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BITB vs EZBC

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

Franklin Bitcoin ETF

EZBCBCboe

Overlap

100%by weight

Expense ratio

EZBC −0.01pt a year

BITB0.20%EZBC0.19%

Avg volume · 30D

BITB 9.0×the volume

BITB1.16MEZBC128K

BITB vs EZBC Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.3%EZBC

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. EZBC −30.3%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%
EZBC 0.19%, better
Fund size
BITB $2.82B
EZBC $439M
1Y total return
BITB −30.3%
EZBC −30.3%
Holdings
BITB 1
EZBC 1
Avg volume (30D)
BITB 1.16M sh, better
EZBC 128K sh
NAV per share
BITB $43.81
EZBC $44.16
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. EZBC: Cost 75, Risk 46, Mission 100, Tradability 39, Holdings not scored, Durability 48.
Pillar letters and Scores for BITB, EZBC, with each pillar’s weight
PillarBITBEZBC
Cost30% weightA75A75
Mission25% weightA100A100
Risk15% weightC46C46
Tradability15% weightC53HigherD39
Holdings10% weightNot scoredNot scored
Durability5% weightC52HigherC48

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 EZBC 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 EZBC 5th 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 6BARKBARK 21Shares Bitcoin ETFScore 68

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

EZBCBFranklin 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.

EZBC Franklin Templeton's entry in the day-one spot bitcoin class of January 2024: plain bitcoin in a trust, a 0.19% sponsor fee, Coinbase custody, priced below the category median.

Stated mandate

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

EZBC The fund seeks to reflect the performance of bitcoin's price.

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.
  • EZBC Sponsor fee of 0.19%, below the spot bitcoin category median and below BTCW at 0.25%, which tracks the same reference rate.franklintempleton.com
  • Prices off the CME CF Bitcoin Reference Rate New York Variant, a once-a-day 4:00 p.m. ET fix drawn from a one-hour window of major-exchange trades.govinfo.govcfbenchmarks.com
  • No futures stack, no yield overlay: the trust holds bitcoin and aims to reflect its price, with Coinbase Custody on the coin and BNY Mellon on cash and admin.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.
  • EZBC Two peers price lower: MSBT at 0.14% and BTC at 0.15%. Thin margins, but they compound in a one-asset fund.
  • Moderately traded next to the category's giants, so spread and premium/discount costs can weigh more on round trips.
  • Pays nothing out, and the trust sells bitcoin monthly to cover the sponsor fee, so bitcoin per share grinds lower over time.sec.gov

Full BITB profile⁠

Full EZBC profile⁠

BITB vs EZBC Holdings

How BITB and EZBC differ

Overlap by weight

100%

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

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for BITB and EZBC.

Country, concentration and asset class

Country by domicile

No country split for BITB and EZBC.

Concentration

Weight in the 10 largest Holdings

  • BITB100.0%
  • EZBC100.0%

Securities held

  • BITB1
  • EZBC1

Asset class

BITB
Alternatives
EZBC
Alternatives

Holdings

  • Only in BITB0
  • In both1
  • Only in EZBC0

Only in BITB

0 securities, 0.0% of BITB by weight

Only in EZBC

0 securities, 0.0% of EZBC by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BITB and EZBC, widest gap first
HoldingMore in BITBMore in EZBC
BitcoinEZBC +0.02 points

All 1 BITB holdings⁠All 2 EZBC 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 EZBC Cost

Overpaying BITB vs EZBC

$203

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

  • BITB 0.20%

    $4,155

  • EZBC 0.19%

    $3,952

$10,000
30 years

Cost over time

  • BITB 0.20%
  • EZBC 0.19%
  • 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 $4,155EZBC $3,952

Year by year

YearBITBEZBCOverpaying
10$365$347$18
20$1,421$1,351$70
30$4,155$3,952$203

Expense ratio

  • 0.20%BITB
  • 0.19%EZBC, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

EZBC 3rd cheapest of 12 funds

BITB 4th cheapest of 12 funds

BITB vs EZBC Dividends

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

Distribution history

BITBAll BITB payments⁠

No distribution history available.

EZBCAll EZBC payments⁠

No distribution history available.

BITB vs EZBC 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 2024EZBC 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 2024EZBC 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 2024EZBC −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BITB 2.13EZBC 2.13Same figure. Both funds show the same value, so neither comes out ahead.

BITB and EZBC in the news

All news⁠

Popular comparisons

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