US Spot Bitcoin ETFs: Fees, Custody and Net Assets Compared

This guide summarizes published facts about the US spot Bitcoin exchange-traded products that hold bitcoin directly: sponsor fees, net assets, bitcoin held and custodians, as listed on issuer fund pages and SEC filings opened on November 6, 2026. All of these funds hold the same underlying asset, so the points that can be compared are cost, custody, size and trading characteristics. IBIT, FBTC, ARKB and BITB are covered in more detail. The guide does not recommend any fund, and the value of bitcoin can fall sharply, including to zero.

Where the US Spot Bitcoin ETF Market Stands (November 2026)

The first US spot Bitcoin ETFs began trading in January 2024. Sizes differ widely. According to iShares, IBIT reported net assets of $60.70 billion on November 6, 2026, while several funds in the table below report net assets between roughly $0.1 billion and $0.4 billion. Net assets move with Bitcoin’s price: the same iShares page lists a CME CF Bitcoin Reference Rate – New York Variant level of $75,754.71 on November 6, 2026 and a 52-week NAV range for IBIT of $33.19 to $60.17.

• Price volatility: iShares reports an IBIT NAV total return of -13.13% year to date as of November 5, 2026. Past performance does not indicate future results, and an investor can lose the entire investment.
• Fee waivers: VanEck’s HODL fee waiver on the first $2.5 billion of assets ran through July 31, 2026 (VanEck 10-Q, June 30, 2026). VanEck’s fund page lists an expense ratio of 0.20% as of November 6, 2026.
• Changes in the product list: Morgan Stanley Bitcoin Trust (MSBT) began operations on April 7, 2026 with a 0.14% delegated sponsor fee (MSBT 10-Q, June 30, 2026). Hashdex’s Bitcoin ETF (DEFI) was delisted from NYSE Arca effective September 3, 2026 (Hashdex). The iShares Bitcoin Premium Income ETF (BITA) commenced operations on June 9, 2026 at a 0.65% sponsor fee; it writes options on IBIT and is not a plain spot fund (BITA 10-Q, September 30, 2026).
• Retirement accounts: Whether a given IRA or workplace plan can hold these funds depends on the account provider’s rules; check with the provider.

US Spot Bitcoin ETFs: Comparison Table (Data Dated November 2026)

Each value is dated because it changes daily; the date reflects the latest figure found in the cited source on November 6, 2026 (issuer fund pages report daily; SEC Forms 10-Q report quarter-end figures). ¹ FBTC lists Fidelity Digital Assets, N.A., an affiliate of the sponsor, as its bitcoin custodian (Fidelity 10-Q). Of the 12 funds in this table, 11 list a Coinbase custody entity as a custodian, sometimes alongside others; FBTC is the one that does not. ² VanEck’s fee waiver on the first $2.5 billion of assets ran through July 31, 2026; the fund page lists 0.20% as of November 6, 2026. ³ VanEck 10-Q for the quarter ended June 30, 2026. ⁴ MSBT pays a delegated sponsor fee of 0.14% (10-Q filed August 13, 2026). Hashdex’s DEFI is not listed because the fund was delisted from NYSE Arca effective September 3, 2026. The table may not include every spot Bitcoin product listed in the US; confirm the current list with each issuer or the SEC.

IBIT vs FBTC vs ARKB vs BITB: Side-by-Side Facts

The four funds below are among the largest in the comparison table. The rows show only items that could be checked in issuer pages or SEC filings on November 6, 2026.

Sources: iShares, Fidelity Form 10-Q (Sep 30, 2026), 21Shares and ARKB 10-Q, Bitwise. Options availability, flow figures and “best for” labels from the previous version were removed because they could not be tied to a primary source.

