Best Bitcoin (BTC) ETFs (2025): Power Rankings (EZBC, BITB, HODL, IBIT, FBTC)

Ranking the best Bitcoin ETFs of 2025 for different types of investors

For a large percentage of “old school” traditional investors, buying Bitcoin on a cryptocurrency exchange like Coinbase, Kraken, Binance, or others can be a bit overwhelming and/or anxiety-inducing (many worry about security risks & solvency).

There’s also the hassle of completing KYC (sign-up forms & tax confirmation), adjusting security settings, deciding whether to keep Bitcoin (BTC) on the exchange vs. transfer to cold storage (i.e. self-custody in a hardware wallet), etc. – many don’t want to dedicate this much thinking/effort towards Bitcoin (BTC).

An excellent option for most people to get Bitcoin (BTC) exposure is via a “spot” ETF which tracks the price of Bitcoin 1:1. Spot Bitcoin ETFs were approved by the U.S. SEC on January 10, 2024 and they’ve been a smashing success: massive inflows ($36.3B in the first year; ~1.13M BTC held via ETFs; ~6% of total BTC supply held in ETFs).

For individuals interested in Bitcoin ETFs, I’ve analyzed all the ETFs currently available in 2025 and attempted to determine which are “best” overall and/or optimal fits for specific types of investors (long-term, short-term traders, maximum security, etc.).

Note: In the future we may need to reevaluate these ETF rankings if fees change or if any ETFs integrate new features like insurance/security guarantees, the ability to transfer BTC any time to your own wallet, yield generation (earn interest on BTC), etc. New ETFs may also emerge.

Best Bitcoin (BTC) ETFs (2025): Power Rankings

The list below is what I consider to be the top Bitcoin ETFs for 2025.

Understand that “best” is subjective… certain ETFs are better geared towards people who value the lowest possible fees, others are ideal for those who need high volume/liquidity for trading, and another subset might just make zero sense to buy (i.e. bad choices).

I factored in things like: annual fees, transient discounts, assets under management (AUM), brand trustworthiness & reputation, custody & security strategy, and market positioning.

If you get peace of mind from a major brand – you’d probably opt for Fidelity (FBTC) or BlackRock (IBIT)… these are the most popular.

In terms of overall security, most are likely similar… some might prefer Fidelity’s self-custody (they hold their own BTC) whereas others might think this is riskier than trusting the established Coinbase Custody (what most do).

Related: Best Ethereum (ETH) ETFs of 2025

1. Grayscale Bitcoin Mini Trust (BTC)

Despite Grayscale’s historic trust products (like GBTC) carrying high fees, their new Bitcoin Mini Trust ETF (ticker: BTC) distinguishes itself with the lowest long-term fee of just 0.15%. Over time, this could attract cost-conscious investors seeking pure Bitcoin exposure without the complexity of direct custody.

• Annual Fee (post-waiver): 0.15%

• Estimated Current AUM: ~$3.66B (per recent tracker; strong growth as investors appreciate the low fee)

• Custody & Security: Coinbase Custody (multi-sig cold storage)

• Brand & Reputation: High in crypto circles, though Grayscale’s previous trust structure was divisive

• Investor Fit: Fee-sensitive, long-term holders comfortable trusting a crypto-native brand’s new ETF format

Note: Do NOT confuse BTC (Bitcoin Mini Trust ETF) with Grayscale’s GBTC (way different).

2. Franklin Templeton Digital Holdings Trust (EZBC)

Franklin Templeton brings its extensive history in asset management to spot Bitcoin investing. With a 0.19% fee, EZBC competes aggressively on cost while leveraging a respected, mainstream name.

• Annual Fee (post-waiver): 0.19%

• Estimated Current AUM: ~$718M (per tracker; building credibility with traditional investors)

• Custody & Security: Coinbase (dominant BTC custodian)

• Brand & Reputation: Very high in traditional finance, but newer in the crypto ETF realm

• Investor Fit: Traditional investors who desire a low fee and a legacy asset manager’s compliance and oversight

3. Bitwise Bitcoin ETF (BITB)

Bitwise specializes in crypto, making BITB a go-to option for those who trust dedicated digital asset expertise. Although 0.20% is competitive, the firm’s smaller scale may trail top ETF brands in mainstream inflows.

