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ETF Comparison

BTC vs BITO: Spot Exposure or Futures-Based Income?

A head-to-head comparison of the Grayscale Bitcoin Mini Trust and the ProShares Bitcoin Strategy ETF covering structure, tracking, cost, and distribution behavior.

Data updated August 19, 2026

Best for

  • BITOInvestors who want higher current income (1.89% while BTC makes no distribution).
  • BTCInvestors who want straightforward Bitcoin exposure for the long run.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BITO has lagged BTC over the trailing twelve months, posting a -43.18% total return against -41.23%. Measured from Jul 2024 — when the younger fund began trading — BTC has compounded at 2.20% a year versus -2.24% for BITO. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1YSince Jul 2024Volatility Sharpe Sortino Max drawdown
BITO-25.16%-43.18%-2.24%44.4%-1.37-1.81-54.5%
BTC-23.83%-41.23%2.20%44.7%-1.29-1.71-53.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jul 2024” measures every fund from July 31, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBITOBTC
Full nameProShares Bitcoin Strategy ETFGrayscale Bitcoin Mini Trust ETF
IssuerProSharesGrayscale Investments
Last Close$8.73 as of August 19, 2026$28.57 as of August 19, 2026
Distribution yield1.89%0.00%
Distribution Safety Score™ 40—
Expense ratio0.95%0.15%
AUM$1.38B$3.79B
Distribution frequencyMonthlyNone
Underlying indexBitcoin Futures—
ObjectiveSeeks total return through managed exposure to bitcoin futures contracts rather than direct bitcoin holdings, maintaining that futures position through rising, flat and declining markets.—
Asset classEquityCrypto
Inception date10/18/202107/31/2024
Beta1.87781.8833
Last dividend$0.0138—
Ex-dividend date08/03/2026—

Bottom lineChoose BITO if you want higher current income (1.89% while BTC makes no distribution). Choose BTC if you want straightforward Bitcoin exposure for the long run.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Crypto volatility. BITO and BTC sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Crypto covered-call funds, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ProShares
ETFs169
Total AUM$130B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on BITO.

See all ProShares ETFs
Grayscale Investments
ETFs17
Total AUM$15.8B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Grayscale Investments is known for pioneering digital asset investment vehicles, offering exposure to cryptocurrencies and blockchain-related assets through a range of trusts and ETFs. The fund lineup spans digital assets including Bitcoin, Ethereum, and other cryptocurrencies, along with thematic offerings focused on areas like solar energy, artificial intelligence, and metaverse-related investments, with tickers like GBTC, ETHE, GSOL, and HYPG among its lineup. The issuer has built a broad portfolio of specialized funds catering to investors seeking alternative asset classes and emerging technology themes rather than traditional equity or fixed-income strategies.

See our curated list of related YouTube videos on BTC.

See all Grayscale Investments ETFs

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Quick verdict

BITO (ProShares Bitcoin Strategy ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both ETFs, but they take different approaches.

BITO currently shows a 1.89% distribution yield. BTC has not yet established a full distribution history, so a comparable yield figure is not available.

BTC is cheaper with an expense ratio of 0.15% compared to 0.95%.

BTC is the larger fund by assets ($3.79B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose BITO

ProShares Bitcoin Strategy ETF

  • Want higher current income — BITO yields 1.89% while BTC makes no distribution.
  • Want straightforward Bitcoin exposure for long-term appreciation, not income.

Choose BTC

Grayscale Bitcoin Mini Trust ETF

  • Want straightforward Bitcoin exposure for long-term appreciation, not income.
  • Want to keep costs low — a 0.15% expense ratio vs 0.95% for BITO.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, BITO would generate roughly $15.75/month, while BTC has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

BITO yield1.89%
BTC yield0.00%

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $150 for BTC (simplified, not compounded). The $800.00 difference may be offset by yield or performance.

BITO ER0.95%
BTC ER0.15%

Strategy & risk

BITO tracks Bitcoin Futures with a crypto approach, while BTC is an ETF built around cryptocurrency exposure. Beta is 1.8778 for BITO and 1.8833 for BTC — effectively similar market sensitivity.

