Morgan Stanley Bitcoin Trust has reported its financial performance for the quarter ending June 30, 2026, following its commencement of operations on April 7, 2026. The Trust's net assets stood at $298,979,473, with a net asset value (NAV) per share of $16.94. This represents a decrease of 14.01% from the NAV of $19.70 at the start of operations. The decline in NAV is attributed to a corresponding drop in the price of bitcoin, which fell by 13.98% during the same period, from $68,704.55 to $59,101.49. The Trust recorded a net decrease in net assets resulting from operations of $66,858,481, primarily due to net realized and unrealized losses on bitcoin holdings totaling $66,786,193.
In terms of operational metrics, the Trust held 5,059.30771216 bitcoin valued at $299,012,624 as of June 30, 2026. The Trust issued 17,900,000 shares and redeemed 250,000 shares during the quarter, resulting in a total of 17,650,000 shares outstanding. The Trust's only liability at the end of the quarter was a Delegated Sponsor Fee payable of $33,151. The Trust's investment strategy is concentrated solely in bitcoin, which exposes it to significant market risks associated with this digital asset.
The Trust's financial activities included net proceeds from share creation of $365,837,954, which was partially offset by $5,260,870 from share redemptions. The Trust's expenses for the quarter totaled $72,288, primarily related to the Delegated Sponsor Fee. The Trust's investment income was recorded as zero, reflecting its focus on capital appreciation through bitcoin holdings rather than generating income.
Looking ahead, the Trust's management has indicated that its performance will continue to be closely tied to the fluctuations in the bitcoin market. The Trust is classified as an emerging growth company and intends to take advantage of certain regulatory benefits associated with this status. The management has also noted that the Trust's operations and financial results may be impacted by various risks, including market volatility, regulatory changes, and liquidity constraints in the bitcoin market. As such, investors are cautioned to consider these factors when evaluating the Trust's future performance.
About Morgan Stanley Bitcoin Trust
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