10 Best Bitcoin ETFs of 2025

Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) have finally entered the U.S. market in full force. As of June 2025, U.S. investors can choose from a dozen spot Bitcoin ETFs—funds that hold actual Bitcoin, rather than derivatives—alongside earlier futures-based Bitcoin ETFs. Spot ETFs hold the underlying asset directly, while standard ETFs may rely on futures contracts or other instruments to mirror an asset’s performance.

Below, Benzinga evaluates and ranks the top Bitcoin ETFs available to U.S. investors, using key criteria: low fees (including any promotional waivers), fund structure (spot vs. futures), liquidity and volume, custodian/issuer reputation, tracking accuracy/transparency, and regulatory safeguards. Our analysis is up to date as of June 2025. We focus on U.S.-listed ETFs.

Quick Look at the Top ETFs: 

Evaluation Criteria

• Fee Structure: Expense ratios are important, and lower is better. We note any fee wars or temporary waivers that make a fund more attractive. Many newly launched Bitcoin ETFs offered promotional fee waivers in 2024–2025 to attract assets.
• Fund Structure: We prefer spot Bitcoin ETFs (holding actual BTC) over futures-based ETFs, due to better price tracking and no rolling costs. Spot ETFs directly hold Bitcoin in a trust, whereas futures ETFs invest in CME Bitcoin futures and cash, which can introduce contango and tracking error.
• Liquidity & Volume: Higher assets under management (AUM) and trading volume indicate better liquidity and tighter bid-ask spreads. We analyze AUM and average daily volume (shares and money) for each fund.
• Custodial & Issuer Reputation: We favor ETFs from credible issuers with strong track records, robust security protocols, and transparent operations. We examine who the custodian of the Bitcoin is (e.g. Coinbase Custody, Fidelity Digital Assets, etc.) and whether the fund sponsor is reputable. Regulatory compliance and secure custody (insurance, multi-signature cold storage, etc.) are also considered.
• Tracking & Transparency: The best funds closely track the spot Bitcoin price with minimal error. Funds with daily disclosures of holdings and efficient creation/redemption mechanisms get high marks. We prefer ETFs (with in-kind creation/redemption) over closed-end trusts that might trade at premiums/discounts.
• Regulatory Safeguards: We highlight ETFs that implement strong investor protections. All U.S. spot Bitcoin ETFs approved in 2024 had to satisfy the Securities and Exchange Commission (SEC) on custody and surveillance. Many have SEC-reviewed custody structures (e.g. regulated trust companies holding the Bitcoin) and surveillance-sharing agreements with crypto markets to detect manipulation. We also consider whether the fund is structured to protect investors (e.g. oversight by trustees, insurance on custodial assets, and the presence of authorized participants to keep prices aligned with net asset value (NAV)).

Market Overview 

After a decade of delays, the SEC approved 11 spot Bitcoin ETFs in January 2024. They launched alongside a few existing Bitcoin futures ETFs (first introduced in 2021). The result has been massive adoption. By June of this year, U.S. Bitcoin ETFs collectively hold over 1.2 million BTC (5.7% of all Bitcoin, worth $126 billion). 

Since their introduction, spot ETFs have largely supplanted futures-based funds as the preferred vehicle for Bitcoin exposure, thanks to their direct tracking of Bitcoin’s price and lower costs. Investors poured over $39 billion into spot Bitcoin ETFs in 2024 alone, exceeding even the asset base of major gold ETFs in a short time. 

In terms of liquidity, the spot ETFs vary in size. A few dominant funds hold the lion’s share of assets and trading volume. BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) is by far the largest, with about $67.6 billion AUM (holding 662,707 BTC). It trades millions of shares daily; for instance, IBIT’s daily trading volumes in April occasionally exceeded $1 to $4 billion in value on big market moves. 

The next largest are Fidelity’s Wise Origin Bitcoin Fund (BATS: FBTC) with $20.6 billion AUM and Grayscale’s Bitcoin Trust ETF (ARCA: GBTC) with $19.5 billion AUM. 

Several mid-sized entrants, including Ark 21Shares (BATS: ARKB), Grayscale “Mini” (ARCA: BTC), Bitwise Bitcoin ETF (ARCA: BITB), have gathered AUM in the $4 to $5 billion range, while others (VanEck, Valkyrie, Invesco, Franklin, WisdomTree) have a few hundred million each. 

