BRRR vs MSBT
MSBT is cheaper: 0.14% vs 0.25% a year, or $11 less per $10,000. MSBT is larger, holding about 1.6× more BTC (10,436 BTC vs 6,410 BTC). Over the last 20 trading days, BRRR had no net flow and MSBT took in $34.1M.
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| BRRR | MSBT | |
|---|---|---|
| Fund | CoinShares Bitcoin ETF (ex-Valkyrie) | Morgan Stanley Bitcoin Trust |
| Issuer | CoinShares | Morgan Stanley |
| Exchange | Nasdaq | NYSE Arca |
| Launched | 2024-01-11 | 2026-04-08 |
| Yearly fee | 0.25% ($25 / $10k) | 0.14% ($14 / $10k) |
| Custodian | Coinbase, BitGo, Komainu | Coinbase Custody, BNY |
| BTC held | 6,410 BTC | 10,436 BTC |
| Cumulative flow | +$329M | +$800M |
| 5-day flow | $0M | $0M |
| 20-day flow | $0M | +$34.1M |
Sources: Farside Investors (22 Oct 2026, 21:35 London), bitcointreasuries.net (22 Oct 2026, 13:35 London), fee tables (14 Oct 2026, 10:00 London). Not investment advice.
Which is better for you?
- Long-term holding: the fee matters most, and MSBT charges less (0.14% vs 0.25%).
- Active trading: a larger fund is usually easier to trade; MSBT holds more BTC, but check trading volume with your broker.
- Custody: BRRR uses Coinbase, BitGo, Komainu, MSBT uses Coinbase Custody, BNY.
Not investment advice.
Flows over the last 20 trading days
| Date | BRRR | MSBT |
|---|---|---|
| 21 October 2026 | $0M | $0M |
| 20 October 2026 | $0M | $0M |
| 19 October 2026 | $0M | $0M |
| 16 October 2026 | $0M | $0M |
| 15 October 2026 | $0M | $0M |
| 14 October 2026 | $0M | $0M |
| 13 October 2026 | $0M | +$6.7M |
| 12 October 2026 | $0M | $0M |
| 9 October 2026 | $0M | $0M |
| 8 October 2026 | $0M | $0M |
| 7 October 2026 | $0M | $0M |
| 6 October 2026 | $0M | +$7.8M |
| 5 October 2026 | $0M | $0M |
| 2 October 2026 | $0M | +$2.4M |
| 1 October 2026 | $0M | +$7M |
| 30 September 2026 | $0M | $0M |
| 29 September 2026 | $0M | $0M |
| 28 September 2026 | $0M | $0M |
| 25 September 2026 | $0M | $0M |
| 24 September 2026 | $0M | +$10.2M |
| 20-day total | $0M | +$34.1M |
Net flow, USD millions · Farside Investors (22 Oct 2026, 21:35 London) · the latest day may be preliminary
FAQ
- Is BRRR or MSBT cheaper?
- MSBT: 0.14% a year vs 0.25% for BRRR, a difference of $11 a year per $10,000.
- Which holds more bitcoin, BRRR or MSBT?
- MSBT: 10,436 BTC vs 6,410 BTC for BRRR, per bitcointreasuries.net as of 22 Oct 2026, 13:35 London.
- Do BRRR and MSBT hold real bitcoin?
- Yes. Both are US spot bitcoin ETFs that hold BTC directly: BRRR with Coinbase, BitGo, Komainu as custodian, MSBT with Coinbase Custody, BNY. The share price tracks BTC minus the fee.