- BlackRock's iShares Bitcoin fund
- BRRNY benchmark at 4 pm New York time
- Coinbase custody, plus Anchorage appointment
iShares Bitcoin Trust Overview
- Fund Name
- iShares Bitcoin Trust
- Ticker
- IBIT
- Listing Exchange
- Nasdaq
- Fund Family / Issuer
- BlackRock / iShares
- Underlying Asset
- Bitcoin
Additional details
- Exposure
- Spot Bitcoin held by the trust.
- Fund Structure
- Exchange-traded commodity trust, not registered under the Investment Company Act of 1940.
- Annual sponsor fee
- 0.25%
- Fee Assessment Base
- Net asset value.
- Effective Annual Charge
- 0.25%
- Fee Terms Checked
- Sep 13, 2026
- Benchmark
- CME CF Bitcoin Reference Rate – New York Variant (BRRNY)
- Custody Appointments
- Coinbase; Bitcoin custodian; Coinbase can be liable for negligence in safeguarding the trust's Bitcoin, subject to contractual caps and exclusions. Trade-credit liens can reach custody balances.Anchorage Digital; Additional custodian, appointed 2025; Per the report for the quarter ended June 30, 2026, the sponsor has no current plans to move the trust's Bitcoin to Anchorage. Its appointment is not an equal split or proof of diversified custody. Anchorage has different terms for an extended transition after termination.
- Retail Asset Redemption
- Individual shares cannot be redeemed with the fund for Bitcoin sent to your wallet. Retail investors buy and sell shares on the market; authorized participants use a separate creation and redemption process.
- 30-day Median Bid/Ask Spread
- 0.02%As of Sep 24, 2026iShares, issuer; 30 Day Median Bid/Ask Spread; Retrieved Sep 28, 2026
- Fund Assets
- USD 67,313,318,647As of Sep 24, 2026
Net assets
- Issuer-reported inception
- Jan. 5, 2024, seed-basket Bitcoin purchase
- First exchange trading
- Jan. 11, 2024
- Quarterly report
- Quarter ended June 30, 2026
- Annual report
- Year ended Dec. 31, 2025
- Rating reviewed
- Sep. 25, 2026, CryptoSlate methodology version 2.1, data cutoff Sep. 24
iShares Bitcoin Trust Screenshots
Screenshot 1 of 8
iShares Bitcoin Trust Pros and Cons
Pros
- Bitcoin exposure in a brokerage account
- No personal wallet or private keys to manage
- Bitcoin backing instead of futures contracts
Cons
- 0.25% annual sponsor fee
- No Bitcoin withdrawals to your wallet
- Share price can differ from asset value
Who IBIT Is For
IBIT fits investors who want to hold Bitcoin exposure as a security and leave storage to the fund’s service providers. Its usefulness depends on what you want to do with that holding.
CryptoSlate Rating
IBIT scores 9.3/10. The rating reflects its annual sponsor fee, published trading spread, fund size, custody terms and reporting.
| Pillar | Weight | Score | Assessment |
|---|---|---|---|
| Costs | 30% | 7.9/10 | The annual sponsor fee is 0.25%, separate from brokerage trading costs. |
| Published spread indicator | 25% | 9.6/10 | iShares reported a 0.02% 30-day median bid-ask spread as of Sep. 24, 2026. |
| Fund scale | 10% | 10.0/10 | iShares reported $67.31 billion in net assets as of Sep. 24, 2026. |
| Custody terms | 20% | 10.0/10 | Coinbase can be liable for negligence; Anchorage must meet a prudent, professional custody standard. Contractual limits still apply. |
| Reporting | 15% | 10.0/10 | Current required reports and product disclosures are available. Management reported effective disclosure controls at June 30, 2026. |
IBIT charges a 0.25% annual sponsor fee, and iShares reported a 0.02% 30-day median bid-ask spread and $67.31 billion in net assets as of Sep. 24, 2026. Actual trading costs depend on the bid and ask available when an order is placed and any broker charges.
Coinbase can be liable for negligence in safeguarding the trust's Bitcoin, subject to contractual caps and exclusions. Trade-credit liens can reach custody balances. Anchorage must meet a prudent, professional custody standard, although different liability terms apply during an extended transition after termination. Neither arrangement removes the risk of loss from Bitcoin's price.
What IBIT Is and How It Works
IBIT holds Bitcoin to give shareholders exposure to its price, after expenses. Its spot structure differs from a strategy built around Bitcoin futures contracts.
Shareholders own an interest in the trust. They can hold and trade that security but do not control the private keys to its Bitcoin.
Benchmark and How to Check Tracking
IBIT uses the CME CF Bitcoin Reference Rate – New York Variant, often abbreviated BRRNY, from CF Benchmarks. The benchmark combines transaction data from qualifying Bitcoin-dollar markets into a daily reference price aligned with 4:00 pm New York time.
That reference price is different from a continuously changing Bitcoin quote on an exchange. Comparing an IBIT closing value with a Bitcoin price from another hour can introduce a timing difference, separate from any effect of fees or fund operations.
To assess tracking, compare the fund's net asset value return with its stated benchmark over matching dates. Net asset value, or NAV, is the value of assets after liabilities, divided by the number of shares. The price at which shares trade is a separate measure. A benchmark's name tells you what the fund follows, but it does not establish how closely the fund followed it over a particular period.
Is IBIT Safe? Custody and Investment Risks
A fall in Bitcoin's market price can substantially reduce an IBIT holding. Its exchange listing and BlackRock branding do not protect the investment against that decline.
