Skip to content
etf.net

BITB vs BTC

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Overlap

100%by weight

Expense ratio

BTC −0.05pt a year

BITB0.20%BTC0.15%

Avg volume · 30D

BTC 1.5×the volume

BITB1.16MBTC1.72M

BITB vs BTC Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.2%BTC

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. BTC −30.2%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%
BTC 0.15%, better
Fund size
BITB $2.82B
BTC $4.83B
1Y total return
BITB −30.3%
BTC −30.2%, better
Holdings
BITB 1
BTC 1
Avg volume (30D)
BITB 1.16M sh
BTC 1.72M sh, better
NAV per share
BITB $43.81
BTC $33.93
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53.
Pillar letters and Scores for BITB, BTC, with each pillar’s weight
PillarBITBBTC
Cost30% weightA75A90Higher
Mission25% weightA100A100
Risk15% weightC46HigherC44
Tradability15% weightC53A76Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC52C53Higher

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 BTC 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 ›

BTC ranks 1st and BITB 4th 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

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

BTCAGrayscale Bitcoin Mini Trust 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.

BTC Grayscale's answer to the fee war: a 2024 spin-off of its original bitcoin trust, holding the same coin for a tenth of the cost. The mandate is one line, straight from its filings: reflect the value of the bitcoin it holds, less expenses.

Stated mandate

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

BTC The Trust is a passive vehicle designed to track the value of Bitcoin held by it, after expenses and liabilities. It does not seek returns beyond Bitcoin’s price performance.

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.
  • BTC 0.15% fee, set in the fund's own documents, against the 1.5% that Grayscale's original bitcoin trust (GBTC) still charges for the same spot exposure.grayscale.com
  • One job, stated plainly: hold bitcoin and reflect its value less expenses. No yield strategies, no derivatives overlay, and it has tracked that mandate tightly.grayscale.com
  • Born as a spin-off, so shares landed with existing Grayscale holders and it opened with billions in bitcoin already on the books, not a cold start.etf.com
  • Now a multi-billion-dollar, actively traded fund and one of the strongest implementations in its spot bitcoin peer group.

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.
  • BTC Pure bitcoin exposure: full drawdowns pass straight through, with no buffer, no diversification and no distributions along the way.grayscale.com
  • A grantor trust, not a 1940 Act registered fund, so the protections that come with registered ETFs do not apply.sec.gov
  • Some peers run temporary fee waivers (EZBC has charged 0.00%), which can undercut a headline fee until they lapse.

Full BITB profile⁠

Full BTC profile⁠

BITB vs BTC Holdings

How BITB and BTC differ

Overlap by weight

100%

Shared holdings make up 100% of BITB and 100% of BTC.

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for BITB and BTC.

Country, concentration and asset class

Country by domicile

No country split for BITB and BTC.

Concentration

Weight in the 10 largest Holdings

  • BITB100.0%
  • BTC100.0%

Securities held

  • BITB1
  • BTC1

Asset class

BITB
Alternatives
BTC
Alternatives

Holdings

  • Only in BITB0
  • In both1
  • Only in BTC0

Only in BITB

0 securities, 0.0% of BITB by weight

Only in BTC

0 securities, 0.0% of BTC by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BITB and BTC, widest gap first
HoldingMore in BITBMore in BTC
BitcoinSame weight

All 1 BITB holdings⁠All BTC 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 BTC Cost

Overpaying BITB vs BTC

$1,018

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

  • BITB 0.20%

    $4,155

  • BTC 0.15%

    $3,137

$10,000
30 years

Cost over time

  • BITB 0.20%
  • BTC 0.15%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530BITB $4,155BTC $3,137

Year by year

YearBITBBTCOverpaying
10$365$274$91
20$1,421$1,071$350
30$4,155$3,137$1,018

Expense ratio

  • 0.20%BITB
  • 0.15%BTC, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

BITB 4th cheapest of 12 funds

BITB vs BTC Dividends

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

Distribution history

BITBAll BITB payments⁠

No distribution history available.

BTCAll BTC payments⁠

No distribution history available.

BITB vs BTC 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 2024BTC 47.0%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024BTC 0.28since Aug 2024
Worst fallMax drawdown, 5 years
BITB −53.3%since Jan 2024BTC −53.3%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BITB 2.13BTC 1.58

BITB and BTC in the news

All news⁠

Popular comparisons

  • BITBAvsMSBTA

    Bitwise Bitcoin ETF Trust · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.20% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsMSBTA

    Grayscale Bitcoin Mini Trust ETF · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.15% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BITBAvsHODLA

    Bitwise Bitcoin ETF Trust · VanEck Bitcoin ETF

    Expense ratio
    0.20% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsHODLA

    Grayscale Bitcoin Mini Trust ETF · VanEck Bitcoin ETF

    Expense ratio
    0.15% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BITBAvsEZBCB

    Bitwise Bitcoin ETF Trust · Franklin Bitcoin ETF

    Expense ratio
    0.20% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsEZBCB

    Grayscale Bitcoin Mini Trust ETF · Franklin Bitcoin ETF

    Expense ratio
    0.15% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.