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Grayscale Ethereum Staking Mini ETF (ETH) vs Morgan Stanley Bitcoin Trust (MSBT)

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

Grayscale Ethereum Staking Mini ETF (ETH)4.1/5
VS
Morgan Stanley Bitcoin Trust (MSBT)4.0/5
Feature
Grayscale Ethereum Staking Mini ETF (ETH)Visit
Morgan Stanley Bitcoin Trust (MSBT)Visit
Ratings
Our score4.1/54.0/5
User ratingNo reviews yetNo reviews yet
Fees4.55.0
Size & liquidity4.04.0
Issuer & custody4.05.0
Structure & tracking3.53.5
Extras (staking, options)4.52.0
Specs
TickerETHMSBT
IssuerGrayscaleMorgan Stanley Investment Management
HoldsEtherBitcoin
StructureSpot ETFETP / ETN
Expense ratio0.15%0.14%
Assets under management$1.79B as of July 2026$873M (October 2026)
Listed onNYSE ArcaNYSE Arca
Launch date2024-07-232026-04-08
CustodianCoinbase Custody Trust Company and Anchorage Digital Bank N.A.Coinbase Custody Trust Company, The Bank of New York Mellon
Stakes its holdings Yes No
MarketUnited StatesUnited States
Company
Founded20242026
HeadquartersUnited StatesUnited States
InvestorsNot disclosedNot disclosed
Strengths and weaknesses
Pros
  • Low 0.15% annual expense ratio with no temporary waiver expiration
  • Stakes ether holdings to pass 94% of staking yield into NAV
  • Uses two institutional custodians including Coinbase Custody and Anchorage Digital
  • Deep secondary market liquidity with roughly $69M in daily volume in July 2026
  • 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
  • No custodian recourse or compensation for validator slashing losses
  • Sponsor and partners deduct 6% from gross staking rewards
  • Shareholders cannot redeem shares for physical ether
  • Not registered under the Investment Company Act of 1940
  • 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 ether exposure, Cost-sensitive spot ether investorsUS brokerage account holders, Low-cost spot bitcoin allocators, Retirement and IRA crypto investors

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