Morgan Stanley Bitcoin Trust, or MSBT, recorded about $371.1 million in total subscription contributions within 85 days of listing, according to a regulatory filing. That included about $200.3 million in cash and about $170.8 million in Bitcoin. Over the same period, the fund's net assets fell by about $66.8 million because of operations, with nearly all of that linked to unrealized depreciation in its Bitcoin holdings, at about $66.17 million. The filing also showed realized losses of about $618,600 and sponsor fees of about $72,300, indicating the decline was not driven by heavy investor withdrawals. Redemption distributions amounted to only about 1.42% of total subscription contributions. The fund issued about 17.9 million shares and redeemed 250,000 shares, corresponding to 1,790 creation baskets and 25 redemption baskets. Shares outstanding rose about 23.17% from roughly 17.65 million on June 30 to about 21.74 million on July 31. Creations and redemptions were handled by authorized participants (designated market makers) in baskets of 10,000 shares at net asset value.