Data as of Oct 28, 2026.
MSBT vs OBTC: Tracking, Returns & Fees
Over the six months to Oct 28, 2026, MSBT finished 0.06 of a percentage point behind Bitcoin and OBTC 0.48 behind.
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Net assets: $55m on Jun 30, 2026 for Osprey Bitcoin Trust, beside Morgan Stanley Bitcoin Trust.
MSBT since launch: fund +14.02%, Bitcoin +14.28%, 0.26 pts behind Bitcoin. Data to Oct 28, 2026.
Data to Oct 28, 2026.OBTC over 1 year: fund −24.69%, Bitcoin −28.30%, 5.03% ahead of Bitcoin, compounded. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
MSBT costs 0.35 points a year less.
| Measure | MSBT | OBTC |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | −24.7% |
| Against its benchmark | ||
| What it tracks | Bitcoin | Bitcoin |
| Against Bitcoin, same days | 0.3% behind | 5.0% ahead of |
| Cost and size | ||
| Expense ratio | 0.14% | 0.49% |
| Net assets | not read by ETFIQ | $55m |
| Reports to the SEC on | 10-K, not N-PORT | |
| Holdings | ||
| Holdings in common | not published | |
MSBT among the 25 spot crypto trusts listed less than a year
How much of its coin's move it captured, after costs, ranked against 25 spot crypto trusts listed less than a year and 26 spot crypto trusts with a full year. 100 is best. How it is computed
OBTC among the 26 spot crypto trusts with a full year
A percentile among the 25 spot crypto trusts listed less than a year. OBTC is a percentile among the 26 spot crypto trusts with a full year, a different set, so the two marks are not on one scale. Share of the coin's own price growth a holder kept; funds on different coins are ranked together. All crypto ETFs ranked by it →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
Window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | MSBT | OBTC | MSBT | OBTC | MSBT | OBTC |
| 1 month | −2.3% | −2.4% | −2.2% | −2.2% | −0.1 pts | −0.2 pts |
| 3 months | +28.1% | +27.8% | +28.3% | +28.3% | −0.2 pts | −0.5 pts |
| 6 months | +7.9% | +7.4% | +7.9% | +7.9% | −0.1 pts | −0.5 pts |
| 1 year | – | −24.7% | – | −28.3% | – | +5.0% of its growth |
| 3 years | – | +190.1% | – | +141.9% | – | +19.9% of its growth |
| Since each listedNot the same days: MSBT Apr 2026 · OBTC Feb 2021 | +14.0% | −47.8% | +14.3% | +71.2% | −0.3 pts | −69.5% of its growth |
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The same coin, two trusts
MSBT and OBTC 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, MSBT finished 0.26 of a percentage point behind Bitcoin and OBTC 5.0% ahead once both returns are compounded, but the two windows are not the same days, so neither number 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 number. OBTC has 1,881 more days of record than MSBT, and a longer record is a longer window over which a cost can show itself.
MSBT
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 launch to Oct 28, 2026, Bitcoin moved +14.3% and MSBT returned +14.0%. That leaves it 0.26 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 number on this page the sponsor does not publish itself. MSBT charges 0.14% a year and finished 0.3% behind Bitcoin, so the fee is almost the whole of the 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.
Doing it would read +3.6 pts, which is correct and describes nothing a holder can act on: what the number above states is the gap between the two growth factors, so a fund that kept 105% of what holding the coin gave says exactly that.
OBTC 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 Oct 28, 2026, Bitcoin moved −28.3% and OBTC returned −24.7%. That leaves it 5.0% ahead once both returns are compounded. Over a window this long the two returns cannot simply be subtracted. OBTC charges 0.49% a year and finished 5.0% ahead of Bitcoin, which a fee cannot do on its own. On a chain with nothing to stake, a fund cannot earn its way past the asset it holds: what moved is what the market paid for the shares.
Questions people ask
- Which tracked Bitcoin more closely, MSBT or OBTC?
- Over the days each has traded, MSBT finished 0.26 of a percentage point behind Bitcoin and OBTC 5.0% ahead once both returns are compounded. 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 MSBT or OBTC 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.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, MSBT against OBTC, data as of Oct 28, 2026. https://etfiq.com/compare/crypto/msbt-vs-obtc
ETFIQ. (Oct 28, 2026). MSBT against OBTC. Retrieved from https://etfiq.com/compare/crypto/msbt-vs-obtc
[MSBT against OBTC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/crypto/msbt-vs-obtc)
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