IBIT vs FBTC vs ARKB vs BITB — Notes From the Fund Documents

• IBIT: Largest of the four by net assets ($60.70 billion on November 6, 2026). iShares lists a sponsor fee of 0.25% and a 30-day median bid-ask spread of 0.02% as of November 5, 2026. The benchmark is the CME CF Bitcoin Reference Rate – New York Variant.
• FBTC: The custodian is Fidelity Digital Assets, N.A., an affiliate of the sponsor, per the Fidelity Form 10-Q for the quarter ended September 30, 2026. The sponsor fee is 0.25% of the trust’s bitcoin holdings. At September 30, 2026 the trust reported 183,167 BTC and net assets of $15.33 billion.
• ARKB: The sponsor fee is 0.21% of NAV (ARKB Form 10-Q). 21Shares lists three custodians: Anchorage Digital Bank N.A., BitGo Bank & Trust, N.A. and Coinbase Custody International, Ltd. Net assets were $2.18 billion on November 6, 2026.
• BITB: Bitwise lists a 0.20% sponsor fee, net assets of $2.81 billion and 37,067 BTC as of November 5, 2026, and Coinbase Custody Trust Co. as the digital asset custodian.
• Fee arithmetic: A difference of 0.04 percentage points in annual fee equals $4 per year for each $10,000 held, before any change in Bitcoin’s price.

iShares Bitcoin Trust (IBIT)

iShares Bitcoin Trust ETF (IBIT) reported net assets of $60.70 billion on November 6, 2026 on the iShares fund page. In its Form 10-Q for the quarter ended September 30, 2026 (SEC filing), the trust reported holding 801,033 bitcoin with a fair value of about $67.04 billion at that date.

Facts listed by the issuer:

• Sponsor fee: 0.25%.
• Benchmark: CME CF Bitcoin Reference Rate – New York Variant.
• Bid-ask spread: 30-day median of 0.02% as of November 5, 2026.
• Shares outstanding: 1,415,720,000 as of November 6, 2026; fund inception January 5, 2024.
• Custody: Coinbase Custody Trust Company, LLC is the bitcoin custodian and Anchorage Digital Bank N.A. is the additional bitcoin custodian (10-Q).
• Structure risk noted by iShares: the amount of bitcoin represented by each share decreases over time because bitcoin is sold to pay the sponsor fee and trust expenses; without sufficient increases in bitcoin’s price, the share price will decline. The trust is not registered under the Investment Company Act of 1940.

Related product: the iShares Bitcoin Premium Income ETF (BITA) commenced operations on June 9, 2026 with a 0.65% sponsor fee and net assets of $94.69 million at September 30, 2026 (BITA 10-Q). It holds bitcoin-linked positions and writes call options on IBIT shares, so its return profile differs from a spot fund.

Fidelity Wise Origin Bitcoin Fund (FBTC)

The Fidelity Wise Origin Bitcoin Fund (FBTC) reported net assets of $15.33 billion and 183,167 bitcoin at September 30, 2026 in its Form 10-Q. Fidelity’s own fund pages were not retrievable on November 6, 2026, so a more recent net-asset figure is not shown.

Its custody arrangement differs from most of the table: Fidelity Digital Assets, N.A., an affiliate of the sponsor, serves as the trust’s bitcoin custodian. Because the custodian and the sponsor are related companies, the 10-Q discloses the arrangement under the custodial services agreement. The sponsor fee is a unified fee of 0.25% of the trust’s bitcoin holdings, and the sponsor pays the trust’s ordinary expenses other than that fee and certain excluded costs.

Fidelity states that the fund is for investors with a high risk tolerance, that bitcoin is highly volatile and could become illiquid, and that investors could lose their entire investment (Fidelity fund page).

ARK 21Shares Bitcoin ETF (ARKB)

The ARK 21Shares Bitcoin ETF (ARKB) pays its sponsor a unitary fee of 0.21% of the trust’s NAV, which accrues daily and is payable in bitcoin at least quarterly (ARKB Form 10-Q, September 30, 2026). The fee is 0.04 percentage points below IBIT’s and FBTC’s 0.25%, which is $4 per year per $10,000 held at the listed rates, before any change in price.

On its 21Shares fund page, the fund lists net assets of $2.18 billion as of November 6, 2026. The 10-Q reports 34,578 bitcoin at September 30, 2026. Custody is split among three custodians: Anchorage Digital Bank N.A., BitGo Bank & Trust, N.A. and Coinbase Custody International, Ltd. The sponsor is 21Shares US LLC and the sub-advisor is ARK Investment Management LLC.

