IQ

MSBT Morgan Stanley Bitcoin Trust

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$23.34
+0.9% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

From its Apr 8, 2026 launch to Oct 28, 2026, MSBT returned 14.0%, against 14.3% for bitcoin.

Why did MSBT return +14.0% against Bitcoin’s +14.3%?What can MSBT’s first months tell me?What does MSBT cost to hold and to trade?
A spot Bitcoin trust. It holds the coin and trades like a share.Morgan Stanley ↗Expense ratio 0.14%First traded Apr 8, 2026Benchmark BitcoinSEC filings ↗Every Morgan Stanley fund ETFIQ covers

Promise check: DeliveredOver the time since its launch to Oct 28, 2026, MSBT returned 14.0% against 14.3% for Bitcoin. Before its 0.14% fee, it finished 0.15 points behind Bitcoin.

Compare with…Trading costsPut to the committeeaskIQ about MSBTAdd to portfolioAlerts

MSBT risk and return scorecard

vs Bitcoin

Not measured: no price history kept for MSBT.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

MSBT −2.3%, Bitcoin −2.2%: total return over one month to Oct 28, 2026.
MSBT−2.3%
Bitcoin−2.2%
MSBT +28.1%, Bitcoin +28.3%: total return over three months to Oct 28, 2026.
MSBT+28.1%
Bitcoin+28.3%
MSBT +7.9%, Bitcoin +7.9%: total return over six months to Oct 28, 2026.
MSBT+7.9%
Bitcoin+7.9%
MSBT +14.0%, Bitcoin +14.3%: total return since launch to Oct 28, 2026.
MSBT+14.0%
Bitcoin+14.3%
askIQ: why did MSBT return +14.0% against Bitcoin’s +14.3%? ↗

What can be shown yet

First traded Apr 8, 2026
+14.0%
Total return, since launch, Apr 8, 2026
Report
+14.3%
Bitcoin over the same days
Report
−0.3 pts
Difference against Bitcoin, in percentage points
Report
142
Days it has traded
Report
MSBT has traded for 203 days. Numbers that need a year of prices are not shown yet.
Shown now
Sponsor’s fee0.14%
First tradedApr 8, 2026
Days it closed unchanged1
Price$23.34
Not yet
One-year returnfrom Apr 8, 2027
Three-year returnfrom Apr 8, 2029
askIQ: what can MSBT’s first months tell me? ↗

More on MSBT

Every number below is on this page. Open what you need.

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Price since launch, Apr 8, 2026

$23.34+0.9%1 day, priceClose, Oct 28, 2026

Price only. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Last checked Oct 28, 2026. Report a data error

MSBT returns by window: total return, cash paid and price change
WindowTotal returnBitcoinDifference, percentage points
1M Sep 28 – Oct 28, 2026−2.3%−2.2%−0.1 pts
3M Jul 29 – Oct 28, 2026+28.1%+28.3%−0.2 pts
6M Apr 29 – Oct 28, 2026+7.9%+7.9%−0.1 pts
Since launch Apr 8 – Oct 28, 2026+14.0%+14.3%−0.3 pts

Total returns, distributions reinvested. Listed Apr 2026: no year to date, 1 year and 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of what holding the coin gave did a holder of the fund keep?

Share of the coin's growth it kept
GSUI 75.3%XRPZ 98.9%GXRP 99.2%XRPC 99.2%TDOG 99.4%TOXR 99.5%GDOG 99.6%XRP 99.6%SUIS 99.9%MSSE 100.1%TSUI 100.2%ETHB 100.5%MSOL 100.8%TDOT 101.1%CLNK 101.4%GAVA 101.4%QSOL 101.8%BAVA 101.9%TSOL 102.2%VAVX 102.2%FSOL 103.9%VSOL 104.3%SOEZ 104.4%SOLC 104.8%MSBT 99.8%MSBT 99.8%75.3%104.8%
75.3% to 104.8% across 25

That is the share of the 25 spot crypto trusts listed less than a year sitting at or below MSBT.

Share of the coin's own price growth a holder kept; funds on different coins are ranked together. Where the fund sits in this set, not a rating. Do not average it with another category's score.

