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BTC vs GBTC

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

Grayscale Bitcoin Trust ETF

GBTCCNYSE Arca

Overlap

Expense ratio

BTC −1.35pt a year

BTC0.15%GBTC1.50%

Avg volume · 30D

GBTC 1.1×the volume

BTC1.68MGBTC1.76M

BTC vs GBTC Performance

Nov 6, 2025 – Nov 6, 2026

−25.0%BTC−26.0%GBTC

Nov 6, 2025 to Nov 6, 2026. BTC −25.0%. GBTC −26.0%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
BTC 0.15%, better
GBTC 1.50%
Fund size
BTC $4.72B
GBTC $9.39B
1Y total return
BTC −25.0%, better
GBTC −26.0%
Yield (12M)
BTC No data
GBTC 0.00%
Holdings
BTC 1
GBTC 1
Avg volume (30D)
BTC 1.68M sh
GBTC 1.76M sh, better
NAV per share
BTC $33.49
GBTC $58.46
52W range

ETF.net Grade

BTC: Cost 90, Risk 47, Mission 100, Tradability 76, Holdings not scored, Durability 53. GBTC: Cost 2, Risk 41, Mission 100, Tradability 89, Holdings not scored, Durability 77.
Pillar letters and Scores for BTC, GBTC, with each pillar’s weight
PillarBTCGBTC
Cost30% weightA90HigherF2
Mission25% weightA100A100
Risk15% weightC47HigherC41
Tradability15% weightA76A89Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC53A77Higher

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 GBTC 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 GBTC 10th 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 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  4. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  5. Rank 11CBTCWWisdomTree Bitcoin FundScore 53

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

GBTCCGrayscale Bitcoin Trust 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.

GBTC The original bitcoin fund. GBTC dates to 2013, years before US spot bitcoin ETFs existed, and it still holds the coin directly. At 1.50% a year, it is also the most expensive door to that same asset.

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.

GBTC The product is identified as a Bitcoin investment product.

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.
  • GBTC Started in 2013, long before spot bitcoin ETFs were permitted in the US. The longest operating record of anything in the spot bitcoin group.
  • Holds spot bitcoin itself, not futures, and its price has tracked the coin closely.
  • Actively traded with a multi-billion-dollar asset base, so trading friction tends to be modest for a crypto product.

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.
  • GBTC The 1.50% expense ratio sits far above the roughly 0.25% typical for the group. On an identical asset, fees are most of what separates these funds.
  • Grayscale's own Mini Trust (BTC) holds the same coin at 0.15%, and BITB and HODL charge 0.20%.
  • No distributions. Bitcoin pays nothing, so the ride is price only, and the fund follows the coin down as fully as up.

Full BTC profile⁠

Full GBTC profile⁠

BTC vs GBTC 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 GBTC Cost

Overpaying GBTC vs BTC

$23,146

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

  • BTC 0.15%

    $3,137

  • GBTC 1.50%

    $26,283

$10,000
30 years

Cost over time

  • BTC 0.15%
  • GBTC 1.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530GBTC $26,283BTC $3,137

Year by year

YearBTCGBTCOverpaying
10$274$2,590$2,316
20$1,071$9,519$8,448
30$3,137$26,283$23,146

Expense ratio

  • 0.15%BTC, cheaper
  • 1.50%GBTC
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

GBTC 12th cheapest of 12 funds

BTC vs GBTC Dividends

Last 12 months to Nov 6, 2026
Yield (12M)
BTC No data
GBTC 0.00%
Payout (12M)
BTC None
GBTC None

Distribution history

BTCAll BTC payments⁠

No distribution history available.

GBTCAll GBTC payments⁠

No distribution history available.

BTC vs GBTC 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 2024GBTC 51.9%
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024GBTC 0.67
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024GBTC −85.4%
Market sensitivityBeta, 5 years
BTC 1.63GBTC 2.04

BTC and GBTC in the news

All news⁠

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