At a glance
BITB charges 0.2% a year, below the 0.37% average of the 7 funds most like it (the 3rd cheapest of 8). It has $2.13B in assets, the 5th largest of that group. Over the past year it returned −30.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Bitwise Bitcoin ETF Trust (BITB) holds bitcoin directly, stored offline with Coinbase Custody, and tracks bitcoin's price. It is a grantor trust, not a traditional 1940 Act fund. Its 0.20% annual sponsor fee ranks third-lowest of eight spot bitcoin funds compared, below the 0.25% charged by the iShares and Fidelity versions. Like its peers, it pays no income and swings sharply: it fell 53.3% from October 2025 to June 2026.
Price history
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BITB -30.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BITB price data to Oct 27, 2026 | -7.9% | -30.0% | — | — | — | +21.3% |
- Over the year to Oct 27, 2026, BITB returned -30.0%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (-6.5%); its best was 2025 (-6.5%).
- The deepest fall in its price history was 53.3% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.0% |
| 2025 | -6.5% |
| 2024 | +99.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $2.13B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
BITB is passively managed and holds only bitcoin and cash. It does not pick or weight holdings, rebalance, use leverage or use derivatives. Its sponsor, Bitwise Investment Advisers, LLC, values the trust each day using the CME CF Bitcoin Reference Rate – New York Variant. That is a 4:00 p.m. Eastern price for one bitcoin, which CF Benchmarks calculates from trades on major bitcoin platforms. The 0.20% sponsor fee accrues daily, so the amount of bitcoin behind each share slowly shrinks.
New shares are created and redeemed in blocks of 10,000, for cash, and only by large financial firms called authorized participants. When that happens, the trust trades bitcoin through approved firms such as Coinbase, Cumberland DRW and Wintermute. It may also borrow short-term trade credit from Coinbase Credit. Everyone else trades shares on NYSE Arca. Those trades can happen at a small premium or discount to net asset value (NAV), which is the value of the bitcoin the trust holds per share.
Coinbase Custody Trust Company holds the trust's bitcoin, and the sponsor expects to keep it in offline 'cold storage' vaults. BNY Mellon handles administration and holds the cash. BITB is a grantor trust registered under the Securities Act of 1933, not a 1940 Act fund, so it lacks some fund-specific protections, and shareholders have no voting rights. The trust disclaims coins created by blockchain splits ('forks') or giveaways. The sponsor may convert them to cash and pass that cash to shareholders.
What it really costs
- BITB charges 0.2% a year, versus an average of 0.37% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
BITB holds a single, highly volatile asset that pays no income, so at most it fits as a small position next to core stock and bond holdings.
BITB adds exposure to bitcoin, an asset with no earnings or income, alongside stocks and bonds. It began trading in January 2024, so it has no record through the 2008, 2020 or 2022 market declines. Its short history has still been volatile. It gained 99.1% in 2024, lost 6.5% in 2025 (its worst calendar year) and was down 7.9% for 2026 through October 27. From October 6, 2025 to June 30, 2026 it fell 53.3%, and it had not recovered as of October 27, 2026. A retiree who needed cash during that stretch would have locked in deep losses. It pays no distributions, so any withdrawal means cashing out shares. Its 0.20% sponsor fee is below the 0.37% peer average. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small bitcoin position in an ordinary brokerage or retirement account without managing crypto wallets or exchange accounts.
- Cost-conscious investors comparing spot bitcoin funds: BITB's 0.20% fee is below the 0.25% at IBIT and FBTC and far below GBTC's 1.50%.
- Long-term investors who could live through drops like its 53.3% fall from October 2025 to June 2026 without needing that money.
Look elsewhere if
- Retirees seeking income: BITB holds no income-producing assets and has recorded no distributions.
- Investors who want the lowest fee: Grayscale Bitcoin Mini Trust ETF (BTC) charges 0.15%, and CoinShares Valkyrie Bitcoin Fund (BRRR) is listed at 0%.
- Investors who want 1940 Act protections, shareholder voting rights or a track record through bear markets; BITB launched in January 2024.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BITB this fund | 0.2% | $2.13B | -30.0% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
| BTCO Invesco Galaxy Bitcoin ETF | 0.25% | $315.9M | -30.0% | — |
Questions investors ask
Is BITB good for retirement?
It can play a limited role at most. BITB holds only bitcoin, pays no income and has a short, volatile record. It fell 53.3% from October 6, 2025 to June 30, 2026 and had not recovered as of October 27, 2026. Its one-year return was -30% as of that date. Some investors may treat it as a small, higher-risk satellite position. It is not designed to provide stability or income.
What's the difference between BITB and IBIT?
Very little in what they hold: both own bitcoin directly, so their returns track closely. The main differences are cost and size. BITB charges a 0.20% sponsor fee, while iShares Bitcoin Trust ETF (IBIT) charges 0.25%. IBIT is far larger, with about $43.4 billion in net assets versus about $2.13 billion for BITB, both as of June 30, 2026. One-year returns were -27.2% for IBIT (as of October 29, 2026) and -30% for BITB (as of October 27, 2026), so those figures aren't directly comparable.
Does BITB pay dividends?
No. BITB has recorded no distributions. The trust's only assets are bitcoin and cash, and neither produces interest or dividends. Any return comes from changes in bitcoin's price, minus the 0.20% sponsor fee. Investors who need cash from the position would have to sell shares. In rare cases, if the trust receives coins from a blockchain split, the sponsor may convert them to cash and pass that cash to shareholders.
What is BITB's expense ratio?
BITB's annual sponsor fee is 0.20%, according to its annual report. That ranks third-lowest of the eight spot bitcoin funds compared and is below their 0.37% average. ARKB charges 0.21%. IBIT, FBTC and BTCO charge 0.25%, and GBTC charges 1.50%. Grayscale Bitcoin Mini Trust ETF (BTC) is cheaper at 0.15%, and CoinShares Valkyrie Bitcoin Fund (BRRR) is listed at 0%. The fee comes out of the trust's assets rather than being billed separately.
Is owning BITB the same as owning bitcoin?
Not exactly. BITB gives you bitcoin's price movements through a regular brokerage account, but shareholders can't withdraw or move the coins. Coinbase Custody Trust Company holds the bitcoin, which the sponsor expects to keep in offline cold storage. The 0.20% fee slowly reduces the bitcoin behind each share, and shares can trade at a premium or discount to net asset value. As a grantor trust rather than a 1940 Act fund, it offers fewer fund-style protections and no shareholder voting rights.