Bitwise Bitcoin ETF (BITB)

Spot bitcoin ETF listed on NYSE Arca with a 0.20% expense ratio and public reserve verification

Crypto ETF Founded 2024 United States Oct 26

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4.1/ 5

Our score

Very good

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Ticker BITB

Expense ratio 0.2%

Holds Bitcoin

Assets under management $3.02B

Listed on NYSE Arca

Custodian Coinbase Custody Trust Co., LLC

What is Bitwise Bitcoin ETF (BITB)?

Bitwise Bitcoin ETF (BITB) is a spot bitcoin exchange-traded product listed on the NYSE Arca. The fund holds physical bitcoin directly and tracks the CME CF Bitcoin Reference Rate. This setup allows investors to access bitcoin through standard brokerage and retirement accounts without managing private cryptographic keys.

Leadership and backing

The fund is sponsored by Bitwise Investment Advisers, LLC, a subsidiary of San Francisco-based Bitwise Asset Management. Founded in 2017, Bitwise is led by Chief Executive Officer Hunter Horsley, who previously managed monetization products at Facebook and Instagram. Teddy Fusaro serves as President following portfolio management leadership roles at New York Life and IndexIQ, while Chief Technology Officer Hong Kim previously worked as a software security researcher. Bitwise pledges 10% of BITB profits to open-source Bitcoin development groups, including Brink, OpenSats, and the Human Rights Foundation's Bitcoin Development Fund.

Custody and fund mechanics

BITB holds 100% of its underlying assets in physical bitcoin. Custody of the digital assets is managed by Coinbase Custody Trust Company, LLC, while The Bank of New York Mellon is the trust custodian and fund administrator. To maintain verification of underlying holdings, independent accounting firm The Network Firm LLP conducts daily AICPA-compliant proof-of-reserve examinations of the trust's blockchain addresses.

Fees and trading expenses

The trust charges a 0.20% sponsor fee, which covers custodial charges, administration, and regular auditing expenses. Bitwise initially instituted a fee waiver covering 100% of the sponsor fee for the first six months of operation on the first $1 billion in trust assets. Trading the fund incurs brokerage commissions where applicable, along with market bid-ask spreads, which averaged a 30-day median of 0.02% as of October 2026.

Track record and structure

BITB commenced trading on January 10, 2024. As of October 2026, the trust held 37,084.60 BTC with net assets under management of approximately $3.02 billion across 68,350,000 outstanding shares. Financial statements for the fund are audited by KPMG. The fund trades continuously during standard United States exchange hours and offers daily secondary market liquidity.

Key risks and limitations

Shares of BITB are subject to the price volatility of bitcoin, and the trust lacks the regulatory protections of the Investment Company Act of 1940. Shareholders cannot redeem their shares for the underlying physical bitcoin, meaning investors remain exposed to the custody and operational risks of centralized intermediaries. Over extended holding periods, cumulative sponsor fees cause performance divergence from pure spot bitcoin prices.

Founders

Hunter HorsleyCEO, Board Director

Former product manager on monetization at Facebook and Instagram, holding a BS in Economics from the Wharton School.

Hong KimCTO, Board Director

Former software security researcher in the Korean military, holding a BS in Computer Science from the University of Pennsylvania.

Best for:US brokerage account holdersRetirement and IRA investorsInstitutions requiring verified reserves

Pros and cons

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

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

Our review

4.1/5

Very good

BITB offers low-fee spot bitcoin exposure backed by institutional custody and transparent proof of reserves, but investors cannot redeem shares for physical bitcoin.

Fees4.5

Size & liquidity4.5

Issuer & custody4.5

Structure & tracking4.0

Extras (staking, options)2.5

Bitwise Bitcoin ETF (BITB) is a spot bitcoin exchange-traded product sponsored by Bitwise Investment Advisers, LLC. Launched on January 10, 2024, and traded on NYSE Arca, it provides direct spot bitcoin exposure through standard brokerage and retirement accounts without requiring investors to handle self-custody or crypto exchange accounts.

A primary strength of the fund is its low pricing structure. BITB carries a sponsor fee of 0.20%, which covers trust administration, auditing, and custody expenses. Bitwise also instituted an initial fee waiver covering the entire sponsor fee on the first $1 billion in trust assets for the fund's first six months. Liquidity is strong: as of October 2026, BITB holds over $3.01B in net assets across 68,350,000 shares, with a 30-day median bid-ask spread of 0.02% and daily trading volume exceeding 1,080,000 shares.