• Annual Fee (post-waiver): 0.20%

• Estimated Current AUM: ~$3.83B (noted in trackers; healthy adoption from crypto-forward investors)

• Custody & Security: Coinbase (industry standard)

• Brand & Reputation: Solid among crypto-focused investors; mid-tier recognition in broader ETF markets

• Investor Fit: Investors who value a specialist firm that focuses on crypto, comfortable with moderate brand profile

Note: Many have mistakenly confused Bitwise Asset Management (associated with crypto ETFs like BITB) with Bitwise Industries (a technology company with financial problems and allegations of fraud). These are distinct entities.

4. VanEck Bitcoin Trust (HODL)

VanEck is known for thematic and commodity ETFs. I like some of VanEck’s offerings (SMH is one of my favorite ETFs). Here, VanEck charges 0.20% and uniquely uses Gemini instead of Coinbase as custodian.

I don’t think this is any more secure than Coinbase… it’s probably similar but could be less secure… but it may also be less targeted. A fee waiver is in place until Jan. 10, 2026 or $2.5B AUM, whichever comes first.

• Annual Fee (post-waiver): 0.20% (waived for early investors until threshold is reached)

• Estimated Current AUM: ~$1.32B (leveraging VanEck’s ETF experience)

• Custody & Security: Gemini plus additional cold storage measures

• Brand & Reputation: Respected in the ETF space, offers diversification away from Coinbase

• Investor Fit: Security-conscious investors wanting brand pedigree but not the mainstream Coinbase setup

5. Ark-21Shares Bitcoin ETF (ARKB)

Cathie Wood’s ARK pairs with 21Shares to deliver a 0.21% fee ETF. ARK’s cutting-edge reputation in thematic tech investing may attract growth-oriented individuals, though it doesn’t undercut the absolute cheapest players.

• Annual Fee (post-waiver): 0.21%

• Estimated Current AUM: ~$4.40B (ARK’s strong institutional presence)

• Custody & Security: Coinbase

• Brand & Reputation: High among disruptive tech enthusiasts, unique brand identity

• Investor Fit: Fans of ARK’s innovation-first philosophy, comfortable with a modestly higher fee than rock-bottom options

6. BlackRock’s iShares Bitcoin Trust (IBIT)

iShares, a BlackRock brand, has a colossal distribution network and brand trust. IBIT is nominally 0.25%, but currently reduced to 0.12% until Jan. 11, 2025 (or first $5B in assets). Many institutions default to iShares for simplicity and liquidity.

• Annual Fee (post-waiver): 0.25% (effectively 0.12% short-term)

• Estimated Current AUM: ~$53.25B (leading in sheer scale, per trackers)

• Custody & Security: Coinbase Prime (robust, institutional-grade security)

• Brand & Reputation: Extremely high—BlackRock is the largest asset manager globally

• Investor Fit: Large institutions or brand-loyal investors who want maximum liquidity and global reach, plus a promotional fee discount

7. Fidelity Wise Origin Bitcoin Fund (FBTC)

Fidelity’s spot Bitcoin ETF also costs 0.25%. However, Fidelity’s major differentiator is self-custody: the fund holds BTC via Fidelity Digital Assets, reducing reliance on Coinbase. Popular among Fidelity clients seeking a one-stop solution.

Once again, I wouldn’t necessarily assume Fidelity Digital Assets is more secure than Coinbase (might be similar security or less secure but also less targeted). If you’re concerned about Coinbase custody then this is a good option to consider.

