ETF Comparison

BTC vs BTCI: Which Is the Better Pick in 2026?

A head-to-head comparison of Grayscale Bitcoin Mini Trust ETF and NEOS Bitcoin High Income ETF covering yield, cost, risk, and income potential.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

BTCInvestors who want straightforward Bitcoin exposure for the long run.
BTCIInvestors who want to maximize current income — roughly 26.11%, generated by selling options premium.

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.

BTC has lagged BTCI over the trailing twelve months, posting a -24.84% total return against -23.67%. Measured from Oct 2024 — the start of shared available history — BTC has compounded at 10.35% a year versus 7.87% for BTCI. 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.
Symbol	YTD cumulative	1Y cumulative	Since Oct 2024	Volatility	Sharpe	Sortino	Max drawdown
BTC	-6.97%	-24.84%	10.35%	45.3%	-0.73	-1.00	-49.0%
BTCI	-8.30%	-23.67%	7.87%	40.4%	-0.78	-1.05	-45.2%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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 Oct 2024” measures every fund from October 17, 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

Metric	BTC	BTCI
Forward distribution rate	—	26.11%
Trailing 12-month yield	—	30.70%
30-day SEC yield	—	1.24%

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.

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.
Metric	BTC	BTCI
Full name	Grayscale Bitcoin Mini Trust ETF	NEOS Bitcoin High Income ETF
Issuer	Grayscale Investments	NEOS
Last Close	$36.03 as of October 16, 2026	$33.02 as of October 16, 2026
Distribution rate	—	26.11%
Trailing 12-month yield	—	30.70%
30-day SEC yield	—	1.24%
Distribution Safety Score™	—	21
Safety-Adjusted Yield	—	5.48%
Expense ratio	0.15%	0.98%
AUM	$5.33B	$1.42B
Distribution frequency	None	Monthly
Underlying index	—	Bitcoin ETPs
Objective	—	Seeks to generate high monthly income with potential appreciation through bitcoin exposure.
Asset class	Crypto	Equity
Inception date	07/31/2024	10/16/2024
Beta	1.8833	1.48
Last dividend	—	$0.7184
Ex-dividend date	—	09/16/2026

Bottom lineChoose BTC if you want straightforward Bitcoin exposure for the long run. Choose BTCI if you want to maximize current income — roughly 26.11%, generated by selling options premium. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while BTC keeps full price exposure.

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. BTC and BTCI 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.
Capped upside and premium dependence. BTCI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

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

Grayscale Investments

ETFs18

Total AUM$21.8B

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 ETFs from Grayscale Investments

NEOS

ETFs20

Total AUM$36.4B

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

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all ETFs from NEOS

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Quick verdict

BTC (Grayscale Bitcoin Mini Trust ETF) and BTCI (NEOS Bitcoin High Income ETF) are both ETFs, but they take different approaches.

BTCI currently shows a 26.11% 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 0.98%.

BTC is the larger fund by assets ($5.33B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

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 0.98% for BTCI.

Choose BTCI

NEOS Bitcoin High Income ETF

Want to maximize current income — BTCI distributes roughly 26.11% from selling options premium, while BTC makes no distribution.
Want crypto exposure that pays income rather than waiting on price alone.
Prefer lower volatility — a beta of 1.5 vs 1.9 for BTC.

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

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Deep dive

Yield & income

On a $10,000 investment, BTC has no reported distribution yield yet, so a cash estimate is not available, while BTCI would produce $217.58 cash per distribution, at current distribution rates.

BTC yield—

BTCI yield26.11%

Cost & efficiency

Over 10 years on $10,000, BTC would cost approximately $150 in fees vs $980 for BTCI (simplified, not compounded). The $830.00 difference may be offset by yield or performance.

BTC ER0.15%

BTCI ER0.98%

Strategy & risk

BTC is an ETF built around cryptocurrency exposure, while BTCI tracks Bitcoin ETPs with a crypto approach. Beta is 1.8833 for BTC and 1.48 for BTCI, making BTCI the less volatile of the two by this measure.

BTC beta1.8833

BTCI beta1.48

Fund details

BTC is managed by Grayscale Investments (launched 07/31/2024) with $5.33B in assets. BTCI is managed by NEOS (launched 10/16/2024) with $1.42B in assets.

BTC AUM$5.33B

BTCI AUM$1.42B

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Frequently asked questions

Which of BTC or BTCI pays more dividend income?

BTCI 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 BTC and BTCI?

BTC (Grayscale Bitcoin Mini Trust ETF) is an ETF built around cryptocurrency exposure, while BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach. They are issued by Grayscale Investments and NEOS respectively.

Can I hold both BTC and BTCI?

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, BTC or BTCI?

BTC has an expense ratio of 0.15% while BTCI charges 0.98%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, BTC does not pay distributions, so there is no cash income to estimate. The same in BTCI would produce about $217.58 cash per distribution ($2,611.00 annually).

Which has performed better historically, BTC or BTCI?

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BTC vs BTCI — at a glance

Generated October 17, 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

BTC and BTCI both provide bitcoin exposure through ETFs, but they pursue fundamentally different strategies. The choice between them hinges on whether you want buy-and-hold bitcoin exposure or a yield-seeking strategy. This drives a stark yield split—BTCI distributes 26.11%, compared to BTC's zero distributions—but it comes at costs. BTC carries a higher beta of 1.8833, reflecting greater price sensitivity, while BTCI's beta of 1.48 suggests the call overlay dampens volatility. BTC has also accumulated $5.33B in assets since its 07/31/2024 launch, making it roughly 3.75 times larger than BTCI's $1.42B. Useful for those seeking a simple, tax-efficient long-term position.

BTCI: Designed for investors chasing regular monthly distributions and willing to accept the cost and complexity of covered-call mechanics. Suited to those who prefer income-focused strategies or believe near-term bitcoin price upside is limited.

Key risks to know

Call cap risk (BTCI): The covered-call overlay on BTCI caps upside if bitcoin rallies sharply; gains above the strike price flow to option buyers, not shareholders. This trade-off is the price of the yield. If underlying bitcoin ETPs appreciate below the distribution rate over time, NAV will erode and future distributions may rely on return-of-capital treatment.

Options volatility and assignment risk (BTCI): If bitcoin moves sharply higher, short calls are assigned, forcing early exit from upside participation. Redemption and rebalancing also create tax consequences in the call-writing process.

Nascent fund track record (both): BTC is 2 years old, and BTCI is even newer. Neither has a full market cycle of history to demonstrate how distributions or price resilience behave across volatility regimes.

Bitcoin price concentration: Both funds hold only bitcoin ETPs, offering zero diversification. Bitcoin's liquidity and regulatory environment remain evolving, and both funds' value is entirely dependent on bitcoin's asset class performance.

Bottom line

If you want low-cost, buy-and-hold bitcoin exposure without distributions, BTC's 0.15% ratio and larger asset base make it the straightforward choice. If you prioritize monthly income and can accept call caps plus higher fees, BTCI's 26.11% yield may justify the 0.98% cost—though the sustainability of that payout beyond the fund's current short history remains untested. Past performance does not predict future results.

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

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.