Morgan Stanley Bitcoin Trust reported $371.1 million in gross share contributions during its first 85 days of trading, even as the fund absorbed $66.8 million in net asset decreases from operations, according to quarterly filings covering the period from April 7 through June 30, 2026.
The loss stemmed almost entirely from unrealized Bitcoin depreciation of $66.17 million, not investor redemptions. Redemptions accounted for only $5.26 million, or 1.42 percent of gross contributions. The trust issued 17.9 million shares and redeemed 250,000 shares during the reporting period.
Bitcoin’s price declined 13.98 percent according to the CoinDesk Bitcoin benchmark during the same window. MSBT’s net asset value per share fell 14.01 percent, from an opening price of $19.70 to a closing price of $16.94. Bitcoin holdings at quarter-end totaled 5,059.3077 BTC with a cost basis of $365.18 million and a fair value of $299 million, reflecting a Bitcoin price of $59,101.49 at June 30.
Capital flows and share activity
MSBT added $365.84 million in net capital through creation and redemption transactions. Share issuances generated $200.3 million in cash proceeds and $170.8 million in Bitcoin received. Creations occurred through 1,790 baskets of 10,000 shares each, while redemptions involved 25 baskets, underscoring the dominance of inflows over outflows.
The trust completed its first trading month without daily redemptions, according to the filings. Shares outstanding at June 30 totaled 17.65 million. Share growth accelerated after the reporting period ended, with 4.09 million additional shares issued by July 31, bringing total shares outstanding to 21.74 million and representing a 23.17 percent increase from the June 30 level.
Sponsor fees during the period totaled $72,288. Authorized Participants handle basket-level creations and redemptions at net asset value, while ordinary investors trade MSBT shares on NYSE Arca.