• Annual Fee (post-waiver): 0.25%

• Estimated Current AUM: ~$19.30B (strong flows thanks to Fidelity’s huge retail base)

• Custody & Security: Fidelity itself (self-custody, considered robust)

• Brand & Reputation: Very high, household name with deep retail/institutional trust

• Investor Fit: Fidelity account holders or those who want an alternative to Coinbase for custody

8. Invesco-Galaxy Bitcoin ETF (BTCO)

Invesco teams with Galaxy Digital for 0.25%. Invesco is large in traditional ETFs, while Galaxy brings crypto credentials. However, they face fierce competition from iShares and Fidelity at the same price point.

• Annual Fee (post-waiver): 0.25%

• Estimated Current AUM: ~$731M (respectable but overshadowed by iShares/Fidelity)

• Custody & Security: Coinbase

• Brand & Reputation: Strong in mainstream finance, moderate in crypto-specific reputation

• Investor Fit: Investors seeking a well-known asset manager plus a crypto-native partner, but unconcerned about matching iShares scale

9. WisdomTree Bitcoin Fund (BTCW)

WisdomTree is a well-known ETF provider with a broad product lineup, but its 0.25% fee stands amidst stiff competition. A decent mid-tier choice for investors who like WisdomTree’s approach to innovative products.

• Annual Fee (post-waiver): 0.25%

• Estimated Current AUM: ~$363M (slower uptake vs. bigger brands)

• Custody & Security: Coinbase

• Brand & Reputation: Not as large as BlackRock/Fidelity, but recognized in ETF markets

• Investor Fit: Those comfortable with WisdomTree’s broader ETF suite, valuing moderate brand trust

10. Valkyrie Bitcoin Fund (BRRR)

At 0.25%, Valkyrie’s product also competes in the mid-fee arena. Valkyrie is recognized in the crypto space, but it doesn’t command the broad brand appeal of iShares, Fidelity, or ARK. Custody is split among Coinbase, BitGo, Komianu.

• Annual Fee (post-waiver): 0.25%

• Estimated Current AUM: ~$844.79M

• Custody & Security: Coinbase, BitGo, Komainu (Jersey)

• Brand & Reputation: Not a top-tier ETF brand, but known among crypto-focused investors

• Investor Fit: Those seeking an alternative mid-range option, comfortable with Valkyrie’s smaller scale

11. Grayscale Bitcoin Trust (GBTC) (Non-ETF)

Though historically the largest BTC vehicle, GBTC isn’t a true ETF and carries a hefty 1.50% fee. It often trades at premiums or discounts to NAV. With cheaper spot ETFs now available, it’s primarily a legacy holdover.

• Annual Fee: 1.50%

• AUM: ~$19.20B (legacy assets, but overshadowed by cheaper ETFs)

• Custody & Security: Coinbase, but structured as a trust with redemption constraints

• Brand & Reputation: Once a pioneer; now overshadowed by newly approved, lower-fee spot ETFs

• Investor Fit: Rare scenarios where a large discount to NAV might tempt opportunistic investors; otherwise superseded by actual ETFs

Spot BTC ETF Lineup (2025): Key Differentiators

A.) Lowest Fees & Crypto Expertise

Grayscale Bitcoin Mini Trust (BTC) – 0.15%

• Why Choose It: Unbeatable long-term fee (post-promo), leveraging Grayscale’s deep crypto pedigree. Stores Bitcoin with Coinbase Custody for robust security. Ideal for cost-conscious buy-and-hold investors who want minimal fee drag.

• Drawbacks: Grayscale’s older trust products (e.g., GBTC) had issues with premiums/discounts; though this Mini Trust ETF is structured differently, some investors may still be cautious. Still building mainstream ETF credibility, even if it resonates strongly with crypto-savvy circles.

Franklin Templeton Digital Holdings Trust (EZBC) – 0.19%

• Why Choose It: Balances competitive fees with Franklin’s global brand, mixing low cost and trusted name recognition. Likely to attract more traditional investors who want a familiar, regulated asset manager. Uses Coinbase as a custodian, which is industry-standard for most Bitcoin ETFs.

• Drawbacks: Not as low-cost as Grayscale’s 0.15% offering, but still cheaper than major ETF brands like BlackRock or Fidelity. AUM is robust (hundreds of millions) but smaller than iShares or Fidelity—at least initially.

