Common Units of Beneficial Interest of Morgan Stanley Bitcoin Trust (MSBT)

Morgan Stanley Bitcoin Trust is an exchange-traded trust sponsored by Morgan Stanley that holds bitcoin directly. Its objective is to reflect the performance of the price of bitcoin, less the trust's expenses, by holding the cryptocurrency with a custodian.

The trust does not use leverage or derivatives and is not an investment company under the Investment Company Act. It gives investors exposure to bitcoin through a security traded on NYSE Arca rather than requiring them to buy and store the cryptocurrency themselves.