SpaceX is reported to hold $600 million in BTC, Morgan Stanley lowers the fee rate for ETFs, Strategy Q1 has an unrealized loss of $14.5 billion

According to BBX data, today (April 13), the U.S. Senate resumed its full session after the Easter recess, and cryptocurrency concept stocks maintained wide fluctuations under the dual variables of policy expectations and geopolitical pressures. The core dynamics are as follows:

• SpaceX (not listed) according to on-chain data from Arkham Intelligence and a report from The Information on April 11, currently holds 8,285 BTC, with a market value of approximately $603 million, custodied on the Coinbase Global, Inc. (NASDAQ: $COIN) institutional custody platform Coinbase Prime; for the fiscal year 2025, it is expected to record a net loss of nearly $5 billion due to acquisition expenses from its subsidiary xAI (compared to a profit of approximately $8 billion in the same period last year). On-chain data shows that this holding has not changed since mid-2024. It should be noted that the above holding data comes from a third-party on-chain tracking platform, and SpaceX has not officially disclosed it through official documents.

• Morgan Stanley (NYSE: $MS) launched the Morgan Stanley Bitcoin Trust (NYSE Arca: $MSBT) on April 8, with a management fee rate set at 0.14%, lower than BlackRock's iShares Bitcoin Trust (NASDAQ: $IBIT) at 0.25%; $IBIT currently has a management scale of approximately $55 billion, making it the most liquid Bitcoin spot ETF in the market. Analysts point out that the low fee rate of $MSBT, combined with Morgan Stanley's vast wealth management client network, poses a direct challenge to the existing funding landscape of IBIT, marking a shift in competition in the Bitcoin ETF market from "access competition" to "fee and distribution competition."

• Strategy, Inc. (NASDAQ: $MSTR) disclosed by Bloomberg on April 6, reported a paper loss of approximately $14.5 billion in Bitcoin holdings for Q1 2026, marking the worst quarter for Bitcoin since 2018 (with a decline of over 20% during the quarter); nevertheless, as of April 5, the company still holds 766,970 BTC, with a total holding cost of approximately $58.02 billion (average price $75,644), and during this period, it continued to purchase an additional 4,871 BTC, with founder Michael Saylor having not sold any holdings to date.

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