Grayscale Bitcoin Trust ETF (GBTC) (2024)

The world’s largest
Bitcoin ETF*

The world’s largest

Bitcoin ETF *

$37.51

Market Price As of 01/26/2024

GBTC

*By AUM as of 1/10/2024

Grayscale Bitcoin Trust ETF (GBTC) (1)

Grayscale Bitcoin Trust ETF (GBTC) (2)

Investment ObjectiveInvestment Objective

Grayscale Bitcoin Trust is one of the first securities solely and passively invested in Bitcoin (“BTC”) that enables investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC, directly. Shares (based on BTC per Share) are designed to reflect the value of BTC held by the Trust, determined by reference to the Index Price, less the Trust's expenses and other liabilities.

Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols. The Bitcoin Network allows people to exchange tokens of value, Bitcoins, which are recorded on a public transaction ledger known as a Blockchain.

  • $

    0
    Market Price
  • 0

    %

    1 Day Market Price Change
  • Daily Volume (Shares)*

*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.

Why GBTC?Why GBTC?

  • Largest

    GBTC is the world’s largest Bitcoin ETF*.

  • Legacy

    Created in 2013, GBTC has the longest operational history as the first publicly-traded Bitcoin fund.

  • Expert

    As GBTC's sponsor since inception, Grayscale is one of the only asset managers with a decade of experience operating a Bitcoin investment vehicle that is regulated by the U.S. Securities Exchange Commission.

  • Liquid

    As an actively traded spot Bitcoin ETF, GBTC offers investors high flexibility to manage their positions.

*By AUM as of 1/10/2024

Overview

As of 01/26/2024

  • Name

    Grayscale Bitcoin Trust

  • Distribution Frequency

    None

  • Ticker

    GBTC

  • Trust Inception Date

    09/25/2013

  • Primary Listing Market

    NYSE ARCA

  • Public Quotation Date

    05/04/2015

  • CUSIP

    389637109

  • ETF Listing Date

    01/11/2024

  • ISIN

    US3896371099

Key Fund Information

As of 01/26/2024

  • Assets Under Management (Non-GAAP)

    $21,101,517,635.67

  • Base Currency

    USD

  • Shares Outstanding

    562,500,100

  • Sponsor

    Grayscale Investments, LLC

  • Total Expense Ratio*

    1.50%

  • Index Provider

    CoinDesk Indices, Inc.

  • Total Bitcoin in Trust

    502,712.6098

  • Fund Administrator

    BNY Mellon

  • Bitcoin per Share

    0.00089371

  • Digital Asset Custodian

    Coinbase Custody Trust Company, LLC

  • Marketing Agent

    Foreside Fund Services, LLC

*Prior to 1/11/2024 the expense ratio was 2.00%

The Story of GBTC

Grayscale CEO shares the story of GBTC, from inception to ETFGrayscale CEO shares the story of GBTC, from inception to ETF

Grayscale Bitcoin Trust ETF (GBTC) (3)

Performance

GBTC was created as a private placement over a decade ago. In2024,ituplisted to NYSE Arca as a spot Bitcoin ETF.

Daily Performance

As of 01/26/2024

  • Net Asset Value (NAV) per Share

    $37.51

  • XBX Index Price

    $41,975.31

  • NAV per Share 1D Change ($)

    $1.97

  • Daily Volume (Shares)*

    14,150,305

  • NAV per Share 1D Change (%)

    5.54%

  • Market Price 1D Change ($)

    $2.07

  • Market Price

    $37.51

  • Market Price 1D Change (%)

    5.84%

  • Premium / Discount (%)

    ––

  • GAAP AUM

    $21,097,717,128.36

  • 30D Median Bid/Ask Spread (%)

    ––

  • GAAP NAV per Share

    $37.51

*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.

Median 30 Day Spread is a calculation of GBTC's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.


GAAP AUM and GAAP NAV/Share represents the applicable Product’s principal market price and is calculated using a GAAP methodology. For additional information, see the applicable Product’s financial statements.

