Monitor for the final pricing terms and effective date of the offering. The continuous offering structure suggests Morgan Stanley plans ongoing share issuance rather than a one-time capital raise. Watch for any further amendments that might indicate changes in fee structure, custody arrangements, or other key terms.
Executive Summary
Morgan Stanley Bitcoin Trust (MSBT) is a new exchange-traded product that provides indirect exposure to bitcoin through a passive investment vehicle. The trust holds bitcoin in custody with Coinbase and BNY Mellon, values shares based on the CoinDesk Bitcoin Benchmark, and charges a 0.14% annual fee. The offering is structured as a continuous offering with no fixed size, and proceeds are used to acquire bitcoin for the trust's holdings. This filing is the sixth amendment to the IPO registration, indicating ongoing adjustments to terms.
Key Facts
- Morgan Stanley Bitcoin Trust (MSBT) is a passive exchange-traded fund that tracks bitcoin performance
- The trust holds bitcoin in custody with Coinbase and BNY Mellon
- Shares are valued based on the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate
- The trust charges a 0.14% annual fee (Delegated Sponsor Fee)
- This is the sixth amendment to the S-1 registration, indicating ongoing term adjustments
- The offering is structured as a continuous offering with no fixed size
- Proceeds from share issuance are used to acquire bitcoin for the trust's holdings
- The trust is not FDIC-insured and has limited investor protections as it's not registered under the Investment Company Act of 1940
Financial Impact
Indeterminate offering size with proceeds used to acquire bitcoin for the trust
Risk Factors
- Bitcoin price volatility could significantly impact the trust's NAV
- Regulatory uncertainty around cryptocurrency products
- Limited investor protections as the trust is not registered under the Investment Company Act of 1940
- Operational risks related to digital asset custody and security
- Potential conflicts of interest with service providers
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001104659-26-039646 |
| Document: 0001104659-26-039646-index-headers.html | 0001104659-26-039646 |
| Document: 0001104659-26-039646-index.html | 0001104659-26-039646 |
| Document: 0001104659-26-039646.txt | 0001104659-26-039646 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $23.89 | awaiting T+20 | — | $23.09 (−3.33%) |
Apr 7, 2026 29w ago | EFFECT | $25.20 $22.98 | ▼ −8.81% | ▼ −18.59% | $23.09 (−8.35%) |
Apr 3, 2026 29w ago | S-1/A | $25.20 $22.98 | ▼ −8.81% | ▼ −17.79% | $23.09 (−8.35%) |
Apr 1, 2026 29w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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