Bitwise Bitcoin ETF (BITB)

The Bitwise Bitcoin ETF (BITB) lists a sponsor fee of 0.20%, net assets of $2,807,855,172 and 37,067 bitcoin held as of November 5, 2026 (Bitwise fund page). The digital asset custodian is Coinbase Custody Trust Co., LLC; Bank of New York Mellon is the administrator and trust custodian. The 30-day median bid-ask spread is listed at 0.02%.

Bitwise notes that BITB is not an investment company registered under the Investment Company Act of 1940 and that an investment could result in significant or complete loss. The 0.20% fee includes custody charges, administrator and auditor fees, according to the fund page.

Sponsor Fees Listed by Fund (November 2026)

Fees listed from lowest to highest. A lower fee does not indicate a better or worse fund; custody, size, trading costs and tax treatment also differ. Hashdex’s DEFI is excluded because it was delisted on September 3, 2026.

IBIT vs FBTC: Comparison of Listed Facts

Both funds list a 0.25% sponsor fee. The documented differences are in size, custody and the information each issuer publishes.

Sources: iShares, IBIT 10-Q, FBTC 10-Q. Options depth, brokerage integration and issuer track-record rows from the previous version were removed because they were not tied to a primary source.

Fee Drag: Arithmetic Illustration

This is arithmetic, not a forecast. It assumes a hypothetical constant 15% annual gross return on $10,000 for 10 years (about $40,460 with no fee) and subtracts each listed sponsor fee from that rate. Real Bitcoin returns are highly variable and can be negative.

Illustration only. The assumed return is not an expectation or a prediction. Differences scale in proportion to the amount held. Fees are those listed in the comparison table above as of November 2026 and can change.

Bitcoin Per Share Over Time

In most spot Bitcoin trusts, the sponsor fee is paid by selling bitcoin held by the trust, so the amount of bitcoin behind each share declines gradually. iShares states this for IBIT: the amount of bitcoin represented by shares decreases over the life of the trust because of sales needed to pay the sponsor fee and trust expenses (iShares). Not every fund works this way: MSBT’s filing says its delegated sponsor fee is paid in cash (MSBT 10-Q).

For this reason, issuers publish bitcoin per share (for example, Bitwise lists 0.000542 bitcoin per share on November 5, 2026, and Grayscale lists 0.00044197 for BTC on November 6, 2026), which can be tracked over time alongside the share price.

Fund Features at a Glance

This table lists documented features only. It is not a ranking, and no fund is described here as suitable for any particular investor. Consider costs, custody, taxes and your own circumstances, and consult a licensed professional.

Bitcoin ETF Versus Buying Bitcoin Directly: Structural Differences

The previous version listed per-trade exchange fee ranges, IRA/401(k) eligibility and wash-sale treatment as fixed facts. These items vary by provider or may change with tax rules and were not verified on November 6, 2026, so they were replaced with general descriptions.

GBTC: Fee, Size and Tax Considerations

Grayscale Bitcoin Trust ETF (GBTC) lists a management fee of 1.50%, net assets of about $9.39 billion and 123,856 bitcoin as of November 6, 2026 (Grayscale). That fee is higher than every other fund in the comparison table, for example 0.15% for Grayscale’s own Bitcoin Mini Trust (BTC).

GBTC was created in 2013, traded on the OTCQX market before listing on NYSE Arca on January 11, 2024, and Grayscale notes that its pre-2024 performance is not directly comparable to later periods. Holders who bought earlier may have large unrealized gains, and selling shares may create a taxable event. IRS Topic 409 explains that long-term and short-term capital gains are taxed differently and that net short-term gains are taxed as ordinary income (IRS). The tax result depends on the holder’s basis, holding period and tax situation, so a tax professional can calculate it.

Bitcoin Option-Income Products (iShares Bitcoin Premium Income ETF)

Some products combine bitcoin exposure with call-writing. One example from the SEC filings is the iShares Bitcoin Premium Income ETF (BITA), which commenced operations on June 9, 2026, charges a sponsor fee at an annualized 0.65% of net asset value, and reported net assets of $94.69 million at September 30, 2026 (BITA 10-Q). Its filing states that it holds bitcoin and IBIT shares and writes options.

