Bitcoin ETF Comparison: Fees and AUM Side by Side
Two numbers decide between spot bitcoin ETFs. The fee is what the issuer takes every year from whatever you hold. AUM - assets under management - is the total value of the bitcoin the fund holds. Since every one of these funds holds the same asset, this bitcoin ETF comparison really is just fees and AUM; there is no clever strategy hiding behind the tickers.
The fees and sizes, October 2026
- IBIT, BlackRock - 0.25%, about $66bn
- FBTC, Fidelity - 0.25%, about $16bn
- GBTC, Grayscale - 1.50%, roughly $8bn
- BTC, Grayscale Bitcoin Mini Trust - 0.15%, roughly $3bn
- BITB, Bitwise - 0.20%, about $3.0bn
- ARKB, ARK 21Shares - 0.21%, about $2.9bn
- EZBC, Franklin - 0.19%, a few hundred million
- MSBT, Morgan Stanley - 0.14%, a few hundred million
Which number should you weigh more?
The fee, in almost every case, because it is certain and it repeats. AUM matters second-hand, through the spread: a fund holding billions is traded constantly, so the gap between its buy and sell price stays thin, while a small fund can cost you more at the moment of purchase than it saves you in a year of fees. The fee is the subscription; AUM is the queue at the till.
Why is GBTC still charging 1.50%?
Because it was there first. GBTC existed as a closed-end trust for years before the ETFs launched, and holders who bought early would have to sell their shares to move to a cheaper fund. On $10,000 for a year, 1.50% is $150 against $14 for the cheapest option - the same bitcoin, a very different bill.
Treat every figure above as a snapshot: AUM moves with the bitcoin price every day, and fees change when issuers compete. Confirm both on the issuer's own fund page before you buy. Next: which is the lowest fee bitcoin ETF, and the funds side by side.