ETF Comparison

GBTC vs IBIT: Same Bitcoin, Different Trust and Fee

A head-to-head of Grayscale Bitcoin Trust and iShares Bitcoin Trust covering cost, size, and wrapper — not a yield gap.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

GBTCInvestors who want straightforward Bitcoin exposure for the long run.
IBITInvestors who want straightforward Bitcoin exposure for the long run.

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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

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.

GBTC has lagged IBIT over the trailing twelve months, posting a -29.38% total return against -28.48%. Measured from Jan 2024 — the start of shared available history — IBIT has compounded at 23.89% a year versus 23.35% for GBTC. 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 Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
GBTC	-7.17%	-29.38%	23.35%	45.6%	-0.86	-1.18	-53.8%
IBIT	-6.30%	-28.48%	23.89%	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 Jan 2024” measures every fund from January 11, 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.

Not a distribution payer

GBTC (Grayscale Bitcoin Trust ETF) has no distribution rate on file and its distribution frequency is None. GBTC is not a payer. The blank yield is not a zero yield. IBIT (iShares Bitcoin Trust ETF) has no distribution rate on file and its distribution frequency is None. IBIT 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	GBTC	IBIT
Full name	Grayscale Bitcoin Trust ETF	iShares Bitcoin Trust ETF
Issuer	Grayscale Investments	iShares
Last Close	$65.11 as of October 2, 2026	$47.73 as of October 2, 2026
Distribution rate	—	—
Distribution Safety Score™	—	—
Expense ratio	1.50%	0.25%
AUM	$10.7B	$67.1B
Distribution frequency	None	None
Underlying index	Bitcoin	Bitcoin
Objective	Provides bitcoin exposure through shares backed by held bitcoin.	Provide exposure to bitcoin price performance through a physically backed trust structure.
Asset class	Currency	Equity
Inception date	09/25/2013	01/11/2024
Beta	1.8866	1.8887
Ex-dividend date	12/03/2017	—

Bottom lineGBTC and IBIT both offer very similar bitcoin spot exposure, so strategy isn't the deciding factor here. Cost is: IBIT charges 0.25% against 1.50% for GBTC, and between two funds this similar that gap comes straight out of your return every year you hold.

GBTC vs IBIT: fee and wrapper, not yield

Both hold spot bitcoin. Fee, size, and trust wrapper are the split.

	GBTC	IBIT
Holds	Spot bitcoin	Spot bitcoin
Expense ratio	1.50%	0.25%
Distribution rate	—	—
Fund size	$10.7B	$67.1B

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. GBTC and IBIT 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.

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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$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 GBTC.

See all Grayscale Investments ETFs

iShares

ETFs466

Total AUM$4683B

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

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on IBIT.

See all iShares ETFs

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Quick verdict

GBTC (Grayscale Bitcoin Trust ETF) and IBIT (iShares Bitcoin Trust ETF) are both ETFs, but they take different approaches.

IBIT is cheaper with an expense ratio of 0.25% compared to 1.50%.

IBIT is the larger fund by assets ($67.1B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, GBTC has no reported distribution yield yet, so a cash estimate is not available, while IBIT has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

GBTC yield—

IBIT yield—

Cost & efficiency

Over 10 years on $10,000, GBTC would cost approximately $1,500 in fees vs $250 for IBIT (simplified, not compounded). The $1,250.00 difference may be offset by yield or performance.

GBTC ER1.50%

IBIT ER0.25%

Strategy & risk

Both GBTC and IBIT wrap Bitcoin with similar strategies (crypto and crypto). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.8866 for GBTC and 1.8887 for IBIT — effectively similar market sensitivity.

GBTC beta1.8866

IBIT beta1.8887

Fund details

GBTC is managed by Grayscale Investments (launched 09/25/2013) with $10.7B in assets. IBIT is managed by iShares (launched 01/11/2024) with $67.1B in assets.

GBTC AUM$10.7B

IBIT AUM$67.1B

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Frequently asked questions

What is the difference between GBTC and IBIT?

GBTC (Grayscale Bitcoin Trust ETF) and IBIT (iShares Bitcoin Trust ETF) both hold spot bitcoin. Neither is an income fund — the live differences are fee, size, and trust wrapper. Cost is 1.50% versus 0.25%; size is $10.7B versus $67.1B. Distributions are — and — as of October 2026. Fee and structure, not a yield contest, are the comparison.

Which of GBTC or IBIT pays more dividend income?

Neither GBTC nor IBIT currently reports a distribution yield, so neither is an income fund today. Compare them on holdings, cost, and total return instead.

Can I hold both GBTC and IBIT?

You can, but expect significant overlap. Both funds use similar strategies on Bitcoin, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, GBTC or IBIT?

GBTC has an expense ratio of 1.50% while IBIT charges 0.25%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, GBTC does not pay distributions, so there is no cash income to estimate. IBIT does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, GBTC or IBIT?

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GBTC vs IBIT — at a glance

Generated October 3, 2026.

Overview

GBTC and IBIT are both spot bitcoin ETFs offering direct exposure to bitcoin price movements through physically backed trust structures. The key distinction is their cost structure and asset base: GBTC carries a 1.50% expense ratio and manages $10.7B in assets, while IBIT charges 0.25% and oversees $67.1B. IBIT launched in January 2024, while GBTC has operated since 09/25/2013.

How they differ

The most significant difference is cost. Both trade with similar bitcoin sensitivity—GBTC's beta is 1.8866 and IBIT's is 1.8887—so price volatility exposure is comparable. Neither fund distributes income, making them functionally identical on the tax-deferral front. GBTC's longer operating history dates to 09/25/2013; IBIT is newer, having launched 01/11/2024.

Who each is best for

GBTC: Fits investors already holding GBTC shares who may prefer to avoid forced migration, or those evaluating the fund on its own merits rather than in direct comparison to lower-cost peers.

IBIT: Designed for investors seeking pure bitcoin spot exposure at minimal cost, with a preference for larger, more recently established funds backed by a major issuer and operating at institutional scale.

Key risks to know

Bitcoin price volatility. Both funds move with bitcoin's price swings, which can be extreme over short periods. With a beta near 1.8887, these are not dampening vehicles—they amplify bitcoin's underlying moves. Over a decade, that gap becomes material, reducing net returns by compounding.

Regulatory and operational custody risk. Both funds hold actual bitcoin in custody.

Limited operating history for IBIT. IBIT launched just 2 years, so its behavior in extended bear markets, regulatory stress, or operational outages remains unproven. GBTC's 13 years of history offers more context.

Bottom line

If you prioritize lowest cost and the largest asset base, IBIT's 0.25% fee and $67.1B base present a clear structural advantage. If you already hold GBTC or value the fund's longer track record, the 1.50% fee is the tradeoff against those considerations. Past performance does not predict future results, and both funds' values depend entirely on bitcoin's price direction and the security of underlying holdings.

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.