Data as of Oct 28, 2026.

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Crypto ETFs

GBTC vs HODL: Tracking, Returns & Fees

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Over the year to Oct 28, 2026, GBTC finished 1.0 percentage point behind Bitcoin and HODL 0.02 ahead.

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Net assets: $8.1bn on Jun 30, 2026 for Grayscale Bitcoin Trust ETF, and $1.2bn on Oct 27, 2026 for VanEck Bitcoin ETF.

At a glance
−29.3%
GBTC returned, 1 year
−28.3%
HODL returned, 1 year
−1.0 pts
GBTC against Bitcoin, in percentage points
0.0 pts
HODL against Bitcoin, in percentage points
GBTC · 1 year to Oct 28, 2026 Within a point of Bitcoin
Within a point of BitcoinGBTC over 1 year: fund −29.31%, Bitcoin −28.30%, 1.01 pt behind Bitcoin. Data to Oct 28, 2026.Bitcoin−28.30%GBTC−29.31%1.01 pt behind BitcoinTotal return, 1 year, fund against the coinWithin a point of BitcoinGBTC over 1 year: fund −29.31%, Bitcoin −28.30%, 1.01 pt behind Bitcoin. Data to Oct 28, 2026.Bitcoin−28.30%GBTC−29.31%1.01 pt behind BitcoinTotal return, 1 year

GBTC over 1 year: fund −29.31%, Bitcoin −28.30%, 1.01 pt behind Bitcoin. Data to Oct 28, 2026.

Data to Oct 28, 2026.
HODL · 1 year to Oct 28, 2026 Within a point of Bitcoin
Within a point of BitcoinHODL over 1 year: fund −28.28%, Bitcoin −28.30%, 0.02 pts ahead of Bitcoin. Data to Oct 28, 2026.Bitcoin−28.30%HODL−28.28%about level with BitcoinTotal return, 1 year, fund against the coinWithin a point of BitcoinHODL over 1 year: fund −28.28%, Bitcoin −28.30%, 0.02 pts ahead of Bitcoin. Data to Oct 28, 2026.Bitcoin−28.30%HODL−28.28%about level with BitcoinTotal return, 1 year

HODL over 1 year: fund −28.28%, Bitcoin −28.30%, 0.02 pts ahead of Bitcoin. Data to Oct 28, 2026.

Data to Oct 28, 2026.

Pair scorecard

HODL costs 1.30 points a year less; their one-year returns differ by 1.0 point.

GBTC vs HODL: Tracking, Returns & Fees
MeasureGBTCHODL
Return
Total return, 1 year−29.3%−28.3%
Against its benchmark
What it tracksBitcoinBitcoin
Against Bitcoin, same days1.0% behind0.0% behind
Cost and size
Expense ratio1.50%0.20%
Net assets, GBTC as of Jun 30, 2026 and HODL as of Oct 27, 2026$8.1bn$1.2bn
Reports to the SEC on10-K, not N-PORT
Holdings
Holdings in commonnot published
ETFIQ Coin Capture Score · HODL scores higher How much of what holding the coin gave did a holder of the fund keep?
IQ Crypto Score5.8GBTC78.8HODL

How much of its coin's move it captured, after costs, ranked against 26 spot crypto trusts with a full year. 100 is best. How it is computed

1.9, the lowest in this set 98.1, the highest

A percentile among the 26 spot crypto trusts with a full year. Share of the coin's own price growth a holder kept; funds on different coins are ranked together. All crypto ETFs ranked by it →

Method

Side by side

GBTC Grayscale Bitcoin Trust ETF · Holds Bitcoin through a custodian HODL VanEck Bitcoin ETF · Holds Bitcoin through a custodian, first traded Jan 11, 2024
Holds Bitcoin Bitcoin
Net assets, as filed $8.1bn, balance sheet of Jun 30, 2026 $959m, balance sheet of Jun 30, 2026
Sponsor’s fee 1.50% 0.20%
Fee waiver none the whole fee, until July 31, 2026, first $2.5 billion of assets
Staking the chain has none the chain has none
First traded not stated Jan 11, 2024
Days since its first trade not stated 1,021 days
Days it has traded 1,715 702
Days it closed unchanged 12 1
Quoted on an exchange, every trading day on an exchange, every trading day
Fund returned, 1 year −29.3% −28.3%
The coin over the same days −28.3% −28.3%
Difference, percentage points −1.0 pts 0.0 pts
Fund returned since launch not available +74.2%
Difference since launch not available −1.9 pts
Price $62.93 $23.05
Net assets, GBTC as of Jun 30, 2026 and HODL as of Oct 27, 2026 $8.1bn $1.2bn

As of Oct 28, 2026. Source: ETFIQ.

Window by window

Window by window: GBTC vs HODL: Tracking, Returns & Fees
Total returnThe coin over the same daysDifference, percentage points
WindowGBTCHODLGBTCHODLGBTCHODL
1 month−2.3%−2.2%−2.2%−2.2%−0.1 pts0.0 pts
3 months+27.9%+28.3%+28.3%+28.3%−0.4 pts0.0 pts
6 months+7.2%+8.0%+7.9%+7.9%−0.7 pts+0.1 pts
1 year−29.3%−28.3%−28.3%−28.3%−1.0 pts0.0 pts
3 years+151.0%–+141.9%–+3.8% of its growth–
Since each listed–+74.2%–+76.1%–−1.9 pts

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The same coin, two trusts

GBTC and HODL 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 same days, GBTC finished 1.0 percentage point behind Bitcoin and HODL 0.02 of a percentage point ahead, so HODL kept more of what holding the coin gave, by 1.00 of a percentage point. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one number.

Client brief · page 1 of 2 Report BR-B2FCBE30F2

GBTC and HODL are built for the same job. How do they differ in cost, holdings and results?

  1. Cost. GBTC charges 1.50% of assets a year and HODL 0.20%, a gap of 1.30 points.
  2. What each follows (similar). Both follow Bitcoin.
  3. One-year total return (similar). Over 1 year to Oct 28, 2026 GBTC returned −29.3% and HODL −28.3% with distributions reinvested, a gap of 1.0 points.

Data as of Oct 28, 2026.

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About each fund
GBTC

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 Oct 28, 2026, Bitcoin moved −28.3% and GBTC returned −29.3%. That leaves it 1.0 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 number on this page the sponsor does not publish itself. GBTC charges 1.50% a year and finished 1.0% behind Bitcoin, so the fee is almost the whole of the 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.

HODL

HODL 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 Oct 28, 2026, Bitcoin moved −28.3% and HODL returned −28.3%. That leaves it 0.02 of a percentage point ahead. HODL charges 0.20% a year and finished 0.0% behind Bitcoin, so the fee is more than the whole difference.

Questions people ask

Which tracked Bitcoin more closely, GBTC or HODL?
Over the window to Oct 28, 2026, GBTC finished 1.0 percentage point behind Bitcoin and HODL 0.02 of a percentage point ahead, so HODL tracked it more closely, by 1.00 of a percentage point. 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 together.
Do GBTC or HODL 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 HODL?
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; HODL by VanEck, first traded Jan 11, 2024.
Which is cheaper, GBTC or HODL?
GBTC charges 1.50% a year and HODL charges 0.20%, so HODL is cheaper. Fees come from each fund's prospectus.
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Sources and dates

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, GBTC against HODL, data as of Oct 28, 2026. https://etfiq.com/compare/crypto/gbtc-vs-hodl

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.