Bitwise Bitcoin ETF (BITB) vs Grayscale Bitcoin Trust ETF (GBTC)

How Bitwise Bitcoin ETF (BITB) vs Grayscale Bitcoin Trust ETF (GBTC) compare on our ratings, crypto etf specs, funding, pros and cons.

Feature
Ratings
Our score4.1/53.6/5
User ratingNo reviews yetNo reviews yet
Fees4.52.5
Size & liquidity4.54.5
Issuer & custody4.54.5
Structure & tracking4.04.0
Extras (staking, options)2.52.5
Specs
TickerBITBGBTC
IssuerBitwiseGrayscale
HoldsBitcoinBitcoin
StructureSpot ETFSpot ETF
Expense ratio0.2%1.5%
Fee waiver0.00% on the first $1 billion of Trust assets for the first 6 monthsNot disclosed
Assets under management$3.02BNot disclosed
Listed onNYSE ArcaNYSE Arca
Launch date2024-01-102013-09-13
CustodianCoinbase Custody Trust Co., LLCCoinbase Custody
Stakes its holdings No No
MarketUnited StatesUnited States
Company
Founded20242013
HeadquartersUnited StatesUnited States
InvestorsNot disclosedNot disclosed
Strengths and weaknesses
Pros
  • Competitive 0.20% expense ratio covering custody and administration costs
  • Independent daily proof-of-reserve examinations by an accounting firm
  • Tight trading liquidity with a 0.02% 30-day median bid-ask spread
  • Pledges 10% of fund profits to open-source Bitcoin developers
  • Trades directly on NYSE Arca through standard US brokerages and retirement accounts
  • Holds physical Bitcoin rather than futures contracts or synthetic instruments
  • Operating track record dating back to September 2013
  • Complies with SEC reporting rules including Sarbanes-Oxley Section 404(b) audits
Cons
  • Investors cannot redeem fund shares for actual physical bitcoin
  • Not registered under the Investment Company Act of 1940
  • Subject to institutional counterparty concentration with a single crypto custodian
  • Shareholders cannot withdraw or redeem underlying physical Bitcoin to private wallets
  • Ongoing management fees compound to diminish underlying Bitcoin backing over time
  • Subject to sharp asset drawdowns, including a -22.8% total return in Q1 2026
  • Exposes capital to centralized institutional custody risks
Best forUS brokerage account holders, Retirement and IRA investors, Institutions requiring verified reservesUS retirement account investors, Brokerage-focused crypto allocations, Institutional accounts requiring SEC filings

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.