Morgan Stanley’s Bitcoin ETF drew $371 million of share contributions while Bitcoin erased $66.8 million

Aug. 14, 2026 at 1:20 am GMT • 2 min read 01 Morgan Stanley Bitcoin Trust reported $371.1 million in gross share contributions during its first 85 days, despite $66.8 million in operating losses. 02 Nearly all the decline came from unrealized Bitcoin depreciation, showing the trust's accounting loss was not the same as heavy investor withdrawals. 03 Redemptions stayed small, but the filing cannot say who sold shares or whether retail trading drove the later basket activity.Morgan Stanley Bitcoin Trust (MSBT) recorded a $66.8 million decrease in net assets from operations during its first 85 days, even as the exchange-traded fund brought in $371.1 million of gross share contributions against $5.26 million of redemption distributions.The trust’s first quarterly filing shows creations dominated redemptions while Bitcoin fell. Redemption distributions equaled 1.42% of gross contributions from April 7 through June 30.Unrealized Bitcoin depreciation accounted for $66.17 million of the operating-period decrease, nearly 99%. The balance consisted of $618,611 in realized Bitcoin losses and $72,288 in sponsor fees, distinguishing the $66.86 million accounting result from an ETF outflow measu...