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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 August 26, 2026

Best for

  • BTCInvestors who want straightforward Bitcoin exposure for the long run.
  • BTCIInvestors who want to maximize current income — roughly 23.20%, 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

BTC has lagged BTCI over the trailing twelve months, posting a -28.84% total return against -27.67%. Measured from Oct 2024 — when the younger fund began trading — BTC has compounded at 9.33% a year versus 6.30% 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.
SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTC-12.13%-28.84%9.33%45.1%-0.86-1.16-53.3%
BTCI-13.44%-27.67%6.30%40.2%-0.92-1.22-48.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 25, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBTCBTCI
Full nameGrayscale Bitcoin Mini Trust ETFNEOS Bitcoin High Income ETF
IssuerGrayscale InvestmentsNEOS
Last Close$34.92 as of August 26, 2026$32.53 as of August 26, 2026
Distribution yield0.00%23.20%
Distribution Safety Score™ —46
Expense ratio0.15%0.98%
AUM$4.66B$1.27B
Distribution frequencyNoneMonthly
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—$0.6290
Ex-dividend date—08/19/2026

Bottom lineChoose BTC if you want straightforward Bitcoin exposure for the long run. Choose BTCI if you want to maximize current income — roughly 23.20%, 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
ETFs17
Total AUM$19.5B

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$32.6B

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

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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 23.20% 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 ($4.66B), 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 0.15% expense ratio vs 0.98% for BTCI.

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 23.20% 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 $193.33/month, at current distribution rates.

BTC yield0.00%
BTCI yield23.20%

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 1.6764 for BTCI, making BTCI the less volatile of the two by this measure.

BTC beta1.8833
BTCI beta1.6764

Fund details

BTC is managed by Grayscale Investments (launched 07/31/2024) with $4.66B in assets. BTCI is managed by NEOS (launched 10/16/2024) with $1.27B in assets.

BTC AUM$4.66B
BTCI AUM$1.27B
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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 has not established a distribution history yet, so a monthly income estimate is not available. The same in BTCI would produce about $193.33 per month ($2,320.00 annually).

Which has performed better historically, BTC or BTCI?

BTC has lagged BTCI over the trailing twelve months, posting a -28.84% total return against -27.67%. Measured from Oct 2024 — when the younger fund began trading — BTC has compounded at 9.33% a year versus 6.30% 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 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

BTC and BTCI are both ETFs providing bitcoin exposure, but they pursue fundamentally different strategies. BTC is a straightforward bitcoin holdings fund that tracks bitcoin's price directly with no distributions. BTCI wraps bitcoin exposure and overlays a covered-call options strategy to generate high monthly income, targeting a 27.62% distribution yield.

How they differ

The single biggest difference is distribution strategy. BTC pays no distributions and captures returns only through price appreciation; BTCI sells covered calls on its bitcoin holdings monthly to fund a 27.62% yield. That income generation drives the second key distinction: fee structure. BTC's expense ratio is 0.45%, while BTCI's is 0.98%, reflecting the cost of options management. Third, the underlying beta differs slightly—BTC has a beta of 1.8833 versus BTCI's 1.6764—suggesting BTCI's call overlay may dampen volatility somewhat, though both remain highly correlated to bitcoin's swings.

Who each is best for

BTC: Fits investors seeking pure bitcoin price exposure without the complexity of monthly options mechanics or the tax consequences of frequent income distributions. Works for buy-and-hold strategies where total return (not income) is the goal.

BTCI: Fits investors who want bitcoin exposure combined with a high cash income stream and can tolerate the tradeoff of capped upside—the covered calls limit gains if bitcoin rallies significantly. Designed for monthly income prioritization over price appreciation.

Key risks to know

  • Call cap risk (BTCI only). Covered calls cap gains if bitcoin rallies past the strike price. In a strong bull market, BTCI will underperform BTC materially as call premiums are collected and upside is surrendered.
  • NAV erosion at 27% yield (BTCI only). A distribution yield this high, on an asset with non-fundamental income sources (options premiums), suggests significant return-of-capital treatment. NAV will likely decline over time if bitcoin price appreciation doesn't offset the distributed amount.
  • Bitcoin volatility amplification (both). Bitcoin has no underlying cash flows or earnings. Both funds' values depend entirely on price momentum and sentiment. A 20–30% drawdown in bitcoin is common; both ETFs will move proportionally or more.
  • Options complexity and liquidity (BTCI). The covered-call strategy depends on consistent demand for call premiums. In periods of low implied volatility or market dislocation, strike selection and premium capture become harder, potentially lowering income.
  • Recent inception and limited track record (both). BTC launched in July 2024 and BTCI in October 2024. Neither has weathered a full market cycle; performance under stress is unproven.

Bottom line

If you want core bitcoin exposure with no distributions and minimal fees, BTC offers simplicity. If you prioritize monthly cash income from bitcoin and can accept that your upside will be capped and your NAV may drift downward, BTCI's options strategy delivers. Past performance doesn't predict future results—verify the current distribution sustainability and understand that bitcoin's volatility will drive outcomes in both cases.

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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