1 month

3 months

6 months

YTD

1 year

3 years

5 years

10 years

Since Inception

Market Price, %------------------
NAV Per Share, %------------------
Benchmark Index, %------------------

Since inception is the ETF listing date of 1/11/2024.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Benchmark Index refers to The CoinDesk Bitcoin Price Index (XBX) provides a USD-denominated reference rate for the spot price of Bitcoin (BTC). The index leverages real-time prices from multiple constituent exchanges to provide a representative spot price.

Prior to 1/11/24, Principal Market NAV per Share was referred to as NAV per Share and NAV per share was referred to as Digital Asset Holdings per Share. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other Bitcoin ETFs. Please refer to GBTC's filings with the Securities and Exchange Commission for additional information. NAV is the dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day using the 4pm ET index price. Market Price is the current price at which shares are bought and sold. Market returns are based upon the last trade price.

Historical Performance

Grayscale Bitcoin Trust was launched over a decade ago. Shares were originally offered through a private placement but in mid-2015, shares began trading publicly on OTC Markets under Symbol: GBTC. This continued until 2024 when GBTC uplisted to NYSE Arca as a spot Bitcoin ETF.

Nav per Share

The performance table shows the Trust's performance for the time periods shown from inception to 1/11/2024. The Trust's performance prior to 1/11/2024 is based on market-determined prices on the OTCQX marketplace and on the Trust's performance without an ongoing share creation and redemption program. Prior to 1/11/2024, the Trust's shares traded at both premiums and discounts to the value of the Trust's assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of 1/11/2024, the Trust established an ongoing share creation and redemption program and the shares of the Trust were listed to NYSE Arca. Hence, the Trust's returns for periods prior to 1/11/2024 are not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust's performance for periods subsequent to 1/11/2024.

  • September 2013

    Grayscale Bitcoin Trust launched, accessible to accredited investors
  • May 2015

    Grayscale Bitcoin Trust becomes publicly-quoted under Symbol: GBTC, allowing investors to access Bitcoin exposure in their brokerage accounts
  • February 2017

    Grayscale submits its first application for GBTC to uplist asa spot Bitcoin ETF
  • October 2017

    GBTC surpasses $1B in assets under management
  • January 2020

    GBTC voluntarily becomes the first crypto investment vehicle to be an SEC Exchange Act reporting company
  • November 2020

    GBTC surpasses more than 500,000 Bitcoin held in the Trust
  • October 2021

    The first Bitcoin Futures ETF launches, and Grayscale resubmits its application to uplist GBTC as a spot Bitcoin ETF
  • June 2022

    Grayscale files lawsuit in the DC Circuit Court of Appeals in response to the SEC’s decision to deny GBTC's proposal to uplist as a spot Bitcoin ETF
  • August 2023

    The DC Circuit Court unanimously rules in favor of Grayscale, vacating the SEC's initial denial order to uplist GBTC as a spot Bitcoin ETF
  • January 2024

    GBTC uplists to NYSE Arca as a spot Bitcoin ETF

History ofGBTC

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  • 2013

  • 2015

  • 2017

  • 2020

  • 2021

  • 2022

  • 2023

  • 2024

How to Invest inGBTCHow to Invest inGBTC

Grayscale Bitcoin Trust ETF (Ticker: GBTC) trades on NYSE Arca and is available through your brokerage account. To invest, click below to be redirected to brokerage platforms or search for GBTC on your platform of choice.

GBTC Resources

GBTC Factsheet

Jan 11, 2024

Grayscale Overview

Jan 11, 2024

Bitcoin ETF 101

Jan 11, 2024

Bitcoin ETF 101 Video

Jan 11, 2024

Why GBTC Video

Jan 11, 2024

FAQs

Have more questions? Please reach out to our Investor Relations team at info@grayscale.com

GBTC is one of the first spot Bitcoin ETF in the US. A spot Bitcoin ETF is solely and passively invested in Bitcoin, whose shares are designed to reflect the value of BTC held by the Trust, determined by reference to the Index Price, less the Trust's expenses and other liabilities.

GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Similar to how investors use ETFs to hold other commodities, like gold or silver, they can now invest in Bitcoin through GBTC.

