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Launched · SEC filings

CoinShares Bitcoin ETF

BRRRNasdaqCoinSharesC

$21.58−0.03 (−0.16%)

At close: Nov 2, 2026, 4:00 PM ET

C51/ 100

Rank 12 of 13 in Spot Bitcoin

C51/100Rank 12 of 13inSpot Bitcoin
Intraday session: down, 79 prints from 21.61 to 21.58. Range 21.57 to 22.02. Use the arrow keys to read each point.21.7021.8021.9022.0010 AM12 PM2 PM4 PM
Expense ratio
0.25%
Fund size
$462M
1Y total return
−30.3%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
64.1K sh
52W range
low $16.37high $30.52
Launched
Filings
SEC EDGAR

The ETF.net BRRR Grade

Based on 5 of 6 pillars

C

Score 51 out of 100

Category
Spot Bitcoin⁠
Rank
12 of 13
Six-pillar profile for BRRR. Scores out of 100: Cost 35, Risk 46, Mission 100, Tradability 14, Holdings not scored, Durability 37. Strongest: Mission (100). Weakest: Tradability (14). Based on 5 of 6 pillars.

Score 51 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 7 of 13

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 12

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 4 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F14 out of 100
    Rank 12 of 13

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D37 out of 100
    Rank 11 of 13

Our read on BRRR

ETF.net Research

In short

CLive since January 2024, CoinShares' spot bitcoin fund keeps it simple: hold the coin, value shares off the CME CF New York reference rate, charge the category's median fee. Same index the household names use, smaller nameplate.

Stated mandate

The Trust seeks to track bitcoin’s value as represented by the CME CF Bitcoin Reference Rate – New York Variant, after expenses and liabilities. It holds bitcoin and values its shares using that index.

Why people hold it

  • Narrow mandate, cleanly executed: hold bitcoin, value shares off the CME CF Bitcoin Reference Rate (New York Variant), less expenses. Tracking of that index has been very close.
  • The 0.25% fee sits right at the cohort median and matches what several of the biggest US spot bitcoin funds charge, including IBIT and BTCO.
  • Spot bitcoin in a grantor trust: no futures to roll, no crypto exchange account, no private keys to guard. It trades in a brokerage account like any other ticker.

Worth knowing

  • Same benchmark, cheaper doors: BTC, BITB and HODL track the identical reference rate at a lower headline fee.
  • Smaller and less heavily traded than the category's giants, which can show up as wider spreads when bitcoin is moving fast.
  • Pure price exposure. It holds bitcoin and pays no distributions, so the coin's full volatility comes through with no income to soften it.

BRRR Performance

Launched Jan 10, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
BRRR$6,968
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BRRR $6,968. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BRRR. Periods over one year show the average yearly return.
PeriodBRRR
Year to date−12.6%
1 month−8.2%
3 months+22.0%
1 year−30.3%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BRRR
YearReturn barBRRR
2026 YTD−12.6%
2025−6.5%
2024+99.0%

History from Jan 11, 2024

BRRR in the news

BRRR Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BRRR Risk

Risk pillarC46 out of 100Rank 4 of 13 in Spot Bitcoin
How much the fund’s monthly returns vary, scaled to a year.
53.4%
Annualised · 33 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.56
vs 3-month T-bills · 33 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−53.3%
33 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.11
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BRRR Cost

Compare BRRR and MSBT

Overpaying vs MSBT, cheapest in Spot Bitcoin

$2,227

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BRRR 0.25%

    $5,159

  • MSBT 0.14% Cheapest

    $2,932

$10,000
30 years

Cost over time

  • BRRR 0.25%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BRRR $5,159MSBT $2,932

Year by year

YearBRRRMSBTOverpaying
10$455$256$199
20$1,769$1,000$769
30$5,159$2,932$2,227

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