Morgan Stanley Bitcoin Trust (MSBT) announced that Morgan Stanley Investment Management Inc., its Delegated Sponsor, will appoint Craig Abruzzo as a director and he will assume the role of Co-Chief Operating Officer effective October 1, 2026. Abruzzo also serves as a Managing Director of the Delegated Sponsor. He previously led Morgan Stanley’s global Enterprise Controls function and was global co-head of Foreign Exchange and Emerging Markets in its Fixed Income Division. Earlier, he was global head of Morgan Stanley’s Futures and Derivatives Clearing business and Risk Manager for its global Prime Brokerage business and European equity derivatives activities.
Morgan Stanley Bitcoin Trust (MSBT) reported a governance change related to its sponsor. Kaushik Goswami notified Morgan Stanley Investment Management Inc., the Delegated Sponsor of the Trust, of his intention to resign from his position as a director of the Delegated Sponsor, effective August 19, 2026. The Trust, a Delaware entity with common shares of beneficial interest listed on NYSE Arca under the symbol MSBT, remains sponsored by Morgan Stanley Investment Management Inc., which signed the report through Managing Director Scott Steel.
Morgan Stanley Bitcoin Trust, an exchange-traded grantor trust holding bitcoin, reported its first operating period from April 7 through June 30, 2026. Net assets were $298,979,473, with 5,059.30771216 bitcoin at fair value of $299,012,624 and 17,650,000 Shares outstanding.
Net asset value per Share declined from $19.70 at commencement to $16.94, a total return of (14.01)%, driven mainly by a 13.98% drop in the bitcoin price from $68,704.55 to $59,101.49. The Trust recorded a net decrease in net assets from operations of $66,858,481, almost entirely from net realized and unrealized losses on bitcoin of $66,786,193. A Delegated Sponsor Fee of $72,288 (0.14% annualized of NAV) slightly widened performance versus spot bitcoin.
The Trust invests substantially all assets in bitcoin, using Level 1 fair value based on its principal market, and is treated as a grantor trust for U.S. tax purposes. It operates as an emerging growth company, with the Delegated Sponsor paying most ordinary expenses out of the Delegated Sponsor Fee. Management states disclosure controls were effective and reports no material legal proceedings or changes in risk factors.
Morgan Stanley Bitcoin Trust reported changes to the board of its delegated sponsor, Morgan Stanley Investment Management Inc. Ruairi O’Healai intends to resign as a director effective June 5, 2026, and Tatiana Segal resigned effective May 7, 2026.
To replace them, Kaushik Goswami was appointed as a director of the delegated sponsor on June 9, 2026. Goswami is a Managing Director of the delegated sponsor and has held senior roles across Morgan Stanley’s Fixed Income and financial resources functions, as well as seats on several key internal governance committees.
Morgan Stanley Bitcoin Trust reported a leadership change at its delegated sponsor, Morgan Stanley Investment Management Inc. On May 14, 2026, Sally Diffley was appointed Chief Financial Officer of the Delegated Sponsor, following the previously announced resignation of Rohit Goenka as CFO on May 11, 2026.
Ms. Diffley is a certified public accountant, a member of Morgan Stanley’s Investment Management Operating Committee and Finance Management Committee, and previously served as Investment Management Controller after joining Morgan Stanley in 2020. Before that, she was E*TRADE’s Assistant Controller and began her career at Deloitte.
Morgan Stanley Bitcoin Trust reported a leadership change at its delegated sponsor. On April 22, 2026, Rohit Goenka notified Morgan Stanley Investment Management Inc., the Delegated Sponsor of the Trust, of his intention to resign as Chief Financial Officer. He will cease serving as the Delegated Sponsor’s Chief Financial Officer effective on or about May 11, 2026.