B.) Balanced Mid-Tier

Bitwise Bitcoin ETF (BITB) – 0.20%

• Unique Angle: Bitwise’s crypto-native expertise often appeals to Bitcoin enthusiasts. Some investors appreciate Bitwise’s focus on digital assets and specialized research. Competitive 0.20% fee places it squarely in the mid-tier bracket.

• Potential Issue: AUM is in the billions, but still overshadowed by larger traditional providers (e.g., iShares, Fidelity). Brand recognition high in crypto circles, moderate in mainstream finance.

VanEck Bitcoin Trust (HODL) – 0.20%

• Unique Angle: Known for commodity and thematic ETFs, VanEck brings a solid ETF pedigree. Uses Gemini as custodian (a differentiator from Coinbase-heavy peers). Currently waiving fees until Jan. 10, 2026, or first $2.5B in fund assets (whichever comes first).

• Potential Issue: Marketing push less visible than bigger household names, so inflows might be slower. Some investors prefer a bigger brand or the “standard” Coinbase custody approach.

C.) Top-Tier Brand & Stability

BlackRock iShares Bitcoin Trust (IBIT) – 0.25%

• Why Choose It: BlackRock’s iShares juggernaut provides unmatched distribution, scale, and liquidity. Institutions and mainstream investors flock to BlackRock for “tried-and-true” reliability. Custodian is Coinbase Prime, regarded as top-tier in security.

• Trade-Off: Permanent fee is on the higher side at 0.25%, though the temporary 0.12% discount is appealing. Many cost-sensitive investors might jump ship once the promo ends—unless iShares adjusts the fee further.

Fidelity Wise Origin Bitcoin Fund (FBTC) – 0.25%

• Why Choose It: Fidelity’s self-custody approach (via Fidelity Digital Assets) reduces reliance on Coinbase. A powerful brand with a huge retail base; many investors have existing Fidelity accounts. Competitive with iShares on scale, though fee is equal to 0.25% (no short-term discount).

• Trade-Off: If you want the absolute cheapest product, Fidelity’s 0.25% is not it. However, the brand trust, integrated Fidelity experience, and self-custody are major selling points.

D.) Legacy Holdover

Grayscale Bitcoin Trust (GBTC) – 1.50% (Non-ETF)

• Why Avoid It: Historically the largest BTC vehicle, but not a true ETF—carries a high 1.50% annual fee. Often trades at a discount or premium to NAV, complicating investor returns. Lacks the full redemption mechanism of an ETF, meaning less price stability.

• Exceptions: Might be worth a look only if it’s trading at an extreme discount to NAV, and you’re comfortable with the trust structure. Otherwise, overshadowed by cheaper, more transparent spot ETFs.

Ideal Bitcoin ETFs for Specific Investors

Frequent Traders

• Recommended: iShares Bitcoin Trust (IBIT) or Fidelity Wise Origin (FBTC)

• Why: High volume, tight spreads, and broad brokerage availability. Giant brand names instill confidence for active trading or large block trades.

Buy & Occasional Take Profits

• Recommended: Franklin Templeton (EZBC) or Bitwise (BITB)

• Why: Lower fees than iShares/Fidelity. EZBC = a traditional brand’s credibility. BITB = specialized crypto focus if you want a purely crypto-driven team.

Short-Term Momentum Investors (2025)

• Recommended: VanEck (HODL) or Ark 21Shares (ARKB)

• Why: Both have mid-tier fees (0.20%–0.21%). VanEck’s fee waiver can reduce cost short-term. ARK’s growth-oriented brand may capture momentum-investor attention.

Maximum Security & Peace of Mind

• Recommended: Fidelity FBTC (self-custody) or VanEck HODL (Gemini custody)

• Why: Fidelity uses its own custody, diversifying away from Coinbase. VanEck’s use of Gemini is a different approach, plus potential dual-custody or cold storage enhancements.

