Bitcoin ETF List: 12 US Spot Bitcoin ETFs, Fees From 0.14%

What Bitcoin ETFs are there?

Twelve US-listed ETFs hold bitcoin directly. Ten began trading on January 11, 2024, the day after the SEC approved the first spot products (Grayscale's GBTC converted from a closed-end trust that day). Grayscale spun off its Bitcoin Mini Trust (BTC) in July 2024, and Morgan Stanley Investment Management launched the Morgan Stanley Bitcoin Trust (MSBT) in April 2026, the first spot Bitcoin product from a US bank-affiliated asset manager.

Fees are the sponsors' stated ongoing rates. The launch waivers of 2024 (BlackRock charged 0.12% on IBIT's first $5 billion for 12 months, for example) have ended, so the table shows what holders pay now. Together the spot funds held about $100.75 billion on October 13, with $57.68 billion of cumulative net inflows since launch, per data cited by Crypto Briefing.

What is the cheapest Bitcoin ETF?

Morgan Stanley's MSBT, at a 0.14% sponsor fee: $1.40 a year per $1,000 held. It took the title from Grayscale's Mini Trust (0.15%), which had been the low-cost leader since 2024, by a single basis point. Franklin's EZBC (0.19%) and Bitwise's BITB and VanEck's HODL (0.20%) follow. Five funds, including the two largest, charge 0.25%.

The outlier is GBTC at 1.50%, ten times the Mini Trust's fee for the same asset in the same custody. Holders who bought GBTC before its conversion can owe capital-gains tax if they switch, one reason its assets have drained to cheaper funds gradually rather than all at once. Our guide to expense ratios and liquidity explains why the fee is only half of what a fund costs you.

Which Bitcoin ETF is the largest?

BlackRock's IBIT, by a wide margin. SoSoValue data put its cumulative net inflow at about $65.6 billion as of October 16, against about $10.5 billion for Fidelity's FBTC, the next-largest by inflows. That gap matters for trading: the deepest fund usually has the tightest bid-ask spread, and it is where authorized participants create and redeem first. It also means IBIT sets the tone on red days. On Friday, October 16, spot Bitcoin ETFs lost about $82.4 million, and IBIT accounted for about $71.8 million of it, per SoSoValue.

Are BITO, BITX and BITU spot Bitcoin ETFs?

No. They hold bitcoin futures, not bitcoin. BITO is a 1x futures fund that pays the cost of rolling contracts each month; BITX and BITU reset 2x leverage daily; SBIT is a -2x inverse fund. They suit short holding periods and come with costs the spot funds above do not have. The differences are laid out in spot vs futures crypto ETFs.

What it means for investors

Among the twelve spot funds, the asset is the same and the custody model is close to identical, so cost and liquidity are what separate them. Pre-Tick's GBTC vs BTC comparison prices the gap between Grayscale's two funds at $13.50 less per $1,000 a year for the Mini Trust. Between the two largest funds, IBIT vs FBTC shows no fee difference at all, which leaves size, spreads and flows as the deciding factors; IBIT vs BTC shows the $1.00 per $1,000 a year you give up for IBIT's depth.

The cost no fee table shows is the open. Bitcoin trades all night while these funds are closed, so the first print at 9:30 a.m. ET carries the overnight move. Pre-Tick estimates each fund's opening price before the bell on its ETF page and records how close those estimates land on /accuracy. For daily creations and redemptions by fund, see this week's Bitcoin ETF flows, where the category stands at about -$229 million for the week, or the live flows table. If a 2x fund is on your list, check leverage decay and, for BITO, futures roll cost first. This is market analysis, not investment advice.