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BTC vs BTCO

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Invesco Galaxy Bitcoin ETF

BTCOBCboe

Overlap

Expense ratio

BTC −0.10pt a year

BTC0.15%BTCO0.25%

Avg volume · 30D

BTC 21.4×the volume

BTC1.72MBTCO80.3K

BTC vs BTCO Performance

Oct 31, 2025 – Oct 30, 2026

−30.2%BTC−30.3%BTCO

Oct 31, 2025 to Oct 30, 2026. BTC −30.2%. BTCO −30.3%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTC 0.15%, better
BTCO 0.25%
Fund size
BTC $4.83B
BTCO $384M
1Y total return
BTC −30.2%, better
BTCO −30.3%
Holdings
BTC 1
BTCO 1
Avg volume (30D)
BTC 1.72M sh, better
BTCO 80.3K sh
NAV per share
BTC $33.93
BTCO $76.27
52W range

ETF.net Grade

BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53. BTCO: Cost 35, Risk 46, Mission 100, Tradability 58, Holdings not scored, Durability 53.
Pillar letters and Scores for BTC, BTCO, with each pillar’s weight
PillarBTCBTCO
Cost30% weightA90HigherD35
Mission25% weightA100A100
Risk15% weightC44C46Higher
Tradability15% weightA76HigherB58
Holdings10% weightNot scoredNot scored
Durability5% weightC53C53

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. BTC and BTCO 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 BTCO 9th 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 8BIBITiShares Bitcoin Trust ETFScore 63
  4. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  5. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

BTCOBInvesco Galaxy Bitcoin ETF

In short

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.

BTCO A day-one member of the January 2024 spot bitcoin class: a trust that holds the coin, tracks the Lukka Prime reference rate, and charges the category's median fee. No yield, no hedging, no cleverness.

Stated mandate

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.

BTCO The Trust seeks to track the spot price of bitcoin, measured by the Lukka Prime Bitcoin Reference Rate, after expenses and liabilities.

Why people hold it

  • 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.
  • BTCO One job, stated plainly: hold bitcoin and track the spot price via the Lukka Prime Bitcoin Reference Rate, after expenses. Nothing else in the box.
  • The 0.25% expense ratio sits right at the median for spot bitcoin funds, so the Invesco name does not carry a markup.
  • Launched January 2024 with the first wave of US spot bitcoin ETFs, giving it a real operating history rather than a late me-too listing.
  • Grantor trust wrapper: shares stand for bitcoin the trust holds, bought and sold in a normal brokerage account instead of an exchange wallet.

Worth knowing

  • 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.
  • BTCO Cheaper ways to own the same exposure exist in the cohort, including BTC at 0.15% and BITB and HODL at 0.20%.
  • Moderately traded rather than one of the category's busiest tickers, which can show up in spreads on larger or hurried orders.
  • It makes no distributions. The whole result rides on bitcoin's price, an asset class with a wide swing range.

Full BTC profile⁠

Full BTCO profile⁠

BTC vs BTCO 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.

BTC vs BTCO Cost

Overpaying BTCO vs BTC

$2,022

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

  • BTC 0.15%

    $3,137

  • BTCO 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BTC 0.15%
  • BTCO 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCO $5,159BTC $3,137

Year by year

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

Expense ratio

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

BTC 2nd cheapest of 12 funds

BTCO 7th cheapest of 12 funds

BTC vs BTCO Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

BTCOAll BTCO payments⁠

No distribution history available.

BTC vs BTCO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTC 47.0%since Aug 2024BTCO 53.5%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024BTCO 0.56since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024BTCO −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BTC 1.58BTCO 2.14

BTC and BTCO in the news

All news⁠

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