The WisdomTree Bitcoin Fund (BTCW) is a U.S. spot Bitcoin exchange-traded product listed on Cboe BZX. Launched on January 11, 2024, it holds Bitcoin to provide exposure to its price after fund expenses and liabilities.
Fund Structure and Fees
The fund values its holdings using an independently calculated Bitcoin reference value. Its shares trade through brokerage accounts, where the market price can differ from the fund's net asset value.
WisdomTree lists a 0.25% expense ratio. The initial six-month fee waiver was a launch promotion and has expired. Brokerage commissions and bid-ask spreads can add to the cost of trading shares.
Ownership and Risks
BTCW shareholders own an interest in the fund rather than coins they can send or spend. Fund custody removes the need to manage private keys for this holding but leaves the investment dependent on service providers.
Bitcoin price declines, custody failures and premiums or discounts to net asset value can cause losses. BTCW is not registered under the Investment Company Act of 1940. Read our BTCW review for the fund assessment.
