Top Bitcoin ETFs to Watch in Late 2025: Updated Review

The Bitcoin ETF landscape has evolved rapidly since this article was published 4 months ago. Bitcoin surged past $126,000 in October 2025 before a sharp correction, total spot Bitcoin ETF AUM now exceeds $200–250 billion collectively, and November saw record outflows followed by early signs of reversal. Spot Bitcoin ETFs remain the best way for regulated BTC exposure.

The top Bitcoin ETFs expected to dominate based on holdings and fees reflect a balance between large assets under management (AUM), competitive expense ratios, and investor preferences for spot versus futures exposure.

What Is a Spot Bitcoin ETF?

Spot Bitcoin ETFs, which first began trading on U.S. exchanges Jan. 11, 2024, are exchange-traded funds that track the price of Bitcoin by directly holding the cryptocurrency itself, unlike the futures-based Bitcoin ETFs that have traded on exchanges since 2021.

When an investor buys shares of a spot Bitcoin ETF, they are buying a portion of the Bitcoin held by the fund. Thus, a spot Bitcoin fund works in a similar way as a physically backed gold ETF.

How to Choose the Best Spot Bitcoin ETF 

Choosing the best spot Bitcoin ETF involves several factors related to the fund’s expenses, assets under management, liquidity and issuer.

Expense Ratio


Compare the expense ratios of different spot Bitcoin ETFs. Lower expenses are generally more favorable for investors, as they directly affect the overall return, and they are especially relevant for comparing ETFs that track the same benchmark asset.

Size of the Fund (AUM)

Higher assets under management, or AUM, may indicate greater investor confidence and acceptance of the ETF, and higher assets generally translate to greater liquidity and higher trading volume.

Liquidity

Higher liquidity, which can be simply defined as how quickly and easily and investment security can be bought and sold, typically results in narrower bid-ask spreads, reducing trading costs for investors.

Issuer Reputation

Choose a spot Bitcoin ETF from a reputable issuer with a track record of managing exchange-traded funds, specifically crypto-related ETFs and spot commodity funds. Well-established issuers often have the expertise and infrastructure to manage assets effectively and have demonstrated their ability to track benchmark assets and indexes tightly.

Top Bitcoin ETFs

Here is a focused list of Bitcoin ETFs in 2025, organized by region and ETF type: spot physical, futures-based, and mining-focused.

United States Spot Bitcoin ETFs (Direct Exposure)

(Ranked by approximate AUM as of mid-November 2025)

1. iShares Bitcoin Trust (IBIT)

  • iShares Bitcoin Trust (IBIT), Spot Bitcoin ETF from BlackRock is the largest spot Bitcoin ETF with approximately $86 billion in assets and a low expense ratio of 0.25%. Its large AUM and institutional backing position it as the dominant player in the spot Bitcoin ETF market.
  • Expense ratio: 0.25%
  • Approx. AUM: $72–99 billion
  • Notes: Undisputed leader in liquidity (often 50M+ shares traded daily). Briefly surpassed $100B AUM in October. Saw record outflows in early November (~$1.4B in one stretch) but still the institutional favorite.
Why Billions Are Flowing into IBIT, BlackRock's Bitcoin ETF

The iShares Bitcoin Trust has become a fixture on many of the market's top watchlists, a remarkable feat for any fund, let alone one launched less than two years ago.

With over $86 billion in assets under management (AUM), the fund has grown at a historic pace, signaling a fundamental shift in how investors are approaching digital asset ownership. 

For years, the complexity of the cryptocurrency market, with its digital wallets, private keys, and associated security risks, represented a significant barrier to entry for many. However, with the creation of the iShares Bitcoin Trust (IBIT), investors can now access Bitcoin's volatile, high-growth potential from a familiar, regulated, and highly accessible investment vehicle held in a standard brokerage account.

