What is the expense ratio of BITO vs GBTC?

BITO has an expense ratio of 0.95%, while GBTC has an expense ratio of 1.50%.

BITO vs GBTC

ProShares Bitcoin ETF vs Grayscale Bitcoin Trust ETF

Last updated: 2026-04-08

ProShares Bitcoin ETF (BITO) is an exchange-traded fund that provides exposure to cryptocurrency securities. It charges a high expense ratio of 0.95%. The fund offers a high dividend yield of 76.86%. Launched in 2021, the fund has a 5-year track record.

AUM: $1.7B ER: 0.95% Yield: 76.86% Since: Oct 18, 2021

GBTC

Grayscale Bitcoin Trust ETF (GBTC) is an exchange-traded fund that provides exposure to cryptocurrency securities. It charges a high expense ratio of 1.50%. Launched in 2024, the fund has a 2-year track record.

AUM: $10.8B ER: 1.50% Yield: N/A Since: Jan 11, 2024

Quick Verdict

BITO is significantly cheaper at 0.95% vs 1.50% expense ratio, saving you approximately $992 per $10,000 invested over 10 years. Over the past year, GBTC has significantly outperformed with a -8.4% return vs -41.3%.

Key Metrics

Metric	BITO	GBTC
Expense Ratio	0.95%	1.50%
Dividend Yield	76.9%	N/A
Fund Family	N/A	N/A
Category	Cryptocurrency	Cryptocurrency

Performance Chart

Indexed to 100 at start (5-year comparison)

BITO -77.4%

GBTC +25.2%

Performance Comparison

Period	BITO	GBTC	Difference
1 Month	+3.00%	+3.16%	-0.16%
3 Months	-22.32%	-21.80%	-0.52%
6 Months	-49.09%	-39.30%	-9.79%
YTD	-21.45%	-20.89%	-0.56%
1 Year	-41.31%	-8.45%	-32.86%
3 Years	-43.93%	+258.39%	-302.32%
5 Years	-77.37%	+23.72%	-101.09%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	BITO Fees	GBTC Fees	You Save
$10,000	10 years	$1,826	$2,818	$992
$10,000	20 years	$7,549	$11,373	$3,824
$10,000	30 years	$23,430	$34,483	$11,053
$50,000	10 years	$9,128	$14,089	$4,961
$50,000	30 years	$117,148	$172,415	$55,266
$100,000	30 years	$234,296	$344,829	$110,533

Risk Metrics

Based on 5 years of daily returns

Metric	BITO	GBTC
Annualized Volatility	57.1%	63.9%
Max Drawdown	-79.7%	-85.8%
Sharpe Ratio	-0.38	0.32

Dividend Comparison

Metric	BITO	GBTC
Annual Dividend (per share)	$7.53	$0.00
Dividend Yield	76.90%	0.00%
Distribution Frequency	Monthly	None

Top Holdings

BITO Top Holdings

Name	Weight
ProShares GENIUS Money Market ETF#IQMM	63.38%

Which One Should You Choose?

Choose BITO if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose GBTC if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Either works if...

you just need broad cryptocurrency exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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