Which ETF has a lower expense ratio, FBTC or GBTC?

FBTC has the lower expense ratio at 0.25% vs 1.50% for GBTC.

Which ETF is larger by assets under management, FBTC or GBTC?

FBTC is larger by AUM. FBTC has approximately $10.8B in assets versus $8.4B for GBTC (based on most recent available data).

Can I hold both FBTC and GBTC in my portfolio?

Yes. Both FBTC and GBTC can be held simultaneously through most brokerage accounts. However, since both track the spot price of Bitcoin, holding both in large quantities results in concentrated and highly correlated exposure. Investors typically choose one spot Bitcoin ETF rather than diversifying across multiple to keep costs low.

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FBTC vs GBTC

Head-to-head Bitcoin ETF comparison - expense ratios, AUM, performance, and more

Quick Answer

FBTC has the lower expense ratio at 0.25% versus 1.50%. Grayscale's GBTC uses Coinbase Custody for Bitcoin custody, while FBTC uses Fidelity Digital Assets.

FBTC

Fidelity Wise Origin Bitcoin Fund ETF

IssuerFidelity

Expense Ratio0.25%

AUM$10.8B

View full profile

GBTC

Grayscale Bitcoin Trust ETF

IssuerGrayscale

Expense Ratio1.50%

AUM$8.4B

View full profile

At a Glance

Lower Fee

FBTC

Larger AUM

Tied

More Liquid

FBTC

Best YTD

FBTC

Full Comparison

Metric	FBTC	GBTC
Expense Ratio	0.25% Winner	1.50%
AUM	$10.8B Tie	$8.4B Tie
Price	$56.53	$50.30
YTD Return	-27.70% Winner	-28.29%
1-Year Return	-44.93% Winner	-45.59%
Avg Daily Volume	4.4M Winner	2.7M
Custodian	Fidelity Digital Assets	Coinbase Custody
Issuer	Fidelity	Grayscale
Inception Date	Jan 11, 2024	Sep 25, 2013
Exchange Listed	Cboe BZX Exchange	NYSE Arca
SEC Registered	Yes	Yes

Key Differences

Different Custodians

FBTC holds its Bitcoin with Fidelity Digital Assets, while GBTC uses Coinbase Custody. Custodian choice affects your exposure to counterparty risk and the operational security model protecting the fund's Bitcoin.

Cost Difference

FBTC costs 1.25 percentage points less per year. On a $100,000 position held for 10 years, that compounds to meaningful savings. Over long holding periods, expense ratio differences are a primary driver of net returns.

Which Is Right For You?

FBTC is best for:

Fidelity account holders seeking low-cost direct Bitcoin exposure via a regulated spot ETF

GBTC is best for:

Investors seeking established Bitcoin exposure with institutional-grade custodial security

21Rates Take

FBTC and GBTC diverge dramatically on cost despite both being prominent names in the space. FBTC launched in January 2024 at a competitive expense ratio and has grown into one of the largest spot Bitcoin ETFs. GBTC, the oldest institutional Bitcoin vehicle, converted from a closed-end trust but kept a substantially higher fee structure. For new investors, FBTC is the obvious choice between these two. GBTC holders with long-standing positions should weigh the ongoing fee drag against the capital gains tax owed from switching.

Reviewed by 21Rates Editorial on Jul 20, 2026

Frequently Asked Questions

What is the difference between FBTC and GBTC?

FBTC is issued by Fidelity and charges a 0.25% expense ratio, while GBTC is issued by Grayscale at 1.50%. Both are spot Bitcoin ETFs that hold physical Bitcoin. They differ in issuer, custody arrangements (FBTC uses Fidelity Digital Assets; GBTC uses Coinbase Custody), and overall fund scale.

Which has the lower expense ratio, FBTC or GBTC?

FBTC has a lower expense ratio at 0.25% versus 1.50% for GBTC.

Which ETF has more assets under management?

GBTC is the larger fund by AUM at $8.4B versus $10.8B for FBTC.

Can I hold both FBTC and GBTC at the same time?

Yes. Both funds can be held in most brokerage accounts simultaneously. However, since both track Bitcoin, holding both creates highly correlated exposure. Most investors choose one fund to keep costs and complexity low.

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Market data (price, AUM, volume, returns) is updated up to 3 times daily from live market sources. Expense ratios and fund details are sourced from fund prospectuses and issuer disclosures.

Data as of Aug 8, 2026.

This comparison is for informational purposes only and does not constitute investment advice. Bitcoin ETFs are subject to market risk including the potential loss of principal. Past performance does not guarantee future results.