To understand the recent financial performance of the iShares Bitcoin Trust (IBIT), you need to look at its only underlying asset. Bitcoin (BTC) has experienced a tremendous surge in value, recently climbing to new all-time highs and crossing the $120,000 threshold in July 2025. This impressive rally has been built upon the structure created by multiple fundamental market shifts.

 A move toward clearer regulatory frameworks in the United States has reduced uncertainty, encouraging more conservative investors to enter the market. Combined with sustained demand from institutional players, this has created a powerful tailwind for the world's largest cryptocurrency and the cryptocurrency sector as a whole.

As a spot ETF, IBIT is designed to directly track the price of Bitcoin. This means the fund's value is intrinsically linked to these market dynamics, making Bitcoin's performance the single most important catalyst for investors in the ETF.

The primary reason for IBIT’s explosive growth is that it solves one of the biggest problems associated with direct cryptocurrency ownership. Previously, an investor wanting to buy Bitcoin had to navigate a complex and often intimidating process.

This involved selecting a cryptocurrency exchange, creating a digital wallet, and taking on the critical responsibility of securing a private key that, if lost, could mean the permanent loss of the asset.

IBIT eliminates these hurdles. The fund trades on the Nasdaq exchange under a simple ticker symbol, just like a share of Apple or NVIDIA. Investors can buy and sell IBIT through the same brokerage accounts they already use, integrating Bitcoin exposure seamlessly into their existing portfolios.

Furthermore, it simplifies one of the most confusing aspects of crypto: taxes. Instead of tracking every transaction for complex reporting, IBIT investors receive a standard Form 1099-B from their broker, making tax season more straightforward.

Trust and security should be your number one priority as an investor in digital assets. This is where IBIT's issuer, BlackRock, provides a distinct and powerful advantage. As the world's largest asset manager, BlackRock's brand lends unparalleled credibility to the fund, assuring investors that it operates under the highest institutional standards.

The IBIT fund ensures its security because the hundreds of thousands of Bitcoins held by the fund (last reported to be over 700,000 BTC) are not held in a standard online cryptocurrency exchange account. Instead, they are secured in cold storage by Coinbase Custody Trust Company.


Cold storage means the digital assets are kept entirely offline, disconnected from the internet and therefore protected from the reach of online hackers and cyberattacks.

This means that investors' exposure to Bitcoin is secured by one of the most sophisticated custody solutions available, mitigating the key risk of direct ownership.

An investment is only as good as its ability to buy or sell it efficiently. Here, IBIT excels with exceptional market liquidity. The fund regularly trades massive volumes, with a daily average of over 45 million shares changing hands.

This high level of activity ensures that investors can easily enter or exit positions, even in large sizes, without significantly impacting the share price. This market depth means the ETF's price closely tracks the real-time value of the Bitcoin it holds, preventing the large premiums or discounts that can affect less liquid funds.

The effectiveness of this structure is evident in its results. Over the past year, IBIT has delivered a return of 75.01%, directly reflecting the healthy gains of its underlying asset. This demonstrates that the fund is successfully fulfilling its core mission: to provide investors with a simple and efficient vehicle that delivers the performance of Bitcoin.

The success of the iShares Bitcoin Trust is built on a clear and powerful value proposition. It has harnessed Bitcoin's market performance through a vehicle defined by accessibility, institutional-grade security, and deep trading liquidity.

For the vast majority of investors who believe in Bitcoin's future and have delivered it to the public through but are hesitant to navigate the technical complexities of direct ownership, IBIT has firmly established itself as the market's leading solution. (Market Beat)

2. Fidelity Wise Origin Bitcoin Fund (FBTC) – Fidelity

  • Expense ratio: 0.25%
  • Approx. AUM: $21–25 billion
  • Notes: Consistent inflows even when IBIT bleeds. Ideal for anyone already with a Fidelity account.

3. Grayscale Bitcoin Trust (GBTC) – Grayscale

  • Expense ratio: 1.50%
  • Approx. AUM: ~$20 billion
  • Notes: Legacy product with the highest fee; ongoing outflows to cheaper rivals, but still significant size.

