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

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

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

IBIT is larger by AUM. IBIT has approximately $46.5B in assets versus $8.4B for GBTC (based on most recent available data).

Can I hold both IBIT and GBTC in my portfolio?

Yes. Both IBIT 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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IBIT vs GBTC

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

Quick Answer

IBIT has the lower expense ratio at 0.25% versus 1.50%. iShares's IBIT is roughly 6x larger by assets ($46.5B vs $8.4B) and trades roughly 20x the daily volume.

IBIT

BlackRock iShares Bitcoin Trust ETF

IssueriShares

Expense Ratio0.25%

AUM$46.5B

View full profile

GBTC

Grayscale Bitcoin Trust ETF

IssuerGrayscale

Expense Ratio1.50%

AUM$8.4B

View full profile

At a Glance

Lower Fee

IBIT

Larger AUM

IBIT

More Liquid

IBIT

Best YTD

IBIT

Full Comparison

Metric	IBIT	GBTC
Expense Ratio	0.25% Winner	1.50%
AUM	$46.5B Winner	$8.4B
Price	$36.80	$50.30
YTD Return	-27.76% Winner	-28.29%
1-Year Return	-44.93% Winner	-45.59%
Avg Daily Volume	46.7M Winner	2.7M
Custodian	Coinbase Custody	Coinbase Custody
Issuer	iShares	Grayscale
Inception Date	Jan 5, 2024	Sep 25, 2013
Exchange Listed	Nasdaq	NYSE Arca
SEC Registered	Yes	Yes

Key Differences

Liquidity Gap

IBIT trades significantly more volume on average, making it easier to enter and exit large positions with tighter bid-ask spreads. GBTC is less liquid and can see wider spreads during volatile sessions.

Cost Difference

IBIT 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?

IBIT is best for:

U.S. investors seeking low-cost spot Bitcoin exposure through a major asset manager

GBTC is best for:

Investors seeking established Bitcoin exposure with institutional-grade custodial security

21Rates Take

IBIT and GBTC differ sharply on cost. GBTC converted from a trust to an ETF in January 2024 but retained a significantly higher expense ratio, a legacy of its years as the only institutional Bitcoin vehicle. IBIT launched at the same time with a fraction of the fee and quickly surpassed GBTC in AUM. For new money, IBIT is the clear winner on cost. GBTC may still be held by investors sitting on embedded capital gains from years of trust ownership, where switching incurs an immediate taxable event.

Reviewed by 21Rates Editorial on Jul 20, 2026

Frequently Asked Questions

What is the difference between IBIT and GBTC?

IBIT is issued by iShares 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, and overall fund scale.

Which has the lower expense ratio, IBIT or GBTC?

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

Which ETF has more assets under management?

IBIT is the larger fund by AUM at $46.5B versus $8.4B for GBTC.

Can I hold both IBIT 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.