Grayscale pioneered exposure to Bitcoin through its launch of Grayscale Bitcoin Trust ETF ("GBTC" or the "Trust") in 2013, marking the first Bitcoin trust of its kind. On January 11, 2024, GBTC uplisted to NYSE Arca under the same ticker. GBTC offers investors several advantages:
Investment Objective
The investment objective of the Grayscale Bitcoin Trust ETF is to reflect the performance of the price of Bitcoin, less the Trust's expenses.
Efficient Exposure to Bitcoin
GBTC provides investors with exposure to Bitcoin via an exchange-traded product listed on the New York Stock Exchange. Each share represents ownership in the Trust, whose sole assets are Bitcoin. As an exchange-traded product, GBTC is not registered under the Investment Company Act of 1940 (the '40 Act) and therefore is not subject to the same regulations and protections as '40 Act registered ETFs and mutual funds.
Liquidity & Flexibility
Shares of GBTC can be bought and sold continuously during U.S. trading hours.
Track the Price of Bitcoin
The spot price of Bitcoin is determined by market participants across multiple constituent trading platforms. Each platform is weighted proportionally to its trailing 24-hour liquidity, with adjustments for price variance and inactivity. The methodology and data for this price calculation can be found on coindesk.com/indices/xbx.
Managed by a Crypto Specialist
As GBTC's sponsor since inception, Grayscale is one of the few asset managers with a decade of experience operating a Bitcoin investment vehicle registered with the U.S. Securities Exchange Commission.
Performance Data
Growth of Hypothetical $10,000 (Since Inception)
The following describes the historical growth of a hypothetical $10,000 investment in the Grayscale Bitcoin Trust ETF (GBTC) and the CoinDesk Bitcoin Price Index (XBX) from inception on September 25, 2013, to June 30, 2025. This chart reflects net fund expenses and other costs.
Chart Visualization: The chart displays two lines: one representing the Net Asset Value (NAV) of GBTC and the other representing the CoinDesk Bitcoin Price Index (XBX). Both lines show a significant upward trend from 2013 to 2025. By June 30, 2025, the hypothetical $10,000 investment in GBTC grew to approximately $8,357,873, while the same investment in the XBX grew to approximately $9,133,200. The chart indicates that GBTC's performance closely tracks the XBX, with minor deviations due to expenses and other factors.
| Period | Market Price | NAV | CoinDesk Bitcoin Price Index (XBX) |
|---|---|---|---|
| 1 Month | 2.86% | 2.89% | 3.02% |
| 3 Months | 30.17% | 30.31% | 30.81% |
| 6 Months | 14.60% | 14.52% | 15.39% |
| YTD | 14.60% | 14.52% | 15.39% |
| 1 Year | 77.04% | 77.10% | 79.78% |
| 3 Years | X | 441.58% | 470.79% |
| 5 Years | X | 972.68% | 1079.58% |
| 10 Years | X | 33574.60% | 41066.62% |
| Since Inception | 131.64% | 128.14% | 133.20% |
* XBX: CoinDesk Bitcoin Price Index. Chart performance as of 06/30/25.
Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted.
Note on Performance Data: The performance table shows the Trust's performance for the time periods shown from inception through 6/30/2025. GBTC was a private placement until 1/11/2024, when it uplisted to an ETP. 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. 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. Expenses reflected in the performance from inception on September 25, 2013 to January 11, 2024 reflects fees of the Trust when the Trust was structured as a private placement while returns after this date reflect the expenses of the Trust after registration as an exchange traded product as reported in the current prospectus.
Fund Details
| Inception Date: | 09/25/2013 |
| NYSE Listing Date: | 01/11/2024 |
| Benchmark Index: | CoinDesk Bitcoin Price Index² |
| Assets Under Management: | $19,951,155,311 |
| Shares Outstanding: | 235,100,100 |
| Net Asset Value (NAV) per Share: | $84.86 |
| Bitcoin per Share: | 0.00078732 |
| Total Bitcoin in Trust: | 185,098.71 |
| Fund Expense Ratio: | 1.50% |
Trading Details
| Ticker: | GBTC |
| Bloomberg IOPV Ticker: | GBTC.IV |
| Index Ticker: | XBX |
| CUSIP: | 389637109 |
| ISIN: | US3896371099 |
| Primary Exchange: | NYSE |
Service Providers & Structure
- Sponsor: Grayscale Investments Sponsors, LLC
- Index Provider: CoinDesk Indices, Inc.
- Fund Administrator: BNY Mellon
- Bitcoin Custodian: Coinbase Custody Trust Company, LLC
- Auditor: KPMG LLP
- Delaware Statutory Trustee: Delaware Trust Company
- Marketing Agent: Foreside Fund Services, LLC
Important Disclosures and Risks
Investing involves risk, including possible loss of principal. An investment in the Trust is subject to a high degree of risk and heightened volatility. GBTC is not suitable for an investor that cannot afford the loss of the entire investment. Shares of ETPs may trade at a premium or discount to their net asset value.
The Grayscale Bitcoin Trust ETF ("GBTC" or the "Trust") has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before investing, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833)903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.
Foreside Fund Services, LLC is the Marketing Agent for GBTC. Grayscale Investments Sponsors, LLC ("Grayscale") is the sponsor of GBTC.
The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries.
There is no guarantee that a market for the shares will be available, which could adversely impact the liquidity of the Trust. The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
The Trust relies on third-party service providers to perform certain functions essential to its operations. The replacement of such service providers could pose a challenge to the safekeeping of the digital asset and to the operations of the Trust.
NAV per Share is not calculated in accordance with GAAP. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced could have a material adverse effect on the value of the Trust, and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Trust depends on the acceptance of digital assets, the capabilities and development of blockchain technologies, and the fundamental investment characteristics of the digital asset.
Digital asset networks are developed by diverse contributors. The perception that certain high-profile contributors may no longer contribute to a network could adversely affect the market price of the related digital asset. Digital assets may have concentrated ownership, and large sales or distributions by holders could adversely affect their market price.
Grayscale does not store, hold, or maintain custody or control of the Trust's digital assets. Instead, it has entered into a Custodian Agreement with a third party to facilitate the security of its digital assets. The Custodian controls and secures the Trust's digital asset accounts, including a segregated custody account to store private keys, which allow for the transfer of ownership or control of the digital asset on the Trust's behalf. If the Custodian resigns or is removed without replacement, it could trigger early termination of the Trust.
The Trust will not generate any income and regularly sells/distributes digital assets to pay for its ongoing expenses. Therefore, the amount of digital assets represented by each share will gradually decline over time.
