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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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • BITOInvestors who want higher current income (1.85% 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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

BITO has lagged BTC over the trailing twelve months, posting a -30.85% total return against -28.43%. Measured from Jul 2024 — the start of shared available history — BTC has compounded at 12.31% a year versus 7.38% 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.
SymbolYTD cumulative1Y cumulativeSince Jul 2024Volatility Sharpe Sortino Max drawdown
BITO-8.50%-30.85%7.38%45.4%-0.91-1.25-54.5%
BTC-6.27%-28.43%12.31%45.7%-0.83-1.14-53.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jul 2024” measures every fund from July 31, 2024 — the start of shared available history — 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.

Distribution rate and SEC yield

MetricBITOBTC
Forward distribution rate1.85%—
Trailing 12-month yield21.89%—
30-day SEC yield0.31%—

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on BITO vs IBIT.

Not a distribution payer

BTC (Grayscale Bitcoin Mini Trust ETF) has no distribution rate on file and its distribution frequency is None. BTC is not a payer. The blank yield is not a zero yield.

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$11.28 as of October 2, 2026$37.25 as of October 2, 2026
Distribution rate1.85%—
Trailing 12-month yield21.89%—
30-day SEC yield0.31%—
Distribution Safety Score™ 38—
Safety-Adjusted Yield 0.70%—
Expense ratio0.95%0.15%
AUM$1.73B$5.42B
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$0.01738 declared, pays 10/07/2026—
Ex-dividend date10/01/2026—

Bottom lineChoose BITO if you want higher current income (1.85% 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
ETFs170
Total AUM$129B

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
ETFs18
Total AUM$22.1B

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

Want to go deeper?

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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 1.85% 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 ($5.42B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BITO

ProShares Bitcoin Strategy ETF

  • Want higher current income — BITO yields 1.85% 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 $15.42 cash per distribution, while BTC has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

BITO yield1.85%
BTC yield—

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 $1.73B in assets. BTC is managed by Grayscale Investments (launched 07/31/2024) with $5.42B in assets.

BITO AUM$1.73B
BTC AUM$5.42B
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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 $15.42 cash per distribution ($185.00 annually). BTC does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, BITO or BTC?

BITO has lagged BTC over the trailing twelve months, posting a -30.85% total return against -28.43%. Measured from Jul 2024 — the start of shared available history — BTC has compounded at 12.31% a year versus 7.38% 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 October 3, 2026.

Overview

BITO and BTC both track bitcoin's price performance but take fundamentally different structural approaches.

How they differ

The biggest difference is holdings structure. BITO maintains a rolling position in bitcoin futures contracts traded on the Chicago Mercantile Exchange, while BTC owns bitcoin outright. This matters for tax treatment, operational complexity, and fee impact.

Second, BITO distributes income monthly at a 1.85% distribution rate and carries a 0.95% expense ratio. BTC pays no distributions and charges 0.15% — a gap of 0.8% percentage points. Those ongoing costs add up for long-term holders.

Third, AUM and inception timing differ substantially. BTC holds $5.42B in assets since 07/31/2024 (a newer entry), while BITO has $1.73B since 10/18/2021. Both trade at meaningful premiums or discounts to underlying bitcoin value depending on market conditions — a structural risk worth monitoring for either vehicle.

Who each is best for

BITO: Fits income-focused investors who want monthly cash flow from bitcoin exposure and are comfortable with the tax complexity of futures-based gains (which receive Section 1256 treatment in the U.S., creating 60/40 long-term/short-term gains regardless of holding period).

BTC: Designed for investors seeking pure bitcoin price appreciation with minimal ongoing expenses and no forced distributions, and who prefer the simplicity and tax clarity of owning the underlying asset directly rather than derivatives.

Key risks to know

  • Futures-tracking risk for BITO: Bitcoin futures prices can diverge from spot bitcoin prices, especially during contango or backwardation cycles. Rolling futures positions also incur transaction costs and slippage that may drag on returns relative to direct holding — a cost baked into BITO's structure that BTC avoids.
  • NAV erosion at high distribution yields: BITO's 1.85% monthly distribution (annualized to over 22% in nominal terms) raises questions about sustainability. If underlying bitcoin appreciates at a lower rate than distributions are paid, BITO's net asset value per share can erode over time, though recent bitcoin strength has masked this dynamic.
  • Custody and counterparty risk: BTC relies on Grayscale's custody and operational infrastructure for security. BITO depends on the CME futures market and the continued function of the ProShares fund structure — different but real operational dependencies.
  • Beta amplification: Both securities show a beta near 1.88, indicating they amplify bitcoin's moves by roughly 88% — higher than the 1.0 you'd expect for a simple tracker. This suggests structural leverage or market-making dynamics that can magnify losses in downturns. Neither eliminates bitcoin's inherent volatility — both trade with meaningful beta amplification — and past performance doesn't 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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These comparisons follow the Dividend Vision methodology.