4. Grayscale Bitcoin Mini Trust (BTC) – Grayscale

  • Expense ratio: 0.15% (lowest among major issuers)
  • Approx. AUM: $3–5 billion
  • Notes: Spun off from GBTC earlier in 2025; rapidly gaining share from cost-conscious investors.

5. ARK 21Shares Bitcoin ETF (ARKB) – ARK Invest / 21Shares

  • Expense ratio: 0.21%
  • Approx. AUM: $4–6 billion
  • Notes: Competitive fee and strong brand appeal (Cathie Wood effect); frequently sees big inflow days.

6. Bitwise Bitcoin ETF (BITB) – Bitwise

  • Expense ratio: 0.20%
  • Approx. AUM: $3–5 billion
  • Notes: Crypto-native issuer, publishes wallet addresses for transparency; one of the lowest-cost options.

7. VanEck Bitcoin Trust (HODL) – VanEck

  • Expense ratio: 0.20%
  • Approx. AUM: $1–3 billion
  • Notes: Fee waiver ended; still very competitive and efficient.
Data sourced from SoSoValue, Farside Investors, ETF.com, and issuer filings as of November 2025. AUM changes daily with BTC price and flows.

United States Futures-Based Bitcoin ETFs

  • ProShares Bitcoin Strategy ETF (BITO) — Most liquid futures ETF, fee: 0.95%

  • Valkyrie Bitcoin Strategy ETF (BTF) — Tactical exposure, fee: 1.25%

  • VanEck Bitcoin Strategy ETF (XBTF) — Focused on tax efficiency

  • Global X Blockchain & Bitcoin Strategy ETF (BITS) — 0.65%, invests in both futures and blockchain stocks (123)

  • 2x Bitcoin Strategy ETF (BITX), with $2.93 billion in assets and a higher expense ratio of 1.85%, offering leveraged exposure to Bitcoin futures.
  • ProShares Ultra Bitcoin ETF (BITU), with $708 million in assets and a 0.95% expense ratio, providing leveraged futures exposure.
  • Other notable futures-related ETFs include Valkyrie Bitcoin Miners ETF (WGMI), focusing on Bitcoin mining stocks with a 0.75% fee and $142 million in assets, and Global X Blockchain & Bitcoin Strategy ETF (BITS), combining Bitcoin futures and blockchain stocks at a 0.65% fee.

United States Mining/Blockchain ETFs

  • Valkyrie Bitcoin Miners ETF (WGMI) — 0.75% fee, invests in public mining companies; noted as a significant underperformer in 2025, down 43% year-to-date (143)

  • Grayscale Bitcoin Miners ETF (MNRS) — Tracks basket of mining equities (5)

  • Global X Blockchain & Bitcoin Strategy ETF (BITS) — Mix of futures and mining (3)

Europe: Physically Backed (ETP/ETN) Products

  • BlackRock iShares Bitcoin ETP (IB1T) — Launched in 2025, listed on Xetra, Euronext Paris/Amsterdam; fee: 0.15% (waived until Dec 31, 2025), then 0.25% (678

  • CoinShares Physical Bitcoin (BITC / GB00BLD4ZL17) — Largest European ETP, about €1.25B AUM, fee: 0.25%

  • WisdomTree Physical Bitcoin (BTCW / GB00BJYDH287) — €1.2B AUM, fee: 0.15%

  • 21Shares Bitcoin ETP (ABTC / CH0454664001) — Over €860M AUM, fee: 1.49%

  • Note: European “ETF” products are technically ETNs/ETPs due to regulatory requirements, but are physically backed and functionally similar. (697108)

Canada: Spot Bitcoin ETFs

  • Purpose Bitcoin ETF (BTCC) — First physically settled Bitcoin ETF (AUM and fees vary)

