MSBT to BTC Calculator
Convert Morgan Stanley Bitcoin Trust (MSBT) share prices, option strikes, and premiums to their Bitcoin equivalents using live market data. MSBT launched April 8, 2026 with the lowest expense ratio of any spot Bitcoin ETF (0.14%), held in Coinbase Custody cold storage with Fidelity as secondary custodian.
10-Q + DECAY · 06-30
- Source
- SEC 10-Q filed anchor + exact fee decay
- As of
- 2026-06-30
- Snapshot refreshed
- 2026-08-19
At or below the filed maximum — a fee-only trust's ratio can only decline between filings.
Current MSBT ↔ BTC Parity
Live market data for reference.
Based on the MSBT BTC-per-share ratio, anchored to the fund's latest Form 10-Q, updated daily.
Options Break-Even Calculator
"What BTC price does this contract need?"
Enter the option premium from your brokerage to calculate break-even.
Common MSBT Strikes → BTC Prices
Quick reference for standard strikes. Enter premium above for break-even calculation.
| MSBT Strike | BTC for ITM | vs. Current BTC |
|---|---|---|
| $30.00 | $104,676 | — |
| $35.00 | $122,121 | — |
| $40.00 | $139,567 | — |
| $45.00 | $157,013 | — |
| $50.00● Current | $174,459 | — |
| $55.00 | $191,905 | — |
| $60.00 | $209,351 | — |
| $65.00 | $226,797 | — |
| $70.00 | $244,243 | — |
| $75.00 | $261,689 | — |
| $80.00 | $279,135 | — |
FAQ
What is MSBT’s expense ratio?
MSBT charges 0.14% annually — the lowest of any spot Bitcoin ETF. It undercuts IBIT (0.25%) by 11 basis points and Grayscale Mini BTC (0.15%) by 1 basis point. Despite early press reports of a launch fee waiver, the fund's first 10-Q shows the 0.14% fee accruing daily since inception — no waiver exists.
Who custodies MSBT’s Bitcoin?
Coinbase Custody Trust Company is the primary custodian, holding MSBT’s Bitcoin in cold storage. Fidelity serves as secondary custodian for custody redundancy. BNY Mellon is the fund administrator, cash custodian, and transfer agent.
How does MSBT compare to IBIT?
MSBT is 11 basis points cheaper (0.14% vs 0.25%) but launched with less liquidity, and its options are listed but carry little open interest so far. IBIT has deeper order books and the most active options market among Bitcoin ETFs. MSBT benefits from Morgan Stanley’s 16,000-advisor distribution network, which drove top-1% launch volume of ~$50M on day one.
Is MSBT the first bank-issued Bitcoin ETF?
Yes. MSBT is the first spot Bitcoin ETF issued directly by a major U.S. bank. All prior spot Bitcoin ETFs were launched by asset managers (BlackRock, Fidelity, Bitwise, ARK/21Shares, Grayscale, VanEck) rather than by a primary banking institution.
Can I use MSBT for tax-loss harvesting?
Yes. MSBT tracks the same underlying asset (spot BTC) as IBIT, FBTC, BITB, ARKB, and other spot Bitcoin ETFs, making them natural swap pairs. Since MSBT has a different issuer, swapping between MSBT and another spot Bitcoin ETF at a loss should not trigger wash-sale treatment. See our tax-loss harvesting guide for details.
How do I convert an MSBT strike price to a BTC price?
Divide the MSBT strike by the current BTC-per-share ratio (approximately 0.0002866). For example, a $20 MSBT strike ÷ 0.0002866 ≈ $69,784 BTC. Use the calculator above for live values — the ratio updates daily as MSBT’s NAV is reported.
View MSBT daily prices and charts, read the MSBT ETF fact sheet. Convert IBIT shares and options with the IBIT to BTC calculator, or browse all Bitcoin ETF calculators.