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IBIT vs MSBT

iShares Bitcoin Trust ETF

IBITBNasdaq

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.11pt a year

IBIT0.25%MSBT0.14%

Avg volume · 30D

IBIT 73.8×the volume

IBIT45.4MMSBT615K

IBIT vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+21.7%IBIT+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. IBIT +21.7%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
IBIT 0.25%
MSBT 0.14%, better
Fund size
IBIT $62.3B
MSBT $830M
1Y total return
IBIT −30.4%
MSBT No data
Holdings
IBIT 2
MSBT 1
Avg volume (30D)
IBIT 45.4M sh, better
MSBT 615K sh
NAV per share
IBIT $43.28
MSBT $21.91
52W range

ETF.net Grade

IBIT: Cost 35, Risk 46, Mission 100, Tradability 67, Holdings not scored, Durability 94. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for IBIT, MSBT, with each pillar’s weight
PillarIBITMSBT
Cost30% weightD35A98Higher
Mission25% weightA100Not scored
Risk15% weightC46A79Higher
Tradability15% weightB67HigherB56
Holdings10% weightNot scoredA100
Durability5% weightA94HigherD37

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. IBIT 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 IBIT 8th 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 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  5. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  6. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59

Our read on each fund

ETF.net Research

IBITBiShares Bitcoin Trust ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

IBIT BlackRock's answer to "I want bitcoin, not a hardware wallet." It holds spot bitcoin, opened in January 2024, and has since become one of the biggest and busiest funds in the spot bitcoin group.

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

IBIT The fund seeks to track the price of bitcoin through an exchange-traded product, providing bitcoin exposure without requiring investors to hold and custody bitcoin directly.

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

  • IBIT Spot bitcoin, plain: the trust holds the coin and you hold shares in a normal brokerage account. No futures roll, no leverage, no seed phrase to lose.
  • Scale and turnover: a multi-billion-dollar fund and one of the most actively traded in its category, the kind of volume that usually keeps bid-ask spreads thin.
  • Single job, done cleanly: it tracks the price of bitcoin. No miner stocks, no income overlay, no leverage sleeve dressed up as bitcoin exposure.
  • 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

  • IBIT The 0.25% fee lands right at the category median, and several rivals holding the same asset charge less (BTC at 0.15%, BITB and HODL at 0.20%).
  • No distributions. Bitcoin's price is the entire ride, and that ride is a volatile one.
  • Young by fund standards: it launched in January 2024, so there is no long record to study, only bitcoin's own history.
  • 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 IBIT profile⁠

Full MSBT profile⁠

IBIT 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.

IBIT vs MSBT Cost

Overpaying IBIT vs MSBT

$2,227

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

  • IBIT 0.25%

    $5,159

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • IBIT 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$6K051015202530IBIT $5,159MSBT $2,932

Year by year

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

Expense ratio

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

MSBT cheapest of 12 funds

IBIT 7th cheapest of 12 funds

IBIT vs MSBT Dividends

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

Distribution history

IBITAll IBIT payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

IBIT vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

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

IBIT and MSBT in the news

All news⁠

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