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BITB vs HODL

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

VanEck Bitcoin ETF

HODLACboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

BITB0.20%HODL0.20%

Avg volume · 30D

BITB 1.2×the volume

BITB1.16MHODL996K

BITB vs HODL Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.2%HODL

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. HODL −30.2%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%
HODL 0.20%
Fund size
BITB $2.82B
HODL $1.12B
1Y total return
BITB −30.3%
HODL −30.2%, better
Holdings
BITB 1
HODL 1
Avg volume (30D)
BITB 1.16M sh, better
HODL 996K sh
NAV per share
BITB $43.81
HODL $21.61
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. HODL: Cost 75, Risk 60, Mission 100, Tradability 48, Holdings not scored, Durability 68.
Pillar letters and Scores for BITB, HODL, with each pillar’s weight
PillarBITBHODL
Cost30% weightA75A75
Mission25% weightA100A100
Risk15% weightC46B60Higher
Tradability15% weightC53HigherC48
Holdings10% weightNot scoredNot scored
Durability5% weightC52B68Higher

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 HODL 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 ›

HODL ranks 3rd 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

HODLAVanEck 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.

HODL VanEck's spot bitcoin fund does exactly one thing: hold bitcoin. No futures, no yield story, no cleverness. It is priced below the category median and splits the coins across two named custodians instead of one.

Stated mandate

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

HODL The Trust seeks to track the price of bitcoin, net of its operating expenses, through a passive strategy that does not pursue 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.
  • HODL A 0.20% sponsor fee, under the median for spot bitcoin funds, on a product whose entire job is holding coins.vaneck.com
  • Deliberately plain mandate: track bitcoin's price net of expenses, full stop. Nothing reaching for returns beyond the coin, and it has followed that mandate very closely.vaneck.com
  • VanEck names two crypto custodians for the trust's bitcoin, Gemini and Coinbase Custody, rather than routing every coin through a single vault.vaneck.com
  • Listed options trade on HODL, so collars and covered-call structures are available in a normal brokerage account.vaneck.com

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.
  • HODL Bitcoin sets the whole ride. The design follows the coin down as faithfully as up, and there is no hedge or buffer in the wrapper.
  • No distributions. Price is the entire story here, and the sponsor fee accrues against the trust's bitcoin whatever the market does.vaneck.com
  • Fees in this cohort are a moving target: BTC and EZBC list lower headline rates, and temporary waivers keep reshuffling who is cheapest.vaneck.com

Full BITB profile⁠

Full HODL profile⁠

BITB vs HODL 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 HODL Cost

Same expense ratio

$4,155

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

  • BITB 0.20%

    $4,155

  • HODL 0.20%

    $4,155

$10,000
30 years

Cost over time

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

Year by year

YearBITBHODL
10$365$365
20$1,421$1,421
30$4,155$4,155

Expense ratio

  • 0.20%BITB
  • 0.20%HODL
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BITB 4th cheapest of 12 funds

HODL 4th cheapest of 12 funds

BITB vs HODL Dividends

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

Distribution history

BITBAll BITB payments⁠

No distribution history available.

HODLAll HODL payments⁠

No distribution history available.

BITB vs HODL 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 2024HODL 63.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BITB 0.56since Feb 2024HODL −0.12since Feb 2024
Worst fallMax drawdown, 5 years
BITB −53.3%since Jan 2024HODL −93.7%since Jan 2024
Market sensitivityBeta, 5 years
BITB 2.13HODL 2.13Same figure. Both funds show the same value, so neither comes out ahead.

BITB and HODL in the news

All news⁠

Popular comparisons

  • BITBAvsBTCA

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  • BITBAvsEZBCB

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    Category
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