  • Other Providers: 3iQ CoinShares Bitcoin ETF, CI Galaxy Bitcoin ETF

Asia: Spot Bitcoin ETFs

  • CSOP Bitcoin Futures ETF (3066.HK) — Futures-based, launched 2024

  • Multiple spot and futures-based products approved in 2024–25 (2)

  • Japan’s largest bank, SBI, has introduced the Digital Gold Crypto ETF, which will allocate 51% to gold and 49% to cryptocurrencies. This structure is reportedly designed to mitigate investment risks through diversification, catering to a growing interest in combining traditional assets with digital currencies. (NewsBTC August 2025)


Final Recommendation for Spot Bitcoin ETFs (as of November 20, 2025)

Current Market Snapshot

Bitcoin is trading around $91,000–$93,000, down ~28% from its October peak of $126,000. November has seen record ETF outflows and a sharp correction driven by macro pressures and profit-taking.
  • Short-term outlook (next 1–6 months): HOLD or cautious BUY on weakness.
  • Medium- to long-term outlook (6–24 months+): Strong BUY / accumulate.

Recommended Action by Time Horizon
  1. Less than 3 months (trading / speculative)
    • Recommendation: HOLD or light BUY the dip
    • Reasoning & Strategy: Extreme volatility remains. Wait for signs of outflow exhaustion or BTC reclaiming $100K before adding aggressively. Risk of further downside to $84K–$86K.
  2. 3–12 months
    • Recommendation: BUY gradually (dollar-cost average)
    • Reasoning & Strategy: The bull cycle is still intact. Current levels offer a much better entry than the October highs. Expect grinding higher into 2026.
  3. 1–5 years+ (long-term holder)
    • Recommendation: Strong BUY / accumulate now
    • Reasoning & Strategy: Cycle targets remain $150K–$250K+ by end-2026. 30% drawdowns are normal in Bitcoin bull markets—this shakeout is healthy and creates attractive long-term pricing.
Top ETF Picks Right Now
  • Best overall / highest liquidityIBIT (BlackRock)
  • Best for Fidelity users / consistent performerFBTC (Fidelity)
  • Lowest feesBTC (Grayscale Bitcoin Mini Trust) or BITB (Bitwise)

Updated Reality for Mining ETFs in 2025Mining-focused ETFs and stocks have been among the top-performing equity themes of 2025 overall, frequently outperforming spot Bitcoin itself during the bull run (especially Q1–Q3). Here's the key data:
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI)
    • YTD return through mid-November 2025: +80% to +100% (sources vary slightly depending on exact date; e.g., ~83% on Dividend.com, 99% cited in some performance tables).
    • At peak (September 2025): Outperformed Bitcoin YTD by a wide margin and hit all-time highs around $33–$45/share.
    • November correction: Like Bitcoin itself (~28% drawdown from $126K), WGMI has pulled back sharply (trading ~$40–$41 as of mid-November), but it remains massively up for the year.
  • Other mining ETFs (e.g., Grayscale Bitcoin Miners ETF – MNRS) follow similar patterns — strong gains driven by the same factors.
Why Mining Stocks/ETFs Outperformed Spot Bitcoin for Much of 2025
  • Operating leverage: When BTC price rises, miner revenues scale faster than costs (fixed power contracts, depreciated rigs).
  • AI/HPC pivot: Many miners (IREN, CIFR, CORZ, HUT8, etc.) repurposed data centers for high-performance computing and AI colocation deals — a huge new revenue stream unrelated to Bitcoin price.
  • Hashrate growth + efficiency: Network hashrate hit repeated ATHs (900+ EH/s), but newer ASICs (16–17 J/TH) and cheap/renewable power kept margins healthy for efficient operators.
But Yes — the November 2025 Correction Hit Miners Harder
  • Mining stocks are higher-beta (more volatile) than spot Bitcoin.
  • In the current ~28–30% BTC drawdown + ETF outflows, miners have fallen 40–60%+ from September/October highs.
  • Elevated energy costs and record hashrate did pressure margins for less-efficient miners all year, but the leaders thrived until the recent macro-driven sell-off.
Updated Recommendation (as of Nov 20, 2025)
  • Spot Bitcoin ETFs (IBIT, FBTC, etc.) remain the cleaner, lower-risk way to own Bitcoin exposure for most investors.
  • Mining ETFs like WGMI can offer higher upside in bull phases (as proven in 2025) but come with significantly higher volatility and company-specific risks.
  • If you're bullish on Bitcoin and the AI/data-center pivot story, a small allocation to WGMI or individual miners could make sense on this dip — but only for higher-risk-tolerant portfolios.

