Skip to content
etf.net

BITB vs BTCO

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

Invesco Galaxy Bitcoin ETF

BTCOBCboe

Overlap

Expense ratio

BITB −0.05pt a year

BITB0.20%BTCO0.25%

Avg volume · 30D

BITB 14.4×the volume

BITB1.16MBTCO80.3K

BITB vs BTCO Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.3%BTCO

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. BTCO −30.3%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%, better
BTCO 0.25%
Fund size
BITB $2.82B
BTCO $384M
1Y total return
BITB −30.3%
BTCO −30.3%
Holdings
BITB 1
BTCO 1
Avg volume (30D)
BITB 1.16M sh, better
BTCO 80.3K sh
NAV per share
BITB $43.81
BTCO $76.27
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. BTCO: Cost 35, Risk 46, Mission 100, Tradability 58, Holdings not scored, Durability 53.
Pillar letters and Scores for BITB, BTCO, with each pillar’s weight
PillarBITBBTCO
Cost30% weightA75HigherD35
Mission25% weightA100A100
Risk15% weightC46C46
Tradability15% weightC53B58Higher
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 BTCO 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 BTCO 9th 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 8BIBITiShares Bitcoin Trust ETFScore 63
  7. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  8. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

BTCOBInvesco Galaxy 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.

BTCO A day-one member of the January 2024 spot bitcoin class: a trust that holds the coin, tracks the Lukka Prime reference rate, and charges the category's median fee. No yield, no hedging, no cleverness.

Stated mandate

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

BTCO The Trust seeks to track the spot price of bitcoin, measured by the Lukka Prime Bitcoin Reference Rate, after expenses and liabilities.

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.
  • BTCO One job, stated plainly: hold bitcoin and track the spot price via the Lukka Prime Bitcoin Reference Rate, after expenses. Nothing else in the box.
  • The 0.25% expense ratio sits right at the median for spot bitcoin funds, so the Invesco name does not carry a markup.
  • Launched January 2024 with the first wave of US spot bitcoin ETFs, giving it a real operating history rather than a late me-too listing.
  • Grantor trust wrapper: shares stand for bitcoin the trust holds, bought and sold in a normal brokerage account instead of an exchange wallet.

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.
  • BTCO Cheaper ways to own the same exposure exist in the cohort, including BTC at 0.15% and BITB and HODL at 0.20%.
  • Moderately traded rather than one of the category's busiest tickers, which can show up in spreads on larger or hurried orders.
  • It makes no distributions. The whole result rides on bitcoin's price, an asset class with a wide swing range.

Full BITB profile⁠

Full BTCO profile⁠

BITB vs BTCO 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 BTCO Cost

Overpaying BTCO vs BITB

$1,004

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

  • BITB 0.20%

    $4,155

  • BTCO 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BITB 0.20%
  • BTCO 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCO $5,159BITB $4,155

Year by year

YearBITBBTCOOverpaying
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%BTCO
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BITB 4th cheapest of 12 funds

BTCO 7th cheapest of 12 funds

BITB vs BTCO Dividends

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

Distribution history

BITBAll BITB payments⁠

No distribution history available.

BTCOAll BTCO payments⁠

No distribution history available.

BITB vs BTCO 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 2024BTCO 53.5%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024BTCO 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 2024BTCO −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BITB 2.13BTCO 2.14

BITB and BTCO in the news

All news⁠

Popular comparisons

  • BITBAvsBTCA

    Bitwise Bitcoin ETF Trust · Grayscale Bitcoin Mini Trust ETF

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

  • BTCOBvsBTCA

    Invesco Galaxy Bitcoin ETF · Grayscale Bitcoin Mini Trust ETF

    Expense ratio
    0.25% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • 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.

  • BTCOBvsMSBTA

    Invesco Galaxy Bitcoin ETF · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.25% · 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.

  • BTCOBvsHODLA

    Invesco Galaxy Bitcoin ETF · VanEck Bitcoin ETF

    Expense ratio
    0.25% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.