BITB is Bitwise's spot Bitcoin ETF — 0.20% fee, Coinbase custody, $2.13bn of net assets at 30 June 2026. The fifth-largest US spot Bitcoin ETF, run by a crypto-only manager.
TL;DR. Bitwise Bitcoin ETF (BITB) charges 0.20%, which is 5 bp under IBIT and 1 bp under ARKB. It holds its bitcoin at Coinbase Custody Trust. At 30 June 2026 it had $2.126 billion of net assets and 36,207.69 BTC (Q2 2026 10-Q), about one-twentieth of IBIT, which makes BITB the fifth-largest US spot Bitcoin ETF. The sponsor is Bitwise Investment Advisers, LLC, part of an asset manager that does only crypto. If you want a cheaper mid-sized fund instead of one of the two giants, BITB is a sound choice.
Contents · 9 sections
The basics
| Field | Value |
|---|---|
| Ticker | BITB |
| Exchange | NYSE Arca |
| Inception | 11 Jan 2024 |
| Sponsor | Bitwise Investment Advisers, LLC |
| Custodian | Coinbase Custody Trust Company |
| Administrator | The Bank of New York Mellon |
| Expense ratio | 0.20% |
| Net assets (30 Jun 2026) | $2.126 billion — 36,207.69 BTC |
| Average daily volume | ~1.8 million shares |
Bitwise as an issuer
Bitwise Asset Management was founded in San Francisco in 2017 to build crypto investment products for the US market. Before spot Bitcoin ETFs were approved, it had launched:
- The Bitwise 10 Crypto Index Fund (BITW), a multi-asset crypto basket that has traded on OTC markets since 2017.
- Several private placement vehicles that gave institutions bitcoin and crypto exposure.
- A Q4 crypto market outlook report that it has published for years.
The firm is smaller than BlackRock or Fidelity but has been in crypto longer than either. The ETF's sponsor is Bitwise Investment Advisers, LLC. A sibling entity, Bitwise Investment Manager, LLC, is the affiliate that bought the seed shares at launch and later redeemed them. The names are easy to mix up; the sponsor of record is Bitwise Investment Advisers.
Fees and tracking
BITB launched with a fee waiver. According to the 2025 10-K, for six months from the 11 January 2024 listing the sponsor waived the entire fee on the first $1 billion of trust assets, through 10 July 2024. The full 0.20% has accrued since 11 July 2024. That is 5 bp below IBIT and FBTC, 1 bp below ARKB and 1 bp above Franklin EZBC. It is also 5–6 bp above the two cheapest funds in the category, the Grayscale Mini (0.15%) and Morgan Stanley MSBT (0.14%).
Tracking figures from the Bitwise fund page on 23 September 2026:
- 30-day median bid-ask spread: 0.0234%, which Bitwise rounds to 0.02%.
- Net assets $3.24 billion across 38,394 BTC, on 70,760,000 shares outstanding.
- Daily volume 949,194 shares; NAV $45.80 against a market price of $45.89, a premium of 0.20%.
The spread is the interesting number, because it goes against the usual way these funds get ranked. IBIT is twenty times BITB's size and trades roughly fifty times its share volume, yet it published a 0.02% median spread on the same date. In practice that is the same quote. The spread is kept tight by authorised participants arbitraging against a deep 24-hour spot market, not by the ETF's own order book. A bigger fund gets you more depth, not a better price. BITB is a poor vehicle for a $50 million block, and for a $50,000 purchase it is as good as IBIT.
| Fund | 30-day median bid-ask spread | Net assets | Daily volume (shares) |
|---|---|---|---|
| IBIT (BlackRock) | 0.02% | $67.08bn | 46.9M |
| BITB (Bitwise) | 0.0234% | $3.24bn | 0.95M |
| ARKB (21Shares) | 0.04% | $2.88bn | 1.87M |
| FBTC (Fidelity) | not published | — | — |
Issuer fund pages, 23 September 2026.
ARKB, the closest competitor by assets, quoted 0.04% on the same date. That is wider than BITB, even though ARKB trades about twice the daily share volume. Fidelity publishes no spread for FBTC. FBTC is a 1933 Act commodity trust, so Rule 6c-11 does not require the disclosure, and Fidelity has chosen not to give it. For the full fee picture, see expense ratios compared.
Custody
BITB uses Coinbase Custody Trust Company, LLC, like IBIT and most of the category, so it carries the same Coinbase concentration risk. The four largest funds that name Coinbase as bitcoin custodian (IBIT, GBTC, the Grayscale Mini and BITB) held $56.8bn of the $71.4bn category at 30 June 2026. The custody setup itself is the standard one described in how Bitcoin ETF custody works.
The case for BITB
- The fee is low. At 0.20% it is close to the cheapest mainstream options, though not the cheapest.
- Bitwise has run crypto products since 2017, longer than BlackRock or Fidelity.
- The structure is simple: one custodian, one benchmark, and a fee that has not changed since the waiver ended.
The case against BITB
- Assets and volume are smaller. Liquidity is decent but a step below IBIT, FBTC and ARKB.
- The issuer depends on crypto. Most of Bitwise's revenue comes from crypto products, so in a multi-year crypto bear market it has less of a cushion than BlackRock or Fidelity.
- Custody is Coinbase only, so there is no diversification away from the dominant custodian.
Who should consider BITB
- Cost-conscious investors comparing BITB (0.20%) with EZBC (0.19%), the Grayscale Mini (0.15%) and MSBT (0.14%).
- Anyone who wants a credible fund from an issuer other than BlackRock, Fidelity or Grayscale.
FAQ
What is the expense ratio of Bitwise BITB?
0.20% per year. According to the fund's 2025 10-K, the sponsor waived the entire fee on the first $1 billion of trust assets for six months, from the 11 January 2024 listing through 10 July 2024. The full 0.20% has accrued since 11 July 2024.
How big is Bitwise BITB?
At 30 June 2026 it had $2.126 billion of net assets and 36,207.69 BTC, according to the fund's Q2 2026 10-Q. That makes it the fifth-largest US spot Bitcoin ETF, behind IBIT ($43.39bn), FBTC ($10.30bn), GBTC ($8.14bn) and the Grayscale Bitcoin Mini Trust ($3.19bn).
Who custodies the bitcoin held by BITB?
Coinbase Custody Trust Company, LLC. IBIT, GBTC and the Grayscale Mini name the same custodian, and it is one of ARKB's four. The bitcoin is held in segregated cold-storage addresses.
How does BITB compare to IBIT?
BITB charges 0.20% and IBIT 0.25%, a 5 bp difference, or $50 a year on a $100k position. At 30 June 2026 BITB had about one-twentieth of IBIT's net assets ($2.13bn against $43.39bn) and thinner liquidity to match. Both hold their bitcoin at Coinbase Custody.
Is Bitwise a reliable ETF issuer?
Bitwise has run crypto investment products since 2017, longer than any of the larger ETF issuers it now competes with. It has several years of compliance, custody and operating history in crypto specifically. BlackRock and Fidelity have bigger balance sheets, and crypto is the whole business at Bitwise.
Sources and further reading
- Bitwise Bitcoin ETF Form 10-Q for the quarter ended 30 June 2026 and Form 10-K for 2025: sec.gov/Archives/edgar (CIK 0001763415).
- Internal: ARK 21Shares ARKB review, Franklin EZBC review, Expense ratios compared.
For information only. Not investment advice.
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