By ETF Type

Spot/Physical ETFs & ETPs (directly hold Bitcoin)

  • iShares Bitcoin Trust (IBIT, USA)

  • Fidelity Wise Origin Bitcoin Fund (FBTC, USA)

  • BlackRock iShares Bitcoin ETP (IB1T, Europe)

  • CoinShares Physical Bitcoin ETP (Europe)

  • WisdomTree Physical Bitcoin (Europe)

  • 21Shares Bitcoin ETP (Europe)

  • Purpose Bitcoin ETF (Canada)

Futures-Based ETFs

  • ProShares Bitcoin Strategy ETF (BITO, USA)

  • Valkyrie Bitcoin Strategy ETF (BTF, USA)

  • VanEck Bitcoin Strategy ETF (XBTF, USA)

  • CSOP Bitcoin Futures ETF (Hong Kong)

  • Global X Blockchain & Bitcoin Strategy ETF (BITS, USA)

Mining-Focused ETFs

  • Valkyrie Bitcoin Miners ETF (WGMI, USA)

  • Grayscale Bitcoin Miners ETF (MNRS, USA)

  • Global X Blockchain & Bitcoin Strategy ETF (BITS, USA)


Are Spot Bitcoin ETFs Better Than Futures-Based Bitcoin ETFs?

Spot Bitcoin ETFs generally provide tighter tracking of Bitcoin's price with potentially less volatility compared to futures-based funds. This is because spot Bitcoin ETFs hold actual Bitcoin, whereas futures-based ETFs incur costs and tracking errors from rolling contracts and contango.

For reference, through July 24, 2025, the largest Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) provided a 21% year-to-date gain while the largest spot Bitcoin fund, IBIT, rose 25%.

It’s possible that neither fund type is suitable for an investor’s portfolio, as both types have significant inherent risks. As always, choosing an investment depends on an investor’s individual goals and risk tolerance.

How Can Investors Buy Spot Bitcoin ETFs?

Like buying other types of ETFs, investors need an investment account to buy spot Bitcoin ETFs. However, unlike traditional ETFs, spot Bitcoin funds are not available at all brokerage firms, so you’ll need to verify that your broker offers these funds on their platform.

Like investing in stocks or mutual funds, the investment account may be an individual brokerage account, a joint brokerage account or any variety of individual retirement account (IRA).

Once you have the investment account open, you will need to fund it with cash, and you’ll be ready to invest in a spot Bitcoin ETFs.

The Basic Steps to Invest in ETFs

  • Open an investment account.
  • Fund the investment account with cash.
  • Select the ETF(s) to purchase.
  • Execute the trade(s) to buy shares.

Summary

For anyone with a horizon beyond a few months, the risk/reward strongly favors owning spot Bitcoin ETFs at these levels. Use dollar-cost averaging, avoid leverage, and keep position sizing appropriate for a high-volatility asset.

The top spot Bitcoin ETFs (especially IBIT, FBTC, BITB, BlackRock/Europe, Purpose/Canada) remain highly attractive in November 2025 for both new and existing investors seeking regulated, convenient, and cost-effective exposure to digital assets. With healthy liquidity, competitive fees, and broad acceptance, buying today can offer both portfolio diversification and upside potential—but be prepared for price volatility and invest judiciously based on your risk tolerance and goals.

