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Bitwise Bitcoin ETF (BITB) vs Morgan Stanley Bitcoin Trust (MSBT)

How Bitwise Bitcoin ETF (BITB) vs Morgan Stanley Bitcoin Trust (MSBT) compare on our ratings, crypto etf specs, funding, pros and cons.

Bitwise Bitcoin ETF (BITB)4.1/5
VS
Morgan Stanley Bitcoin Trust (MSBT)4.0/5
Feature
Bitwise Bitcoin ETF (BITB)Visit
Morgan Stanley Bitcoin Trust (MSBT)Visit
Ratings
Our score4.1/54.0/5
User ratingNo reviews yetNo reviews yet
Fees4.55.0
Size & liquidity4.54.0
Issuer & custody4.55.0
Structure & tracking4.03.5
Extras (staking, options)2.52.0
Specs
TickerBITBMSBT
IssuerBitwiseMorgan Stanley Investment Management
HoldsBitcoinBitcoin
StructureSpot ETFETP / ETN
Expense ratio0.2%0.14%
Fee waiver0.00% on the first $1 billion of Trust assets for the first 6 monthsNot disclosed
Assets under management$3.02B$873M (October 2026)
Listed onNYSE ArcaNYSE Arca
Launch date2024-01-102026-04-08
CustodianCoinbase Custody Trust Co., LLCCoinbase Custody Trust Company, The Bank of New York Mellon
Stakes its holdings No No
MarketUnited StatesUnited States
Company
Founded20242026
HeadquartersUnited StatesUnited States
InvestorsNot disclosedNot disclosed
Strengths and weaknesses
Pros
  • Competitive 0.20% expense ratio covering custody and administration costs
  • Independent daily proof-of-reserve examinations by an accounting firm
  • Tight trading liquidity with a 0.02% 30-day median bid-ask spread
  • Pledges 10% of fund profits to open-source Bitcoin developers
  • Competitive 0.14% annual sponsor fee
  • Dual custody provided by BNY Mellon and Coinbase Custody
  • Traded on NYSE Arca within standard brokerage accounts
  • Direct spot exposure to bitcoin without private key management
Cons
  • Investors cannot redeem fund shares for actual physical bitcoin
  • Not registered under the Investment Company Act of 1940
  • Subject to institutional counterparty concentration with a single crypto custodian
  • No option for investors to withdraw physical bitcoin
  • Not registered under the Investment Company Act of 1940
  • Shares can fluctuate at a premium or discount to NAV
  • Restricted to United States brokerage and institutional accounts
Best forUS brokerage account holders, Retirement and IRA investors, Institutions requiring verified reservesUS brokerage account holders, Low-cost spot bitcoin allocators, Retirement and IRA crypto investors

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