Morgan Stanley's MSBT Bitcoin ETF Holds $299.01 Million, Contrary to $690 Million Report

Morgan Stanley ($MS)’s Bitcoin (BTC) exchange-traded product MSBT has reportedly surpassed $690 million in holdings according to some media coverage, but SEC filings show a figure of $29.901 million (approximately KRW 401.5 billion). U.Today reported based on Arkham Intelligence data that MSBT recorded net inflows of $62.2 million over the past 20 trading days, with funds flowing in for 11 consecutive days, including a daily Bitcoin purchase of approximately $3.8 million (KRW 5.1 billion) recently. However, these figures were not confirmed in the latest official SEC filing.

The MSBT 10-Q filed with the SEC as of June 30 shows the product held 5,059.30771216 BTC, valued at $29.901 million (fair value), with net assets of $29.897 million and 17.5 million shares outstanding. The SEC filing reflects accounting figures as of a specific date, while Arkham Intelligence tracks on-chain wallet balances reflecting asset movements, making direct comparisons impossible due to differing standards and timing.

MSBT raised $371.098 million (KRW 498.4 billion) through share issuance from April 7 to June 30, with redemptions totaling $5.2687 million (KRW 7.1 billion), resulting in a net inflow of $365.837 million (KRW 491.3 billion). The company noted that Bitcoin price fluctuations, management fees, redemptions, and timing of asset purchases/sales can cause discrepancies between reported holdings and actual assets.

MSBT listed on the NYSE Arca in April 2026, with Morgan Stanley Investment Management stating it is a Bitcoin-tracking ETF with an annual fee of 0.14%. Coinbase Custody and BNY handle digital asset custody for MSBT. Investors trade shares rather than holding Bitcoin directly, so asset details must be verified through filings and custodial data.

Arkham Intelligence identified MSBT-related wallets in April and explained that on-chain fund movements may lag SEC filings due to T+1 settlement practices (settlement occurs the next business day after a transaction). This means discrepancies between wallet activity timing and accounting dates are possible. On-chain data is useful for tracking institutional product flows but should not replace official filings.

Earlier reports suggested MSBT wallets held 6,995 BTC, based on on-chain tracking, which differs from the SEC filing’s June 30 balance due to varying reporting standards and timing. This case highlights that traditional financial institutions managing Bitcoin products may report different figures for fund inflows, wallet balances, and accounting holdings, emphasizing the need for investors to distinguish between daily inflow data and quarterly filings when assessing U.S. Bitcoin ETFs.