Skip to content
etf.net

BTC vs MSBT

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.01pt a year

BTC0.15%MSBT0.14%

Avg volume · 30D

BTC 2.8×the volume

BTC1.72MMSBT615K

BTC vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+22.0%BTC+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. BTC +22.0%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
BTC 0.15%
MSBT 0.14%, better
Fund size
BTC $4.83B
MSBT $830M
1Y total return
BTC −30.2%
MSBT No data
Holdings
BTC 1
MSBT 1
Avg volume (30D)
BTC 1.72M sh, better
MSBT 615K sh
NAV per share
BTC $33.93
MSBT $21.91
52W range

ETF.net Grade

BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for BTC, MSBT, with each pillar’s weight
PillarBTCMSBT
Cost30% weightA90A98Higher
Mission25% weightA100Not scored
Risk15% weightC44A79Higher
Tradability15% weightA76HigherB56
Holdings10% weightNot scoredA100
Durability5% weightC53HigherD37

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. BTC 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 ›

BTC ranks 1st and MSBT 2nd 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

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

BTC Grayscale's answer to the fee war: a 2024 spin-off of its original bitcoin trust, holding the same coin for a tenth of the cost. The mandate is one line, straight from its filings: reflect the value of the bitcoin it holds, less expenses.

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

BTC The Trust is a passive vehicle designed to track the value of Bitcoin held by it, after expenses and liabilities. It does not seek returns beyond Bitcoin’s price performance.

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

  • BTC 0.15% fee, set in the fund's own documents, against the 1.5% that Grayscale's original bitcoin trust (GBTC) still charges for the same spot exposure.grayscale.com
  • One job, stated plainly: hold bitcoin and reflect its value less expenses. No yield strategies, no derivatives overlay, and it has tracked that mandate tightly.grayscale.com
  • Born as a spin-off, so shares landed with existing Grayscale holders and it opened with billions in bitcoin already on the books, not a cold start.etf.com
  • Now a multi-billion-dollar, actively traded fund and one of the strongest implementations in its spot bitcoin peer group.
  • 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

  • BTC Pure bitcoin exposure: full drawdowns pass straight through, with no buffer, no diversification and no distributions along the way.grayscale.com
  • A grantor trust, not a 1940 Act registered fund, so the protections that come with registered ETFs do not apply.sec.gov
  • Some peers run temporary fee waivers (EZBC has charged 0.00%), which can undercut a headline fee until they lapse.
  • 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 BTC profile⁠

Full MSBT profile⁠

BTC 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.

BTC vs MSBT Cost

Overpaying BTC vs MSBT

$205

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

  • BTC 0.15%

    $3,137

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • BTC 0.15%
  • 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$4K051015202530BTC $3,137MSBT $2,932

Year by year

YearBTCMSBTOverpaying
10$274$256$18
20$1,071$1,000$71
30$3,137$2,932$205

Expense ratio

  • 0.15%BTC
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

BTC 2nd cheapest of 12 funds

BTC vs MSBT Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

BTC vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTC 47.0%since Aug 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024MSBT No data
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024MSBT No data
Market sensitivityBeta, 5 years
BTC 1.58MSBT 1.01

BTC and MSBT in the news

All news⁠

Popular comparisons

  • BTCAvsHODLA

    Grayscale Bitcoin Mini Trust ETF · VanEck Bitcoin ETF

    Expense ratio
    0.15% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSBTAvsHODLA

    Morgan Stanley Bitcoin Trust ETF · VanEck Bitcoin ETF

    Expense ratio
    0.14% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsBITBA

    Grayscale Bitcoin Mini Trust ETF · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.15% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSBTAvsBITBA

    Morgan Stanley Bitcoin Trust ETF · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.14% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsEZBCB

    Grayscale Bitcoin Mini Trust ETF · Franklin Bitcoin ETF

    Expense ratio
    0.15% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSBTAvsEZBCB

    Morgan Stanley Bitcoin Trust ETF · Franklin Bitcoin ETF

    Expense ratio
    0.14% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.