Bitcoin ETF Comparison

Although every spot Bitcoin ETF tracks the same underlying asset, four dimensions create most of the real-world differences investors experience.

Fees are the most obvious differentiator. Expense ratios vary meaningfully across funds, and even small percentage differences compound over time. On a significant investment held over several years, the gap between the lowest and highest-fee funds can amount to hundreds or thousands of dollars in lost value. Several issuers offered temporary fee waivers at launch, but those have largely expired, leaving a stable fee landscape where long-term cost is what matters.

Size and liquidity come next. The largest funds trade with tighter bid-ask spreads and deeper order books, reducing friction for active traders or larger allocations. Smaller funds aren't inherently worse — they still provide direct Bitcoin exposure — but they may cost slightly more to enter or exit, especially during volatile markets.

Custody also varies. Most spot Bitcoin ETFs rely on Coinbase Institutional to hold their Bitcoin. The notable exception is Fidelity, which self-custodies through Fidelity Digital Assets. For investors concerned about counterparty concentration, this distinction can be meaningful even if day-to-day performance looks identical.

Finally, there's the BTC-per-share ratio. Each ETF slices Bitcoin differently, resulting in different share prices for the same underlying exposure. A higher share price doesn't mean more Bitcoin — it simply reflects how the fund chose to package it. Over time, this ratio declines slowly as fees are deducted from the fund's holdings. The table above shows exactly how much Bitcoin backs each share right now.

Choosing between Bitcoin ETFs is less about finding a winner and more about matching the fund to your priorities.

If liquidity matters most — for example, if you trade frequently or in size — focus on the AUM and volume columns. The largest funds generally offer the most efficient execution. If minimizing long-term cost is your goal, sort by expense ratio to surface the lowest-fee options. Investors who care about custody concentration should note whether Bitcoin is held by a third-party custodian or self-custodied by the issuer.

If you trade options on Bitcoin ETFs, not all funds have listed options, so checking availability matters. And if tax-loss harvesting is part of your strategy, you'll want two ETFs that track the same asset but are issued by different sponsors — selling one at a loss and buying the other lets you maintain Bitcoin exposure while realizing the tax benefit.

See our tax-loss harvesting guide for details on this strategy.

To understand what the BTC-per-share ratio means and how it's calculated, see our guide to IBIT shares per Bitcoin.

Use our calculator to convert any ETF's share price into its Bitcoin equivalent, browse all ETF calculators for dedicated tools per fund, or model covered call returns in USD and BTC.

For an in-depth breakdown of all 12 funds, read our comprehensive Best Bitcoin ETF guide.