ETF Comparison

BITO vs GBTC: Which Is the Better Pick in 2026?

A head-to-head comparison of ProShares Bitcoin Strategy ETF and Grayscale Bitcoin Trust ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

ProShares

ETFs165

Total AUM$123B

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

ETFs16

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 products, offering exposure to cryptocurrencies and blockchain-related assets through a traditional fund structure. The company's nine ETFs focus primarily on digital assets, including flagship offerings like Bitcoin (BTC, BTCC) and Ethereum (ETH, ETHE), alongside diversified crypto and blockchain-focused funds. Grayscale's niche centers on making cryptocurrency investment accessible to institutional and retail investors seeking regulated, professionally managed digital asset exposure.

See our curated list of related YouTube videos on GBTC.

See all Grayscale Investments ETFs

Side-by-side snapshot

	BITO	GBTC
Full name	ProShares Bitcoin Strategy ETF	Grayscale Bitcoin Trust ETF
Issuer	ProShares	Grayscale Investments
Last Close	$8.34 as of July 4, 2026	$47.64 as of July 4, 2026
Distribution yield	1.49%	0.00%
Distribution Safety Score	37	—
Expense ratio	0.95%	1.50%
AUM	$1.44B	$9.06B
Distribution frequency	Monthly	—
Underlying index	Bitcoin Futures	—
Objective	Futures-Based	Provides bitcoin exposure through shares backed by held bitcoin.
Asset class	Equity	Currency
Inception date	10/18/2021	09/25/2013
Beta	1.8778	1.8866
Last dividend	$0.0104	$0.0006
Ex-dividend date	07/01/2026	—

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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 GBTC over the trailing twelve months, posting a -43.93% total return against -42.57%. The lead holds up over 3 years too: GBTC has compounded at 37.16% a year, against 17.73% for BITO. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	Since Oct 2021	Volatility	Sharpe	Sortino	Max drawdown
BITO	-32.72%	-43.93%	17.73%	-6.05%	49.3%	0.24	0.35	-54.5%
GBTC	-32.08%	-42.57%	37.16%	1.66%	50.7%	0.54	0.80	-53.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2021” measures every fund from October 19, 2021 — 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 trailing 3 years. 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 trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

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

BITO currently shows a 1.49% distribution yield. GBTC has not yet established a full distribution history, so a comparable yield figure is not available.

BITO is cheaper with an expense ratio of 0.95% compared to 1.50%.

GBTC is the larger fund by assets ($9.06B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, BITO would generate roughly $12.42/month, while GBTC has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

BITO yield1.49%

GBTC yield0.00%

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $1,500 for GBTC (simplified, not compounded). The $550.00 difference may be offset by yield or performance.

BITO ER0.95%

GBTC ER1.50%

Strategy & risk

BITO tracks Bitcoin Futures with a futures-based approach, while GBTC is an ETF. Beta is 1.8778 for BITO and 1.8866 for GBTC, indicating BITO is less volatile relative to the market.

BITO beta1.8778

GBTC beta1.8866

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.44B in assets. GBTC is managed by Grayscale Investments (launched 09/25/2013) with $9.06B in assets.

BITO AUM$1.44B

GBTC AUM$9.06B

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Frequently asked questions

Which of BITO or GBTC pays more dividend income?

BITO currently reports a distribution yield, while GBTC 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 GBTC?

BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a futures-based approach, while GBTC (Grayscale Bitcoin Trust ETF) is an ETF. They are issued by ProShares and Grayscale Investments respectively.

Can I hold both BITO and GBTC?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, BITO or GBTC?

BITO has an expense ratio of 0.95% while GBTC charges 1.50%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in BITO would generate roughly $12.42 per month ($149.00 annually). GBTC has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, BITO or GBTC?

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BITO vs GBTC — at a glance

Generated June 2026 from current fund data.

Overview

BITO and GBTC both offer Bitcoin exposure through publicly traded securities, but they achieve it differently. BITO uses Bitcoin futures contracts and trades as a traditional ETF with monthly distributions; GBTC holds actual Bitcoin and distributes no income. The choice between them hinges on whether you want futures-based exposure with yield, or direct Bitcoin ownership with tax efficiency.

How they differ

The core difference is structural: BITO tracks Bitcoin via CME futures contracts (a derivatives overlay), while GBTC holds physical Bitcoin. This creates a yield gap—BITO distributes 2.09% monthly, while GBTC distributes nothing. On cost, GBTC charges 1.50% in expenses versus BITO's 0.95%, though GBTC's larger AUM of $9.06B versus BITO's $1.44B may offer deeper liquidity. Both carry similar Bitcoin beta (GBTC at 1.8866, BITO at 1.8778), so directional Bitcoin moves produce comparable portfolio swings in each fund.

Who each is best for

BITO: Fits investors seeking monthly income from Bitcoin exposure and willing to accept futures-based tracking rather than owning the underlying asset. The monthly distribution schedule appeals to those who want regular distributions from a volatile asset class.

GBTC: Designed for investors who want direct Bitcoin ownership without mining or self-custody, and who prioritize tax efficiency and simplicity over ongoing yield. The buy-and-hold profile suits those comfortable deferring income recognition until they sell shares.

Key risks to know

Futures contango/backwardation slippage: BITO's reliance on rolling Bitcoin futures contracts exposes it to roll costs when the futures curve is in contango (a persistent structure over Bitcoin's history), which can drag returns relative to spot Bitcoin over time.

NAV erosion from high distribution yields: BITO's 2.09% distribution rate, when coupled with holding derivatives rather than the underlying asset, creates pressure for NAV decay if Bitcoin spot price growth fails to offset the ongoing distribution drain and expenses combined.

Bitcoin price correlation and volatility: Both funds exhibit beta near 1.89, meaning they amplify Bitcoin's moves in both directions. A 20% Bitcoin decline translates to roughly 38% downside, making these volatile holdings despite their straightforward structure.

GBTC premium/discount to NAV: Although GBTC converted to an ETF structure, historical trading at discounts to its underlying Bitcoin value is a risk; premium collapse would hurt new buyers.

Regulatory and custody risk: Both funds depend on uninterrupted Bitcoin market infrastructure and regulatory stability. BITO's reliance on CME futures adds counterparty risk; GBTC's custody arrangements carry blockchain and operational risk.

Bottom line

If you value regular income from Bitcoin exposure, BITO's 2.09% monthly distribution and lower expense ratio merit attention. If you prioritize owning Bitcoin directly and avoiding the tracking drag of futures rolls, GBTC's physical Bitcoin backing justifies its higher fee. Past performance doesn't predict future results, and Bitcoin's volatility means both funds can move sharply in either direction.

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