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BTC vs IBIT

Grayscale Bitcoin Mini Trust ETF

BTCANYSE Arca

iShares Bitcoin Trust ETF

IBITBNasdaq

Overlap

100%by weight

Expense ratio

BTC −0.10pt a year

BTC0.15%IBIT0.25%

Avg volume · 30D

IBIT 26.5×the volume

BTC1.72MIBIT45.4M

BTC vs IBIT Performance

Oct 31, 2025 – Oct 30, 2026

−30.2%BTC−30.4%IBIT

Oct 31, 2025 to Oct 30, 2026. BTC −30.2%. IBIT −30.4%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTC 0.15%, better
IBIT 0.25%
Fund size
BTC $4.83B
IBIT $62.3B
1Y total return
BTC −30.2%, better
IBIT −30.4%
Holdings
BTC 1
IBIT 2
Avg volume (30D)
BTC 1.72M sh
IBIT 45.4M sh, better
NAV per share
BTC $33.93
IBIT $43.28
52W range

ETF.net Grade

BTC: Cost 90, Risk 44, Mission 100, Tradability 76, Holdings not scored, Durability 53. IBIT: Cost 35, Risk 46, Mission 100, Tradability 67, Holdings not scored, Durability 94.
Pillar letters and Scores for BTC, IBIT, with each pillar’s weight
PillarBTCIBIT
Cost30% weightA90HigherD35
Mission25% weightA100A100
Risk15% weightC44C46Higher
Tradability15% weightA76HigherB67
Holdings10% weightNot scoredNot scored
Durability5% weightC53A94Higher

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 IBIT 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 IBIT 8th 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 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  4. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  5. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59

Our read on each fund

ETF.net Research

BTCAGrayscale Bitcoin Mini Trust ETF

IBITBiShares 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.

IBIT BlackRock's answer to "I want bitcoin, not a hardware wallet." It holds spot bitcoin, opened in January 2024, and has since become one of the biggest and busiest funds in the spot bitcoin group.

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.

IBIT The fund seeks to track the price of bitcoin through an exchange-traded product, providing bitcoin exposure without requiring investors to hold and custody bitcoin directly.

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.
  • IBIT Spot bitcoin, plain: the trust holds the coin and you hold shares in a normal brokerage account. No futures roll, no leverage, no seed phrase to lose.
  • Scale and turnover: a multi-billion-dollar fund and one of the most actively traded in its category, the kind of volume that usually keeps bid-ask spreads thin.
  • Single job, done cleanly: it tracks the price of bitcoin. No miner stocks, no income overlay, no leverage sleeve dressed up as bitcoin exposure.

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.
  • IBIT The 0.25% fee lands right at the category median, and several rivals holding the same asset charge less (BTC at 0.15%, BITB and HODL at 0.20%).
  • No distributions. Bitcoin's price is the entire ride, and that ride is a volatile one.
  • Young by fund standards: it launched in January 2024, so there is no long record to study, only bitcoin's own history.

Full BTC profile⁠

Full IBIT profile⁠

BTC vs IBIT Holdings

How BTC and IBIT differ

Overlap by weight

100%

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

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for BTC and IBIT.

Country, concentration and asset class

Country by domicile

No country split for BTC and IBIT.

Concentration

Weight in the 10 largest Holdings

  • BTC100.0%
  • IBIT100.0%

Securities held

  • BTC1
  • IBIT1

Asset class

BTC
Alternatives
IBIT
Alternatives

Holdings

  • Only in BTC0
  • In both1
  • Only in IBIT0

Only in BTC

0 securities, 0.0% of BTC by weight

Only in IBIT

0 securities, 0.0% of IBIT by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BTC and IBIT, widest gap first
HoldingMore in BTCMore in IBIT
BitcoinSame weight

All BTC holdings⁠All 1 IBIT 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 IBIT Cost

Overpaying IBIT vs BTC

$2,022

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

  • BTC 0.15%

    $3,137

  • IBIT 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BTC 0.15%
  • IBIT 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530IBIT $5,159BTC $3,137

Year by year

YearBTCIBITOverpaying
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%IBIT
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

BTC 2nd cheapest of 12 funds

IBIT 7th cheapest of 12 funds

BTC vs IBIT Dividends

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

Distribution history

BTCAll BTC payments⁠

No distribution history available.

IBITAll IBIT payments⁠

No distribution history available.

BTC vs IBIT 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 2024IBIT 53.5%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTC 0.28since Aug 2024IBIT 0.56since Feb 2024
Worst fallMax drawdown, 5 years
BTC −53.3%since Jul 2024IBIT −53.3%since Jan 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
BTC 1.58IBIT 2.14

BTC and IBIT in the news

All news⁠

Popular comparisons

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