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BRRR vs BTC

CoinShares Bitcoin ETF

BRRRCNasdaq

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Overlap

Expense ratio

BTC −0.10pt a year

BRRR0.25%BTC0.15%

Avg volume · 30D

BTC 26.8×the volume

BRRR64.1KBTC1.72M

BRRR vs BTC Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BRRR−30.2%BTC

Oct 31, 2025 to Oct 30, 2026. BRRR −30.3%. BTC −30.2%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BRRR 0.25%
BTC 0.15%, better
Fund size
BRRR $462M
BTC $4.83B
1Y total return
BRRR −30.3%
BTC −30.2%, better
Holdings
BRRR 2
BTC 1
Avg volume (30D)
BRRR 64.1K sh
BTC 1.72M sh, better
NAV per share
BRRR $22.75
BTC $33.93
52W range

ETF.net Grade

BRRR: Cost 35, Risk 46, Mission 100, Tradability 14, Holdings not scored, Durability 37. BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53.
Pillar letters and Scores for BRRR, BTC, with each pillar’s weight
PillarBRRRBTC
Cost30% weightD35A90Higher
Mission25% weightA100A100
Risk15% weightC46HigherC44
Tradability15% weightF14A76Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD37C53Higher

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. BRRR and BTC 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 ›

BTC ranks 1st and BRRR 12th 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 11CBTCWWisdomTree Bitcoin FundScore 53
  4. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BRRRCCoinShares Bitcoin ETF

BTCAGrayscale Bitcoin Mini Trust ETF

In short

BRRR Live since January 2024, CoinShares' spot bitcoin fund keeps it simple: hold the coin, value shares off the CME CF New York reference rate, charge the category's median fee. Same index the household names use, smaller nameplate.

BTC Grayscale's answer to the fee war: a 2024 spin-off of its original bitcoin trust, holding the same coin for a tenth of the cost. The mandate is one line, straight from its filings: reflect the value of the bitcoin it holds, less expenses.

Stated mandate

BRRR The Trust seeks to track bitcoin’s value as represented by the CME CF Bitcoin Reference Rate – New York Variant, after expenses and liabilities. It holds bitcoin and values its shares using that index.

BTC The Trust is a passive vehicle designed to track the value of Bitcoin held by it, after expenses and liabilities. It does not seek returns beyond Bitcoin’s price performance.

Why people hold it

  • BRRR Narrow mandate, cleanly executed: hold bitcoin, value shares off the CME CF Bitcoin Reference Rate (New York Variant), less expenses. Tracking of that index has been very close.
  • The 0.25% fee sits right at the cohort median and matches what several of the biggest US spot bitcoin funds charge, including IBIT and BTCO.
  • Spot bitcoin in a grantor trust: no futures to roll, no crypto exchange account, no private keys to guard. It trades in a brokerage account like any other ticker.
  • BTC 0.15% fee, set in the fund's own documents, against the 1.5% that Grayscale's original bitcoin trust (GBTC) still charges for the same spot exposure.grayscale.com
  • One job, stated plainly: hold bitcoin and reflect its value less expenses. No yield strategies, no derivatives overlay, and it has tracked that mandate tightly.grayscale.com
  • Born as a spin-off, so shares landed with existing Grayscale holders and it opened with billions in bitcoin already on the books, not a cold start.etf.com
  • Now a multi-billion-dollar, actively traded fund and one of the strongest implementations in its spot bitcoin peer group.

Worth knowing

  • BRRR Same benchmark, cheaper doors: BTC, BITB and HODL track the identical reference rate at a lower headline fee.
  • Smaller and less heavily traded than the category's giants, which can show up as wider spreads when bitcoin is moving fast.
  • Pure price exposure. It holds bitcoin and pays no distributions, so the coin's full volatility comes through with no income to soften it.
  • BTC Pure bitcoin exposure: full drawdowns pass straight through, with no buffer, no diversification and no distributions along the way.grayscale.com
  • A grantor trust, not a 1940 Act registered fund, so the protections that come with registered ETFs do not apply.sec.gov
  • Some peers run temporary fee waivers (EZBC has charged 0.00%), which can undercut a headline fee until they lapse.

Full BRRR profile⁠

Full BTC profile⁠

BRRR vs BTC 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.

BRRR vs BTC Cost

Overpaying BRRR vs BTC

$2,022

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

  • BRRR 0.25%

    $5,159

  • BTC 0.15%

    $3,137

$10,000
30 years

Cost over time

  • BRRR 0.25%
  • BTC 0.15%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BRRR $5,159BTC $3,137

Year by year

YearBRRRBTCOverpaying
10$455$274$181
20$1,769$1,071$698
30$5,159$3,137$2,022

Expense ratio

  • 0.25%BRRR
  • 0.15%BTC, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

BRRR 7th cheapest of 12 funds

BRRR vs BTC Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BRRR None
BTC None

Distribution history

BRRRAll BRRR payments⁠

No distribution history available.

BTCAll BTC payments⁠

No distribution history available.

BRRR vs BTC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BRRR 53.4%since Feb 2024BTC 47.0%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
BRRR 0.56since Feb 2024BTC 0.28since Aug 2024
Worst fallMax drawdown, 5 years
BRRR −53.3%since Jan 2024BTC −53.3%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BRRR 2.11BTC 1.58

BRRR and BTC in the news

All news⁠

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