In general, spot ETFs now dominate liquidity. By comparison, the ProShares Bitcoin ETF (ARCA: BITO), a futures-based fund launched in 2021, has around $1.8 billion AUM and trades less actively, reflecting investors’ shift to spot products.

Below, Benzinga presents the top U.S.-listed Bitcoin ETFs as of June 2025, ranked by overall attractiveness for investors seeking cost-effective, transparent, and structurally sound Bitcoin exposure.

1. BlackRock iShares Bitcoin Trust (IBIT)

Why we ranked this #1: BlackRock’s IBIT is the largest and most widely traded Bitcoin ETF, offering a combination of low costs, robust structure, and the imprimatur of the world’s biggest asset manager. It launched in January 2024 amid much fanfare and rapidly amassed assets. IBIT holds actual Bitcoin in a trust and aims to track the CF Benchmarks Bitcoin Reference Rate closely. 

Fee & Promotions: The ETF carries a 0.25% expense ratio, but BlackRock spurred a fee war by announcing a one-year fee waiver that effectively halves it to 0.12% on the first $5 billion in assets. (The waiver was quickly utilized given the fund’s growth.) Even after the waiver period, IBIT’s 0.25% fee is among the lowest in the market, far below the old 2% fee of the pre-ETF Grayscale trust. BlackRock’s aggressive pricing made IBIT cheaper than many commodity ETFs and set a benchmark that competing funds scrambled to match.

AUM & Liquidity: $67.6 billion AUM (662,707 BTC) as of June 2025. The enormous size (55% of all Bitcoin ETF holdings) gives IBIT excellent liquidity. Daily trading volume often reaches hundreds of millions of dollars and on volatile days has topped $1 to $4 billion. The bid-ask spreads are minimal, making IBIT an efficient vehicle even for large trades. 

Structure & Tracking: Spot Bitcoin ETF (grantor trust structure). IBIT holds actual Bitcoin 1:1; creation/redemption in kind by authorized participants ensures the market price stays near NAV (eliminating the premiums/discounts seen in older Bitcoin trusts). Tracking error has been minimal, aside from the 0.25% annual fee drag, meaning IBIT’s performance closely mirrors Bitcoin’s spot price. There are no rolling costs or leverage, unlike futures ETFs, so investors get pure Bitcoin exposure. 

Custody & Safeguards: Custody of IBIT’s Bitcoin is handled by Coinbase Custody Trust Company, a regulated trust company, with Coinbase serving as prime broker for the fund. BlackRock also added Anchorage Digital Bank as a secondary custodian to diversify risk and enhance security. Assets are held in cold storage with robust insurance and cyber-security measures. The fund’s administrator and cash custodian is BNY Mellon, adding an extra layer of traditional oversight. The arrangements were vetted by the SEC, giving regulators comfort in the fund’s custody and surveillance setup. BlackRock’s involvement itself signals strong governance. The firm applied its institutional-grade risk management and compliance practices to the ETF. For investors, IBIT’s sponsors and partners inspire confidence. BlackRock is a top-tier issuer, and Coinbase (despite past regulatory scrutiny) is a leading crypto custodian in the U.S. with more than $212 billion in institutional assets under custody. 

Bottom Line: IBIT is the flagship Bitcoin ETF. It is cost-effective, liquid, and backed by a highly reputable sponsor and custodian. Its spot-based structure means better tracking than any futures fund, and its transparency and regulatory compliance are exemplary. For most investors, IBIT is the gold standard for Bitcoin exposure in 2025.

2. Fidelity Wise Origin Bitcoin Fund (FBTC) 

Fidelity’s Wise Origin Bitcoin Fund is a close second, combining Fidelity’s trusted name with a competitive fee and solid structure. Launched in January 2024 alongside the other spot ETFs, FBTC has grown to $20.6 billion in assets (196,264 BTC), making it the second-largest Bitcoin ETF by AUM. 

