DV
Dividend Vision

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.

Data updated July 21, 2026

Grayscale Investments
ETFs17
Total AUM$16.2B

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
NEOS
ETFs19
Total AUM$30.0B

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 NEOS ETFs

Side-by-side snapshot

BTCBTCI
Full nameGrayscale Bitcoin Mini Trust ETFNEOS Bitcoin High Income ETF
IssuerGrayscale InvestmentsNEOS
Last Close$28.80 as of July 21, 2026$29.53 as of July 21, 2026
Distribution yield0.00%26.54%
Distribution Safety Score™ —46
Expense ratio0.45%0.98%
AUM$3.69B$1.12B
Distribution frequency—Monthly
Underlying index—Bitcoin ETPs
Objective—Seeks to generate high monthly income with potential appreciation through bitcoin exposure.
Asset classCryptoEquity
Inception date07/31/202410/16/2024
Beta1.88331.6764
Last dividend—$0.6530
Ex-dividend date—06/16/2026

Bottom lineChoose BTC if you want straightforward Bitcoin exposure for the long run. Choose BTCI if you want to maximize current income — roughly 26.54%, 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.

Income calculator

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

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — no signup required.

Build a sample portfolio Forecast income

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

BTC has lagged BTCI over the trailing twelve months, posting a -44.33% total return against -39.71%. Measured from Oct 2024 — when the younger fund began trading — BTC has compounded at -1.55% a year versus -1.56% for BTCI. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTC-27.53%-44.33%-1.55%44.7%-1.43-1.86-53.3%
BTCI-24.81%-39.71%-1.56%40.3%-1.38-1.78-48.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2024” measures every fund from October 17, 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.

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 26.54% 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 0.45% compared to 0.98%.

BTC is the larger fund by assets ($3.69B), which generally means tighter spreads and better 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 0.45% expense ratio vs 0.98% for BTCI.

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 26.54% 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 1.7 vs 1.9 for BTC.

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, BTC has no reported distribution yield yet, so a monthly income estimate is not available, while BTCI would produce $221.17/month, at current distribution rates.

BTC yield0.00%
BTCI yield26.54%

Cost & efficiency

Over 10 years on $10,000, BTC would cost approximately $450 in fees vs $980 for BTCI (simplified, not compounded). The $530.00 difference may be offset by yield or performance.

BTC ER0.45%
BTCI ER0.98%

Strategy & risk

BTC is an ETF, while BTCI tracks Bitcoin ETPs with a crypto approach. Beta is 1.8833 for BTC and 1.6764 for BTCI, indicating BTCI is less volatile relative to the market.

BTC beta1.8833
BTCI beta1.6764

Fund details

BTC is managed by Grayscale Investments (launched 07/31/2024) with $3.69B in assets. BTCI is managed by NEOS (launched 10/16/2024) with $1.12B in assets.

BTC AUM$3.69B
BTCI AUM$1.12B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

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, 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 0.45% 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 has not established a distribution history yet, so a monthly income estimate is not available. The same in BTCI would produce about $221.17 per month ($2,654.00 annually).

Which has performed better historically, BTC or BTCI?

BTC has lagged BTCI over the trailing twelve months, posting a -44.33% total return against -39.71%. Measured from Oct 2024 — when the younger fund began trading — BTC has compounded at -1.55% a year versus -1.56% for BTCI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTC vs BTCI — at a glance

Generated July 2026 from current fund data.

Overview

Both ETFs provide bitcoin exposure, but BTC is a straightforward bitcoin holding fund while BTCI layers options strategies atop bitcoin ETP positions to generate monthly income. BTC holds bitcoin directly (via a trust structure) with no distributions; BTCI sells call options against bitcoin exposure to produce a 27.16% annualized yield. The choice hinges on whether you want unadorned bitcoin price participation or income-producing bitcoin exposure with call-option overhead.

How they differ

The core difference is strategy: BTC is a buy-and-hold bitcoin ETF with zero distributions, while BTCI uses covered-call writing and other income techniques to produce monthly payouts. BTCI's 27.16% distribution rate comes with a higher expense ratio (0.98% vs. 0.45%) and a shorter track record—BTCI launched in October 2024, versus BTC's July 2024 inception. Both carry elevated beta (BTCI at 1.6764, BTC at 1.8833), reflecting bitcoin's volatility, but BTCI's options overlay introduces the risk that call assignments will cap upside during sharp bitcoin rallies.

Who each is best for

BTC: Fits investors seeking pure bitcoin exposure without the complexity of options strategies or the drag of monthly distributions, who are comfortable holding an appreciating asset without current income.

BTCI: Designed for investors prioritizing steady monthly cash flow over maximum price appreciation, or those who view bitcoin primarily as a yield-generating holding rather than a long-term store of value.

Key risks to know

  • Call assignment risk (BTCI): Covered calls cap upside during bitcoin rallies. If bitcoin moves sharply higher, BTCI holdings may be called away at a predetermined strike, locking in gains but forgoing further appreciation. This is structural to the strategy, not a market-timing issue.
  • NAV erosion at high distribution yields (BTCI): A 27.16% annualized yield materially exceeds historical bitcoin price appreciation. The shortfall suggests BTCI relies on return-of-capital distributions or principal decay to sustain payouts, which can erode NAV over time.
  • Derivative complexity and slippage (BTCI): The options strategy introduces trading costs, slippage on call sales, and the risk that realized yields fall short of advertised rates due to rolling mechanics or unfavorable strike pricing.
  • Bitcoin volatility and speculative risk (both): Bitcoin exhibits extreme price swings. Both ETFs carry elevated beta and are sensitive to regulatory, adoption, and macroeconomic sentiment shifts that drive crypto markets.
  • Limited track record (both): BTC and BTCI both launched in 2024. Performance data spanning a full market cycle (bull and bear phases) is not yet available to assess real-world behavior.

Bottom line

BTC suits investors who want bitcoin exposure without distributions or options mechanics; BTCI appeals to those chasing monthly income from a volatile asset. If you prioritize capital appreciation and simplicity, BTC's structure is straightforward; if current yield is the draw, BTCI's 27.16% distribution rate may appeal, though the income sustainability and call-cap risks warrant close monitoring. Past performance during a short-term bull market 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.

Crypto covered-call funds, explained How to read a fund's stats NAV erosion, explained

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener