At a glance
BRRR charges 0.25% a year, below the 0.4% average of the 7 funds most like it (the 4th cheapest of 8). It has $342.4M in assets, the 7th 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
CoinShares Bitcoin ETF (BRRR), formerly the CoinShares Valkyrie Bitcoin Fund, is a grantor trust that holds bitcoin directly. It aims to track bitcoin's price as measured by the CME CF Bitcoin Reference Rate – New York Variant, minus expenses. Its 0.25% sponsor fee matches IBIT and FBTC but is higher than ARKB (0.21%), BITB (0.20%) and BTC (0.15%). With about $342 million in assets as of June 30, 2026, it is much smaller than most rivals.
Price history
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BRRR -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 | |
|---|---|---|---|---|---|---|
| BRRR price data to Oct 27, 2026 | -8.0% | -30.0% | — | — | — | +21.2% |
- Over the year to Oct 27, 2026, BRRR 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 | +99.0% |
| 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 $342.4M 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
No manager picks investments here. The trust holds one asset, bitcoin. It values its shares each day using the CME CF Bitcoin Reference Rate – New York Variant. That benchmark price is built from actual trades on major bitcoin spot exchanges, where bitcoin is bought and sold for immediate delivery. The goal is for the shares to follow bitcoin's price, less the trust's expenses, including the 0.25% sponsor fee. Because fees come out of the trust's assets, the shares slowly fall behind bitcoin itself. The fund does not use leverage and does not rebalance.
Large firms create and redeem shares in blocks of 5,000, called baskets. Each basket is based on the amount of bitcoin behind each share. This process helps keep the share price close to the value of the bitcoin. Three custodians hold the trust's bitcoin: Coinbase Custody Trust Company, BitGo Trust Company and Komainu (Jersey). Coinbase, Inc. acts as prime broker. CoinShares Co. took over as sponsor from Valkyrie Digital Assets on June 14, 2024.
BRRR is registered under the Securities Act of 1933. It is not an investment company under the Investment Company Act of 1940, so it lacks some of the protections that mutual funds and most ETFs offer. The sponsor can also switch to a different index or valuation method without asking shareholders.
What it really costs
- BRRR charges 0.25% a year, versus an average of 0.4% for the similar funds below (4th 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
It holds only bitcoin, which pays no income and has fallen by more than half in a single stretch, so it fits only as a small add-on.
BRRR launched in January 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history still shows big swings. It gained about 99% in 2024 and lost 6.5% in 2025, its worst calendar year. It was down 30% over the year ended October 27, 2026. Its deepest drop, 53.3%, ran from October 6, 2025 to June 30, 2026, and the fund had not recovered by October 27, 2026. A retiree who had to sell near that low would have locked in a loss of more than half. The fund pays no distributions, so any cash has to come from selling shares. Its 0.25% fee is below the 0.40% average for similar bitcoin funds. That average is pulled up by GBTC's 1.5% fee. 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 account without handling wallets or private keys themselves.
- Fee-conscious buyers happy with a 0.25% sponsor fee, the same as IBIT and FBTC and far below GBTC's 1.5%.
- Investors who could sit through a drop like the 53.3% fall from October 2025 to June 2026 without needing to sell.
Look elsewhere if
- Anyone who needs income: the trust holds no income-producing assets and has paid no distributions.
- Buyers focused on the lowest cost: BTC (0.15%), BITB (0.20%) and ARKB (0.21%) charge less for the same bitcoin exposure.
- Investors who prefer a large fund or 1940 Act protections: BRRR ranks 7th of 8 by size, with about $342 million versus IBIT's $43.4 billion.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BRRR this fund | 0.25% | $342.4M | -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% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BTCO Invesco Galaxy Bitcoin ETF | 0.25% | $315.9M | -30.0% | — |
Questions investors ask
What does BRRR invest in?
BRRR holds bitcoin directly, not futures. It aims to match bitcoin's price, as measured by the CME CF Bitcoin Reference Rate – New York Variant, minus expenses. CoinShares Co. replaced Valkyrie as sponsor on June 14, 2024. Coinbase Custody, BitGo and Komainu (Jersey) hold the coins. BRRR is a grantor trust registered under the Securities Act of 1933. It is not registered under the 1940 Act, the law that governs most mutual funds and ETFs, so it lacks some of those investor protections.
Does BRRR pay dividends?
No. BRRR has no recorded distributions, and none would be expected. It holds bitcoin, which pays no interest or dividends. Any gain comes only from changes in bitcoin's price, minus the 0.25% annual sponsor fee. Retirees who draw income from their portfolio would need to sell shares to raise cash. They would get whatever price bitcoin fetches that day, even right after a steep drop.
Is BRRR good for retirement?
It depends on how much price swing a retiree can live with. BRRR holds one asset, bitcoin, and pays no income. Its one-year volatility, a measure of how widely prices move, was 45.4% as of October 27, 2026. It fell 53.3% from an October 6, 2025 peak to a June 30, 2026 low and had not recovered by October 27, 2026. It gained 99% in 2024, its first year, then lost 6.5% in 2025. It may suit investors who want a small bitcoin slice inside a wider portfolio.
What's the difference between BRRR and IBIT?
The main difference is size. Both hold bitcoin directly and charge a 0.25% annual fee. The iShares Bitcoin Trust ETF (IBIT) had about $43.4 billion in assets as of June 30, 2026, against about $342 million for BRRR. Their one-year returns were close: -28.2% for IBIT as of October 30, 2026, and -30% for BRRR as of October 27, 2026. The different end dates blur the comparison. Larger funds often trade with narrower bid-ask spreads, the gap between buying and selling prices.
What is BRRR's expense ratio?
BRRR charges a 0.25% annual sponsor fee. It works like an expense ratio and comes out of the fund's value instead of being billed separately. That matches IBIT, FBTC and the Invesco Galaxy Bitcoin ETF (BTCO), and ties for 4th lowest of 8 bitcoin funds compared. Grayscale Bitcoin Mini Trust ETF (BTC) charges 0.15%, Bitwise (BITB) 0.20% and ARK 21Shares (ARKB) 0.21%. Grayscale Bitcoin Trust ETF (GBTC) charges 1.5%, which lifts the average for the seven similar funds to 0.4%.