Morgan Stanley Bitcoin Trust (MSBT) reported a $66.8 million decrease in net assets from operations during its first 85 days, even though gross share contributions totaled $371.1 million and redemption distributions were only $5.26 million, or 1.42% of contributions. Nearly all of the decline came from $66.17 million of unrealized Bitcoin depreciation as Bitcoin fell, with the remainder made up of $618,611 in realized Bitcoin losses and $72,288 in sponsor fees, underscoring that the filing's GAAP result differs from an ETF outflow measure. MSBT's net asset value per share fell 14.01% from $19.70 to $16.94, close to the 13.98% drop in its disclosed CoinDesk Bitcoin benchmark. The trust issued 17.9 million shares and redeemed 250,000, equal to 1,790 creation baskets and 25 redemption baskets, with transactions handled by Authorized Participants in 10,000-share blocks; it ended June with 5,059.3077 BTC worth $299 million and net creation activity continued into July.