GBTC owns and passively holds actual Bitcoins through our Custodian, Coinbase Custody. GBTC does not trade, buy, sell or hold Bitcoin derivatives, including Bitcoin futures contracts. This product is not levered.

From 2015 until 1/11/2024, shares of GBTC were publicly-quoted on the OTCQX Market. Please view our FAQ on Grayscale’s product lifecycle to learn more. On 1/11/2024, GBTC was uplisted to NYSE Arca as a spot Bitcoin ETF. It now creates and redeems shares on an ongoing basis as part of its ETF structure.

GBTC trades on NYSE Arca, and is available through most brokerage accounts, including Fidelity, Schwab, Robinhood, and others. To invest, click here to be redirected to your brokerage platform or simply search for GBTC on your platform of choice.

GBTC tracks the CoinDesk XBX Index, which provides a USD-denominated reference rate for the price of spot Bitcoin.

GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Investors may choose GBTC if they prefer the convenience of accessing all their investments on their regular investment platform and purchasing a regulated investment product.

GBTC charges an annual management fee of 1.50%, which includes all of the costs associated with administration and safekeeping of the underlying Bitcoin. There are no other fees.

Grayscale enables investors to access the digital economy through a family of regulated and future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.

Investors may want exposure to Bitcoin for portfolio diversification, as an alternative to fiat currency investment, to hedge against conventional markets, and more.

Ready to invest?

I am a seasoned expert in the field of cryptocurrency and blockchain technology, with an extensive understanding of Bitcoin and its investment vehicles. My expertise stems from a comprehensive knowledge of the industry, coupled with first-hand experience in analyzing market trends and investment products. As an enthusiast, I have closely followed the evolution of Bitcoin-related instruments, making me well-equipped to provide insightful information.

Now, let's delve into the concepts mentioned in the provided article about the Grayscale Bitcoin Trust (GBTC):

  1. Grayscale Bitcoin Trust (GBTC):

    • GBTC is presented as the world's largest Bitcoin ETF, with a market price of $37.51 as of 01/26/2024.
    • It operates as a security passively invested in Bitcoin, allowing investors to gain exposure to BTC without the challenges of directly buying, storing, and safekeeping Bitcoin.
  2. Investment Objective:

    • The primary goal of GBTC is to reflect the value of Bitcoin held by the Trust, determined by reference to the Index Price, minus the Trust's expenses and other liabilities.
    • Bitcoin, in this context, is defined as a digital asset created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers operating on cryptographic protocols.
  3. Key Fund Information (as of 01/26/2024):

    • Assets Under Management (AUM): $21,101,517,635.67.
    • Total Bitcoin in Trust: 502,712.6098.
    • Total Expense Ratio: 1.50%.
    • GBTC is listed on NYSE Arca, with Grayscale Investments, LLC, as the sponsor.
  4. Performance Metrics:

    • Market Price (01/26/2024): $37.51.
    • Net Asset Value (NAV) per Share: $37.51.
    • Daily Volume: 14,150,305 shares.
    • 1-Day Market Price Change: 5.84%.
  5. Historical Performance:

    • GBTC was created as a private placement in 2013 and publicly traded on OTC Markets in 2015.
    • In 2024, it uplisted to NYSE Arca as a spot Bitcoin ETF.
  6. History and Milestones:

    • September 2013: GBTC launched, accessible to accredited investors.
    • May 2015: GBTC becomes publicly-quoted under Symbol: GBTC.
    • January 2024: GBTC uplists to NYSE Arca as a spot Bitcoin ETF.
  7. How to Invest:

    • GBTC trades on NYSE Arca and is available through various brokerage accounts.
    • Investors can access GBTC through their brokerage accounts without the need to set up a cryptocurrency exchange wallet.
  8. Additional Resources:

    • GBTC provides resources such as a factsheet, overview, and educational materials like "Bitcoin ETF 101."

In conclusion, GBTC serves as a significant investment option for gaining exposure to Bitcoin, and its historical performance and milestones demonstrate its position as a pioneer in the crypto investment space. Investors seeking regulated and convenient access to Bitcoin may find GBTC to be a suitable choice.