Fee Structure: 0.25% expense ratio, similar to BlackRock’s. Notably, Fidelity offered its own temporary waiver as FBTC’s fees were fully waived until July 31, 2024 as a promotion. The zero-fee period (for about 6+ months after launch) helped jump-start AUM. Even after the waiver expired, FBTC’s 0.25% fee is low. Fidelity effectively matched BlackRock’s pricing, signaling it would not be undercut on cost. 

Liquidity: With over $20 billion in AUM, FBTC is very liquid. Its daily trading volume is substantial (often in the hundreds of millions of dollars). While not as massive as IBIT’s, FBTC’s volume and tight spreads reflect its broad adoption by both retail and institutional investors. Investors have confidence transacting in the fund, in part due to Fidelity’s brand and distribution (many financial advisors and retirement platforms onboarded FBTC given Fidelity’s presence in those channels). 

Custodian & Security: A major differentiator is that Fidelity uses its own in-house custody. The fund’s Bitcoin is held with Fidelity Digital Assets (FDAS), Fidelity’s regulated crypto custody arm. Fidelity has been mining and storing Bitcoin for years, and it leverages that expertise here. Holding custody in-house (rather than relying on third-party exchanges) gives Fidelity end-to-end control over security protocols. FDAS uses deep cold storage, multi-factor authorization, and physical security (multiple geographically distributed vaults) to safeguard the private keys. Many investors view Fidelity’s decades-long reputation and conservative approach as a strong positive for fund safety. The issuer, Fidelity Investments, is one of the largest asset managers and has a long history of regulatory compliance, which adds comfort.

Structure & Performance: FBTC is a spot ETF structured as a trust holding Bitcoin. It tracks the same reference price indices as peers and has shown negligible tracking error aside from its fee. Like other spot funds, it allows in-kind creations/redemptions, so its market price stays in line with NAV. Fidelity provides daily transparency reports on the Bitcoin holdings. The fund’s inception was part of the first wave of spot ETF approvals, reflecting that it met the SEC’s standards on surveillance and custody. (Fidelity likely leaned on surveillance sharing via Coinbase exchange data or CME futures market to satisfy the SEC, similar to BlackRock’s approach, though those details are behind the scenes.) 

Reputation & Regulatory: Fidelity’s entrant benefits from the firm’s trusted brand. Many investors who were on the fence about crypto feel more comfortable accessing Bitcoin via a Fidelity-managed vehicle. Regulatory safeguards include the fact that Fidelity is a regulated broker-dealer and custodian itself, and FBTC had to go through SEC review just like IBIT. Additionally, Fidelity’s long involvement in crypto (it launched a Bitcoin mining operation in 2015 and FDAS in 2018) means it has established experience handling the asset securely and transparently. 

Bottom Line: FBTC is a top-tier Bitcoin ETF, essentially neck-and-neck with BlackRock’s on most criteria. It offers the same low 0.25% fee (after initial waivers), spot-on tracking, and robust custody (with Fidelity’s own vaults). Its AUM and liquidity are second only to IBIT, making it a core holding for many investors seeking regulated Bitcoin exposure. The choice between BlackRock and Fidelity may come down to brand preference or slight nuances in trust structure, but we believe both are excellent. Fidelity’s self-custody approach and crypto pedigree give FBTC a unique edge in custodial security and independence.

3. ARK 21Shares Bitcoin ETF (ARKB) 

The ARK 21Shares Bitcoin ETF stands out for its ultra-low fees and crypto-focused pedigree. The fund is a partnership between Cathie Wood’s ARK Invest and 21Shares (a Swiss crypto exchange-traded product (ETP) provider). It was among the first approved and launched (also in January 2024), and as of mid-2025 it manages about 45,616 BTC ($4.89 billion AUM). While smaller than the giants, ARKB is one of the lowest-cost Bitcoin ETFs and is backed by firms well-known in the digital assets space. 

Fee Structure: 0.21% expense ratio, which is the lowest base fee among U.S. Bitcoin ETFs aside from one (Grayscale’s mini fund). ARK initially filed at 0.25%, but slashed the fee to 0.21% to undercut larger rivals. ARKB also launched with a fee waiver for the first 6 months or first $1 billion in assets, charging 0% during that period. The promotion effectively gave early investors a free ride and signaled ARK’s commitment to be a cost leader. After the waiver, the ongoing 0.21% fee is extremely competitive, undercutting BlackRock and Fidelity. This low fee directly benefits long-term holders by minimizing drag. 

