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Grayscale Bitcoin Mini Trust ETF (BTC)
Spot Bitcoin ETF on NYSE Arca with direct custody and a 0.15% sponsor fee
4.2/ 5
Our score
Very good
Ticker
BTC
Expense ratio
0.15%
Holds
Bitcoin
Assets under management
$4.24B (December 2025)
Listed on
NYSE Arca
Custodian
Anchorage Digital Bank, Coinbase Custody
What is Grayscale Bitcoin Mini Trust ETF (BTC)?
Grayscale Bitcoin Mini Trust ETF (ticker: BTC) is a spot Bitcoin exchange-traded product listed on the NYSE Arca. Spun off from the Grayscale Bitcoin Trust (GBTC) in July 2024, the fund holds physical Bitcoin directly to track spot prices net of operating expenses, charging a 0.15% annual sponsor fee.
Sponsor and administration
Grayscale Investments manages the trust. The US digital asset manager is led by Chief Executive Officer Peter Mintzberg. Formed as a Delaware Statutory Trust in March 2024 under the name Grayscale Bitcoin Mini Trust, the entity changed its name to Grayscale Bitcoin Mini Trust ETF in November 2024.
Structure and custody mechanics
BTC operates as a grantor trust holding spot Bitcoin rather than futures contracts or financial derivatives. Anchorage Digital Bank and Coinbase Custody share custody of the fund's underlying cryptocurrency. Each share represents a fractional entitlement to Bitcoin, starting at 0.00044253 Bitcoin per share at inception. In October 2026, Grayscale introduced in-kind investing mechanisms across select offerings, allowing qualified participants to exchange digital assets directly for fund shares.
Fees and market availability
The fund charges a sponsor fee of 0.15% annually, covering ordinary custodial and administrative costs. It does not stake assets or distribute yield. Investors buy BTC shares through US brokerage, tax-advantaged, or institutional retirement accounts, subject to standard domestic broker KYC checks.
Track record and growth
The ETF began trading on NYSE Arca on July 31, 2024. The fund was seeded through a distribution of 10% of GBTC's Bitcoin holdings to existing shareholders. By December 2025, the trust accumulated $4.24B in assets under management.
Risks and structural trade-offs
Holding the ETF carries underlying cryptocurrency volatility, and investors cannot redeem shares for physical delivery of Bitcoin. Fund returns diverge from spot prices over time because of the recurring 0.15% expense ratio and potential secondary market trading premiums or discounts. Investors also take on custodian concentration risk with Coinbase Custody and Anchorage Digital Bank.
Best for:US brokerage account holdersRetirement and IRA crypto allocationsCost-sensitive spot Bitcoin investors
Pros and cons
Pros
- Competitive 0.15% annual expense ratio
- Direct underlying custody through Anchorage Digital Bank and Coinbase Custody
- Exceeded $4.24B in assets under management by December 2025
- Holds spot Bitcoin rather than futures or debt instruments
Cons
- Standard brokerage accounts cannot withdraw or take delivery of physical Bitcoin
- Holdings do not generate yield or support staking
- Restricted to investors with access to United States brokerage platforms
- Subject to tracking error and secondary market discounts or premiums
Our review
4.2/5
Very good
Grayscale Bitcoin Mini Trust ETF delivers low-cost spot Bitcoin exposure at a 0.15% fee, but investors cannot redeem shares for the underlying cryptocurrency.
Grayscale Bitcoin Mini Trust ETF trades under the ticker BTC on NYSE Arca, providing spot exposure by holding physical Bitcoin directly. Formed as a Delaware Statutory Trust in March 2024, it launched on July 31, 2024, when Grayscale seeded it with 10% of the holdings from the flagship Grayscale Bitcoin Trust (GBTC). The fund charges an expense ratio of 0.15% per year. Assets under management reached approximately $4.24B by December 2025.
The fund structures custody across two regulated entities, Anchorage Digital Bank and Coinbase Custody, avoiding reliance on a single custodian. Unlike trusts that historically traded at severe discounts or premiums to their net asset value, this exchange-traded product relies on authorized participants to create and redeem shares to maintain parity with spot Bitcoin pricing. In October 2026, Grayscale introduced in-kind share creations. Qualified institutional investors can contribute eligible digital assets directly rather than relying solely on cash mechanisms.
Holding BTC carries trade-offs inherent to exchange-traded crypto funds. Investors have no direct claim on the underlying Bitcoin and cannot withdraw the cryptocurrency to a private wallet. The vehicle also does not generate staking rewards or native yield, as Bitcoin uses proof-of-work consensus. Standard equity brokerage hours apply, so holders cannot trade during weekend crypto market movements.
This ETF suits retail and institutional investors who want low-fee Bitcoin exposure within standard brokerage, IRA, or 401(k) accounts without handling wallet keys or exchange security. Those seeking self-custodial control or direct onchain utility should purchase physical Bitcoin directly instead.
Sources (2)
Specs
| Ticker | BTC |
|---|---|
| Issuer | Grayscale |
| Holds | Bitcoin · unverified |
| Structure | Spot ETF · unverified |
| Expense ratio | 0.15% · unverified |
| Assets under management | $4.24B (December 2025) · unverified |
| Listed on | NYSE Arca · unverified |
| Launch date | 2024-07-31 · unverified |
| Custodian | Anchorage Digital Bank, Coinbase Custody · unverified |
| Stakes its holdings | No · unverified |
| Market | United States · unverified |
Not disclosed by the provider: Fee waiver, 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 custody
The trust holds physical Bitcoin directly rather than futures contracts, split across Anchorage Digital Bank and Coinbase Custody.
