Morgan Stanley’s Bitcoin ETF drew $371 million of share contributions while Bitcoin erased $66.8 million
Morgan Stanley Bitcoin Trust (MSBT) reported a $66.8 million decline in net assets from operations over its first 85 days, driven almost entirely by $66.17 million of unrealized Bitcoin depreciation. It received $371.1 million in gross share contributions and had $5.26 million in redemptions, so creations still far exceeded redemptions. The trust issued 17.9 million shares and redeemed 250,000, ending June with 17.65 million shares outstanding and $365.84 million in net capital raised. MSBT’s NAV per share fell 14.01% to $16.94, closely matching the 13.98% drop in its Bitcoin benchmark. At quarter-end it held 5,059.3077 BTC valued at about $299 million, versus a $365.18 million cost basis. Redemptions began only after the first trading month, but remained small relative to creations. The filing’s GAAP results differ from flow tables because share issuance included both cash and Bitcoin contributions.
