The Morgan Stanley Bitcoin Trust (MSBT) is a passive spot bitcoin ETF that trades on NYSE Arca. The Trust holds physical bitcoin in cold storage and gives investors direct price exposure to bitcoin through a conventional brokerage account, without requiring them to manage private keys, digital wallets, or cryptocurrency exchange accounts. The Trust does not use leverage or derivatives — its sole asset is bitcoin. Morgan Stanley Investment Management serves as the Delegated Sponsor, overseeing day-to-day operations. The Trust is structured as a Delaware statutory trust and treated as a grantor trust for U.S. tax purposes, meaning shareholders are treated as direct proportionate owners of the Trust's bitcoin. The Trust charges a single annual Delegated Sponsor Fee of 0.14% of NAV, accrued daily, which covers custody, administration, and other operating costs. The Trust generates no investment income; total fee revenue scales directly with AUM, which depends on the number of investors and the bitcoin price. Shares are created and redeemed in blocks of 10,000 exclusively through Authorized Participants — currently Virtu Americas, Jane Street Capital, and Macquarie Capital — either in-kind or in cash via Coinbase. Bitcoin custody is split between BNY and Coinbase Custody Trust Company, with assets held primarily in offline cold storage. NAV is calculated daily using the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate.