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BTCO vs MSBT

Invesco Galaxy Bitcoin ETF

BTCOBCboe

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

0.0%by weight

Expense ratio

MSBT −0.11pt a year

BTCO0.25%MSBT0.14%

Avg volume · 30D

MSBT 7.7×the volume

BTCO80.3KMSBT615K

BTCO vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+21.8%BTCO+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. BTCO +21.8%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
BTCO 0.25%
MSBT 0.14%, better
Fund size
BTCO $384M
MSBT $830M
1Y total return
BTCO −30.3%
MSBT No data
Holdings
BTCO 1
MSBT 1
Avg volume (30D)
BTCO 80.3K sh
MSBT 615K sh, better
NAV per share
BTCO $76.27
MSBT $21.91
52W range

ETF.net Grade

BTCO: Cost 35, Risk 46, Mission 100, Tradability 58, Holdings not scored, Durability 53. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for BTCO, MSBT, with each pillar’s weight
PillarBTCOMSBT
Cost30% weightD35A98Higher
Mission25% weightA100Not scored
Risk15% weightC46A79Higher
Tradability15% weightB58HigherB56
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. BTCO 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 BTCO 9th 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 8BIBITiShares Bitcoin Trust ETFScore 63
  5. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  6. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54

Our read on each fund

ETF.net Research

BTCOBInvesco Galaxy Bitcoin ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

BTCO A day-one member of the January 2024 spot bitcoin class: a trust that holds the coin, tracks the Lukka Prime reference rate, and charges the category's median fee. No yield, no hedging, no cleverness.

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

BTCO The Trust seeks to track the spot price of bitcoin, measured by the Lukka Prime Bitcoin Reference Rate, after expenses and 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

  • BTCO One job, stated plainly: hold bitcoin and track the spot price via the Lukka Prime Bitcoin Reference Rate, after expenses. Nothing else in the box.
  • The 0.25% expense ratio sits right at the median for spot bitcoin funds, so the Invesco name does not carry a markup.
  • Launched January 2024 with the first wave of US spot bitcoin ETFs, giving it a real operating history rather than a late me-too listing.
  • Grantor trust wrapper: shares stand for bitcoin the trust holds, bought and sold in a normal brokerage account instead of an exchange wallet.
  • 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

  • BTCO Cheaper ways to own the same exposure exist in the cohort, including BTC at 0.15% and BITB and HODL at 0.20%.
  • Moderately traded rather than one of the category's busiest tickers, which can show up in spreads on larger or hurried orders.
  • It makes no distributions. The whole result rides on bitcoin's price, an asset class with a wide swing range.
  • 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 BTCO profile⁠

Full MSBT profile⁠

BTCO vs MSBT Holdings

How BTCO and MSBT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BTCO and 0.0% of MSBT.

Level by level

  • Holdings0 in both0.0%
  • Asset classAlternatives100%

Sector

No Sector split for BTCO and MSBT.

Country, concentration and asset class

Country by domicile

No country split for BTCO.

Concentration

Weight in the 10 largest Holdings

  • BTCO100.0%
  • MSBT100.0%

Securities held

  • BTCO1
  • MSBT1

Asset class

BTCO
Alternatives
MSBT
Alternatives

Holdings

  • Only in BTCO1
  • In both0
  • Only in MSBT1

Only in BTCO

1 security, 100% of BTCO by weight

  • Physical Bitcoin100.00%

Only in MSBT

1 security, 100% of MSBT by weight

  • Bitcoin100.00%

Weight gaps

BTCO and MSBT share no securities.

All BTCO holdings⁠All 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.

BTCO vs MSBT Cost

Overpaying BTCO vs MSBT

$2,227

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

  • BTCO 0.25%

    $5,159

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • BTCO 0.25%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCO $5,159MSBT $2,932

Year by year

YearBTCOMSBTOverpaying
10$455$256$199
20$1,769$1,000$769
30$5,159$2,932$2,227

Expense ratio

  • 0.25%BTCO
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

BTCO 7th cheapest of 12 funds

BTCO vs MSBT Dividends

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

Distribution history

BTCOAll BTCO payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

BTCO vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCO 53.5%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
BTCO 0.56since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
BTCO −53.3%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
BTCO 2.14MSBT 1.01

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