Option-writing funds exchange part of the potential upside for option premium income, so their returns can differ materially from a spot Bitcoin fund in both rising and falling markets. Distributions may include return of capital and are not the same as dividends. Details for other option-income Bitcoin funds mentioned in the previous version of this guide (YBTC and BITK) were not verified on November 6, 2026 and have been removed.

Frequently Asked Questions — US Spot Bitcoin ETFs

Which Bitcoin ETF has the lowest sponsor fee?

Among the funds checked on November 6, 2026, Morgan Stanley Bitcoin Trust (MSBT) lists a 0.14% delegated sponsor fee (MSBT 10-Q) and Grayscale Bitcoin Mini Trust (BTC) lists 0.15% (Grayscale). VanEck’s HODL fee waiver ended on July 31, 2026 and its page now lists 0.20% (VanEck). A lower fee does not indicate a better fund, and fees can change.

How do IBIT and the other funds differ?

All of them hold bitcoin, so the differences are in fee, size, custody and trading data. See the comparison table above for the dated figures. Differences in outcome come from fees, tracking of the benchmark, trading costs and the price of Bitcoin itself.

What is the difference between IBIT and FBTC?

Both list a 0.25% sponsor fee. IBIT uses Coinbase Custody Trust Company with Anchorage as additional custodian; FBTC uses Fidelity Digital Assets, N.A., which is an affiliate of the sponsor. IBIT reported $60.70 billion in net assets on November 6, 2026 and FBTC reported $15.33 billion at September 30, 2026.

Can Bitcoin ETFs be held in a Roth IRA?

That depends on the IRA or plan provider, which decides which securities it supports. Check the provider’s rules and ask a tax professional about the tax treatment.

What happened to Bitcoin ETF fees in 2026?

VanEck’s HODL fee waiver on the first $2.5 billion of assets ended July 31, 2026, and the fund page lists 0.20%. MSBT started operations in April 2026 at 0.14%. Fees listed in this guide are those shown in the cited sources on November 6, 2026 and can change.

Are Bitcoin ETFs safe?

No investment in Bitcoin is free of risk. Issuers state that these trusts are not registered under the Investment Company Act of 1940, so they do not have the protections of 1940 Act funds, that bitcoin is highly volatile, and that investors can lose their entire investment (iShares, Bitwise, VanEck). The ETF wrapper does not reduce the price volatility of Bitcoin. iShares reports a 52-week NAV range for IBIT of $33.19 to $60.17 as of November 6, 2026.

Sources

• iShares Bitcoin Trust ETF (IBIT) — fund page, November 6, 2026
• IBIT — SEC Form 10-Q, quarter ended September 30, 2026
• Fidelity Wise Origin Bitcoin Fund (FBTC) — SEC Form 10-Q, quarter ended September 30, 2026
• Fidelity — FBTC fund page
• 21Shares — ARKB fund page, November 6, 2026 · ARKB Form 10-Q, September 30, 2026
• Bitwise — BITB fund page, November 5, 2026
• VanEck — HODL fund page, November 5, 2026 · HODL Form 10-Q, June 30, 2026
• Grayscale — GBTC, November 6, 2026 · Grayscale — BTC, November 6, 2026
• Invesco Galaxy Bitcoin ETF (BTCO) — Form 10-Q, September 30, 2026
• Franklin Templeton — EZBC fund page
• WisdomTree Bitcoin Fund (BTCW) — Form 10-Q, June 30, 2026
• CoinShares — BRRR fund page · BRRR Form 10-Q, June 30, 2026
• Morgan Stanley Bitcoin Trust (MSBT) — Form 10-Q, June 30, 2026
• Hashdex Bitcoin ETF (DEFI) — fund page (delisting notice)
• iShares Bitcoin Premium Income ETF (BITA) — Form 10-Q, September 30, 2026
• IRS — Topic no. 409, Capital gains and losses

Interested in broader crypto investing? Explore our Finance category for financial resources. Or compare equity investing options in our Best Brokerage Accounts 2026 guide.