20 Bitcoin ETFs and Their Fees, Promotions and Holdings
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News update: Bitcoin's price topped $100,000 for the first time on Dec. 4, 2024, a long-awaited milestone. It has since fallen back under that level, but is still up by more than 100% this year.
In early 2024, the Securities and Exchange Commission (SEC) approved the first-ever spot Bitcoin ETFs, including those from Fidelity, BlackRock and Invesco.
» Did you hear? Ethereum ETFs are now trading, too.
What is a spot Bitcoin ETF?
A spot Bitcoin ETF is an exchange-traded fund — a highly liquid fund that changes price throughout the trading day, just like a stock — that directly tracks the price of Bitcoin, primarily by holding a large amount of the cryptocurrency itself.
It’s similar to a spot gold ETF, which holds physical gold bullion on behalf of its shareholders.
But wait — weren’t there already Bitcoin ETFs on the market? Yes and no. There were already crypto-related ETFs and trusts out there, but there had never been a spot Bitcoin ETF on the market before the January 2024 approval. These recently approved ETFs are the first cryptocurrency funds to trade on a major exchange and hold Bitcoin directly.
Top 12 spot Bitcoin ETFs by fee
Below is a list of the approved ETFs and their fees, in order from lowest to highest fee:
ETF name & symbol | Fee | Notes |
|---|---|---|
Grayscale Bitcoin Mini Trust (BTC) | 0.15% | N/A. |
Franklin Templeton Digital Holdings Trust (EZBC) | 0.19% | N/A. |
Bitwise Bitcoin ETF (BITB) | 0.20% | N/A. |
VanEck Bitcoin Trust (HODL) | 0.20% | Fee waived until Mar. 31, 2025 or first $1.5 billion in fund assets, whichever comes first. |
Ark 21Shares Bitcoin ETF (ARKB) | 0.21% | N/A. |
iShares Bitcoin Trust (IBIT) | 0.25% | Fees reduced to 0.12% until Jan. 11, 2025 or the first $5 billion in fund assets, whichever comes first. |
Fidelity Wise Origin Bitcoin Fund (FBTC) | 0.25% | N/A. |
WisdomTree Bitcoin Fund (BTCW) | 0.25% | N/A. |
Invesco Galaxy Bitcoin ETF (BTCO) | 0.25% | N/A. |
Valkyrie Bitcoin Fund (BRRR) | 0.25% | N/A. |
Hashdex Bitcoin ETF (DEFI) | 0.90% | N/A. |
Grayscale Bitcoin Trust (GBTC) | 1.50% | N/A. |
Sources: Fund websites. Data is current as of market close Nov. 29, 2024 and intended for informational purposes, not for trading purposes. | ||
It's worth noting that although spot Bitcoin ETFs are designed to track the price of Bitcoin directly by holding it, there is no guarantee that they will deliver exactly the same returns as the cryptocurrency itself.
» See our list of the best brokers for ETF investing.
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What is a Bitcoin strategy ETF?
Bitcoin strategy ETFs attempt to track the price of Bitcoin indirectly. Many started trading well before the first spot Bitcoin ETF approvals, and they're still available today.
Some invest in Bitcoin futures, while others invest in Bitcoin mining stocks. Due to the indirect nature of these investments, these funds' returns are especially prone to deviating from the returns of Bitcoin.
Top 8 Bitcoin strategy ETFs by fee
Below is a list of Bitcoin strategy ETFs and their fees, in order from lowest to highest fee:
Fund name & symbol | Fee | Notes |
|---|---|---|
Global X Blockchain & Bitcoin Strategy ETF (BITS) | 0.65% | Mostly invested in Bitcoin futures. Also invested in the Global X Blockchain ETF (BKCH). |
Valkyrie Bitcoin Miners ETF (WGMI) | 0.75% | Invested in Bitcoin mining stocks. |
Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) | 0.92% | Invested in Bitcoin futures. Fee reduced to 0.85% until Feb. 6, 2025. |
ProShares Bitcoin Strategy ETF (BITO) | 0.95% | Invested in Bitcoin futures. |
Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) | 0.95% | Invested in Bitcoin futures. Fee reduced to 0.85% until Oct. 2, 2025. |
Valkyrie Bitcoin and Ether Strategy ETF (BTF) | 1.24% | Invested in Bitcoin and Ether futures. |
ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) | 1.33% | Invested in Bitcoin and Ether futures. Fee reduced to 0.95% until Sept. 30, 2025. |
ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) | 1.33% | Invested in Bitcoin and Ether futures. Fee reduced to 0.95% until Sept. 30, 2025. |
Sources: Fund websites. Data is current as of market close Nov. 29, 2024 and is intended for informational purposes, not for trading purposes. These funds all have more than 50% of their non-cash-equivalent holdings invested in Bitcoin futures or Bitcoin mining stocks. | ||
The Bitcoin ETF price war
Ten different would-be spot Bitcoin ETF issuers filed forms with the SEC in January, disclosing the fees they intend to charge. Some were launching new funds, while others were changing existing Bitcoin strategy ETFs into spot Bitcoin ETFs.
The flood of SEC filings — which continued until hours before the SEC's approval announcement, and may continue still — reflected an ongoing price war between issuers. Many Bitcoin ETFs — both spot Bitcoin ETFs and Bitcoin strategy ETFs — are slashing their fees and offering limited-time promotional fee waivers.
» See our list of the best crypto exchanges and apps
Do spot Bitcoin ETFs have custodianship risk?
Most spot Bitcoin ETFs rely on a third-party custodian to actually store the Bitcoin they hold — much like how spot gold ETFs often keep their physical gold holdings in the vault of a third-party custodian.
Ten of the 12 currently trading spot Bitcoin ETFs use Coinbase (COIN) as their Bitcoin custodian. The only exceptions are the Fidelity Wise Origin Bitcoin Fund (FBTC), which uses Fidelity itself as a custodian, and the VanEck Bitcoin Trust (HODL), which uses Gemini.
Coinbase's dominance in Bitcoin ETF custodianship has created concerns about custodianship risk. If Coinbase ran into severe financial trouble in the future — for example, due to a cyberattack, a government penalty, or a decline in its revenue — would the holdings of Bitcoin ETFs be safe?
There are mechanisms by which ETFs — and investors themselves — could recover their holdings in the event of a Coinbase bankruptcy, but they wouldn't necessarily be instant or automatic. So custodianship risk may be something to consider while shopping for a spot Bitcoin ETF.
» Interested in more ETFs? Check out the best ETFs in terms of one-year performance.
Disclosure: The author and editor owned Bitcoin at the time of publication.
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