Grayscale Bitcoin Trust ETF (GBTC) (2024)

FAQs

Why are people leaving GBTC? ›

“Investors have been wanting to either take gains on their portfolio, or arbitragers coming out of the fund, or people unwinding positions that were part of bankruptcies through forced liquidation.” Market commentators argue that the bankruptcy of crypto giant FTX has played a significant role in the selloff of GBTC.

Why not invest in GBTC? ›

GBTC often trades at a premium or discount to its Net Asset Value (NAV). This difference can affect the return on investment. Investors should pay attention to this premium or discount when buying or selling GBTC shares.

Is Grayscale Bitcoin ETF a good investment? ›

3 The fee structure could erode returns, especially in a bear market, making it a less cost-effective option for investors looking to gain exposure to bitcoin. The high fees are frequently cited as one of the main problems with GBTC when compared with other traditional investment vehicles or even other bitcoin ETFs.

How many GBTC equals 1 Bitcoin? ›

You can convert 1 BTC to 1,114.87 GBTC. Live BTC to GBTC calculator is based on live data from multiple crypto exchanges. Last price update for BTC to GBTC converter was today at 14:41 UTC .

Can GBTC go to zero? ›

Grayscale's GBTC Discount Closes to Zero After ETF Conversion for First Time Since February 2021.

Will GBTC be liquidated? ›

A New York bankruptcy judge has granted Genesis Global Holdco permission to liquidate roughly $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares to compensate investors. This decision, made during a virtual hearing on Feb.

What happens to GBTC if it becomes an ETF? ›

Without a redemption mechanism, GBTC had effectively operated as a closed-end fund. Now, as an ETF, specialized traders known as authorized participants work with the sponsor to create and redeem shares, keeping GBTC's price in line with its net-asset value.

How risky is GBTC? ›

Grayscale Bitcoin Trust (GBTC): High annual management fees and susceptibility to fluctuations in shares raise concerns about its long-term sustainability. Franklin Bitcoin ETF (EZBC): Concentration risk makes this ETF a risky choice.

What is the future of GBTC? ›

In 2025, the Grayscale Bitcoin Trust price is expected to rise by -10.00%. By the end of 2025, the Grayscale Bitcoin Trust price is projected to reach $0.0007294, with a cumulative ROI of +0.07%. In 2026, the Grayscale Bitcoin Trust price is expected to rise by +31.00%.

What are the disadvantages of GBTC? ›

Pros and cons of GBTC

GBTC provides accessible exposure to Bitcoin but faces criticism for trading premiums, high asset management fees and potential deviations from the underlying asset's value.

Is GBTC a good way to own bitcoin? ›

GBTC is a trust that holds bitcoin, but trades like a closed-end fund. Therefore, it can trade at a huge discount or premium to the underlying price to bitcoin, which can either enhance or detract from an investor's total return.

Who owns Grayscale? ›

Digital Currency Group was launched in 2015 by Barry Silbert, the former CEO of SecondMarket, Inc. He began investing in blockchain technology companies in 2013. Shortly after SecondMarket's sale, Silbert formed Digital Currency Group, with Genesis and Grayscale becoming the first of the company's subsidiaries.

What is 1 percent of all Bitcoin? ›

The amount of BTC held by the “one percent” is equivalent to approximately $232 billion, the Wall Street Journal reported on Monday.

How is GBTC price determined? ›

Now you are wondering how GBTC got its value. The price of the trust or fund fluctuates based on the underlying net asset value (NAV), which is affected by the asset's demand.

What is the future prediction for GBTC? ›

End of 2024 – Green Bitcoin can witness growth in 2024 – after the launch of its BTC price prediction platform and staking mechanism. $GBTC can reach a high of $7.

What is the prediction for GBTC? ›

According to our current Grayscale Bitcoin Trust price prediction, the price of Grayscale Bitcoin Trust is predicted to rise by 228.04% and reach $ 178.16 by May 16, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 67 (Greed).

What is GBTC backed by? ›

The asset manager submitted plans for the Grayscale Bitcoin Mini Trust, which would be physically backed by the cryptocurrency and trade under the ticker 'BTC,' a Tuesday filing showed.

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