Who Holds IBIT's Bitcoin?
IBIT names Coinbase as a Bitcoin custodian. Anchorage Digital was appointed as an additional custodian in 2025.
The report for the quarter ended June 30, 2026 says the sponsor has no current plans to move the trust's Bitcoin to Anchorage. Its appointment therefore should not be read as an equal split or proof that custody is diversified.
The brokerage account and the fund's Bitcoin custody also serve different purposes. Your broker handles your shareholding. The fund's custody arrangements concern the underlying Bitcoin. Buying through a particular broker does not mean that broker stores the trust's Bitcoin for you.
Fund Structure and Regulatory Status
IBIT is structured as an exchange-traded commodity trust and is not registered under the Investment Company Act of 1940. Calling it an ETF does not give it the same regulatory framework as a fund registered under that act.
IBIT Fees and Trading Costs
The annual sponsor fee is only one part of the cost of owning IBIT. A useful comparison separates the fund's ongoing charge from what it costs to enter and leave the position.
| Cost | What Applies to IBIT | What It Means for You |
|---|---|---|
| Annual sponsor fee | 0.25% | Ongoing fund charge, separate from the cost of trading shares |
| Broker charges | Depends on the broker and account | A commission or account charge may apply even though it is not an IBIT fund fee |
| Bid-ask spread | Depends on the current share quote | A wider spread can increase the cost of entering or leaving a position |
iShares states a 0.25% annual sponsor fee. Schwab lists 0.25% gross and net expense ratios. Those figures do not cap the investor's full buying, holding, and selling costs.
For scale, applying 0.25% to a hypothetical $10,000 held at a constant value for a full year gives $25. This is an illustration before other costs, not a fixed bill. A changing investment value or shorter holding period changes the result.
Buying and Selling IBIT
IBIT trades on Nasdaq. Brokerage access varies by account and location. Confirm the US fund's full name and ticker in the account you intend to use. Check whether your account supports fractional shares and whether residence or account-type restrictions apply.
Share Price and NAV
The share price can be above NAV, called a premium, or below it, called a discount. Buying or selling at the market price can produce a different result from a calculation based only on the fund's underlying Bitcoin value.
Before placing an order, inspect the current bid and ask prices alongside any commission shown by the broker.
Bitcoin Withdrawals and Retail Shares
Buying a share does not put Bitcoin into a wallet you control. Retail investors buy and sell shares on the market. Financial firms acting as authorized participants have a separate arrangement for creating and redeeming large blocks of shares directly with the fund. That process does not give an ordinary shareholder a personal Bitcoin withdrawal facility.
Selling the shares through a broker is therefore a different process from sending Bitcoin to a wallet address. If that transfer is part of your intended use, the fund cannot replace a Bitcoin holding you control directly.
IBIT Alternatives
Holding Bitcoin in a personal wallet is one alternative for investors who need to make transfers or control the keys. That choice brings responsibility for managing the wallet and securing access to the coins.
IBIT vs FBTC
IBIT and the US-listed Fidelity Wise Origin Bitcoin Fund share a 0.25% headline annual rate. Their listing exchanges and named benchmarks differ.
| Comparison | IBIT | FBTC |
|---|---|---|
| Headline annual fee | 0.25% | 0.25% |
| Listing exchange | Nasdaq | Cboe BZX |
| Benchmark | CME CF Bitcoin Reference Rate – New York Variant | Fidelity Bitcoin Reference Rate |
If both funds are available in your account, compare the broker's charges and live quotes for the same intended trade. The equal rate gives IBIT no headline fee advantage, and the benchmark names alone do not show which fund has tracked Bitcoin more closely.
References
iShares reports a 0.25% annual sponsor fee, a 0.02% published 30-day median bid-ask spread and $67.31 billion in net assets. The spread and asset figures are as of Sep. 24, 2026. Custody and reporting terms reflect the trust's filings through the quarter ended June 30, 2026. Nasdaq and the benchmark provider describe the listing and reference rate.
To report an error in this review, contact CryptoSlate.
This review provides general information, not personal investment advice. Bitcoin exposure can result in substantial losses.
Bitcoin ETFs Pillar Scores
- Fund fees 30% weight Ongoing sponsor charge before temporary waivers, fee basis, covered expenses, extra fund costs, and waiver terms.Not disclosed
- Trading spread 25% weight Published 30-day median bid-ask spread, with its source, observation date, and calculation definition recorded.Not disclosed
- Fund size 10% weight Assets attributable to the fund, using a dated figure and a clearly identified asset-value basis.10.0 / 10
- Custody & asset rights 20% weight Fund ownership, separate asset records, and the custodian's contractual responsibility for its own safekeeping failures.10.0 / 10
- Reporting & transparency 15% weight Required reports, public holdings, valuation benchmark, net asset value (NAV), and management's disclosure-control conclusions.10.0 / 10
Final Verdict
IBIT is a practical fit for investors who want BlackRock's Bitcoin fund in a brokerage account and accept the limits of holding shares. It removes personal wallet management from that investment, while leaving the investor exposed to Bitcoin's price and to custodian and service-provider risks. The 0.25% annual sponsor fee is straightforward to compare, but it offers no headline advantage over FBTC. Account access and actual trading costs deserve more weight than the issuer's name alone. IBIT is a poor fit for anyone who needs private-key control or Bitcoin they can withdraw and spend.
Best For
Investors who want Bitcoin exposure in a brokerage account.
Avoid If
- You need to withdraw Bitcoin, hold your own keys, or spend it.
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