ETF Comparison

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

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

Data updated July 5, 2026

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

iShares

ETFs481

Total AUM$4451B

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

Side-by-side snapshot

	GBTC	IBIT
Full name	Grayscale Bitcoin Trust ETF	iShares Bitcoin Trust ETF
Issuer	Grayscale Investments	iShares
Last Close	$47.64 as of July 5, 2026	$34.87 as of July 5, 2026
Distribution yield	0.00%	0.00%
Distribution Safety Score	—	—
Expense ratio	1.50%	0.12%
AUM	$9.06B	$48.6B
Distribution frequency	—	None
Underlying index	—	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
Last dividend	$0.0006	—

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

GBTC has lagged IBIT over the trailing twelve months, posting a -42.57% total return against -41.73%. Measured from Jan 2024 — when the younger fund began trading — IBIT has compounded at 11.52% a year versus 11.06% for GBTC. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
GBTC	-32.08%	-42.57%	11.06%	44.7%	-1.34	-1.76	-53.8%
IBIT	-31.55%	-41.73%	11.52%	44.8%	-1.31	-1.72	-53.3%

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 Jan 2024” measures every fund from January 11, 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

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 0.12% compared to 1.50%.

IBIT is the larger fund by assets ($48.6B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

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

GBTC yield0.00%

IBIT yield0.00%

Cost & efficiency

Over 10 years on $10,000, GBTC would cost approximately $1,500 in fees vs $120 for IBIT (simplified, not compounded). The $1,380.00 difference may be offset by yield or performance.

GBTC ER1.50%

IBIT ER0.12%

Strategy & risk

GBTC is an ETF, while IBIT tracks Bitcoin with a crypto approach. Beta is 1.8866 for GBTC and 1.8887 for IBIT, indicating GBTC is less volatile relative to the market.

GBTC beta1.8866

IBIT beta1.8887

Fund details

GBTC is managed by Grayscale Investments (launched 09/25/2013) with $9.06B in assets. IBIT is managed by iShares (launched 01/11/2024) with $48.6B in assets.

GBTC AUM$9.06B

IBIT AUM$48.6B

Ready to act?

Open in Comparator Model in portfolio See pricing

Frequently asked questions

Which of GBTC or IBIT pays more dividend income?

IBIT 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 GBTC and IBIT?

GBTC (Grayscale Bitcoin Trust ETF) is an ETF, while IBIT (iShares Bitcoin Trust ETF) tracks Bitcoin with a crypto approach. They are issued by Grayscale Investments and iShares respectively.

Can I hold both GBTC and IBIT?

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, GBTC or IBIT?

GBTC has an expense ratio of 1.50% while IBIT charges 0.12%. 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 has not established a distribution history yet, so a monthly income estimate is not available. IBIT has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, GBTC or IBIT?

More comparisons to explore

People also compare GBTC with

People also compare IBIT with

Popular comparisons

GBTC vs IBIT — at a glance

Generated July 2026 from current fund data.

Overview

GBTC and IBIT are both bitcoin ETFs offering direct exposure to Bitcoin's price performance, but they operate under different cost structures and regulatory histories. GBTC, launched in 2013, is Grayscale's flagship bitcoin trust converted to ETF status; IBIT, launched in January 2024, is iShares' spot bitcoin ETF. The critical distinction is fees: GBTC charges 1.50% annually while IBIT charges 0.12%, a gap that compounds significantly over time.

How they differ

The defining difference is cost. IBIT's 0.12% expense ratio is 1.38 percentage points cheaper than GBTC's 1.50%, which translates to roughly $138 in annual fees per $10,000 invested. That fee spread alone will erode GBTC's returns relative to IBIT over any meaningful holding period, assuming identical underlying bitcoin performance.

Both track bitcoin price almost identically—they share nearly identical betas (GBTC 1.8866 vs. IBIT 1.8887)—so the performance difference is primarily a fee story. IBIT's newer launch date (January 2024) also means it benefits from the regulatory clarity established after bitcoin spot ETFs gained SEC approval; GBTC predates this, having operated as a trust structure for a decade before conversion. IBIT has accumulated $48.6B in AUM compared to GBTC's $9.06B, suggesting investor preference has shifted toward the lower-cost option since IBIT's launch.

Neither fund distributes dividends (both show 0.00% distribution rate), so income is generated solely through price appreciation.

Who each is best for

GBTC: Fits investors with existing positions or legacy holdings in Grayscale's ecosystem who value the stability of an established, decade-long track record and prioritize minimal portfolio turnover, despite the fee penalty.

IBIT: Designed for investors seeking efficient bitcoin exposure who are indifferent to track record length and want to minimize the drag of annual expenses on their bitcoin allocation.

Key risks to know

Bitcoin volatility amplified at leverage. Both funds' betas near 1.89 indicate they amplify bitcoin's underlying price swings—a 20% drop in Bitcoin compounds to roughly a 38% drop for these funds. This matters more than stated expense ratios for investors with shorter time horizons.

Fee drag on compounding. GBTC's 138-basis-point annual fee disadvantage will meaningfully widen the performance gap over 10+ year horizons, assuming bitcoin appreciation tracks similarly for both. A $10,000 position in GBTC versus IBIT will diverge by thousands of dollars in foregone gains.

IBIT concentration and custody risk. As the newer, larger fund ($48.6B AUM), IBIT's rapid asset growth concentrates bitcoin custody risk in a single issuer; operational failure at iShares' custody partner poses tail-risk exposure for a significant portion of spot bitcoin ETF assets.

Regulatory stability for spot Bitcoin ETFs. Both funds depend on ongoing SEC approval of spot bitcoin ETF trading. Any material change in cryptocurrency regulatory treatment could affect redemption mechanics or trading liquidity.

Bottom line

If you prioritize minimizing costs on a buy-and-hold bitcoin position, IBIT's 0.12% expense ratio versus GBTC's 1.50% represents meaningful long-term savings. If you hold legacy GBTC shares and want to avoid tax consequences of a swap, staying put is reasonable, but new allocations favor IBIT on pure economics. Neither is a volatility hedge—both amplify bitcoin's swings—so suitability depends on your conviction in bitcoin's price trajectory, not the choice between them. Past performance doesn't predict future results.

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