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BTC vs BTCW

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

WisdomTree Bitcoin Fund

BTCWCCboe

Overlap

Expense ratio

BTC −0.10pt a year

BTC0.15%BTCW0.25%

Avg volume · 30D

BTC 89.8×the volume

BTC1.68MBTCW18.7K

BTC vs BTCW Performance

Nov 6, 2025 – Nov 6, 2026

−25.0%BTC−25.2%BTCW

Nov 6, 2025 to Nov 6, 2026. BTC −25.0%. BTCW −25.2%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
BTC 0.15%, better
BTCW 0.25%
Fund size
BTC $4.72B
BTCW $156M
1Y total return
BTC −25.0%, better
BTCW −25.2%
Holdings
BTC 1
BTCW 1
Avg volume (30D)
BTC 1.68M sh, better
BTCW 18.7K sh
NAV per share
BTC $33.49
BTCW $82.04
52W range

ETF.net Grade

BTC: Cost 90, Risk 47, Mission 100, Tradability 76, Holdings not scored, Durability 53. BTCW: Cost 35, Risk 52, Mission 100, Tradability 19, Holdings 100, Durability 42.
Pillar letters and Scores for BTC, BTCW, with each pillar’s weight
PillarBTCBTCW
Cost30% weightA90HigherD35
Mission25% weightA100A100
Risk15% weightC47C52Higher
Tradability15% weightA76HigherF19
Holdings10% weightNot scoredA100
Durability5% weightC53HigherC42

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 BTCW 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 BTCW 11th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 81
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  4. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  5. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

BTCWCWisdomTree Bitcoin Fund

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.

BTCW WisdomTree filed for a spot bitcoin ETF in 2021, absorbed an SEC rejection, refiled, and was in the first batch to list in January 2024. BTCW is the plain-vanilla version: real bitcoin in institutional custody, priced off the CME CF reference rate.

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.

BTCW The Fund seeks exposure to bitcoin’s price, net of the Trust’s expenses and liabilities. It holds bitcoin and values its shares using the CME CF Bitcoin Reference Rate – New York Variant.

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.
  • BTCW Simple plumbing: the trust holds actual bitcoin at Coinbase Custody and values shares off the CME CF Bitcoin Reference Rate (New York Variant). No futures, no roll costs, no leverage.sec.gov
  • One asset, one job. The portfolio is bitcoin and nothing else, tracking the reference rate net of expenses, so the mandate and the holdings say the same thing.
  • The 0.25% sponsor fee is the trust's only expected recurring expense, and it sits right at the middle of the spot bitcoin field rather than the expensive end.sec.gov

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.
  • BTCW Thinly traded next to the category's giants, so spreads and limit orders carry more weight here.
  • Cheaper shelf-mates exist for the same underlying asset, including Grayscale's Mini Trust (BTC), Franklin's EZBC and VanEck's HODL.
  • Not registered under the Investment Company Act of 1940, so the usual fund-style protections don't apply and bitcoin's full price swings pass through.wisdomtree.com

Full BTC profile⁠

Full BTCW profile⁠

BTC vs BTCW Holdings

As of
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 BTCW Cost

Overpaying BTCW vs BTC

$2,022

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

  • BTC 0.15%

    $3,137

  • BTCW 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BTC 0.15%
  • BTCW 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCW $5,159BTC $3,137

Year by year

YearBTCBTCWOverpaying
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%BTCW
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

BTCW 7th cheapest of 12 funds

BTC vs BTCW Dividends

Last 12 months to Nov 6, 2026
Payout (12M)
BTC None
BTCW None

Distribution history

BTCAll BTC payments⁠

No distribution history available.

BTCWAll BTCW payments⁠

No distribution history available.

BTC vs BTCW 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 2024BTCW 53.6%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024BTCW 0.56since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024BTCW −53.4%since Jan 2024
Market sensitivityBeta, 5 years
BTC 1.63BTCW 2.19

BTC and BTCW in the news

All news⁠

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