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BTC vs FBTC

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Fidelity Wise Origin Bitcoin Fund

FBTCBCboe

Overlap

Expense ratio

BTC −0.10pt a year

BTC0.15%FBTC0.25%

Avg volume · 30D

FBTC 2.2×the volume

BTC1.68MFBTC3.65M

BTC vs FBTC Performance

Nov 6, 2025 – Nov 6, 2026

−25.0%BTC−25.1%FBTC

Nov 6, 2025 to Nov 6, 2026. BTC −25.0%. FBTC −25.1%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
BTC 0.15%, better
FBTC 0.25%
Fund size
BTC $4.72B
FBTC $13.5B
1Y total return
BTC −25.0%, better
FBTC −25.1%
Holdings
BTC 1
FBTC 1
Avg volume (30D)
BTC 1.68M sh
FBTC 3.65M sh, better
NAV per share
BTC $33.49
FBTC $65.88
52W range

ETF.net Grade

BTC: Cost 90, Risk 47, Mission 100, Tradability 76, Holdings not scored, Durability 53. FBTC: Cost 35, Risk 45, Mission 100, Tradability 78, Holdings not scored, Durability 76.
Pillar letters and Scores for BTC, FBTC, with each pillar’s weight
PillarBTCFBTC
Cost30% weightA90HigherD35
Mission25% weightA100A100
Risk15% weightC47HigherC45
Tradability15% weightA76A78Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC53A76Higher

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 FBTC 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 FBTC 7th 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 6BARKBARK 21Shares Bitcoin ETFScore 68
  4. Rank 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  5. Rank 8BIBITiShares Bitcoin Trust ETFScore 63

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

FBTCBFidelity Wise Origin 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.

FBTC No data

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.

FBTC No data

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.

FBTC No data

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.

FBTC No data

Full BTC profile⁠

Full FBTC profile⁠

BTC vs FBTC 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 FBTC Cost

Overpaying FBTC vs BTC

$2,022

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

  • BTC 0.15%

    $3,137

  • FBTC 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BTC 0.15%
  • FBTC 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FBTC $5,159BTC $3,137

Year by year

YearBTCFBTCOverpaying
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%FBTC
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

FBTC 7th cheapest of 12 funds

BTC vs FBTC Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

FBTCAll FBTC payments⁠

No distribution history available.

BTC vs FBTC 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 2024FBTC 53.4%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024FBTC 0.56since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024FBTC −53.4%since Jan 2024
Market sensitivityBeta, 5 years
BTC 1.63FBTC 2.17

BTC and FBTC in the news

All news⁠

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