Morgan Stanley Bitcoin Trust Reported $299 Million in Bitcoin
Morgan Stanley's Bitcoin fund, known as the Morgan Stanley Bitcoin Trust (MSBT), held $299 million worth of Bitcoin as of June 30. This figure was disclosed in a regulatory filing, which reported a balance of 5,059.30771216 BTC. However, a later wallet estimate from October 5 suggested the trust's Bitcoin holdings had grown to 10,519 BTC, valued at approximately $903.86 million. This discrepancy highlights the difference between the snapshot date of the filing and more recent estimates.
The trust, which began operations on April 7 and started trading on April 8, is the first crypto exchange-traded product offered by Morgan Stanley Investment Management. It aims to track Bitcoin's performance after accounting for expenses and liabilities. The trust charges a 0.14% sponsor fee and uses Coinbase Custody Trust Company and BNY Mellon as custodians for its Bitcoin holdings.
The October 5 estimate, though higher than the June 30 filing, has not been confirmed in a regulatory filing. The dollar value of the Bitcoin holdings fluctuates with market prices, meaning the figures do not establish a continuous growth trend. The newer estimate was about $96 million short of $1 billion, indicating significant but incomplete progress toward that milestone.