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The Morgan Stanley Bitcoin Trust is a Delaware statutory trust formed on December 16, 2025, that operates as an exchange-traded fund issuing Shares listed on NYSE Arca, Inc. The Trust's investment objective is to track the performance of bitcoin as measured by the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, adjusted for expenses and liabilities, by holding bitcoin custodied by The Bank of New York Mellon and Coinbase Custody Trust Company, LLC. Morgan Stanley Investment Management Inc. serves as the Delegated Sponsor, managing operations under delegation from trustees CSC Delaware Trust Company and Appleby Global Services (Cayman) Limited. Shares are created and redeemed in Baskets of [•] by Authorized Participants via cash or in-kind transactions involving bitcoin transfers through Bitcoin Counterparties, with NAV calculated daily at 4:00 p.m. ET using the Pricing Benchmark. The Trust pays a unitary Delegated Sponsor Fee of [•]% of average net assets, covering most operating expenses except extraordinary items. No fixed termination date exists, but dissolution triggers include delisting, regulatory changes, or impracticability. The Trust provides indirect bitcoin exposure without direct holding risks, targeting investors seeking cost-effective access via traditional brokerage accounts. As an emerging growth company under the JOBS Act, it benefits from reduced reporting. The continuous offering registers an indeterminate amount of Shares, with initial seed creation by [BTH] comprising [•] Shares.
Share Type
Common shares of beneficial interest
Exchange
NYSE Arca, Inc.
Ticker
[•]
Use of Proceeds: Proceeds from Baskets consist of bitcoin held until redeemed or sold to pay fees/expenses.
Exchange-traded fund that issues Shares to track bitcoin performance as measured by CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, holding bitcoin custodied by regulated third-party custodians.