Meanwhile, futures-based ETFs like 2x Bitcoin Strategy ETF (BITX) and ProShares Bitcoin Strategy ETF (BITO) maintain significant presence despite higher fees, appealing to investors with different strategies. This diverse ecosystem reflects the maturation of Bitcoin investment products and growing institutional interest in 2025.

Key Takeaways:

  • For lowest fees and direct price exposure in the U.S., look at IBIT, FBTC, BTC.

  • In Europe, physically backed ETPs like IB1T, CoinShares, and WisdomTree offer low-fee alternatives.

  • U.S. futures-based funds are more suitable for short-term or tactical exposure.

  • Regional availability and regulatory structures vary; European “ETFs” are often technically ETNs/ETPs but strongly collateralized.

Always check the most current fees, AUM, and performance before investing, as the landscape is evolving rapidly in 2025 (1624398).


Sources and References:

  1. https://www.nerdwallet.com/article/investing/spot-bitcoin-etf
  2. https://www.bitget.com/academy/how-to-invest-in-bitcoin-etfs-spot-and-futures-2025
  3. https://www.stashaway.my/r/bitcoin-etf-list-spot-and-futures-bitcoin
  4. https://www.coindesk.com/markets/2025/03/31/coinshares-s-bitcoin-mining-etf-is-the-worst-performing-fund-of-this-year
  5. https://etfs.grayscale.com/mnrs
  6. https://www.coindesk.com/markets/2025/03/25/blackrock-to-list-bitcoin-etp-in-europe-in-first-crypto-foray-outside-u-s
  7. https://www.etfstream.com/articles/blackrock-debuts-physical-bitcoin-etp-in-europe
  8. https://www.ishares.com/uk/professional/en/products/337088/
  9. https://www.eupersonalfinance.eu/articles/best-bitcoin-etfs-europe
  10. https://www.justetf.com/en/how-to/invest-in-bitcoin.html
  11. https://www.investopedia.com/where-to-buy-the-new-spot-bitcoin-etfs-8557203
  12. https://coinshares.com/us/etf/wgmi/
  13. https://www.bankrate.com/investing/best-bitcoin-etfs/
  14. https://www.cnbc.com/2025/01/06/new-etfs-that-combine-bitcoin-exposure-and-options-are-coming-in-2025.html
  15. https://etfdb.com/themes/bitcoin-etfs/
  16. https://www.justetf.com/en/market-overview/the-best-etfs.html
  17. https://www.reuters.com/technology/cryptoverse-next-wave-us-crypto-etfs-already-pipeline-2025-01-10/
  18. https://thecurrencyanalytics.com/bitcoin/bitcoin-price-outlook-for-august-2025-impact-of-miner-activity-and-institutional-demand-188107
  19. https://finance.yahoo.com/news/bitcoin-etf-75-12-months-124100666.html
  20. https://tradeforgood.com.au/learn/top-performing-crypto-etfs-2025/
  21. https://www.tradingview.com/news/newsbtc:06502fb87094b:0-japanese-financial-giant-sbi-moves-forward-with-bitcoin-xrp-etf-application/

Editor's Note: Our approach never chases short-term hype. Instead, our analysts, supported by AI, carefully select recommendations designed to build portfolios that compound over the long term. Investors must be prepared to position themselves and hold through market volatility to realize sustained growth and achieve their financial goals.

Disclaimer

The information presented in this article is intended for general informational purposes only and should not be construed as professional financial or investment advice. The revenue figures, company rankings, and projections are based on publicly available data, company reports, and industry estimates as of 2025. All currency conversions, where applicable, are based on annual average exchange rates.

While efforts have been made to ensure the accuracy and timeliness of the information, One Day Advisor and the article’s authors do not guarantee the completeness, reliability, or suitability of the content for any particular purpose. Readers are encouraged to verify details independently and consult qualified professionals before making any business, investment, or healthcare decisions based on the information provided.

The article may reference ongoing developments, regulatory actions, or market events that are subject to change. One Day Advisor is not responsible for any losses or damages arising from the use of this information.


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