Surprisingly, GBTC Tops List of Spot Bitcoin ETF Returns
- GBTC is the best-performing spot Bitcoin ETF since launch.
- The Bitcoin ETF playing field is becoming more about cost and execution.
It’s been nearly 16 months since the first batch of spot Bitcoin ETFs hit the market on Jan. 11, 2024. And with over a year of data now in the books, clear performance trends are starting to emerge.
GBTC Outperformance a Bit Misleading
At the top of the list is the Grayscale Bitcoin Trust ETF (GBTC). Since launch, GBTC has delivered the strongest total return among the 10 original spot Bitcoin ETFs. But its outperformance is a bit misleading.
When GBTC converted from a quasi-closed-end fund to an ETF on launch day, it was trading at a 1.6% discount to its net asset value. That discount evaporated over the next few weeks, giving the fund a one-time performance bump.
That bump was enough to keep GBTC ahead of the pack in a since-inception comparison, despite the fund charging a category-high 1.5% expense ratio.
Bitcoin ETF Performance Comparison—Source: etf.com data
But if you look at performance over the past year—a cleaner comparison that strips out the noise from GBTC’s discount closure—the picture flips. GBTC drops to the back of the pack, while lower-cost competitors take the lead.
HODL Leads Last 12 Months
Topping the list is the VanEck Bitcoin Trust (HODL), which currently charges no fee at all. VanEck waived the fund’s expense ratio through Jan. 10, 2026, for the first $2.5 billion in assets. With AUM currently around $1.4 billion, that waiver remains in effect. After that, the fee steps up to 0.2%, still on the low end for the category.
Right behind HODL is the Franklin Bitcoin ETF (EZBC), which boasts the next-lowest expense ratio among the original 10 funds at 0.19%.
From there, the performance leaderboard gets less tied to fees. Most of the remaining ETFs fall into a tight band, charging between 0.2% and 0.25%. That includes the iShares Bitcoin Trust (IBIT), the largest of the group, which charges 0.25%. It also includes the ARK 21Shares Bitcoin ETF (ARKB), the Bitwise Bitcoin ETF (BITB) and others.
BTC Absent
One notable absence from the original 10 is the Grayscale Bitcoin Mini Trust (BTC), which launched later, in August 2024, with a lower 0.15% expense ratio. While it's a cheaper option for Grayscale fans, it wasn’t around at the start and isn’t included in this comparison.
With spot Bitcoin ETFs now well past their rookie season, the playing field is becoming more about cost and execution. GBTC may still sit atop the since-launch performance rankings but, for long-term investors, ongoing fees—not one-time discount closures—will matter more going forward.