34.0
IQ Crypto ScoreETFIQ Coin Capture Score17th of 25 · Oct 28, 2026
2.0 · lowest of 25 spot crypto trusts listed less than a year98.0 · highest

How much of its coin's move it captured, after costs, ranked against 25 spot crypto trusts listed less than a year. 100 is best. How it is computed

MSBT kept 99.8% of what holding Bitcoin gave over the same days.

share of the coin's growth it kept99.8% · 34th pct
All 25 ranked by this score →

MSBT key stats

High since Apr 8, 2026, daily closes to Oct 28, 2026 (ETFIQ)$24.79 on Sep 21, 2026
Low since Apr 8, 2026, daily closes to Oct 28, 2026 (ETFIQ)$16.85 on Jun 30, 2026
Close on Oct 28, 2026, within that range (ETFIQ)$23.34, 82% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Oct 28, 2026
Trading · MSBTas of Oct 28, 2026
·
Not scored0 of 6 measured · Oct 28, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

About MSBT

SponsorMorgan Stanley
HoldsBitcoinReport
Sponsor’s fee (10-Q)0.14%
Stakingthe chain has none, so no fund holding it can pay a staking yield
First tradedApr 8, 2026
Days traded142
Days it closed unchanged1
Quotedon an exchange, every trading day
Price$23.34
Against Bitcoin, same days0.3% behind
Reports to the SEC on10-K, not N-PORT
How we measure
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.
Fund closes and coin closes from Tiingo, read at the same two dates. ETFIQ calculation. Method
IQ Investment Committee on MSBT

12 seats on MSBT, as of Oct 28, 2026: 1 Supports, 1 Mixed, 3 Challenges, 6 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatSupports
Put MSBT to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about MSBT

Does MSBT track Bitcoin?
Over the time since launch to Oct 28, 2026 it returned +14.0% against Bitcoin’s +14.3%, which leaves it 0.26 of a percentage point behind. That difference carries the fee, the custody cost and the market’s pricing of the shares, and ETFIQ computes it from the fund’s own closes and the coin’s own closes over the same two dates.
Does MSBT stake?
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 MSBT?
Morgan Stanley Bitcoin Trust, a spot Bitcoin trust sponsored by Morgan Stanley, first traded Apr 8, 2026. It holds the coin through a custodian rather than futures on it or shares in companies that own it.
Sources and dates
Prices, MSBT and BitcoinPrices, Tiingo end of day ↗
Fee, 0.14%Sponsor’s fee, read from the 10-Q filed Aug 13, 2026 ↗
All fund filingsFilings on SEC EDGAR ↗
IssuerMorgan Stanley website ↗
Sponsor’s fee, read from the 10-Q filed Aug 13, 2026 ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, MSBT, crypto ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/msbt

The tracking bar for MSBT, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Tracking difference
The fund’s total return minus the coin’s over exactly the same days, in percentage points. The fee, the custody cost, the creation and redemption friction and whatever the market paid for the shares, all of it, in one number.
Spot
The fund holds the coin itself, through a custodian, rather than futures on it or shares in companies that own it. Only spot funds are in this category; the others are measured where they belong.
Sponsor
Who runs the fund. Most spot crypto ETFs are 1933 Act trusts rather than registered investment companies, so they have a sponsor rather than an adviser, and file a 10-K rather than an N-PORT.
Thinly quoted
A fund whose price sat unchanged on more than one trading day in twenty. Its quoted return is what somebody paid on the days anyone traded, which is not the same thing as what the fund did, so ETFIQ shows it and does not rank it against funds that trade.
Staking
Only proof of stake coins can be staked, so it exists for ether and Solana funds and cannot exist for a bitcoin one. Where a fund stakes, the yield and the sponsor’s share of it are terms in its own filings.
Full definitions: crypto ETFs vocabulary page. →
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MSBT: MSBT since launch: fund +14.02%, Bitcoin +14.28%, 0.26 pts behind Bitcoin. Data to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/msbt"><img src="https://etfiq.com/assistant/api/embed/crypto/msbt.svg" alt="MSBT: MSBT since launch: fund +14.02%, Bitcoin +14.28%, 0.26 pts behind Bitcoin. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">MSBT: MSBT since launch: fund +14.02%, Bitcoin +14.28%, 0.26 pts behind Bitcoin. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/msbt">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.