A regulatory filing shows that the Morgan Stanley Bitcoin Trust (MSBT) recorded roughly $371.1 million in total share subscription contributions within 85 days of listing. Of that amount, about $200.3 million came in cash and about $170.8 million came in bitcoin. The filing also said the fund’s net assets fell by about $66.8 million during the same period, with nearly all of the decline tied to unrealized depreciation in bitcoin of around $66.17 million. Realized losses were about $618,600, while sponsor fees came to about $72,300. The document said the change was not driven by large investor redemptions. Redemptions during the period were equal to only about 1.42% of total subscription contributions. The fund issued about 17.9 million shares and redeemed 250,000 shares, corresponding to 1,790 creation baskets and 25 redemption baskets. Shares outstanding rose from about 17.65 million on June 30 to about 21.74 million on July 31, an increase of about 23.17%. Creations and redemptions were handled by authorized participants in baskets of 10,000 shares at net asset value.
A regulatory filing shows that the Morgan Stanley Bitcoin Trust (MSBT) recorded about $371.1 million in total share subscription contributions within 85 days of listing. The total included roughly $200.3 million in cash and about $170.8 million in bitcoin.
The filing said the fund’s net assets declined by about $66.8 million over the same period. Nearly all of that came from unrealized depreciation in bitcoin, which was listed at around $66.17 million. The document also showed realized losses of about $618,600 and sponsor fees of about $72,300. It said the decline in net assets was not caused by large investor redemptions.
Redemption distributions during the period were equal to only about 1.42% of total subscription contributions. The fund issued about 17.9 million shares and redeemed 250,000 shares, corresponding to 1,790 creation baskets and 25 redemption baskets.
Shares outstanding increased from about 17.65 million on June 30 to about 21.74 million on July 31, a gain of about 23.17%. Creations and redemptions were processed by authorized participants in baskets of 10,000 shares at net asset value.
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