Issuer & Custodian Reputation: ARK Invest, led by Wood, is famed for its innovation-focused ETFs. While smaller than BlackRock and Fidelity, ARK has credibility among tech-oriented investors and has been bullish on Bitcoin for years. 21Shares brings significant crypto ETP expertise, having launched multiple crypto products in Europe. For custody, ARKB uses Coinbase Custody. 

Liquidity: ARKB’s liquidity is moderate to high. With $4.89 billion AUM, it’s actively traded, though not at the scale of IBIT or FBTC. Its average daily volume is in the tens of millions of dollars, which is plenty for typical investors, but larger traders might see a tad wider spreads than in IBIT. Still, ARKB has a strong following, especially among retail investors who trust Wood’s vision on crypto. It’s listed on Cboe BZX Exchange, and market makers have kept spreads tight (usually only a few cents). 

Tracking & Structure: This is a spot Bitcoin ETF with direct holdings of BTC. ARKB’s performance since inception has tracked the underlying Bitcoin price extremely closely. The fund provides daily disclosure of its Bitcoin holdings and uses the standard Bitcoin reference price at 4pm (ET). Thanks to in-kind creations/redemptions, ARKB hasn’t displayed any significant premium/discount. ARK’s team has emphasized transparency; like their other ETFs, they likely publish creation unit files and perhaps even on-chain address attestations for the Bitcoin held (many ETF providers publish the custody account addresses for verification). ARKB’s trust is not an Investment Company Act fund (none of the spot ETFs are ʼ40 Act funds), but it’s structured under the Securities Act of 1933 with oversight by the exchange and SEC via a Rule 19b-4 filing approval. In plain terms, it’s a fully regulated ETP.

Regulatory Safeguards: ARK 21Shares went through the same SEC vetting. ARK was actually first to file (in 2023) among the eventual approved ETFs, which put them at the front of dialogues with regulators. Investor protections include the segregation of the trust’s assets (held in cold storage on behalf of the fund’s shareholders), insurance policies covering theft, and the internal controls of Coinbase (Coinbase’s custody is SOC 2 compliant, etc.). Additionally, ARK’s marketing emphasizes investor education and risk disclosure, aligning with regulatory expectations that investors be aware of Bitcoin’s volatility and risks (former SEC chair Gary Gensler himself cautioned that approval of ETFs is not an endorsement of Bitcoin’s safety). 

Bottom Line: ARKB is exceptionally cost-effective (0.21% fee) and run by crypto-forward managers. It’s a great choice for cost-sensitive investors or those who support ARK’s crypto thesis. While its AUM and liquidity are lower than the mega-funds, it still offers ample liquidity and tight tracking. With ARK/21Shares at the helm and Coinbase safeguarding the coins, ARKB provides a high level of crypto-native expertise in a fully regulated wrapper. It earns its place among the top Bitcoin ETFs for 2025, especially for those who value its combination of low fees and crypto-specialist management.

4. Grayscale Bitcoin “Mini” Trust ETF (BTC) 

Grayscale’s Bitcoin Mini Trust ETF is a notable entrant due to its ultra-low fee and the Grayscale brand. The fund, often called the “Mini” to distinguish it from Grayscale’s original Bitcoin Trust, was launched in 2024 as Grayscale’s answer to the new competition. It has gathered 43,600 BTC in assets ($4.58 billion). We rank it highly primarily because of its rock-bottom fee, though it is somewhat smaller and less liquid than the above funds.

Fee Structure: 0.15% annual management fee, the lowest fee of any U.S. Bitcoin ETF to date. Grayscale introduced the Mini Trust with this minimal fee to undercut all rivals. In fact, at 15 basis points, it’s less than half of BlackRock/Fidelity’s fee and even below ARK’s fee. Grayscale’s motivation was clear, its flagship Grayscale Bitcoin Trust ETF (GBTC) had long charged 2%, so the Mini fund was positioned as a cost-effective alternative to prevent losing investors to other sponsors. There was also a temporary waiver structure. Grayscale committed to waiving the fee entirely for an initial period (the Mini was free for 6 months or until it reached $2 billion AUM). The aggressive pricing quickly attracted over $1 billion into the fund within weeks of launch. By mid-2025, with $4.6 billion AUM, the Mini’s fee remains 0.15%, making it the cheapest way to get pure Bitcoin exposure in ETF form.

