ETF Versus

GBTC vs IBIT

Grayscale Bitcoin Trust ETF vs iShares Bitcoin Trust ETF

Last updated: 2026-04-08

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
IBIT

iShares Bitcoin Trust ETF (IBIT) is an exchange-traded fund that provides exposure to cryptocurrency securities. It charges a moderate expense ratio of 0.25%. Launched in 2024, the fund has a 2-year track record.

AUM: $54.6B ER: 0.25% Yield: N/A Since: Jan 5, 2024

Quick Verdict

IBIT is significantly cheaper at 0.25% vs 1.50% expense ratio, saving you approximately $2,323 per $10,000 invested over 10 years. IBIT has edged ahead over the past year (-7.3% vs -8.4%).

Key Metrics

Metric GBTC IBIT
Expense Ratio 1.50% 0.25%
Dividend Yield N/A N/A
Fund Family N/A N/A
Category Cryptocurrency Cryptocurrency

Performance Chart

Indexed to 100 at start (5-year comparison)

15 64 113 162 211 260 2021-04 2022-07 2023-10 2025-01 2026-04
GBTC +25.2%
IBIT +51.8%

Performance Comparison

Period GBTC IBIT Difference
1 Month +3.16% +3.30% -0.14%
3 Months -21.80% -21.55% -0.25%
6 Months -39.30% -38.94% -0.36%
YTD -20.89% -20.65% -0.24%
1 Year -8.45% -7.27% -1.18%
3 Years +258.39% +51.78% +206.61%
5 Years +23.72% +51.78% -28.06%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period GBTC Fees IBIT Fees You Save
$10,000 10 years $2,818 $495 $2,323
$10,000 20 years $11,373 $2,111 $9,262
$10,000 30 years $34,483 $6,758 $27,725
$50,000 10 years $14,089 $2,473 $11,616
$50,000 30 years $172,415 $33,792 $138,623
$100,000 30 years $344,829 $67,584 $277,245

Risk Metrics

Based on 5 years of daily returns

Metric GBTC IBIT
Annualized Volatility 63.9% 51.1%
Max Drawdown -85.8% -49.4%
Sharpe Ratio 0.32 0.53

Dividend Comparison

Metric GBTC IBIT
Annual Dividend (per share) $0.00 $0.00
Dividend Yield 0.00% 0.00%
Distribution Frequency None None

Top Holdings

IBIT Top Holdings

NameWeight
Grayscale Bitcoin Mini Trust ETF#BTC100.00%
USD CASHUSD0.00%

Which One Should You Choose?

Choose IBIT if...

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

Either works if...

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

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