2025 was a challenging year for Bitcoin bulls. By Dec. 31, Bitcoin was down 6.3% on the year, following a 121% gain in 2024 and a 155% gain in 2023.
“We are cautiously optimistic on Bitcoin heading into 2026 thanks to a set of reinforcing structural forces,” says Matthew Sigel, head of digital assets research at VanEck. “Persistent fiscal deficits and recurring money creation continue to erode confidence in fiat currencies, while growing disillusionment with institutions is driving demand for scarce, non-sovereign stores of value.”
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However, the 2025 pullback did little to dampen institutional interest in the growing intersection between cryptocurrencies and the exchange-traded fund (ETF) market. As of Jan. 4, ETF Central’s screening tool showed 121 cryptocurrency-focused ETFs out of roughly 4,875 total U.S. listings, representing just under 3% of the overall U.S.-listed ETF universe.
Investors can now find ETFs linked to altcoins such as Ethereum, Solana and XRP, leveraged and inverse products, and diversified multi-crypto allocations. Issuers have also launched derivative-based crypto ETFs that either monetize volatility via income distributions, or limit downside risk via hedging.
The catalyst for this expansion traces back to January 2024, when the first 11 spot Bitcoin ETFs launched in the U.S. market. They were the first U.S. ETFs to be physically backed by Bitcoin, held with institutional custodians, eligible for tax-advantaged accounts such as Roth IRAs and traded on stock exchanges without requiring investors to use a cryptocurrency exchange or self-custody.
Several of those original spot Bitcoin ETFs gained significant traction quickly after launch, led by major traditional asset managers such as BlackRock, Fidelity, VanEck and Invesco, but also dedicated digital asset specialists like Grayscale, Bitwise and CoinShares.
“Bitcoin adoption is broadening across corporate treasuries, asset managers and a younger demographic cohort inheriting capital and comfortable with digital assets,” Sigel explains.
Now, two years later, many of the introductory fee waivers that accompanied those launches have expired. That shift makes it easier to compare spot Bitcoin ETFs on an apples-to-apples basis, especially after factoring in liquidity, inflows and tracking error.
Here are 11 of the best spot Bitcoin ETFs to buy in 2026:
| ETF | Expense ratio |
| iShares Bitcoin Trust ETF (ticker: IBIT) | 0.25% |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | 0.25% |
| Grayscale Bitcoin Trust ETF (GBTC) | 1.50% |
| Grayscale Bitcoin Mini Trust ETF (BTC) | 0.15% |
| Bitwise Bitcoin ETF (BITB) | 0.20% |
| ARK 21Shares Bitcoin ETF (ARKB) | 0.21% |
| VanEck Bitcoin ETF (HODL) | 0.00%* |
| Invesco Galaxy Bitcoin ETF (BTCO) | 0.25% |
| WisdomTree Bitcoin Fund (BTCW) | 0.25% |
| Franklin Bitcoin ETF (EZBC) | 0.19% |
| CoinShares Bitcoin ETF (BRRR) | 0.25% |
*The fund’s regular expense ratio of 0.2% is waived for the first $2.5 billion in assets under management until July 31.
iShares Bitcoin Trust ETF (IBIT)
IBIT currently ranks as the largest spot Bitcoin ETF by assets under management (AUM), with $70.6 billion. According to ETF Central, the fund saw $25.6 billion in net inflows over a one-year trailing period as of Jan. 8, despite Bitcoin’s lukewarm returns. IBIT currently charges a 0.25% expense ratio.
IBIT is a highly liquid ETF, trading over 52 million shares on average over a 30-day period with a median bid-ask spread of 0.02%. The ETF was also one of the first spot Bitcoin ETFs to receive approval for options trading, which enabled advanced strategies like selling covered calls or cash-secured puts.
Fidelity Wise Origin Bitcoin Fund (FBTC)
Fidelity is best known for its brokerage platform and long-standing lineup of mutual funds, but the asset manager has built a strong digital asset platform in recent years. Its flagship product is FBTC, which charges the same 0.25% expense ratio as IBIT does. FBTC currently has $17.7 billion in AUM.
However, FBTC differs from IBIT and most of the other spot Bitcoin ETFs when it comes to custody of its underlying Bitcoin reserves. Instead of relying on Coinbase, FBTC’s Bitcoin is safeguarded in-house via Fidelity Digital Assets, which also offers an integrated trading platform for cryptocurrency.
Grayscale Bitcoin Trust ETF (GBTC)
Grayscale led a landmark lawsuit against the Securities and Exchange Commission after the agency denied it the ability to convert GBTC from a closed-end trust into an ETF. That legal victory eliminated the discount to net asset value that had weighed on GBTC investors for years, and helped open the floodgates for spot Bitcoin ETFs.
Following conversion, however, GBTC experienced significant net outflows as investors pivoted to newer competitors. This was largely due to its pricey 1.5% expense ratio, well above the 0.25% charged by rivals such as IBIT and FBTC. However, the ETF remains sizable with $14.9 billion in AUM.
