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BTC vs EZBC

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Franklin Bitcoin ETF

EZBCBCboe

Overlap

Expense ratio

BTC −0.04pt a year

BTC0.15%EZBC0.19%

Avg volume · 30D

BTC 13.4×the volume

BTC1.72MEZBC128K

BTC vs EZBC Performance

Oct 31, 2025 – Oct 30, 2026

−30.2%BTC−30.3%EZBC

Oct 31, 2025 to Oct 30, 2026. BTC −30.2%. EZBC −30.3%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTC 0.15%, better
EZBC 0.19%
Fund size
BTC $4.83B
EZBC $439M
1Y total return
BTC −30.2%, better
EZBC −30.3%
Holdings
BTC 1
EZBC 1
Avg volume (30D)
BTC 1.72M sh, better
EZBC 128K sh
NAV per share
BTC $33.93
EZBC $44.16
52W range

ETF.net Grade

BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53. EZBC: Cost 75, Risk 46, Mission 100, Tradability 39, Holdings not scored, Durability 48.
Pillar letters and Scores for BTC, EZBC, with each pillar’s weight
PillarBTCEZBC
Cost30% weightA90HigherA75
Mission25% weightA100A100
Risk15% weightC44C46Higher
Tradability15% weightA76HigherD39
Holdings10% weightNot scoredNot scored
Durability5% weightC53HigherC48

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 EZBC 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 EZBC 5th 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 4ABITBBitwise Bitcoin ETF TrustScore 72
  4. Rank 5BEZBCFranklin Bitcoin ETFScore 69
  5. Rank 6BARKBARK 21Shares Bitcoin ETFScore 68

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

EZBCBFranklin 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.

EZBC Franklin Templeton's entry in the day-one spot bitcoin class of January 2024: plain bitcoin in a trust, a 0.19% sponsor fee, Coinbase custody, priced below the category median.

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.

EZBC The fund seeks to reflect the performance of bitcoin's price.

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.
  • EZBC Sponsor fee of 0.19%, below the spot bitcoin category median and below BTCW at 0.25%, which tracks the same reference rate.franklintempleton.com
  • Prices off the CME CF Bitcoin Reference Rate New York Variant, a once-a-day 4:00 p.m. ET fix drawn from a one-hour window of major-exchange trades.govinfo.govcfbenchmarks.com
  • No futures stack, no yield overlay: the trust holds bitcoin and aims to reflect its price, with Coinbase Custody on the coin and BNY Mellon on cash and admin.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.
  • EZBC Two peers price lower: MSBT at 0.14% and BTC at 0.15%. Thin margins, but they compound in a one-asset fund.
  • Moderately traded next to the category's giants, so spread and premium/discount costs can weigh more on round trips.
  • Pays nothing out, and the trust sells bitcoin monthly to cover the sponsor fee, so bitcoin per share grinds lower over time.sec.gov

Full BTC profile⁠

Full EZBC profile⁠

BTC vs EZBC 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 EZBC Cost

Overpaying EZBC vs BTC

$815

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

  • BTC 0.15%

    $3,137

  • EZBC 0.19%

    $3,952

$10,000
30 years

Cost over time

  • BTC 0.15%
  • EZBC 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530EZBC $3,952BTC $3,137

Year by year

YearBTCEZBCOverpaying
10$274$347$73
20$1,071$1,351$280
30$3,137$3,952$815

Expense ratio

  • 0.15%BTC, cheaper
  • 0.19%EZBC
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

EZBC 3rd cheapest of 12 funds

BTC vs EZBC Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

EZBCAll EZBC payments⁠

No distribution history available.

BTC vs EZBC 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 2024EZBC 53.4%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024EZBC 0.56since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024EZBC −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BTC 1.58EZBC 2.13

BTC and EZBC in the news

All news⁠

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