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GBTC

GradeBNew York Stock Exchange Arca

Grayscale Bitcoin Trust ETF

Crypto · Grayscale · Inception 2013-09-25 · SEC filings

$65.18−1.45 (−2.18%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 69 prints from 66.63 to 65.18. Range 64.78 to 66.38. Use the arrow keys to read each point.$65.50$66.00$66.5010 AM12 PM2 PM4 PM
Expense ratio
1.50%
Fund size
$11.0B
1Y return
−24.3%
Yield · Last 12 months
0.00%
Volume · 30D
2M sh
NAV per share
$66.85
52W range
low $44.98high $99.12

The ETF.net GBTC Grade

B

56/ 100

Rank 10 of 13 in Spot Bitcoin⁠

Confidence Medium

Six-pillar profile for GBTC. Scores out of 100: Cost 2, Risk 54, Mission 100, Tradability 86, Holdings not scored, Durability 81. Strongest: Mission (100). Weakest: Cost (2). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 2
    Category rank13/13 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank9/12 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 54
    Category rank4/13 · top 31%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 86
    Category rank1/13 · top 8%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 81
    Category rank2/13 · top 15%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on GBTC

ETF.net Research

BThe original bitcoin fund. GBTC dates to 2013, years before US spot bitcoin ETFs existed, and it still holds the coin directly. At 1.50% a year, it is also the most expensive door to that same asset.

Stated mandate

The product is identified as a Bitcoin investment product.

Why people hold it

  1. 01Started in 2013, long before spot bitcoin ETFs were permitted in the US. The longest operating record of anything in the spot bitcoin group.
  2. 02Holds spot bitcoin itself, not futures, and its price has tracked the coin closely.
  3. 03Actively traded with a multi-billion-dollar asset base, so trading friction tends to be modest for a crypto product.

Worth knowing

  1. 01The 1.50% expense ratio sits far above the roughly 0.25% typical for the group. On an identical asset, fees are most of what separates these funds.
  2. 02Grayscale's own Mini Trust (BTC) holds the same coin at 0.15%, and BITB and HODL charge 0.20%.
  3. 03No distributions. Bitcoin pays nothing, so the ride is price only, and the fund follows the coin down as fully as up.

GBTC Holdings

As of Sep 20, 2026, 10:01 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
Bitcoin100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Bitcoin100.00%127,290$10.3B4

Showing 1–1 of 1 holdings

GBTC Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

GBTC$7,573
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. GBTC $7,573. SPY $11,723. Use the arrow keys to read each point.$4,647$8,468$12,289Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for GBTC. Periods over one year show the average yearly return.
PeriodGBTC
Year to date−2.5%
1 month+11.7%
3 months+33.4%
1 year−24.3%
3 years+52.2%per year
5 years+13.8%per year
10 years+53.7%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for GBTC
YearReturn barGBTC
2026 YTD−2.5%
2025−7.6%
2024+113.8%
2023+317.6%
2022−75.8%
2021+7.0%
2020+290.7%

GBTC in the news

GBTC Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2017

One bar per payment. 1 payment in 2017. Nov 30, 2017 $0.06. Use the arrow keys to read each point.2017
Ex-datePay dateAmount per share
Nov 30, 2017Apr 3, 2018$0.06

GBTC Risk

How much the fund’s monthly returns vary, scaled to a year.
55.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.89
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−85.4%
Trough Dec 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.20
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

GBTC Cost

Expense ratio1.50%
  • The middle half of Spot Bitcoin funds
  • Median 0.23%

Every other Spot Bitcoin fund charges less.

GBTC costs $150.00 a year on $10,000. The median Spot Bitcoin fund costs $23.00.