MSBT Bitcoin ETF — Ratio, Holdings & Conversion
Morgan Stanley's spot Bitcoin ETF — the first spot Bitcoin ETF issued directly by a major U.S. bank. Coinbase Custody (primary, cold storage) with Fidelity as secondary custodian, BNY Mellon as administrator. At 0.14%, it carries the lowest expense ratio of any spot Bitcoin ETF, with a fee waiver on the first $5B in assets for the first 6 months post-launch.
Key Stats
How the MSBT Ratio Works
The BTC-per-share ratio represents the exact amount of Bitcoin that backs each MSBT share. NAV-derived daily calibration is used to determine this value. The ratio decreases slowly over time as the 0.14% annual management fee is deducted from fund assets.
How to Convert MSBT Shares to BTC
Shares to BTC: Multiply the number of shares by the BTC-per-share ratio.
Example: 100 MSBT shares × 0.0002879 = 0.0288 BTC
Strike to BTC price: Divide the MSBT strike price by the ratio.
Example: $29 strike ÷ 0.0002879 ≈ $100,000 BTC
Shares per 1 BTC: 1 ÷ 0.0002879 ≈ 3,473 shares
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FAQ
What is MSBT's BTC-per-share ratio?
Each MSBT share currently represents approximately 0.0002879 BTC, meaning it takes roughly 3,473 shares to equal one Bitcoin. The ratio is NAV-derived daily and decreases slowly over time as the 0.14% annual fee is deducted — though Morgan Stanley has waived the fee on the first $5 billion in assets for the first 6 months post-launch.
How do I convert MSBT shares to Bitcoin?
Multiply the number of MSBT shares by the current BTC-per-share ratio (approximately 0.0002879). For example, 1,000 MSBT shares × 0.0002879 ≈ 0.2879 BTC. To convert an MSBT option strike price to its implied BTC price, divide the strike by the ratio: a $20 MSBT strike ÷ 0.0002879 ≈ $69,469 BTC.
Who custodies MSBT's Bitcoin?
Coinbase Custody Trust Company is the primary custodian, holding the underlying Bitcoin in cold storage. Fidelity serves as secondary custodian for redundancy, and BNY Mellon handles fund administration, cash custody, and transfer agent duties.