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

BITB has the lower expense ratio at 0.20% vs 1.50% for GBTC.

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

GBTC is larger by AUM. GBTC has approximately $8.4B in assets versus $2.3B for BITB (based on most recent available data).

Can I hold both GBTC and BITB in my portfolio?

Yes. Both GBTC and BITB 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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GBTC vs BITB

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

Quick Answer

BITB has the lower expense ratio at 0.20% versus 1.50%. Grayscale's GBTC is roughly 4x larger by assets ($8.4B vs $2.3B). Bitwise's BITB uses Bank of New York Mellon for Bitcoin custody, while GBTC uses Coinbase Custody.

GBTC

Grayscale Bitcoin Trust ETF

IssuerGrayscale

Expense Ratio1.50%

AUM$8.4B

View full profile

BITB

Bitwise Bitcoin ETF Trust ETF

IssuerBitwise

Expense Ratio0.20%

AUM$2.3B

View full profile

At a Glance

Lower Fee

BITB

Larger AUM

GBTC

More Liquid

Tied

Best YTD

Tied

Full Comparison

Metric	GBTC	BITB
Expense Ratio	1.50%	0.20% Winner
AUM	$8.4B Winner	$2.3B
Price	$50.30	$35.24
YTD Return	-28.29% Tie	-27.79% Tie
1-Year Return	-45.59%	-44.92% Winner
Avg Daily Volume	2.7M Tie	2.4M Tie
Custodian	Coinbase Custody	Bank of New York Mellon
Issuer	Grayscale	Bitwise
Inception Date	Sep 25, 2013	Jan 11, 2024
Exchange Listed	NYSE Arca	NYSE Arca
SEC Registered	Yes	Yes

Key Differences

Different Custodians

GBTC holds its Bitcoin with Coinbase Custody, while BITB uses Bank of New York Mellon. Custodian choice affects your exposure to counterparty risk and the operational security model protecting the fund's Bitcoin.

Cost Difference

BITB costs 1.30 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?

GBTC is best for:

Investors seeking established Bitcoin exposure with institutional-grade custodial security

BITB is best for:

Cost-conscious investors seeking regulated spot bitcoin exposure with institutional-grade custody

21Rates Take

GBTC and BITB represent two very different eras of Bitcoin investing. GBTC, launched by Grayscale in 2013 as a trust and converted to an ETF in January 2024, carries a legacy expense ratio far above what newer competitors charge. BITB from Bitwise launched the same month with a sharply lower fee and has attracted significant inflows since. For new investors, BITB is the obvious choice on cost. GBTC remains relevant mainly for investors who accumulated shares before the conversion and face capital gains consequences from selling.

Reviewed by 21Rates Editorial on Jul 20, 2026

Frequently Asked Questions

What is the difference between GBTC and BITB?

GBTC is issued by Grayscale and charges a 1.50% expense ratio, while BITB is issued by Bitwise at 0.20%. Both are spot Bitcoin ETFs that hold physical Bitcoin. They differ in issuer, custody arrangements (GBTC uses Coinbase Custody; BITB uses Bank of New York Mellon), and overall fund scale.

Which has the lower expense ratio, GBTC or BITB?

BITB has a lower expense ratio at 0.20% versus 1.50% for GBTC.

Which ETF has more assets under management?

GBTC is the larger fund by AUM at $8.4B versus $2.3B for BITB.

Can I hold both GBTC and BITB 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.