BITO beta1.8778
BTC beta1.8833

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.38B in assets. BTC is managed by Grayscale Investments (launched 07/31/2024) with $3.79B in assets.

BITO AUM$1.38B
BTC AUM$3.79B
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Frequently asked questions

Which of BITO or BTC pays more dividend income?

BITO currently reports a distribution yield, while BTC has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between BITO and BTC?

BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while BTC (Grayscale Bitcoin Mini Trust ETF) is an ETF built around cryptocurrency exposure. They are issued by ProShares and Grayscale Investments respectively.

Can I hold both BITO and BTC?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, BITO or BTC?

BITO has an expense ratio of 0.95% while BTC charges 0.15%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BITO vs BTC generate?

At current rates, $10,000 in BITO would generate roughly $15.75 per month ($189.00 annually). BTC has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, BITO or BTC?

BITO has lagged BTC over the trailing twelve months, posting a -43.18% total return against -41.23%. Measured from Jul 2024 — when the younger fund began trading — BTC has compounded at 2.20% a year versus -2.24% for BITO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BITO vs BTC — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BITO and BTC are both bitcoin-focused ETFs, but they gain exposure through fundamentally different structures. BITO seeks bitcoin exposure through bitcoin futures contracts managed on the CME, while BTC holds direct bitcoin holdings. The key distinction: BITO distributes a monthly yield of 1.94% from its futures roll management strategy, whereas BTC distributes nothing and captures pure price appreciation.

How they differ

BITO's strategy relies on bitcoin futures contracts, which creates a distribution stream from the rolling and financing of those contracts—explaining its 1.94% yield. BTC holds actual bitcoin directly and offers no distribution, positioning it as a pure price-play vehicle. BITO has a higher expense ratio (0.95% vs. 0.45%) reflecting the operational cost of managing futures positions, though BTC is the larger fund by AUM at $3.78B compared to BITO's $1.40B. Both ETFs carry similar beta exposure to bitcoin's price moves (1.88 and 1.88 respectively), so the price sensitivity is nearly identical. The structural difference matters for tax treatment: BITO's futures-based approach may generate Section 1256 contracts tax treatment, while BTC's direct holdings follow standard capital-gains treatment.

Who each is best for

BITO: Fits investors seeking regular monthly income from bitcoin exposure while maintaining upside participation in price appreciation. The yield appeals to those building a distribution-focused portfolio that includes crypto.

BTC: Designed for investors who want direct bitcoin ownership without an artificial distribution schedule. Works for those viewing bitcoin as a long-term store of value or tactical allocation where reinvested gains matter more than current income.

Key risks to know

  • Futures contango/backwardation: BITO's returns depend on the shape of the bitcoin futures curve. In persistent contango (far contracts trading above spot), rolling positions lock in losses; in backwardation, rolling generates gains. This structural cost or benefit is independent of bitcoin's price direction and can drag on long-term returns.
  • NAV divergence from underlying value: BITO's futures-based structure may diverge from spot bitcoin price movements due to basis risk, funding costs, and roll slippage. BTC's direct holdings face different sources of potential price deviation, though both carry the risk that their respective fund prices diverge from their underlying values.
  • Yield sustainability at BITO: The 1.94% distribution rate on BITO relies partly on futures financing dynamics that can compress or expand. During periods of low futures volatility or flat roll yields, distributions may decline.
  • Concentration and regulatory risk: Both funds offer concentrated bitcoin exposure. Regulatory changes to futures trading or crypto custody could affect either structure, though BTC's direct holdings face different custody and regulatory scrutiny than BITO's CME-traded derivatives.

Bottom line

If you want monthly income alongside bitcoin exposure, BITO's yield stream stands out; if you prioritize lower fees and direct bitcoin ownership without a distribution schedule, BTC's simpler structure and expense ratio appeal more. Both funds exhibit similar price sensitivity to bitcoin movements, but BITO's futures mechanics introduce basis risk and roll costs that BTC avoids. Past performance of either structure does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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