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GBTC vs MSBT

Grayscale Bitcoin Trust ETF

GBTCCNYSE Arca

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −1.36pt a year

GBTC1.50%MSBT0.14%

Avg volume · 30D

GBTC 2.9×the volume

GBTC1.76MMSBT602K

GBTC vs MSBT Performance

Aug 6, 2026 – Nov 6, 2026

+17.2%GBTC+17.7%MSBT

Aug 6, 2026 to Nov 6, 2026. GBTC +17.2%. MSBT +17.7%. Use the arrow keys to read each point.0%30%Aug 2026Sep 2026Nov 2026
Expense ratio
GBTC 1.50%
MSBT 0.14%, better
Fund size
GBTC $9.39B
MSBT $825M
1Y total return
GBTC −26.0%
MSBT No data
Yield (12M)
GBTC 0.00%
MSBT No data
Holdings
GBTC 1
MSBT 1
Avg volume (30D)
GBTC 1.76M sh, better
MSBT 602K sh
NAV per share
GBTC $58.46
MSBT $21.71
52W range

ETF.net Grade

GBTC: Cost 2, Risk 41, Mission 100, Tradability 89, Holdings not scored, Durability 77. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for GBTC, MSBT, with each pillar’s weight
PillarGBTCMSBT
Cost30% weightF2A98Higher
Mission25% weightA100Not scored
Risk15% weightC41A79Higher
Tradability15% weightA89HigherB56
Holdings10% weightNot scoredA100
Durability5% weightA77HigherD37

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. GBTC 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 GBTC 10th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 81
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3ABITBBitwise Bitcoin ETF TrustScore 72
  4. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  5. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  6. Rank 11CBTCWWisdomTree Bitcoin FundScore 53

Our read on each fund

ETF.net Research

GBTCCGrayscale Bitcoin Trust ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

GBTC The original bitcoin fund. GBTC dates to 2013, years before US spot bitcoin ETFs existed, and it still holds the coin directly. At 1.50% a year, it is also the most expensive door to that same asset.

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

GBTC The product is identified as a Bitcoin investment product.

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

  • GBTC Started in 2013, long before spot bitcoin ETFs were permitted in the US. The longest operating record of anything in the spot bitcoin group.
  • Holds spot bitcoin itself, not futures, and its price has tracked the coin closely.
  • Actively traded with a multi-billion-dollar asset base, so trading friction tends to be modest for a crypto product.
  • 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

  • GBTC The 1.50% expense ratio sits far above the roughly 0.25% typical for the group. On an identical asset, fees are most of what separates these funds.
  • Grayscale's own Mini Trust (BTC) holds the same coin at 0.15%, and BITB and HODL charge 0.20%.
  • No distributions. Bitcoin pays nothing, so the ride is price only, and the fund follows the coin down as fully as up.
  • 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 GBTC profile⁠

Full MSBT profile⁠

GBTC 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.

GBTC vs MSBT Cost

Overpaying GBTC vs MSBT

$23,351

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

  • GBTC 1.50%

    $26,283

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • GBTC 1.50%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530GBTC $26,283MSBT $2,932

Year by year

YearGBTCMSBTOverpaying
10$2,590$256$2,334
20$9,519$1,000$8,519
30$26,283$2,932$23,351

Expense ratio

  • 1.50%GBTC
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

GBTC 12th cheapest of 12 funds

GBTC vs MSBT Dividends

Last 12 months to Nov 6, 2026
Yield (12M)
GBTC 0.00%
MSBT No data
Payout (12M)
GBTC None
MSBT None

Distribution history

GBTCAll GBTC payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

GBTC vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GBTC 51.9%MSBT No data
Return per unit of riskSharpe ratio, 3 years
GBTC 0.67MSBT No data
Worst fallMax drawdown, 5 years
GBTC −85.4%MSBT No data
Market sensitivityBeta, 5 years
GBTC 2.04MSBT 1.01

GBTC and MSBT in the news

All news⁠

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