It's been a volatile stretch for Bitcoin. After hitting a new record high of over $126,000 in the fall, the world's largest cryptocurrency ended last year on a decline. That decline has only continued in 2026, with Bitcoin trading at roughly half that price at the time of writing. This downward trend comes despite widespread adoption of the asset in the form of Bitcoin ETFs, which first hit markets over two years ago.
Still, because some brokerage accounts don't allow users to invest directly in cryptocurrency (and many retirement accounts similarly restrict direct cryptocurrency investments), ETFs can provide an easy way to get exposure to Bitcoin.
What is a spot Bitcoin ETF?
A spot Bitcoin ETF is an exchange-traded fund — a highly liquid fund that changes price throughout the trading day, just like a stock — that directly tracks the price of Bitcoin, primarily by holding a large amount of the cryptocurrency itself. It’s similar to a spot gold ETF, which holds physical gold bullion on behalf of its shareholders.
But wait — weren’t there already Bitcoin ETFs on the market? Yes and no. There were already crypto-related ETFs and trusts out there, but there had never been a spot Bitcoin ETF on the market before the SEC approved the first spot Bitcoin ETFs in January 2024. These newer ETFs are the first cryptocurrency funds to trade on a major exchange and hold Bitcoin directly.
Top 13 spot Bitcoin ETFs by fee
Below is a list of the approved ETFs and their fees, in order from lowest to highest fee.
ETF name & symbol | Fee |
|---|---|
Morgan Stanley Bitcoin Trust (MSBT) | 0.14% |
Grayscale Bitcoin Mini Trust (BTC) | 0.15% |
Franklin Templeton Digital Holdings Trust (EZBC) | 0.19% |
Bitwise Bitcoin ETF (BITB) | 0.20% |
VanEck Bitcoin Trust (HODL) | 0.20%* |
Ark 21Shares Bitcoin ETF (ARKB) | 0.21% |
iShares Bitcoin Trust (IBIT) | 0.25% |
Fidelity Wise Origin Bitcoin Fund (FBTC) | 0.25% |
WisdomTree Bitcoin Fund (BTCW) | 0.25% |
Invesco Galaxy Bitcoin ETF (BTCO) | 0.25% |
CoinShares Bitcoin ETF (BRRR) | 0.25% |
Hashdex Bitcoin ETF (DEFI) | 0.25% |
Grayscale Bitcoin Trust (GBTC) | 1.50% |
Sources: Fund websites. Data is current as of July 24, 2026, and is intended for informational purposes, not for trading purposes. *HODL fee waived until July 31, 2026 or first $2.5 billion in fund assets, whichever comes first. | |
It's worth noting that although spot Bitcoin ETFs are designed to track the price of Bitcoin directly by holding it, there is no guarantee that they will deliver exactly the same returns as the cryptocurrency itself.
» Ready to start investing? See our list of the best brokers for ETFs
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What is a Bitcoin strategy ETF?
Bitcoin strategy ETFs attempt to track the price of Bitcoin indirectly. Many started trading well before the first spot Bitcoin ETF approvals, and they're still available today.
Some invest in Bitcoin futures, while others invest in Bitcoin mining stocks. Due to the indirect nature of these investments, these funds' returns are especially prone to deviating from the returns of Bitcoin. Some target a multiple of Bitcoin's daily returns, or the opposite of its daily returns, or a multiple of the opposite.
Top 15 Bitcoin strategy ETFs by fee
Below is a list of Bitcoin strategy ETFs and their fees, in order from lowest to highest fee. Funds marked with an asterisk * are leveraged ETFs, and funds marked with a double asterisk ** are inverse ETFs.
Fund name & symbol | Fee | Notes |
|---|---|---|
Grayscale Bitcoin Miners ETF (MNRS) | 0.59% | Invested in Bitcoin mining stocks. |
Global X Blockchain & Bitcoin Strategy ETF (BITS) | 0.65% | Invested in Bitcoin futures and the Global X Blockchain ETF (BKCH). |
Amplify Bitcoin 2% Monthly Option Income ETF (BITY) | 0.65% | Invested in Bitcoin ETFs. Generates income by writing call options on Bitcoin ETFs. |
Amplify Bitcoin Max Income Covered Call ETF (BAGY) | 0.65% | Invested in Bitcoin ETFs. Generates income by writing covered calls on Bitcoin ETFs. |
CoinShares Bitcoin Mining ETF (WGMI) | 0.75% | Invested in Bitcoin mining stocks. |
ProShares Bitcoin Strategy ETF (BITO) | 0.95% | Invested in Bitcoin futures. |
ProShares UltraShort Bitcoin ETF (SBIT)** | 0.97% | Invested in Bitcoin futures, targeting 2x the inverse of the daily returns of Bitcoin. |
ProShares Ultra Bitcoin ETF (BITU)* | 0.98% | Invested in various Bitcoin derivatives, targeting 2x the daily returns of Bitcoin. |
NEOS Bitcoin High Income ETF (BTCI) | 0.99% | Invested in Bitcoin ETFs. Generates income by writing call options on Bitcoin ETFs. |
ProShares Short Bitcoin ETF (BITI)** | 1.01% | Invested in Bitcoin futures, targeting the inverse of the daily returns of Bitcoin. |
ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) | 1.03% | Invested in Bitcoin and Ether futures. Fee reduced to 0.95% until Sept. 30, 2026. |
ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) | 1.04% | Invested in Bitcoin and Ether futures. Fee reduced to 0.95% until Sept. 30, 2026. |
CoinShares Bitcoin and Ether ETF (BTF) | 1.27% | Invested in Bitcoin futures, Ether futures, U.S. Treasuries and corporate bonds. |
Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) | 1.12% | Investment rotates between Bitcoin futures and U.S. Treasuries. Fee reduced to 0.88% until May 1, 2027. |
Volatility Shares 2x Bitcoin Strategy ETF (BITX)* | 2.75% | Invested in Bitcoin futures, targeting 2x the daily returns of Bitcoin. |
Sources: Fund websites. Data is current as of July 24, 2026, and is intended for informational purposes only. | ||
Do spot Bitcoin ETFs have custodianship risk?
Most spot Bitcoin ETFs rely on a third-party custodian to actually store the Bitcoin they hold — much like how spot gold ETFs often keep their physical gold holdings in the vault of a third-party custodian.
In the early days of spot Bitcoin ETFs, almost all funds used the same custodian for all their Bitcoin holdings, specifically Coinbase. Since then, a few ETFs have emerged that use alternate custodians or a multi-custodian model, but Coinbase still holds the vast majority of spot Bitcoin ETF assets.
Coinbase's dominance in Bitcoin ETF custodianship has created concerns about custodianship risk. If Coinbase ran into severe financial trouble in the future — for example, due to a cyberattack, a government penalty, or a decline in its revenue — what would happen to the holdings of Bitcoin ETFs that exclusively rely on it for custodianship?
There are mechanisms by which ETFs — and investors themselves — could recover their holdings in the event of a Coinbase bankruptcy, but they wouldn't necessarily be instant or automatic. So custodianship risk may be something to consider while shopping for a spot Bitcoin ETF.
» Interested in more ETFs? Check out the best ETFs tracking popular indexes
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Disclosure: The author and editor owned Bitcoin at the time of publication.
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