Skip to content
etf.net

Launched · SEC filings

Grayscale Bitcoin Trust ETF

GBTCNYSE ArcaGrayscaleC

$57.65−0.79 (−1.35%)

As of Nov 9, 2026, 12:25 PM ET

C54/ 100

Rank 10 of 13 in Spot Bitcoin

C54/100Rank 10 of 13inSpot Bitcoin
Intraday session: down, 36 prints from 58.44 to 57.65. Range 57.28 to 58.20. Use the arrow keys to read each point.57.2557.5058.0058.2510 AM12 PM2 PM4 PM
Expense ratio
1.50%
Fund size
$9.39B
1Y total return
−26.0%
Yield · Last 12 months
0.00%
Holdings
1
Avg volume · 30D
1.76M sh
52W range
low $44.98high $83.25
Launched
Filings
SEC EDGAR

The ETF.net GBTC Grade

Based on 5 of 6 pillars

C

Score 54 out of 100

Category
Spot Bitcoin⁠
Rank
10 of 13
Six-pillar profile for GBTC. Scores out of 100: Cost 2, Risk 41, Mission 100, Tradability 89, Holdings not scored, Durability 77. Strongest: Mission (100). Weakest: Cost (2). Based on 5 of 6 pillars.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F2 out of 100
    Rank 13 of 13

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 12

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C41 out of 100
    Rank 13 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A89 out of 100
    Rank 1 of 13

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 2 of 13

Our read on GBTC

ETF.net Research

In short

CThe 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

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

Worth knowing

  • The 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.
  • Grayscale's own Mini Trust (BTC) holds the same coin at 0.15%, and BITB and HODL charge 0.20%.
  • No distributions. Bitcoin pays nothing, so the ride is price only, and the fund follows the coin down as fully as up.

GBTC Performance

Launched Sep 25, 2013

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

GBTC$7,399
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,088
Nov 6, 2025 to Nov 6, 2026. GBTC $7,399. SPY $11,088. Use the arrow keys to read each point.$6,000$8,000$10,000$12,000Nov 2025May 2026Nov 2026

Nov 6, 2025 – Nov 6, 2026

Returns run to the Nov 6, 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−14.5%
1 month−11.6%
3 months+17.2%
1 year−26.0%
3 yearsper year+29.4%
5 yearsper year+3.8%
10 yearsper year+50.9%

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−14.5%
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 Nov 6, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

No distribution history available.

Ex-datePay dateAmount per share
Dec 4, 2017Apr 3, 2018No data

GBTC Risk

Risk pillarC41 out of 100Rank 13 of 13 in Spot Bitcoin
How much the fund’s monthly returns vary, scaled to a year.
51.9%
Annualised · 36 months to Oct 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.
0.67
vs 3-month T-bills · to Oct 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.
2.04
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.

FMP measures it over up to five years of monthly returns.

GBTC Cost

Compare GBTC and MSBT

Overpaying vs MSBT, cheapest in Spot Bitcoin

$23,351

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GBTC 1.50%

    $26,283

  • MSBT 0.14% Cheapest

    $2,932

$10,000
30 years

Cost over time

  • GBTC 1.50%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530GBTC $26,283MSBT $2,932

Year by year

YearGBTCMSBTOverpaying
10$2,590$256$2,334
20$9,519$1,000$8,519
30$26,283$2,932$23,351

Other funds in Spot Bitcoin

See others