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Grayscale Bitcoin Mini Trust ETF (BTC) vs Morgan Stanley Bitcoin Trust (MSBT)

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

Grayscale Bitcoin Mini Trust ETF (BTC)4.2/5
VS
Morgan Stanley Bitcoin Trust (MSBT)4.0/5
Feature
Grayscale Bitcoin Mini Trust ETF (BTC)Visit
Morgan Stanley Bitcoin Trust (MSBT)Visit
Ratings
Our score4.2/54.0/5
User ratingNo reviews yetNo reviews yet
Fees4.55.0
Size & liquidity4.54.0
Issuer & custody4.55.0
Structure & tracking4.53.5
Extras (staking, options)2.52.0
Specs
TickerBTCMSBT
IssuerGrayscaleMorgan Stanley Investment Management
HoldsBitcoinBitcoin
StructureSpot ETFETP / ETN
Expense ratio0.15%0.14%
Assets under management$4.24B (December 2025)$873M (October 2026)
Listed onNYSE ArcaNYSE Arca
Launch date2024-07-312026-04-08
CustodianAnchorage Digital Bank, Coinbase CustodyCoinbase 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 0.15% annual expense ratio
  • Direct underlying custody through Anchorage Digital Bank and Coinbase Custody
  • Exceeded $4.24B in assets under management by December 2025
  • Holds spot Bitcoin rather than futures or debt instruments
  • 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
  • Standard brokerage accounts cannot withdraw or take delivery of physical Bitcoin
  • Holdings do not generate yield or support staking
  • Restricted to investors with access to United States brokerage platforms
  • Subject to tracking error and secondary market discounts or premiums
  • 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 crypto allocations, Cost-sensitive spot Bitcoin investorsUS brokerage account holders, Low-cost spot bitcoin allocators, Retirement and IRA crypto investors

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