Skip to content
etf.net

BTC vs HODL

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

VanEck Bitcoin ETF

HODLACboe

Overlap

100%by weight

Expense ratio

BTC −0.05pt a year

BTC0.15%HODL0.20%

Avg volume · 30D

BTC 1.7×the volume

BTC1.72MHODL996K

BTC vs HODL Performance

Oct 31, 2025 – Oct 30, 2026

−30.2%BTC−30.2%HODL

Oct 31, 2025 to Oct 30, 2026. BTC −30.2%. HODL −30.2%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTC 0.15%, better
HODL 0.20%
Fund size
BTC $4.83B
HODL $1.12B
1Y total return
BTC −30.2%
HODL −30.2%
Holdings
BTC 1
HODL 1
Avg volume (30D)
BTC 1.72M sh, better
HODL 996K sh
NAV per share
BTC $33.93
HODL $21.61
52W range

ETF.net Grade

BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53. HODL: Cost 75, Risk 60, Mission 100, Tradability 48, Holdings not scored, Durability 68.
Pillar letters and Scores for BTC, HODL, with each pillar’s weight
PillarBTCHODL
Cost30% weightA90HigherA75
Mission25% weightA100A100
Risk15% weightC44B60Higher
Tradability15% weightA76HigherC48
Holdings10% weightNot scoredNot scored
Durability5% weightC53B68Higher

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 HODL 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 HODL 3rd 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 3AHODLVanEck Bitcoin ETFScore 74
  4. Rank 4ABITBBitwise Bitcoin ETF TrustScore 72

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

HODLAVanEck 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.

HODL VanEck's spot bitcoin fund does exactly one thing: hold bitcoin. No futures, no yield story, no cleverness. It is priced below the category median and splits the coins across two named custodians instead of one.

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.

HODL The Trust seeks to track the price of bitcoin, net of its operating expenses, through a passive strategy that does not pursue returns beyond bitcoin’s price performance.

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.
  • HODL A 0.20% sponsor fee, under the median for spot bitcoin funds, on a product whose entire job is holding coins.vaneck.com
  • Deliberately plain mandate: track bitcoin's price net of expenses, full stop. Nothing reaching for returns beyond the coin, and it has followed that mandate very closely.vaneck.com
  • VanEck names two crypto custodians for the trust's bitcoin, Gemini and Coinbase Custody, rather than routing every coin through a single vault.vaneck.com
  • Listed options trade on HODL, so collars and covered-call structures are available in a normal brokerage account.vaneck.com

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.
  • HODL Bitcoin sets the whole ride. The design follows the coin down as faithfully as up, and there is no hedge or buffer in the wrapper.
  • No distributions. Price is the entire story here, and the sponsor fee accrues against the trust's bitcoin whatever the market does.vaneck.com
  • Fees in this cohort are a moving target: BTC and EZBC list lower headline rates, and temporary waivers keep reshuffling who is cheapest.vaneck.com

Full BTC profile⁠

Full HODL profile⁠

BTC vs HODL Holdings

How BTC and HODL differ

Overlap by weight

100%

Shared holdings make up 100% of HODL and 100% of BTC.

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for BTC and HODL.

Country, concentration and asset class

Country by domicile

No country split for BTC.

Concentration

Weight in the 10 largest Holdings

  • BTC100.0%
  • HODL100.0%

Securities held

  • BTC1
  • HODL1

Asset class

BTC
Alternatives
HODL
Alternatives

Holdings

  • Only in BTC0
  • In both1
  • Only in HODL0

Only in BTC

0 securities, 0.0% of BTC by weight

Only in HODL

0 securities, 0.0% of HODL by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BTC and HODL, widest gap first
HoldingMore in BTCMore in HODL
BitcoinHODL +0.02 points

All BTC holdings⁠All 1 HODL 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 HODL Cost

Overpaying HODL vs BTC

$1,018

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

  • BTC 0.15%

    $3,137

  • HODL 0.20%

    $4,155

$10,000
30 years

Cost over time

  • BTC 0.15%
  • HODL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530HODL $4,155BTC $3,137

Year by year

YearBTCHODLOverpaying
10$274$365$91
20$1,071$1,421$350
30$3,137$4,155$1,018

Expense ratio

  • 0.15%BTC, cheaper
  • 0.20%HODL
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

HODL 4th cheapest of 12 funds

BTC vs HODL Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

HODLAll HODL payments⁠

No distribution history available.

BTC vs HODL 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 2024HODL 63.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024HODL −0.12since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024HODL −93.7%since Jan 2024
Market sensitivityBeta, 5 years
BTC 1.58HODL 2.13

BTC and HODL in the news

All news⁠

Popular comparisons

  • BTCAvsMSBTA

    Grayscale Bitcoin Mini Trust ETF · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.15% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsMSBTA

    VanEck Bitcoin ETF · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.20% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsBITBA

    Grayscale Bitcoin Mini Trust ETF · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.15% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsBITBA

    VanEck Bitcoin ETF · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.20% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCAvsEZBCB

    Grayscale Bitcoin Mini Trust ETF · Franklin Bitcoin ETF

    Expense ratio
    0.15% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsEZBCB

    VanEck Bitcoin ETF · Franklin Bitcoin ETF

    Expense ratio
    0.20% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.