What is the expense ratio of GBTC vs IBIT?

GBTC has an expense ratio of 1.50%, while IBIT has an expense ratio of 0.25%.

GBTC vs IBIT

Grayscale Bitcoin Trust ETF vs iShares Bitcoin Trust ETF

Last updated: 2026-04-10

GBTC Grayscale

Grayscale Bitcoin Trust ETF (GBTC) is an exchange-traded fund issued by Grayscale 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: $11.0B ER: 1.50% Yield: N/A Since: Jan 11, 2024

IBIT iShares

iShares Bitcoin Trust ETF (IBIT) is an exchange-traded fund issued by iShares 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: $55.9B 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 (-8.9% vs -10.0%).

Key Metrics

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

Performance Chart

Indexed to 100 at start (5-year comparison)

GBTC +20.8%

IBIT +54.6%

Performance Comparison

Period	GBTC	IBIT	Difference
1 Month	+2.67%	+2.73%	-0.06%
3 Months	-20.85%	-20.64%	-0.21%
6 Months	-37.79%	-37.45%	-0.34%
YTD	-19.42%	-19.19%	-0.23%
1 Year	-10.03%	-8.87%	-1.16%
3 Years	+253.09%	+54.58%	+198.51%
5 Years	+20.83%	+54.58%	-33.75%

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%	51.0%
Max Drawdown	-85.8%	-49.4%
Sharpe Ratio	0.31	0.55

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

Name	Weight
Grayscale Bitcoin Mini Trust ETF#BTC	100.00%
USD CASHUSD	0.00%

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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