# BTCZ Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 21, 2026, BTCZ’s median bid-ask spread over 30 days was 0.34%. A $10,000 order costs about $17 one way.

Data as of Oct 21, 2026. Rebuilt every trading night.

As of Oct 21, 2026. Rebuilt every trading night.

## BTCZ bid-ask spread and liquidity

As of Oct 21, 2026, BTCZ’s median bid-ask spread over 30 days was 0.34%.

### IQ Liquidity Score

Not scored, 2 of 6 measured.

A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built

Cost to trade, 38.5 0.34% median spread, 30 days to Oct 21, 2026 Capacity Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of Price fidelity Not measured: 6 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 3; largest 55% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 6 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $1.70 | 0.17% | spread |
| $10,000 | $17 | 0.17% | spread |

### Premium or discount to NAV

- Latest close, Oct 21, 2026: −0.35%

- 95% of days within: ±0.35%

- Days more than 1% from NAV: 0 of 6

- Widest: −0.35%, Oct 21, 2026

Close against the NAV its issuer struck the same day, 6 days from Sep 10, 2026 to Oct 21, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of.

### Dealers

3 active of 3 authorized participants; the largest did 55% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 16, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (54.6%), Virtu Americas LLC (40.5%), Macquarie Capital (USA) Inc. (4.9%).

### How to trade BTCZ

Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Oct 21 close of $2.85, that’s $2.86 to buy and $2.84 to sell. When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Watch The premium. On 95% of days it is within ±0.35%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### Coming with trade data

Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

What is BTCZ’s bid-ask spread? 0.34% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 21 close. Does BTCZ trade at a premium or discount to NAV? It closed −0.35% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within ±0.35%, and it closed more than 1% from NAV on 0 of them. Who is the AP for BTCZ? BTCZ’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Jane Street Capital, LLC (54.6%), Virtu Americas LLC (40.5%), Macquarie Capital (USA) Inc. (4.9%) of the dollars its APs created and redeemed. Who is the LMM for BTCZ? BTCZ’s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of BTCZ? About $17 one way, 0.17%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for BTCZ? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 21 close of $2.85, that’s $2.86 to buy and $2.84 to sell.

### Sources and dates

- Spread: T-REX (fund page), 30 days to Oct 21, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Sep 10, 2026 to Oct 21, 2026.

- Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001396092-26-000196.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, BTCZ trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/btcz/trading/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/btcz/trading/