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GBTC vs IBIT

Grayscale Bitcoin Trust ETF

GBTCCNYSE Arca

iShares Bitcoin Trust ETF

IBITBNasdaq

Overlap

Expense ratio

IBIT −1.25pt a year

GBTC1.50%IBIT0.25%

Avg volume · 30D

IBIT 25.4×the volume

GBTC1.76MIBIT44.7M

GBTC vs IBIT Performance

Nov 6, 2025 – Nov 6, 2026

−26.0%GBTC−25.1%IBIT

Nov 6, 2025 to Nov 6, 2026. GBTC −26.0%. IBIT −25.1%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
GBTC 1.50%
IBIT 0.25%, better
Fund size
GBTC $9.39B
IBIT $60.7B
1Y total return
GBTC −26.0%
IBIT −25.1%, better
Yield (12M)
GBTC 0.00%
IBIT No data
Holdings
GBTC 1
IBIT 2
Avg volume (30D)
GBTC 1.76M sh
IBIT 44.7M sh, better
NAV per share
GBTC $58.46
IBIT $42.87
52W range

ETF.net Grade

GBTC: Cost 2, Risk 41, Mission 100, Tradability 89, Holdings not scored, Durability 77. IBIT: Cost 35, Risk 45, Mission 100, Tradability 70, Holdings not scored, Durability 94.
Pillar letters and Scores for GBTC, IBIT, with each pillar’s weight
PillarGBTCIBIT
Cost30% weightF2D35Higher
Mission25% weightA100A100
Risk15% weightC41C45Higher
Tradability15% weightA89HigherA70
Holdings10% weightNot scoredNot scored
Durability5% weightA77A94Higher

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. GBTC 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 ›

IBIT ranks 8th and GBTC 10th of 12 funds in the Spot Bitcoin Category.

  1. Rank 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  2. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  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

GBTCCGrayscale Bitcoin Trust ETF

IBITBiShares Bitcoin Trust ETF

In short

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.

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

GBTC The product is identified as a Bitcoin investment product.

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

  • 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.
  • 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

  • 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.
  • 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 GBTC profile⁠

Full IBIT profile⁠

GBTC vs 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.

GBTC vs IBIT Cost

Overpaying GBTC vs IBIT

$21,124

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

  • GBTC 1.50%

    $26,283

  • IBIT 0.25%

    $5,159

$10,000
30 years

Cost over time

  • GBTC 1.50%
  • IBIT 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530GBTC $26,283IBIT $5,159

Year by year

YearGBTCIBITOverpaying
10$2,590$455$2,135
20$9,519$1,769$7,750
30$26,283$5,159$21,124

Expense ratio

  • 1.50%GBTC
  • 0.25%IBIT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

IBIT 7th cheapest of 12 funds

GBTC 12th cheapest of 12 funds

GBTC vs IBIT Dividends

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

Distribution history

GBTCAll GBTC payments⁠

No distribution history available.

IBITAll IBIT payments⁠

No distribution history available.

GBTC vs IBIT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GBTC 51.9%IBIT 53.5%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
GBTC 0.67IBIT 0.56since Feb 2024
Worst fallMax drawdown, 5 years
GBTC −85.4%IBIT −53.3%since Jan 2024
Market sensitivityBeta, 5 years
GBTC 2.04IBIT 2.18

GBTC and IBIT in the news

All news⁠

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