Dividend comparison
GBTC vs BITO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Grayscale Bitcoin Trust ETF and ProShares Bitcoin ETF, side by side. Updated October 21, 2026.
- Fees. BITO is cheaper at 0.95% a year versus 1.50% for GBTC. On $10,000 that is $55 a year less in fees.
- Performance. Over the last 5 years, GBTC returned 23.1% versus -11.2% for BITO, with dividends reinvested. $10,000 would have grown to $12,309 in GBTC and $8,879 in BITO.
- Risk. GBTC has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -85.4%, against -77.8% for BITO.
- Size. GBTC is the larger fund with $10.3 billion in assets, against $1.6 billion for BITO.
Bottom line: GBTC fits better if you care most about stronger 5-year returns. BITO fits better if you care most about lower fees and smaller drawdowns.
| Metric | GBTC Grayscale Bitcoin Trust ETF | BITO ProShares Bitcoin ETF |
|---|---|---|
| Dividend yield (TTM) | — | 22.43% |
| Dividend / share (TTM) | — | $2.47 |
| Payout frequency | — | Monthly |
| Last dividend | $0.0565 on Apr 3, 2018 | $0.0174 on Oct 7, 2026 |
| Ex-dividend date | Nov 30, 2017 | Oct 1, 2026 |
| Price | $63.70 | $11.01 |
| Beta | 2.19 | 1.74 |
| Max drawdown (5Y) | -85.4% | -77.8% |
| Market cap | $43.56B | $2.22B |
| Exchange | AMEX | AMEX |
| Expense ratio | 1.50% | 0.95% |
| Assets under management | $10.33B | $1.61B |
| Number of holdings | — | 5 |
GBTC
—/mo
Yield data unavailable
BITO
$186.91/mo
$2243 /yr at 22.43% yield
| Year | GBTC | BITO |
|---|---|---|
| 2025 | — | $9.5198 |
| 2024 | — | $14.0307 |
Bitcoin has fallen more than 70% from its peak several times, and price swings of 10% in a day are not unusual.
What GBTC vs BITO actually do
It buys front-month CME bitcoin futures and rolls them forward as each contract nears expiry, holding Treasuries as collateral. When longer-dated contracts trade above nearer ones, a condition called contango that has been common in bitcoin futures, each roll sells low and buys high and drags on return relative to spot bitcoin. Fees are around 0.95% a year on top of that roll cost, and its distributions come from collateral interest and realized futures gains rather than from anything the asset pays.
Suits an account that cannot hold spot bitcoin products directly but can hold a futures-based fund. Since spot bitcoin ETFs became available in 2024 the structural case for the futures wrapper is much narrower, and the combination of roll drag and fee means it should not be expected to keep pace with bitcoin itself.
High volatility, structural tracking drag
| Period | GBTC | BITO |
|---|---|---|
| 1 month | 1.42% | 0.82% |
| 3 months | 26.26% | 26.70% |
| Year to date | -6.82% | -9.46% |
| 1 year | -26.69% | -33.11% |
| 3 years | 169.46% | 115.46% |
| 5 years | 23.09% | -11.21% |
- GBTC
- BITO
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- GBTC
- BITO
Quick verdict
GBTC fits better if you care most about stronger 5-year returns. BITO fits better if you care most about lower fees and smaller drawdowns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is GBTC or BITO better for dividend income?
What is the difference between GBTC and BITO?
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.