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BITB vs IBIT

Bitwise Bitcoin ETF Trust

BITBANYSE Arca

iShares Bitcoin Trust ETF

IBITBNasdaq

Overlap

100%by weight

Expense ratio

BITB −0.05pt a year

BITB0.20%IBIT0.25%

Avg volume · 30D

IBIT 39.2×the volume

BITB1.16MIBIT45.4M

BITB vs IBIT Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BITB−30.4%IBIT

Oct 31, 2025 to Oct 30, 2026. BITB −30.3%. IBIT −30.4%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITB 0.20%, better
IBIT 0.25%
Fund size
BITB $2.82B
IBIT $62.3B
1Y total return
BITB −30.3%, better
IBIT −30.4%
Holdings
BITB 1
IBIT 2
Avg volume (30D)
BITB 1.16M sh
IBIT 45.4M sh, better
NAV per share
BITB $43.81
IBIT $43.28
52W range

ETF.net Grade

BITB: Cost 75, Risk 46, Mission 100, Tradability 53, Holdings not scored, Durability 52. IBIT: Cost 35, Risk 46, Mission 100, Tradability 67, Holdings not scored, Durability 94.
Pillar letters and Scores for BITB, IBIT, with each pillar’s weight
PillarBITBIBIT
Cost30% weightA75HigherD35
Mission25% weightA100A100
Risk15% weightC46C46
Tradability15% weightC53B67Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC52A94Higher

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 IBIT 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 IBIT 8th 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 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  7. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  8. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59

Our read on each fund

ETF.net Research

BITBABitwise Bitcoin ETF Trust

IBITBiShares Bitcoin 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.

IBIT BlackRock's answer to "I want bitcoin, not a hardware wallet." It holds spot bitcoin, opened in January 2024, and has since become one of the biggest and busiest funds in the spot bitcoin group.

Stated mandate

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

IBIT The fund seeks to track the price of bitcoin through an exchange-traded product, providing bitcoin exposure without requiring investors to hold and custody bitcoin directly.

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.
  • IBIT Spot bitcoin, plain: the trust holds the coin and you hold shares in a normal brokerage account. No futures roll, no leverage, no seed phrase to lose.
  • Scale and turnover: a multi-billion-dollar fund and one of the most actively traded in its category, the kind of volume that usually keeps bid-ask spreads thin.
  • Single job, done cleanly: it tracks the price of bitcoin. No miner stocks, no income overlay, no leverage sleeve dressed up as bitcoin exposure.

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.
  • IBIT The 0.25% fee lands right at the category median, and several rivals holding the same asset charge less (BTC at 0.15%, BITB and HODL at 0.20%).
  • No distributions. Bitcoin's price is the entire ride, and that ride is a volatile one.
  • Young by fund standards: it launched in January 2024, so there is no long record to study, only bitcoin's own history.

Full BITB profile⁠

Full IBIT profile⁠

BITB vs IBIT Holdings

How BITB and IBIT differ

Overlap by weight

100%

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

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for BITB and IBIT.

Country, concentration and asset class

Country by domicile

No country split for BITB and IBIT.

Concentration

Weight in the 10 largest Holdings

  • BITB100.0%
  • IBIT100.0%

Securities held

  • BITB1
  • IBIT1

Asset class

BITB
Alternatives
IBIT
Alternatives

Holdings

  • Only in BITB0
  • In both1
  • Only in IBIT0

Only in BITB

0 securities, 0.0% of BITB by weight

Only in IBIT

0 securities, 0.0% of IBIT by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

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

All 1 BITB holdings⁠All 1 IBIT 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 IBIT Cost

Overpaying IBIT vs BITB

$1,004

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

  • BITB 0.20%

    $4,155

  • IBIT 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BITB 0.20%
  • IBIT 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530IBIT $5,159BITB $4,155

Year by year

YearBITBIBITOverpaying
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%IBIT
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BITB 4th cheapest of 12 funds

IBIT 7th cheapest of 12 funds

BITB vs IBIT Dividends

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

Distribution history

BITBAll BITB payments⁠

No distribution history available.

IBITAll IBIT payments⁠

No distribution history available.

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

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.

  • IBITBvsBTCA

    iShares Bitcoin Trust 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.

  • IBITBvsMSBTA

    iShares Bitcoin Trust 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.

  • IBITBvsHODLA

    iShares Bitcoin Trust 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.