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 falling to less than half that price in early July. It has since began a tentative recovery, rising above $80,000 in late August.
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.
Fund name and symbol | Net Expense Ratio |
|---|---|
Morgan Stanley Bitcoin Trust (MSBT) | 0.14% |
Grayscale Bitcoin Mini Trust ETF (BTC) | 0.15% |
Franklin Templeton Digital Holdings Trust (EZBC) | 0.19% |
Bitwise Bitcoin ETF (BITB) | 0.20% |
VanEck Bitcoin ETF (HODL) | 0.20% |
ARK 21Shares Bitcoin ETF (ARKB) | 0.21% |
CoinShares Bitcoin ETF (BRRR) | 0.25% |
Invesco Galaxy Bitcoin ETF (BTCO) | 0.25% |
WisdomTree Bitcoin Fund (BTCW) | 0.25% |
Fidelity Wise Origin Bitcoin Fund (FBTC) | 0.25% |
iShares Bitcoin Trust ETF (IBIT) | 0.25% |
Osprey Bitcoin Trust (OBTC) | 0.49% |
Grayscale Bitcoin Trust ETF (GBTC) | 1.50% |
Source: Finviz. Data is current as of September 4, 2026, and is intended for informational purposes only. | |
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
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, options on Bitcoin ETFs or various other proxies, and still others rotate between Bitcoin and safe-haven investments like Treasury securities. 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 23 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. |
Amplify Bitcoin Max Income Covered Call ETF (BAGY) | 0.65% | Invested in Bitcoin ETFs. Generates income by writing covered calls on Bitcoin ETFs. |
iShares Bitcoin Premium Income ETF (BITA) | 0.65% | Invested in Bitcoin and a Bitcoin ETF. Generates income by writing call options on that Bitcoin ETF. |
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. |
Grayscale Bitcoin Premium Income ETF (BPI) | 0.65% | Invested in U.S. Treasuries plus options for synthetic Bitcoin ETF exposure. Generates income by writing call options on Bitcoin ETFs. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) | 0.69% | Invested in options on Bitcoin ETFs, capping gains at 41.62% in exchange for limiting losses to 20% over the outcome period ending Oct. 6, 2026. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) | 0.69% | Invested in options on Bitcoin ETFs, capping gains at 37.95% in exchange for limiting losses to 20% over the outcome period ending July 31, 2027. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) | 0.69% | Invested in options on Bitcoin ETFs, capping gains at 23.43% in exchange for limiting losses to 10% over the outcome period ending Oct. 6, 2026. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) | 0.69% | Invested in options on Bitcoin ETFs, capping gains at 23.20% in exchange for limiting losses to 10% over the outcome period ending July 31, 2027. |
CoinShares Bitcoin Mining ETF (WGMI) | 0.75% | Invested in Bitcoin mining stocks. |
ProShares Bitcoin Strategy ETF (BITO) | 0.95% | Invested in Bitcoin futures. |
T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ)** | 0.95% | Invested in swaps on a Bitcoin ETF, targeting 2x the inverse of the daily returns of Bitcoin. |
Global X Bitcoin Trend Strategy ETF (BTRN) | 0.95% | Investment rotates between Bitcoin futures and U.S. Treasuries, based on a bitcoin trend signal. |
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. |
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. |
CoinShares Bitcoin and Ether ETF (BTF) | 1.27% | Invested in Bitcoin futures, Ether futures, U.S. Treasuries and corporate bonds. |
Volatility Shares 2x Bitcoin Strategy ETF (BITX)* | 2.75% | Invested in Bitcoin futures, targeting 2x the daily returns of Bitcoin. |
Sources: SEC EDGAR database and fund websites. Data is current as of Sept. 4, 2026, and is intended for informational purposes only, not for trading purposes. | ||
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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