Grayscale Bitcoin Mini Trust ETF (BTC)
To slow those outflows, Grayscale launched a separate “mini” Bitcoin ETF by spinning out roughly 10% of GBTC’s assets into BTC. In addition to having an intuitive ticker symbol, BTC charges a much lower 0.15% expense ratio, positioning it among the least expensive spot Bitcoin ETFs on the market.
As of Jan. 8, BTC held about $4.4 billion in AUM, corresponding to 48,252 Bitcoin in trust and each share representing fractional interest in 0.00044252 Bitcoin. As with GBTC, the ETF relies on Coinbase as the custodian for its underlying Bitcoin reserves. BTC is also fairly liquid, with a 0.03% bid-ask spread.
Bitwise Bitcoin ETF (BITB)
Grayscale’s main competition has not come solely from large asset managers such as BlackRock or Fidelity, but from digital asset specialists like Bitwise. These firms tend to cater to crypto-native investors who value transparency, detailed research and operational disclosures alongside plain Bitcoin exposure.
To compete with GBTC, Bitwise launched BITB with a 0.2% expense ratio, and the ETF now has about $3.5 billion in assets. BITB’s hallmark is a publicly available proof-of-reserves page showing roughly 38,900 Bitcoin held in custody, supported by a downloadable independent auditor attestation.
ARK 21Shares Bitcoin ETF (ARKB)
Cathie Wood is best known for the ARK Invest lineup of innovation-themed ETFs spanning areas such as robotics, genomics, fintech and space. However, the firm has also built a sizable presence in cryptocurrency ETFs through a partnership with digital assets specialist 21Shares.
That collaboration led to the launch of ARKB in January 2024, which has since grown to about $3.6 billion in AUM. The ETF tracks the CME CF Bitcoin Reference Rate — New York Variant as its benchmark index. ARKB currently charges a 0.21% expense ratio, higher than BTC and BITB, but lower than FBTC and IBIT.
[Read: Bitcoin vs. Ethereum: Which Is the Better Buy?]
VanEck Bitcoin ETF (HODL)
“With precious metals having already rallied, we expect investor interest in scarcity assets to broaden rather than remain concentrated in a single category, creating room for Bitcoin to play a complementary role,” Sigel says. “In this context, Bitcoin can function as a long-term hedge and diversifier.”
HODL is VanEck’s flagship crypto ETF, with a clever ticker that is a familiar Easter egg for Bitcoin enthusiasts. Moreover, VanEck has pledged to waive the 0.2% expense ratio for the first $2.5 billion in AUM up to July 31, 2026. With $1.4 billion in AUM, HODL is therefore free to invest in for the time being.
Invesco Galaxy Bitcoin ETF (BTCO)
“BTCO is powered by the combined expertise of Invesco, the fourth-largest U.S. ETF provider by AUM, and Galaxy, a pioneer in digital asset investing since 2018,” says Kathy Kriskey, head of alternatives ETF strategy at Invesco. The ETF currently has $583 million in AUM and charges a 0.25% expense ratio.
Despite being smaller, BTCO has excelled in other aspects. “Since inception, BTCO has consistently delivered among the lowest tracking error to Bitcoin’s spot price among peers,” Kriskey says. “As of Dec. 8, 2025, BTCO’s tracking error stood at -0.7%, compared to -2% or more for many competitors.”
WisdomTree Bitcoin Fund (BTCW)
WisdomTree is best known for its lineup of fundamentally weighted ETFs focused on value and dividend strategies, but it has also built out a dedicated digital assets platform in recent years. That expansion includes spot Bitcoin exposure through BTCW, which charges a standard 0.25% expense ratio.
The ETF has gathered about $144 million in assets, modest compared with peers, but still above the roughly $50 million threshold cited by ETF.com as important for long-term viability. Trading liquidity has been about average, with a 0.08% 30-day median bid-ask spread, wider than that of larger peers.
Franklin Bitcoin ETF (EZBC)
The rush to market in January 2024 saw several traditional asset managers launch spot Bitcoin ETFs despite limited prior exposure to digital assets. Franklin Templeton, best known for its international equity and active ETF lineup, entered the space with EZBC as its spot Bitcoin offering.
The fund has accumulated roughly $545 million in assets and charges a 0.19% expense ratio, placing it between smaller offerings such as BTCW and larger products like IBIT and FBTC. A decently low 0.04% 30-day median bid-ask spread makes it less expensive to trade compared to BTCW.
CoinShares Bitcoin ETF (BRRR)
CoinShares stands out among spot Bitcoin ETF issuers due to its European roots, with operations spanning jurisdictions including France, Sweden and the U.K. Its U.S.-listed spot Bitcoin ETF, BRRR, has attracted about $544 million in AUM since inception.
BRRR charges a 0.25% expense ratio, the same as IBIT and FBTC. It currently tracks the CME CF Bitcoin Reference Rate — New York Variant, the same index benchmark used by ARKB. This ETF was formerly called the CoinShares Valkyrie Bitcoin Fund, but it had the same ticker symbol.
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11 Spot Bitcoin ETFs to Buy in 2026 originally appeared on usnews.com
Update 01/09/26: This story was previously published at an earlier date and has been updated with new information.
