Is FBTC or MSBT cheaper?

MSBT, at 0.14% a year versus 0.25% for FBTC.

Which is bigger, FBTC or MSBT?

FBTC, with about $15.5B in net assets against $873M for MSBT.

Do FBTC and MSBT move together?

Yes. Both hold Bitcoin, so their daily returns are nearly identical before fees. The lasting differences are the expense ratio, fund size and how tightly each trades to its net asset value.

Compare · BTC spot ETFs

FBTC vs MSBT

Fidelity Wise Origin Bitcoin Fund against Morgan Stanley Bitcoin Trust

MSBT is cheaper: 0.14% vs 0.25% a year, or $1.10 less per $1,000 held.
FBTC is 17.7x the size of MSBT by net assets.

	FBTC	MSBT
Issuer	Fidelity	Morgan Stanley
Expense ratio	0.25%	0.14%
Net assets (USD)	15.5B	873M
YTD return	−4.33%	—
Net flow, last 5 days	−$224.7M	+$6.5M
Pre-market estimate: median miss	0.05%	0.03%

Verdict: FBTC or MSBT?

MSBT costs less each year; FBTC is the larger, more liquid fund. Long-term holders usually weight the fee, active traders the liquidity.

Fees: what the expense ratio costs you

FBTC charges 0.25% and MSBT charges 0.14% a year. On a $10,000 position that is $25 versus $14 per year, taken out of the fund's assets daily rather than billed to you. Over five years the gap compounds to roughly $55 per $10,000 in MSBT's favour, before any return.

Size and liquidity

FBTC holds about $15.5B against $873M for MSBT. A larger fund usually means tighter bid-ask spreads and more options volume, which matters if you trade around the open rather than hold for years. The five-day flow row shows which fund investors are adding to right now; see the full daily table on the flows page.

Pre-market estimate accuracy

Pre-Tick's pre-market estimate has landed closer to the official open for MSBT (median miss 0.03%) than for FBTC (0.05%). Both are re-priced every minute from live Bitcoin on the FBTC and MSBT pages, with the method on the accuracy page.

FAQ

Is FBTC or MSBT cheaper?: MSBT, at 0.14% a year versus 0.25% for FBTC.
Which is bigger, FBTC or MSBT?: FBTC, with about $15.5B in net assets against $873M for MSBT.
Do FBTC and MSBT move together?: Yes. Both hold Bitcoin, so their daily returns are nearly identical before fees. The lasting differences are the expense ratio, fund size and how tightly each trades to its net asset value.

Both funds hold BTC, so their daily moves are nearly identical; the lasting differences are fees, size and liquidity. Estimate miss is how far Pre-Tick's pre-market estimate landed from the official 9:30 AM ET open (see accuracy). Flows are US spot ETF net flows from SoSoValue. Not investment advice.