COIN vs BITO Stock Comparison: AI Score, Valuation, Performance and Upside
Coinbase and the ProShares Bitcoin Strategy ETF (BITO) both offer crypto-adjacent exposure through traditional equity markets, but Coinbase is an operating company running a cryptocurrency exchange with revenue tied to trading volume and can benefit from operating leverage during bull markets, while BITO is a passive fund that tracks bitcoin futures prices without any underlying operating business.
Coinbase offers operating company exposure to the crypto industry with potential for outsized gains during bull markets but also company-specific and regulatory risk, while BITO offers simpler, more direct passive exposure to bitcoin price movements without company-specific risk, but also without any earnings growth potential. Consider whether you want operating leverage exposure via Coinbase or passive futures-based bitcoin tracking via BITO.
BITO holds the edge across 2 of 5 key metrics in this comparison. BITO has delivered stronger 1-year price return (-36.33% vs -47.37% for COIN).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want operating company exposure to the cryptocurrency industry with potential operating leverage during bull markets
- Value Coinbase's diversification into subscription and services revenue beyond pure trading fees
- Are comfortable with significant earnings volatility tied to cryptocurrency price cycles
- Believe Coinbase's established, regulated exchange position provides a durable competitive advantage
- Want simple, passive exposure to bitcoin price movements through a traditional brokerage account
- Prefer avoiding company-specific operating and regulatory risk associated with an exchange operator like Coinbase
- Understand and accept the tracking difference risk that comes from a futures-based rather than spot-based structure
- Do not need or want potential earnings growth beyond direct bitcoin price tracking
| Metric | COIN | BITO |
|---|---|---|
| ETF scorei | 25.4 | 7.0 |
| Latest closei | $172.11 | $10.23 |
| 1M returni | +15.92% | +20.48% |
| 6M returni | -18.13% | +0.46% |
| 1Y returni | -47.37% | -36.33% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | COIN | BITO |
|---|---|---|
| 1Y ago | $5.25K (-47.5%) started 2025-09-16 | $8.05K (-19.5%) started 2025-09-15 |
| 5Y ago | $7.02K (-29.8%) started 2021-09-17 | $120.6K (+1106.0%) started 2021-10-20 |
| 10Y ago | $5.24K (-47.6%) started 2021-04-14 | $120.6K (+1106.0%) started 2021-10-20 |
Hypothetical — past performance does not guarantee future results.
| Metric | COIN | BITO |
|---|---|---|
| Expense ratioi | N/A | 0.95% |
| Total assets (AUM)i | N/A | $1.66B |
| Dividend yieldi | N/A | 38.16% |
| Trailing P/Ei | N/A | N/A |
| Betai | 3.39 | 1.76 |
| 52-week change | -47.37% | -36.33% |
| Metric | COIN | BITO |
|---|---|---|
| 1Y returni | -47.37% | -36.33% |
| 6M returni | -18.13% | +0.46% |
| 1M returni | +15.92% | +20.48% |
| 1Y Sharpe ratio | -0.61 | -0.88 |
| Betai | 3.39 | 1.76 |
| Dividend yieldi | N/A | 38.16% |
| 5Y CAGR | -6.84% | -2.52% |
Over the past year, COIN and BITO have moved strongly in the same direction (correlation of 0.80), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | COIN | BITO |
|---|---|---|---|
| 1Y | Growthi | -47.51% | -36.33% |
| CAGRi | -47.59% | -36.35% | |
| Volatilityi | 71.94% | 45.07% | |
| Sharpe ratioi | -0.61 | -0.88 | |
| Sortino ratioi | -0.89 | -1.21 | |
| Max drawdowni | 63.57% | 54.47% | |
| Current drawdowni | 55.56% | 41.40% | |
| Avg drawdowni | 43.25% | 35.76% | |
| Ulcer Indexi | 46.74% | 38.65% | |
| Max daily dropi | 13.34% | 13.30% | |
| Max wkly dropi | 26.64% | 24.46% | |
| 5Y | Growthi | -29.81% | -11.77% |
| CAGRi | -6.84% | -2.52% | |
| Volatilityi | 86.69% | 54.30% | |
| Sharpe ratioi | 0.29 | 0.14 | |
| Sortino ratioi | 0.45 | 0.21 | |
| Max drawdowni | 90.90% | 77.86% | |
| Current drawdowni | 59.00% | 41.40% | |
| Avg drawdowni | 52.04% | 37.39% | |
| Ulcer Indexi | 57.66% | 43.96% | |
| Max daily dropi | 26.40% | 20.22% | |
| Max wkly dropi | 58.72% | 30.50% | |
| 10Y | Growthi | -47.57% | -11.77% |
| CAGRi | -11.22% | -2.52% | |
| Volatilityi | 84.78% | 54.30% | |
| Sharpe ratioi | 0.23 | 0.14 | |
| Sortino ratioi | 0.34 | 0.21 | |
| Max drawdowni | 90.90% | 77.86% | |
| Current drawdowni | 59.00% | 41.40% | |
| Avg drawdowni | 50.38% | 37.39% | |
| Ulcer Indexi | 55.95% | 43.96% | |
| Max daily dropi | 26.40% | 20.22% | |
| Max wkly dropi | 58.72% | 30.50% |
| Category | COIN | BITO |
|---|---|---|
| Fund name | Coinbase Global, Inc. | ProShares Bitcoin ETF |
| Type | ETF | ETF |
| Expense ratioi | N/A | 0.95% |
| Total assets (AUM)i | N/A | $1.66B |
| Dividend yieldi | N/A | 38.16% |
- Operating leverage as a business means trading volume growth during crypto bull markets can drive outsized profit growth
- Diversifying revenue beyond pure trading fees into subscription and services like staking and custody
- Established, trusted brand as one of the largest regulated cryptocurrency exchanges in the US
- Provides a simple, passive way to gain exposure to bitcoin price movements without directly holding or custodying cryptocurrency
- Trades on traditional stock exchanges through a standard brokerage account, avoiding the need for a separate crypto exchange account
- Regulated fund structure provides a different risk and oversight profile than holding cryptocurrency directly
- Trading volume and revenue are highly correlated with cryptocurrency price cycles, creating significant earnings volatility
- Regulatory uncertainty around cryptocurrency exchanges remains an ongoing risk factor for the business
- Faces competition from both other crypto exchanges and traditional financial institutions entering the crypto space
- Futures-based structure can lead to tracking difference (basis risk) from spot bitcoin prices due to futures roll costs over time
- No operating business or earnings growth potential, unlike Coinbase, since it purely tracks bitcoin futures price movements
- Underlying bitcoin price remains highly volatile, and the fund carries all the risk of that volatility
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