Morgan Stanley Bitcoin Trust filed its quarterly report on Form 10-Q with the SEC on November 13, 2026, covering the period ended September 30, 2026, its first partial year of operations since commencing on April 7, 2026.

Key Highlights

  • Bitcoin holdings: The Trust held 10,436.00608258 bitcoin at September 30, 2026, with a fair value of $873,480,664 against a cost of $775,939,338.
  • Net assets: Total net assets were reported at $873,401,462 as of September 30, 2026.
  • Net asset value per share: NAV per share stood at $23.98 as of September 30, 2026.
  • Shares outstanding: 36,420,000 shares were issued and outstanding at September 30, 2026; as of October 31, 2026, the registrant reported 37,870,000 outstanding shares.
  • Commencement of operations: The Trust began operations on April 7, 2026, and no comparative prior-period financial statements were provided.
  • Liabilities: Total liabilities were $79,202, consisting solely of a Delegated Sponsor Fee payable.

Morgan Stanley Bitcoin Trust Financial Position at September 30, 2026

According to the filing, Morgan Stanley Bitcoin Trust (NYSE Arca:MSBT) reported total assets of $873,480,664 as of September 30, 2026, entirely composed of its investment in bitcoin at fair value. The Trust's cost basis for those holdings was $775,939,338, resulting in accumulated earnings of $96,645,027 reflected on the Statement of Assets and Liabilities. Paid-in capital at the same date was reported as $776,756,435.

The filing disclosed that the Trust held exactly 10,436.00608258 bitcoin, representing 100.01% of net assets before deducting liabilities. The sole liability reported was a Delegated Sponsor Fee payable of $79,202, which the filing identified as representing (0.01)% of net assets. Net assets after that deduction totaled $873,401,462, with a net asset value per share of $23.98. Shares are described as having no par value with an unlimited amount authorized.

The Trust classified itself as a non-accelerated filer, a smaller reporting company, and an emerging growth company under the JOBS Act. The filing noted that, as an emerging growth company, the Trust intends to take advantage of the extended transition period for complying with new or revised accounting standards. The Trust's forward-looking statements are subject to its cautionary language, and the Delegated Sponsor noted that actual results may differ materially from those described in such statements.

What Was Disclosed

The Form 10-Q disclosed the Trust's unaudited financial statements for the period ended September 30, 2026, its first reporting period since commencing operations on April 7, 2026, including bitcoin holdings, net assets, NAV per share, and share counts.