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BITB vs BTCW

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

WisdomTree Bitcoin Fund

BTCWCCboe

Overlap

Expense ratio

BITB −0.05pt a year

BITB0.20%BTCW0.25%

Avg volume · 30D

BITB 59.7×the volume

BITB1.12MBTCW18.7K

BITB vs BTCW Performance

Nov 6, 2025 – Nov 6, 2026

−25.1%BITB−25.2%BTCW

Nov 6, 2025 to Nov 6, 2026. BITB −25.1%. BTCW −25.2%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
BITB 0.20%, better
BTCW 0.25%
Fund size
BITB $2.81B
BTCW $156M
1Y total return
BITB −25.1%, better
BTCW −25.2%
Holdings
BITB 1
BTCW 1
Avg volume (30D)
BITB 1.12M sh, better
BTCW 18.7K sh
NAV per share
BITB $41.24
BTCW $82.04
52W range

ETF.net Grade

BITB: Cost 75, Risk 45, Mission 100, Tradability 56, Holdings not scored, Durability 53. BTCW: Cost 35, Risk 52, Mission 100, Tradability 19, Holdings 100, Durability 42.
Pillar letters and Scores for BITB, BTCW, with each pillar’s weight
PillarBITBBTCW
Cost30% weightA75HigherD35
Mission25% weightA100A100
Risk15% weightC45C52Higher
Tradability15% weightB56HigherF19
Holdings10% weightNot scoredA100
Durability5% weightC53HigherC42

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 BTCW 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 3rd and BTCW 11th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 81
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3ABITBBitwise Bitcoin ETF TrustScore 72
  4. Rank 3AHODLVanEck Bitcoin ETFScore 72
  5. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  6. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  7. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

BTCWCWisdomTree Bitcoin Fund

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.

BTCW WisdomTree filed for a spot bitcoin ETF in 2021, absorbed an SEC rejection, refiled, and was in the first batch to list in January 2024. BTCW is the plain-vanilla version: real bitcoin in institutional custody, priced off the CME CF reference rate.

Stated mandate

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

BTCW The Fund seeks exposure to bitcoin’s price, net of the Trust’s expenses and liabilities. It holds bitcoin and values its shares using the CME CF Bitcoin Reference Rate – New York Variant.

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.
  • BTCW Simple plumbing: the trust holds actual bitcoin at Coinbase Custody and values shares off the CME CF Bitcoin Reference Rate (New York Variant). No futures, no roll costs, no leverage.sec.gov
  • One asset, one job. The portfolio is bitcoin and nothing else, tracking the reference rate net of expenses, so the mandate and the holdings say the same thing.
  • The 0.25% sponsor fee is the trust's only expected recurring expense, and it sits right at the middle of the spot bitcoin field rather than the expensive end.sec.gov

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.
  • BTCW Thinly traded next to the category's giants, so spreads and limit orders carry more weight here.
  • Cheaper shelf-mates exist for the same underlying asset, including Grayscale's Mini Trust (BTC), Franklin's EZBC and VanEck's HODL.
  • Not registered under the Investment Company Act of 1940, so the usual fund-style protections don't apply and bitcoin's full price swings pass through.wisdomtree.com

Full BITB profile⁠

Full BTCW profile⁠

BITB vs BTCW Holdings

As of
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 BTCW Cost

Overpaying BTCW vs BITB

$1,004

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

  • BITB 0.20%

    $4,155

  • BTCW 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BITB 0.20%
  • BTCW 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCW $5,159BITB $4,155

Year by year

YearBITBBTCWOverpaying
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%BTCW
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BITB 4th cheapest of 12 funds

BTCW 7th cheapest of 12 funds

BITB vs BTCW Dividends

Last 12 months to Nov 6, 2026
Payout (12M)
BITB None
BTCW None

Distribution history

BITBAll BITB payments⁠

No distribution history available.

BTCWAll BTCW payments⁠

No distribution history available.

BITB vs BTCW 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 2024BTCW 53.6%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024BTCW 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 2024BTCW −53.4%since Jan 2024
Market sensitivityBeta, 5 years
BITB 2.17BTCW 2.19

BITB and BTCW in the news

All news⁠

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