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BITB vs MSBT

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.06pt a year

BITB0.20%MSBT0.14%

Avg volume · 30D

BITB 1.9×the volume

BITB1.16MMSBT615K

BITB vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+21.8%BITB+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. BITB +21.8%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
BITB 0.20%
MSBT 0.14%, better
Fund size
BITB $2.82B
MSBT $830M
1Y total return
BITB −30.3%
MSBT No data
Holdings
BITB 1
MSBT 1
Avg volume (30D)
BITB 1.16M sh, better
MSBT 615K sh
NAV per share
BITB $43.81
MSBT $21.91
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for BITB, MSBT, with each pillar’s weight
PillarBITBMSBT
Cost30% weightA75A98Higher
Mission25% weightA100Not scored
Risk15% weightC46A79Higher
Tradability15% weightC53B56Higher
Holdings10% weightNot scoredA100
Durability5% weightC52HigherD37

Rank among Spot Bitcoin funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BITB and MSBT are both graded against the same 12 Spot Bitcoin funds, so their Grades compare head to head.

Spot Bitcoin⁠

Category · 12 funds
See all 12 ›

MSBT ranks 2nd and BITB 4th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 80
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3AHODLVanEck Bitcoin ETFScore 74
  4. Rank 4ABITBBitwise Bitcoin ETF TrustScore 72
  5. Rank 5BEZBCFranklin Bitcoin ETFScore 69

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

BITB Bitwise was the first US spot bitcoin ETF to publish the blockchain addresses holding its coins, so anyone can verify the stash themselves. Underneath, it's a plain grantor trust: hold bitcoin, subtract expenses, repeat.

MSBT Morgan Stanley's own spot bitcoin vehicle, arriving late to a crowded field and competing on price: 0.14% a year, well under the category median. Plain plumbing, bitcoin held outright, no leverage and no derivatives.

Stated mandate

BITB The Trust seeks to provide exposure to the value of bitcoin held by it, reduced by operating expenses and other liabilities.

MSBT The Trust is a passive ETF designed to track bitcoin’s performance, as measured by its Pricing Benchmark, after expenses and liabilities. It will hold bitcoin and does not use leverage or derivatives.

Why people hold it

  • BITB First US spot bitcoin ETF to publish its on-chain wallet addresses, so holdings and flows can be checked on the blockchain instead of taken on trust.cointelegraph.comccn.com
  • Costs 0.20% a year, below the 0.25% cohort median and under same-exposure peers IBIT, BTCO and BRRR at 0.25%.
  • Bitwise pledges 10% of the fund's profits to nonprofits that pay Bitcoin's open-source developers, including OpenSats and Brink.crypto.newscoingape.com
  • A multi-billion-dollar, actively traded fund launched in the January 2024 opening class, and it tracks its stated bitcoin exposure very closely.
  • MSBT At 0.14% a year, it prices under the 0.25% median of the spot bitcoin group and below shelf staples like BITB, HODL and ARKB.
  • No clever wrapper: the trust holds bitcoin itself and tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, after expenses.
  • Sits in the upper half of a 13-fund spot bitcoin cohort, helped by a clean single-asset portfolio and a fee near the low end of the group.

Worth knowing

  • BITB The mandate is bitcoin's value minus expenses. No buffer, no hedge, no income sleeve: whatever bitcoin does, this does.
  • Not the cheapest door into spot bitcoin. Peer BTC lists 0.15% and Franklin's EZBC 0.00%, and fee waivers can expire.
  • No distributions. A trust holding coins generates no income, so the entire result rides on bitcoin's price.
  • MSBT Bitcoin, straight up. The price moves with the coin, with no buffer or hedge, and the trust has made no distributions.
  • It is a grantor trust, not a registered fund, so the governance and shareholder rulebook differ from a conventional ETF.
  • Launched in 2026, so there is only a short record behind its tracking and trading behavior.

Full BITB profile⁠

Full MSBT profile⁠

BITB vs MSBT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BITB vs MSBT Cost

Overpaying BITB vs MSBT

$1,223

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BITB 0.20%

    $4,155

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • BITB 0.20%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530BITB $4,155MSBT $2,932

Year by year

YearBITBMSBTOverpaying
10$365$256$109
20$1,421$1,000$421
30$4,155$2,932$1,223

Expense ratio

  • 0.20%BITB
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

BITB 4th cheapest of 12 funds

BITB vs MSBT Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BITB None
MSBT None

Distribution history

BITBAll BITB payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

BITB vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITB 53.4%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
BITB −53.3%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
BITB 2.13MSBT 1.01

BITB and MSBT in the news

All news⁠

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