Traders should monitor for the initial pricing and listing of MSBT shares, which could increase institutional demand for bitcoin. The continuous creation/redemption mechanism minimizes tracking error but may lead to operational flows around NAV.
Price Chart
Executive Summary
The Morgan Stanley Bitcoin Trust (MSBT) has become effective as an exchange-traded product, allowing it to begin issuing shares that track bitcoin's performance. The trust will hold bitcoin in custody via Coinbase and BNY Mellon and is structured as a continuous offering with no fixed size, meaning shares can be created or redeemed in baskets of 10,000.
Key Facts
- Morgan Stanley Bitcoin Trust (MSBT) is now effective and can begin issuing shares.
- The trust is structured as a continuous offering with no fixed size.
- Shares are expected to be listed on NYSE Arca and priced based on the CoinDesk Bitcoin Benchmark.
- Bitcoin is held in custody by Coinbase and BNY Mellon.
- The trust charges a 0.14% annual fee and does not use leverage or derivatives.
Financial Impact
No fixed offering size — proceeds will be used to acquire bitcoin as shares are created.
Risk Factors
- Bitcoin price volatility could impact the trust's NAV significantly.
- Regulatory scrutiny around crypto ETPs remains elevated.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001094 |
| Document: 9999999995-26-001094-index.html | 9999999995-26-001094 |
| Document: 9999999995-26-001094.txt | 9999999995-26-001094 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $23.89 | awaiting T+20 | — | $23.13 (−3.20%) |
Apr 7, 2026 29w ago | EFFECT | $25.20 $22.98 | ▼ −8.81% | ▼ −18.59% | $23.13 (−8.23%) |
Apr 3, 2026 29w ago | S-1/A | $25.20 $22.98 | ▼ −8.81% | ▼ −17.79% | $23.13 (−8.23%) |
Apr 1, 2026 29w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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