Operationally, BITB separates duties across traditional financial and crypto custodians. Coinbase Custody Trust Company holds the physical bitcoin, Bank of New York Mellon serves as trust administrator and cash custodian, and KPMG acts as auditor. Bitwise publishes daily proof-of-reserve examination reports conducted by independent accounting firm The Network Firm LLP, giving regular visibility into onchain holdings.

The product carries structural limitations typical of spot crypto exchange-traded products:

Investors own shares of the trust rather than the underlying asset, meaning there is no option to withdraw bitcoin directly to a personal wallet.
Holdings are concentrated with a single digital asset custodian, Coinbase Custody Trust Company.
The fund does not generate staking rewards or yield, and the sponsor fee gradually erodes holdings relative to raw bitcoin over long holding periods.

BITB suits retail and institutional investors seeking low-cost, liquid exposure to bitcoin through tax-advantaged accounts or standard brokerage platforms. Those who require self-custody or direct coin control should hold bitcoin directly onchain instead.

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Sources (2)

Specs

Ticker	BITB
Issuer	Bitwise
Holds	Bitcoin · unverified
Structure	Spot ETF · unverified
Expense ratio	0.2% · unverified
Fee waiver	0.00% on the first $1 billion of Trust assets for the first 6 months · unverified
Assets under management	$3.02B · unverified
Listed on	NYSE Arca · unverified
Launch date	2024-01-10 · unverified
Custodian	Coinbase Custody Trust Co., LLC · unverified
Stakes its holdings	No · unverified
Market	United States · unverified

Not disclosed by the provider: Options available.

Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.

Key features

Direct spot bitcoin holdings

The trust holds 100% of its value in physical bitcoin, allocating roughly 0.000543 BTC per share.

Institutional asset custody

Underlying digital assets are held in cold storage accounts with Coinbase Custody Trust Company, LLC.

Daily reserve verification

The Network Firm LLP performs daily independent proof-of-reserve examinations under AICPA standards.

Secondary market exchange trading

Shares trade on NYSE Arca during standard market hours with a 30-day median spread of 0.02%.

Benchmark reference tracking

Calculates official net asset values using the CME CF Bitcoin Reference Rate.

Open-source developer donations

Directs 10% of BITB profits to Bitcoin open-source developers through Brink, OpenSats, and HRF.

Inside Bitwise Bitcoin ETF (BITB)

Fund Summary

Displays core trust metrics including ticker, CUSIP, net assets, outstanding shares, sponsor fees, and trading volume.

Performance

Shows historical returns across net asset value and market price alongside quarter-end benchmark comparisons.

Fund Holdings

Reports total physical bitcoin held in the trust, aggregate market value, and bitcoin allocation per share.

Proof of Reserves Transparency

Provides daily wallet balance reconciliations and independent examination reports conducted by The Network Firm LLP.

Bitwise Bitcoin ETF (BITB) screenshots

The page shows the Bitwise Bitcoin ETF (BITB) homepage with navigation and contact buttons · Oct 26, 2026

User reviews

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FAQ

Who founded and runs Bitwise?

Bitwise Asset Management was founded in 2017 and is led by CEO Hunter Horsley, President Teddy Fusaro, and CTO Hong Kim. The firm manages investment products across ETFs, private funds, and separately managed accounts.

What are the fees for BITB?

BITB charges a 0.20% sponsor fee, which includes custody, administration, and auditor costs. Bitwise waived this fee on the first $1 billion in assets for the fund's first six months of trading.

Where is the Bitwise Bitcoin ETF available?

BITB is listed on NYSE Arca in the United States. Investors can buy and sell shares through traditional brokerage and retirement accounts.

Who holds the bitcoin in the Bitwise Bitcoin ETF?

Coinbase Custody Trust Company serves as the digital asset custodian holding the trust's bitcoin in cold storage. Bank of New York Mellon acts as the trust custodian and administrator.

Does BITB provide proof of reserves?

Yes, Bitwise publishes daily independent examination reports verifying the trust's bitcoin holdings against onchain balances. These examinations are conducted in accordance with AICPA standards by The Network Firm LLP.

Can investors redeem BITB shares directly for bitcoin?

No, retail shareholders cannot redeem BITB shares for physical bitcoin. Only authorized participants can create or redeem shares directly with the trust, while secondary market investors buy and sell shares for cash.