Issuer & Background: Grayscale is the best-known crypto asset manager, famous for its pre-ETF Grayscale Bitcoin Trust (GBTC). GBTC was a pioneer, but it traded at large discounts/premiums and charged 2% fees. Grayscale fought a legal battle with the SEC and won a court ruling in 2023 that paved the way for these ETFs. The Mini Trust was Grayscale’s fresh start, a new ETF product unencumbered by the legacy structure. Issuer reputation is mixed. On one hand, Grayscale has deep crypto experience and is trusted by many crypto investors; on the other, parent company DCG had faced some headwinds during the 2022 crypto downturn, and GBTC’s history of high fees and discounts left some investors wary. Still, with the Mini ETF, Grayscale proved it could compete on equal footing with traditional finance giants.

Custody & Security: The Mini Trust’s custodian is Coinbase Custody Trust Co (the same custodian Grayscale has used for GBTC’s Bitcoin holdings). Additionally, Grayscale as sponsor has a dedicated risk management team and publishes detailed disclosures. An interesting feature, Grayscale seeded the Mini fund by contributing about 10% of GBTC’s Bitcoin holdings to it upon launch. It helped bootstrap the Mini’s size and provided GBTC investors a pathway (Grayscale gave certain holders the option to move into the lower-fee product). From a safeguards perspective, the Mini, like other ETFs, has redemption mechanisms (so it trades at NAV) and oversight by an independent trustee.

Performance & Liquidity: BTC (the Mini ETF) tracks Bitcoin’s price very closely. Its 0.15% fee is almost negligible, so year-to-date performance for 2025 is nearly identical to spot BTC (minus a few basis points). It contrasts with GBTC, which in the past could lag due to its fee and discount; the new ETF structure fixed those issues. Liquidity for BTC ETF is decent at $4.6 billion AUM, and it yields respectable trading volume, though not as high as the top three funds. Average daily volume is on the order of a few million shares (with share price around ~$100, that’s a few hundred million dollars traded daily). The ticker “BTC” itself is a marketing win as it’s easy to remember and likely helped attract retail interest. The caveat here is that Grayscale offers two products (GBTC and BTC ETF) currently, so there could be some investor confusion. GBTC did convert to an ETF structure as well (discussed below) and now trades on NYSE under the ticker GBTC with a 1.50% fee. The Mini (BTC) is essentially Grayscale’s low-cost ETF option. Savvy investors have generally gravitated to the Mini for new exposure, given its dramatically lower fee, while GBTC’s AUM has slightly declined as some rotate out.

Bottom Line: Grayscale’s Bitcoin Mini ETF is the lowest-cost Bitcoin ETF (0.15% fee) on the market. It provides solid tracking and is backed by a custodian and sponsor with long crypto experience. While slightly less liquid than the top three and without the heft of a BlackRock or Fidelity, it’s highly attractive for fee-sensitive investors. This fund underscores how competition has driven costs down and improved choice for U.S. investors in 2025.

5. Bitwise Bitcoin ETF (BITB) 

Rounding out our top five is the Bitwise Bitcoin ETF, another spot Bitcoin fund that launched in January 2024. Bitwise Asset Management is a crypto-specialist firm known for its crypto indexes. BITB is noteworthy for its low fee and innovative promotions, although its asset base (37,479 BTC, or $3.93 billion AUM) is slightly behind the ARK and Grayscale mini funds.

Fee Structure: 0.20% expense ratio, putting Bitwise among the lowest-cost providers. In fact, Bitwise was one of the first to publicly declare a fee cut. It announced a 0.20% management fee, undercutting the initial proposals of larger firms, and forcing others like VanEck and ARK to adjust their pricing. Bitwise also went all-in on a bold promotion: no fees on the first $1 billion in AUM for the fund’s first 6 months. Essentially, BITB charged 0% initially, an attractive deal for early adopters. This “free Bitcoin ETF” period helped Bitwise quickly gather nearly $1 billion. After the waiver period, the fee is 0.20%, which is still extremely low (the difference between 0.20% and the leaders at 0.25% is minor, but for large investors every basis point counts). Bitwise signaled that even after reaching scale, it intends to keep fees below the industry average.