NYSE Arca trading
Shares trade under ticker BTC during standard market hours on the NYSE Arca exchange.
Low annual sponsor fee
The fund assesses an annual sponsor fee of 0.15% to cover custody and operational expenses.
In-kind asset contributions
Supports in-kind contributions, so eligible participants can create fund shares directly with digital assets.
Regulated brokerage access
Provides exposure to Bitcoin inside traditional US retail brokerage and retirement accounts without managing private keys.
Inside Grayscale Bitcoin Mini Trust ETF (BTC)
Grayscale Bitcoin Mini Trust ETF (BTC)
A spot exchange-traded product traded on NYSE Arca that holds physical Bitcoin directly to track spot price performance net of trust expenses.
Grayscale Bitcoin Mini Trust ETF (BTC) screenshots
What users say about Grayscale Bitcoin Mini Trust ETF (BTC)
User feedback specifically detailing personal experiences with the Grayscale Bitcoin Mini Trust ETF is very limited. Mentions focus on using it within standard brokerage or retirement accounts as a safer alternative to direct crypto custody.
Based on 8 Reddit posts and comments from the last 12 months, checked Oct 26, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Grayscale Bitcoin Mini Trust ETF (BTC)? Share your experience below.
FAQ
Who operates the Grayscale Bitcoin Mini Trust ETF?
The ETF is sponsored by Grayscale Investments, an asset manager led by Chief Executive Officer Peter Mintzberg. The trust was formed in Delaware in March 2024.
What are the fees for Grayscale Bitcoin Mini Trust ETF (BTC)?
The ETF carries an annual sponsor fee of 0.15%. This fee is deducted continuously from the trust assets rather than billed directly to shareholders.
Where is the Grayscale Bitcoin Mini Trust ETF listed?
The fund trades on the NYSE Arca exchange in the United States under the ticker BTC. Anyone with access to a US brokerage account can buy or sell shares during standard market hours.
Who custodies the Bitcoin held by the trust?
The trust's physical Bitcoin is held by Anchorage Digital Bank and Coinbase Custody. Both institutions serve as regulated third-party custodians.
Can investors withdraw actual Bitcoin from the Grayscale Bitcoin Mini Trust ETF?
No, retail shareholders cannot withdraw physical Bitcoin from the fund. Shares represent a proportional interest in the trust's Bitcoin net of expenses and are bought or sold for cash via brokerage accounts.
What is the difference between BTC and GBTC?
Grayscale Bitcoin Mini Trust ETF (BTC) was spun off from Grayscale Bitcoin Trust (GBTC) in July 2024 to provide a lower-fee alternative. BTC charges a 0.15% fee, whereas GBTC retains a significantly higher fee structure.
Latest from Grayscale Bitcoin Mini Trust ETF (BTC) on X
Hyperliquid’s outsourced revenue model hit $38M last month and attracted major institutional partners. ICE, parent of the @NYSE, is now partnering with @tradexyz to build perpetual futures on Hyperliquid in the US.
Outsourced revenue streams:
1. Deployer Perps (HIP-3): Third parties list perpetual futures on commodities, equities, and pre-IPO assets.
2. Builder Codes: @phantom, @hypurrdash, @fomo, and others route orders to Hyperliquid and earn fees.
3. USDC Reserve Yield: @coinbase passes 90% of reserve income from $6B in deposits to Hyperliquid.
4. Auctions: Fees from spot trading and token listing auctions.
Interested in $HYPE? Grayscale Hyperliquid Staking ETF $HYPG offers exposure to $HYPE. Learn more here: https://t.co/6EA4cqUL0n
Outsourced revenue streams:
1. Deployer Perps (HIP-3): Third parties list perpetual futures on commodities, equities, and pre-IPO assets.
2. Builder Codes: @phantom, @hypurrdash, @fomo, and others route orders to Hyperliquid and earn fees.
3. USDC Reserve Yield: @coinbase passes 90% of reserve income from $6B in deposits to Hyperliquid.
4. Auctions: Fees from spot trading and token listing auctions.
Interested in $HYPE? Grayscale Hyperliquid Staking ETF $HYPG offers exposure to $HYPE. Learn more here: https://t.co/6EA4cqUL0n
Grayscale Hyperliquid Staking ETF (Ticker: $HYPG) is the world’s largest $HYPE fund¹.
Hyperliquid is the decentralized exchange behind $HYPE, enabling 24/7 perpetual futures trading across crypto, commodities, equities, and pre-IPO markets, with trillions in cumulative volume. https://t.co/G1DmzdQdOs
Hyperliquid is the decentralized exchange behind $HYPE, enabling 24/7 perpetual futures trading across crypto, commodities, equities, and pre-IPO markets, with trillions in cumulative volume. https://t.co/G1DmzdQdOs
US midterms are coming, but crypto will keep progressing regardless of the outcome.
Adoption is already global, institutional, and bipartisan. In fact, 80 to 85% of crypto activity happens outside the US, spanning $BTC hashrate, stablecoin payments, $SOL staking, and spot trading.
Read more on The Stack by @LowBeta: https://t.co/gS4ZQSjPdP
Adoption is already global, institutional, and bipartisan. In fact, 80 to 85% of crypto activity happens outside the US, spanning $BTC hashrate, stablecoin payments, $SOL staking, and spot trading.
Read more on The Stack by @LowBeta: https://t.co/gS4ZQSjPdP
May I introduce you to a concept:
24/7 trading.
@ICE_Markets x @tradexyz
24/7 trading.
@ICE_Markets x @tradexyz
Recent public posts from @Grayscale, shown as published. Not reviewed or endorsed by CryptoReview.
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