It’s been nearly two years since the first spot Bitcoin exchange-traded funds (ETFs) were launched. In all, 11 new ETFs were approved by the Securities & Exchange Commission (SEC), including ones from BlackRock, Grayscale, Fidelity, Invesco, and Bitwise.

To say they’ve been successful would be a massive understatement. Collectively, they account for over $110 billion in assets under management, more than half of which comes from the iShares Bitcoin ETF (IBIT +4.07%).

Bitcoin ETFs are an unusual case because there is structurally no difference between them. They all invest in spot Bitcoin. There’s no selection methodology. There’s no weighting strategy. They’re functionally all the same.

To distinguish which Bitcoin ETF is better than another, you need to look at the details. For the most part, it comes down to cost — which has the lower expense ratio and which has lower trading costs. Keeping the total cost of ownership as low as possible helps keep more returns in an investor’s pockets.

Image source: Getty Images.

Given those guidelines, here are the three spot bitcoin ETFs that I like for 2026.

Grayscale Bitcoin Mini Trust ETF

The Grayscale Bitcoin Mini Trust ETF (BTC +4.06%) has the best combination of low fees, tight spreads, and high liquidity.

It was designed to be the cheaper version of the much larger Grayscale Bitcoin ETF. That ETF maintained its 1.5% expense ratio when it was converted from a trust, making it easily the worst spot Bitcoin ETF of the group. Grayscale launched the Mini Trust ETF at just a tenth of the cost of its flagship ETF as a way to entice new retail buyers to its products without giving up the hefty revenue that GBTC has been bringing in.

Its expense ratio of 0.15%, or $15 annually per $10,000 invested, is the cheapest within the spot Bitcoin ETF group. With about $3.6 billion in assets under management, this ETF is more than large enough to be highly liquid and tradeable throughout the day. Its minimal trading spread makes the Grayscale Bitcoin Mini Trust ETF the cheapest spot Bitcoin ETF in terms of total cost of ownership and the best option for retail traders to own.

Grayscale Bitcoin Mini Trust

Today’s Change

(4.06%) $1.52

Current Price

$38.97

iShares Bitcoin ETF

The iShares Bitcoin ETF is the poster child for the spot bitcoin ETF category. It has more than $70 billion in assets and nearly crossed the $100 billion mark earlier this year during the big Bitcoin rally.

The ETF’s 0.25% expense ratio is about average within this space and matches the fee charged by several other spot Bitcoin ETFs. Where it has its advantage is with liquidity and trading.

In terms of dollar volume, it trades nearly three times as much as all of the other spot Bitcoin ETFs combined. That makes spreads incredibly tight, creating a direct cost advantage with every trade. If you’re a one-time buy-and-hold investor in a spot Bitcoin ETF, you may be better off with one of the funds carrying a lower expense ratio. If you’re a more frequent trader, this ETF could be the better choice because the savings you’ll see on trading spreads will likely outweigh the expense ratio deficit in just a few trades.

iShares Bitcoin Trust

Today’s Change

(4.07%) $1.95

Current Price

$49.91

Fidelity Wise Origin Bitcoin ETF

I wrestled between the Fidelity Wise Origin Bitcoin ETF (FBTC +3.99%) and the Bitwise Bitcoin ETF for the third spot on this list. The Bitwise ETF has the advantage on expense ratio (0.2% vs. 0.25%) and the trading spreads on both are pretty tight.

Fidelity Wise Origin Bitcoin Fund

Today’s Change

(3.99%) $2.94

Current Price

$76.69

Ultimately, I decided to choose the greater liquidity of the Fidelity ETF over the lower expense ratio of Bitwise’s option. Since their inception in January 2024, the performance of the two ETFs is virtually identical. As was the case in the earlier example, buy-and-hold investors might prefer Bitwise, while more frequent traders might do better with Fidelity.

Ultimately, it’s probably splitting hairs. But remember that trading costs matter. It’s not only the expense ratio that makes the difference. In many cases, just a few small details can give an ETF the advantage.