Issuer & Custodian: Bitwise may not be a household name on par with Fidelity, but within the crypto industry it’s well-respected. The firm has run private crypto index funds for years and even briefly had a crypto index ETF (that held stocks) in 2022, bringing a deep understanding of crypto markets. The custodian for BITB is Coinbase Custody. It is consistent with most of the new ETFs relying on Coinbase’s custodial services. Bitwise’s partnership with Coinbase and commitment to daily disclosures (it has a dedicated website for the ETF with real-time info) show transparency. The issuer’s credibility got a boost by being part of the first wave of approvals; Bitwise had a prior spot ETF application rejected in 2022, but the successful approval in 2024 demonstrates its compliance improvements (e.g. robust surveillance agreements, likely involving Coinbase’s market data).

Liquidity: With nearly $4 billion in assets, BITB has decent liquidity. Its trading volumes are generally solid (on the order of ~$100M+ daily). However, it’s a bit less widely held than funds from bigger-brand sponsors as some advisors or institutions might default to BlackRock, Fidelity, etc. That said, Bitwise has a loyal base of crypto-forward investors (financial advisors who used their earlier funds, retail crypto enthusiasts, etc.). The ETF trades on the NYSE (Arca), and market makers ensure efficient pricing. We haven’t observed significant premiums/discounts; BITB’s market price stays tight to NAV thanks to arbitrage.

Tracking & Portfolio: BITB holds spot Bitcoin exclusively, tracking an index of Bitcoin’s price (likely the CME CF Bitcoin Reference Rate or similar). Its tracking error is minimal—effectively just the 0.20% fee on an annualized basis, and even that was absent for the first six months due to the waiver. Bitwise likely also employs procedures to handle any forks or airdrops (none significant for BTC in the period) and has contingency plans for unusual market conditions (e.g., if any exchange used in pricing has issues, etc., as detailed in their prospectus). Bitwise prides itself on index methodology in other funds; for this ETF, the “index” is straightforward (just Bitcoin), but we expect Bitwise to be meticulous in monitoring pricing sources to avoid anomalies.

Regulatory Safeguards: Bitwise’s ETF had to meet the same criteria of robust custody and market surveillance. One unique angle is that Bitwise has published research in the past about fake volume on crypto exchanges and the need for reliable pricing. The firm likely leveraged that expertise to assure the SEC that BITB’s pricing sources are trustworthy (using high-quality exchanges and/or CME futures for reference). The fund’s Bitcoin is held in 100% cold storage by a regulated custodian, and insurance policies cover theft or loss. Bitwise is also quite communicative as it publishes regular letters and educational content about the ETF, which helps investors understand what they own (transparency is a form of investor protection too).

Bottom Line: BITB is an excellent low-cost Bitcoin ETF (0.20% fee) with a crypto-specialist touch. It slightly lags the bigger funds in size, but not by quality. For many investors, the difference between a 0.20% and 0.25% fee, or between $4 billion and $20 billion AUM, isn’t material as all the spot ETFs give core Bitcoin exposure. BITB is particularly attractive if you value Bitwise’s crypto focus or if you were an early investor who enjoyed its fee-free period. It earns a top-five spot for delivering what investors want: cheap, accurate, and secure Bitcoin exposure.

Beyond the top five above, there are other U.S. Bitcoin Spot ETFs worth noting:

• Grayscale Bitcoin Trust ETF (ARCA: GBTC): This is Grayscale’s original Bitcoin Trust, which converted to an ETF format in January 2024 after SEC approval. It is large, with 185,478 BTC (or $19.5 billion AUM, but we did not rank it in the top five due to its high fee (1.50%). While conversion to an ETF eliminated the old discount to NAV issue, GBTC’s fee is still six times higher than most competitors. It has no fee waivers. Its massive share float gives it high trading volume (it had over $2 billion volume on the first trading day post-approval). 
• VanEck Bitcoin Trust (HODL): A spot ETF from VanEck (launched in 2024) with a current fee of 0.20%. VanEck initially planned 0.25% but matched Bitwise’s 0.20%. It has no active fee waiver now. AUM is about 15,188 BTC ($1.59 billion). VanEck is a respected issuer (known for commodity ETFs like gold), and HODL offers solid tracking and security (custodied by Coinbase, with standard safeguards). Its smaller size means lower trading volumes ($50million/day), so it’s slightly less liquid, but still a viable choice. We regard HODL as a strong fund that simply hasn’t gathered as much traction as others, perhaps due to fierce competition and later entry.
• Invesco Galaxy Bitcoin ETF (BTCO): Another entrant (fee 0.25%, with 0% waiver for 6 months or $5 billion). Backed by Invesco and Mike Novogratz’s Galaxy Digital, the fund had high hopes but AUM is currently only 5,292 BTC ($555 million). Despite a reasonable fee and reputable sponsors, BTCO’s uptake was modest. Custody is via Coinbase. BTCO is perfectly sound, and its smaller asset base could change if it differentiates (Galaxy’s crypto trading expertise might help with block liquidity, etc.), but for now it’s second-tier in terms of size.
• WisdomTree Bitcoin Fund (BTCW): Spot ETF with a 0.25% fee (waived for 6 months or first $1 billion). AUM is 1,547 BTC ($162 million), making it the smallest of the U.S. spot ETFs. WisdomTree is a major ETF issuer, but its Bitcoin fund saw limited adoption. It’s fully functional (Coinbase custody, etc.) but thinly traded relative to others. It may appeal to those who already use WisdomTree’s platforms.
• Franklin Bitcoin ETF (EZBC): Spot ETF by Franklin Templeton. Interestingly, Franklin went with an even lower base fee of 0.19% and waived fees until August 2, 2024 or $10 billion AUM (a generous window). Despite that, it has 5,040 BTC ($529 million) in AUM. Franklin is a large asset manager, but less associated with crypto; its ETF might not have captured imaginations despite being cheapest (among the initial 9). It remains a credible low-fee option, however. Custody is via Coinbase, and Franklin’s involvement ensures strong oversight. With such a low fee, EZBC could be a dark horse if it finds distribution channels, but as of mid-2025 its liquidity is on the lower side.

Investors finally have a range of cost-effective, transparent, and secure Bitcoin ETFs to choose from. Our analysis found that the best options, led by BlackRock’s IBIT and Fidelity’s FBTC, offer rock-bottom fees, massive liquidity, trusted custodianship, and accurate tracking of Bitcoin’s price. The funds have effectively addressed the concerns that long delayed a spot Bitcoin ETF. They employ rigorous custody solutions and surveillance agreements that satisfy regulators, and they provide strong investor protections (daily disclosures, NAV transparency, and redemption mechanisms to prevent price dislocations).

In evaluating the field, we gave preference to spot-based funds over older futures-based products, due to the elimination of contango and nearly 1:1 price tracking. The difference is evident as spot ETFs like IBIT have attracted tens of billions in AUM, whereas the first futures ETF (BITO) remains under $2 billion, reflecting investors’ clear preference once a spot option became available. Spot ETFs are simply a better mousetrap for Bitcoin exposure.

For investors in 2025, the top-ranked Bitcoin ETFs provide the most cost-efficient and reliable access to Bitcoin through regulated markets. They differ slightly in fee and sponsorship, but all deliver on the core promise of an ETF: low-cost, liquid, and convenient access to an asset class. The competition among issuers (traditional finance firms and crypto natives alike) has driven fees down dramatically and spurred innovations like fee waivers, which ultimately benefit investors.

When selecting from the top ETFs, consider factors such as fee (some differences of a few basis points), the sponsor’s reputation (BlackRock/Fidelity for broad trust, or ARK/Bitwise for crypto focus), and any personal preference for custodial setup. All the listed spot funds are structurally sound, with proven custody and compliance. It’s also worth noting that the ETFs can be held in standard brokerage accounts, including retirement accounts, making Bitcoin exposure more accessible than ever before.

Investors no longer need to choose between the wild west of unregulated exchanges or the high costs of older trusts, they can now gain regulated, low-cost Bitcoin exposure via familiar ETF platforms. 

Frequently Asked Questions