | on an exchange, every trading day |
| Fund returned, 1 year or since launch | −33.5% | +8.3% |
| The coin over the same days | −33.2% | +8.6% |
| Difference, percentage points | −0.4 pts | −0.3 pts |
| Fund returned since it listed | +649.0% | +8.3% |
| Difference since it listed | −32.4% of its growth | −0.3 pts |
| Price | $59.77 | $22.16 |
GBTC in plain words
GBTC holds Bitcoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the year to Sep 11, 2026, Bitcoin moved −33.2% and GBTC returned −33.5%. That leaves it 0.36 of a percentage point behind. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. GBTC charges 1.50% a year and finished 0.4% behind Bitcoin, so the fee is more than the whole difference. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Bitcoin it custodies.
MSBT in plain words
MSBT holds Bitcoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 11, 2026, Bitcoin moved +8.6% and MSBT returned +8.3%. That leaves it 0.35 of a percentage point behind. MSBT charges 0.14% a year and finished 0.3% behind Bitcoin, so the fee is less than the whole difference and the rest is what the market paid for the shares, which moved against holders.
Questions people ask
- Which tracked Bitcoin more closely, GBTC or MSBT?
- Over the days each has traded, GBTC finished 0.36 of a percentage point behind Bitcoin and MSBT 0.35 of a percentage point behind. Those are not set against each other here, because the two windows are not the same days, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do GBTC or MSBT pay a staking yield?
- Bitcoin is a proof of work chain, so there is nothing to stake and no fund holding it can pay a staking yield.
- What is the difference between GBTC and MSBT?
- Both hold Bitcoin through a custodian and both trade on an exchange, so what separates them is what each costs a holder over time. GBTC is sponsored by Grayscale and listed Jan 2, 2020; MSBT by Morgan Stanley, listed Apr 8, 2026.
- Which is cheaper, GBTC or MSBT?
- GBTC charges 1.50% a year and MSBT charges 0.14%, so MSBT is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GBTC against MSBT, data as of Sep 11, 2026. https://etfiq.com/compare/crypto/GBTC-MSBT Free to use with attribution; the underlying files are at Open data.