Data as of .
GBTC vs OBTC: which tracked its coin?
Against Bitcoin, GBTC finished −0.5% and OBTC +8.6%, once both returns are compounded.
ETFIQ Coin Capture Score: OBTC scores higher
How much of what holding the coin gave did a holder of the fund keep?
A percentile among the 24 spot crypto ETPs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All crypto ETFs ranked by it · How it is computed
The same coin, two trusts
GBTC and OBTC hold the same asset. Both are 1933 Act trusts holding Bitcoin through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, GBTC finished 0.36 of a percentage point behind Bitcoin and OBTC 8.6% ahead once both returns are compounded, but the two are not stated in the same unit, so neither figure is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one figure. GBTC has 407 more days of record than OBTC, and a longer record is a longer window over which a cost can show itself.
Performance, window by window
| Window | Total return | The coin over the same days | Difference, percentage points | |||
|---|---|---|---|---|---|---|
| GBTC | OBTC | GBTC | OBTC | GBTC | OBTC | |
| 1 month | +21.9% | +22.1% | +21.8% | +21.8% | +0.1 pts | +0.3 pts |
| 3 months | +21.1% | +21.4% | +21.5% | +21.5% | −0.4 pts | −0.1 pts |
| 6 months | +7.8% | +8.4% | +8.8% | +8.8% | −1.1 pts | −0.4 pts |
| 1 year | −33.5% | −27.4% | −33.2% | −33.2% | −0.4 pts | +8.6% of its growth |
| Since each listed | +649.0% | −50.3% | +1008.7% | +63.1% | −32.4% of its growth | −69.5% of its growth |
| GBTC Grayscale Bitcoin Trust ETF Holds Bitcoin through a custodian, listed Jan 2, 2020 | OBTC Osprey Bitcoin Trust Holds Bitcoin through a custodian, listed Feb 12, 2021 | |
|---|---|---|
| Sponsor | Grayscale | Osprey |
| Holds | Bitcoin | Bitcoin |
| Net assets | $8.1bn, balance sheet of Jun 30, 2026 | $55m, balance sheet of Jun 30, 2026 |
| Sponsor’s fee | 1.50% | 0.49% |
| Fee waiver | none | none |
| Staking | the chain has none | the chain has none |
| Listed | Jan 2, 2020 | Feb 12, 2021 |
| Days since listing | 2,444 days | 2,037 days |
| Days it has traded | 1,682 | 1,401 |
| Days it closed unchanged | 12 | 17 |
| Quoted | on an exchange, every trading day | on an exchange, every trading day |
| Fund returned, 1 year or since launch | −33.5% | −27.4% |
| The coin over the same days | −33.2% | −33.2% |
| Difference, percentage points | −0.4 pts | +8.6% of its growth |
| Fund returned since it listed | +649.0% | −50.3% |
| Difference since it listed | −32.4% of its growth | −69.5% of its growth |
| Price | $59.77 | $24.835 |
GBTC in plain words
GBTC holds Bitcoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the year to Sep 11, 2026, Bitcoin moved −33.2% and GBTC returned −33.5%. That leaves it 0.36 of a percentage point behind. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. GBTC charges 1.50% a year and finished 0.4% behind Bitcoin, so the fee is more than the whole difference. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Bitcoin it custodies.
OBTC in plain words
OBTC holds Bitcoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the year to Sep 11, 2026, Bitcoin moved −33.2% and OBTC returned −27.4%. That leaves it 8.6% ahead once both returns are compounded. Over a window this long the two returns cannot simply be subtracted. Doing it would read +5.7 pts, which is arithmetically correct and describes nothing a holder can act on: what the figure above states is the gap between the two growth factors, so a fund that kept 109% of what holding the coin gave says exactly that. OBTC charges 0.49% a year and still finished 8.6% ahead of Bitcoin, which a fee cannot do on its own. On a chain with nothing to stake, a fund cannot earn its way past the asset it holds: what moved is what the market paid for the shares.
Questions people ask
- Which tracked Bitcoin more closely, GBTC or OBTC?
- Over the days each has traded, GBTC finished 0.36 of a percentage point behind Bitcoin and OBTC 8.6% ahead once both returns are compounded. Those are not set against each other here, because the two are not stated in the same unit, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do GBTC or OBTC pay a staking yield?
- Bitcoin is a proof of work chain, so there is nothing to stake and no fund holding it can pay a staking yield.
- What is the difference between GBTC and OBTC?
- Both hold Bitcoin through a custodian and both trade on an exchange, so what separates them is what each costs a holder over time. GBTC is sponsored by Grayscale and listed Jan 2, 2020; OBTC by Osprey, listed Feb 12, 2021.
- Which is cheaper, GBTC or OBTC?
- GBTC charges 1.50% a year and OBTC charges 0.49%, so OBTC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GBTC against OBTC, data as of Sep 11, 2026. https://etfiq.com/compare/crypto/GBTC-OBTC Free to use with attribution; the underlying files are at Open data.