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BITB vs BRRR

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

CoinShares Bitcoin ETF

BRRRCNasdaq

Overlap

Expense ratio

BITB −0.05pt a year

BITB0.20%BRRR0.25%

Avg volume · 30D

BITB 18.1×the volume

BITB1.16MBRRR64.1K

BITB vs BRRR Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.3%BRRR

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. BRRR −30.3%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%, better
BRRR 0.25%
Fund size
BITB $2.82B
BRRR $462M
1Y total return
BITB −30.3%
BRRR −30.3%
Holdings
BITB 1
BRRR 2
Avg volume (30D)
BITB 1.16M sh, better
BRRR 64.1K sh
NAV per share
BITB $43.81
BRRR $22.75
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. BRRR: Cost 35, Risk 46, Mission 100, Tradability 14, Holdings not scored, Durability 37.
Pillar letters and Scores for BITB, BRRR, with each pillar’s weight
PillarBITBBRRR
Cost30% weightA75HigherD35
Mission25% weightA100A100
Risk15% weightC46C46
Tradability15% weightC53HigherF14
Holdings10% weightNot scoredNot scored
Durability5% weightC52HigherD37

Rank among Spot Bitcoin funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BITB and BRRR are both graded against the same 12 Spot Bitcoin funds, so their Grades compare head to head.

Spot Bitcoin⁠

Category · 12 funds
See all 12 ›

BITB ranks 4th and BRRR 12th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 80
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3AHODLVanEck Bitcoin ETFScore 74
  4. Rank 4ABITBBitwise Bitcoin ETF TrustScore 72
  5. Rank 5BEZBCFranklin Bitcoin ETFScore 69
  6. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  7. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

BRRRCCoinShares Bitcoin ETF

In short

BITB Bitwise was the first US spot bitcoin ETF to publish the blockchain addresses holding its coins, so anyone can verify the stash themselves. Underneath, it's a plain grantor trust: hold bitcoin, subtract expenses, repeat.

BRRR Live 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

BITB The Trust seeks to provide exposure to the value of bitcoin held by it, reduced by operating expenses and other liabilities.

BRRR 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

  • BITB First US spot bitcoin ETF to publish its on-chain wallet addresses, so holdings and flows can be checked on the blockchain instead of taken on trust.cointelegraph.comccn.com
  • Costs 0.20% a year, below the 0.25% cohort median and under same-exposure peers IBIT, BTCO and BRRR at 0.25%.
  • Bitwise pledges 10% of the fund's profits to nonprofits that pay Bitcoin's open-source developers, including OpenSats and Brink.crypto.newscoingape.com
  • A multi-billion-dollar, actively traded fund launched in the January 2024 opening class, and it tracks its stated bitcoin exposure very closely.
  • BRRR 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

  • BITB The mandate is bitcoin's value minus expenses. No buffer, no hedge, no income sleeve: whatever bitcoin does, this does.
  • Not the cheapest door into spot bitcoin. Peer BTC lists 0.15% and Franklin's EZBC 0.00%, and fee waivers can expire.
  • No distributions. A trust holding coins generates no income, so the entire result rides on bitcoin's price.
  • BRRR 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.

Full BITB profile⁠

Full BRRR profile⁠

BITB vs BRRR Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BITB vs BRRR Cost

Overpaying BRRR vs BITB

$1,004

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

  • BITB 0.20%

    $4,155

  • BRRR 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BITB 0.20%
  • BRRR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BRRR $5,159BITB $4,155

Year by year

YearBITBBRRROverpaying
10$365$455$90
20$1,421$1,769$348
30$4,155$5,159$1,004

Expense ratio

  • 0.20%BITB, cheaper
  • 0.25%BRRR
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BITB 4th cheapest of 12 funds

BRRR 7th cheapest of 12 funds

BITB vs BRRR Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BITB None
BRRR None

Distribution history

BITBAll BITB payments⁠

No distribution history available.

BRRRAll BRRR payments⁠

No distribution history available.

BITB vs BRRR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITB 53.4%since Feb 2024BRRR 53.4%since Feb 2024Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024BRRR 0.56since Feb 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
BITB −53.3%since Jan 2024BRRR −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BITB 2.13BRRR 2.11

BITB and BRRR in the news

All news⁠

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