BITB expense ratio cut shifts the fee landscape

Fee competition among Bitcoin ETFs

BITB carries a 0.20% expense ratio following the September cut. This lower rate undercuts the 0.30% fee for WisdomTree’s BTCW in several comparisons. WisdomTree’s BTCW shows an expense ratio of 0.25% as of September 18, 2026, which is significantly higher than BITB’s new rate. I see the 0.20% fee as a strong tool for BITB in this market. This pricing difference puts BITB ahead of its rivals. BITB’s fee is lower than the 0.21% from Ark 21Shares, the 0.25% from Valkyrie, the 0.25% from Fidelity, and the 0.25% from iShares. Even the 0.29% fee from Franklin Bitcoin ETF and the 0.39% from Invesco Galaxy Bitcoin ETF cannot match the new BITB price. This reduction directly targets the 0.30% expense ratio of the WisdomTree fund. BITB sits below the 1.5% fee of Grayscale. You should consider the implications of these costs for your long-term holdings.

Performance and risk metrics

Performance varies between these two funds. BTCW returned 25.5% over the last month, beating BITB’s 21.68% return. BITB’s 1-year return sits at -33.99%, which is significantly worse than the -27.3% return seen in BTCW, while its 3-month return of 16.56% outperformed the 7.64% recorded by BTCW. BITB’s 1-month volatility was 13.66%. BITB’s 20-day volatility was 43.31%, while BTCW’s was 43.72%. I see that BITB’s 50-day volatility is 35.30%, which is lower than the 35.66% reported for BTCW. BITB’s YTD return is -12.68%, while BTCW’s is -9.6%. BITB’s beta is 2.17, while BTCW’s is 2.19. BTCW’s standard deviation is 17.79%, whereas BITB’s is 9.12%. BITB’s current drawdown from its peak is -35.40%, which is better than the -35.48% seen in BTCW. BITB has a Sortino ratio of -0.83, which matches BTCW. BITB’s Omega ratio is 0.91, which is identical to BTCW. BITB’s Calmar ratio is -0.58, while BTCW is -0.59. BITB’s Martin ratio is -0.82, the same as BTCW. BITB’s Value at Risk is 3.97%, compared to the 3.93% seen in BTCW. BITB’s CVaR is 5.97%, while BTCW’s is 5.93%.

Scale and liquidity

BITB manages $2 billion in total assets and had 68,160,000 outstanding shares as of August 2, 2026. WisdomTree’s BTCW manages $171 million in total assets and has 1,990,000 shares outstanding. The difference in volume remains stark. BITB recorded an average volume value of $58.49M over the last month. BTCW recorded an average volume value of only $1.59M during that same month. BITB’s average volume value for the last three months was $49.19M, whereas BTCW’s was only $1.48M. While BITB manages $2 billion in total assets, the WisdomTree Bitcoin Fund holds a much smaller amount of $171 million, which demonstrates how heavily institutional volume favors the larger fund. BITB’s 1-month return for the period was 21.68% whereas BTCW saw 25.54%. BITB uses The Network Firm LLP for its Proof of Reserve examinations, whereas BTCW relies on Foreside Funds Services, LLC as its marketing agent. Can the smaller fund ever match this level of liquidity? I recommend BITB for those who prioritize ease of entry.