Long-Term HODLers

• Recommended: Grayscale Bitcoin Mini (BTC) – 0.15%, or Franklin Templeton (EZBC) – 0.19%

• Why: Over many years, a fee difference of even 0.10% can significantly impact returns. Both sponsors are relatively stable and reputable, ensuring a low-expense, buy-and-hold path.

Why Bitcoin (BTC) ETFs Make Sense for Many Investors

1. No Tech Expertise Required: Gain Bitcoin exposure in a standard brokerage account, no private key management.

2. Trusted Name vs. Exchanges: Many mainstream investors find large ETF issuers more reassuring than crypto exchanges.

3. Easier Tax & Reporting: ETFs integrate seamlessly with typical brokerage tax documents, removing some complexities of direct crypto trades.

4. Simplicity & Peace of Mind: You don’t have to secure your own wallet or worry about exchange hacks or collapses.

Disadvantages of BTC ETFs vs. Self-Custody

1. Management Fees: Even the cheapest ETFs (0.15%–0.20%) can erode returns over many years compared to direct self-custody.

2. Potential AUM & Liquidity Issues: Smaller funds might have wider spreads and lower daily trading volume than top-tier ETFs or direct BTC markets.

3. Custodianship Risk: If the Bitcoin (BTC) gets hacked you may not get reimbursed – particularly from smaller ETF providers. If you self-custody security is your responsibility but at least you’ll have nobody to blame but yourself.

Custodianship Risk: A Quick Note

Most experts view this risk as relatively low, but it’s a consideration if you’re particularly concerned about custodian concentration.

If you want to spread risk around you could buy a mix of funds held by a variety of sources (e.g. IBIT = Coinbase, FBTC = Fidelity Digital Assets, HODL = Gemini, BRRR = Coinbase, BitGo, Komainu).

• Coinbase: Dominates as the custodian for 9 of these 11 ETFs. Any future financial or operational trouble at Coinbase could complicate short-term access to BTC, though legal structures aim to protect ETF assets.

• Fidelity: The only major sponsor to self-custody (FBTC).

• VanEck: Uses Gemini for HODL, diversifying away from Coinbase.

• Valkyrie: Uses a combo of Coinbase, BitGo, Komainu.

Overall: Which Are the Best Bitcoin ETFs in 2025?

Review the ETFs and make your own decision. Best depends on what you value most… Do you want trusted company with lowest fees OR highest trust companies with higher fees and trading volume?

1. Cheapest & Credible:

• Grayscale Bitcoin Mini (BTC) @ 0.15% = minimal drag, recognized crypto brand.

• Franklin Templeton (EZBC) @ 0.19% = nearly as cheap, but with a more established legacy finance pedigree.

2. Mid-Tier Gems (0.20–0.21%):

• Bitwise (BITB) and VanEck (HODL) for specialized crypto knowledge or fee waivers.

• Ark 21Shares (ARKB) if you like Cathie Wood’s disruptive innovation theme.

3. Big-Brand / Max Liquidity (0.25%):

• iShares (IBIT) or Fidelity (FBTC) if you prefer large-scale, well-capitalized players or a self-custody approach (Fidelity).

• Invesco (BTCO), WisdomTree (BTCW), and Valkyrie (BRRR) for further brand diversification.

4. Avoid (Unless Steep Discount to NAV):

• GBTC with a 1.50% fee and trust structure. Only consider if it trades at a steep discount to NAV and you’re comfortable with trust constraints.

In the end, the “best” Spot Bitcoin ETF depends on your specific needs:

• Lowest fees? Grayscale BTC Mini and Franklin Templeton.

• Strong brand trust + big liquidity? iShares or Fidelity.

• Niche angles or alternative custody? Bitwise, VanEck, or Ark 21Shares.

• Long-term hold with minimal costs? Grayscale’s new ETF at 0.15% or Franklin at 0.19%.

• Legacy GBTC? Likely worth avoiding unless a unique discount scenario arises.

Final Take: The “best” Bitcoin ETF in 2025 depends on your priorities: brand trust, risk tolerance, fee sensitivity, etc. Pick the one that aligns most with what you want/need.