Underlying asset: Bitcoin

Grayscale Bitcoin Trust GBTC

Bitcoin ETF

Grayscale Bitcoin Trust Overview

Fund Name
Grayscale Bitcoin Trust
Ticker
GBTC
Listing Exchange
NYSE Arca
Fund Family / Issuer
Grayscale
Underlying Asset
Bitcoin

Additional details

Exposure
Trust shares backed by spot Bitcoin.
Fund Structure
Commodity trust, not registered as an investment company under the Investment Company Act of 1940.
Annual sponsor fee
1.5%
Fee Assessment Base
Assets less liabilities, as defined for the sponsor fee.
Effective Annual Charge
1.5%
Benchmark
CoinDesk Bitcoin Benchmark Rate
Effective from Apr 1, 2026
Custody Appointments
Coinbase; Primary Bitcoin custodian; Preserves recorded fund ownership and provides negligence-based custody responsibility. Setoff clause refers to Sponsor Assets as defined in the Settlement and Transfer Agreement, but that definition is absent from the publicly filed terms, leaving the scope unclear.Anchorage Digital; Additional Bitcoin custodian; Grayscale says the additional custodian holds a portion of the assets, without specifying the amount. Recovery limits apply under its terms.
Retail Asset Redemption
Individual retail shares cannot be redeemed for Bitcoin. Investors sell through a broker for cash; authorized participants use a separate basket creation and redemption process.
30-day Median Bid/Ask Spread
0.02%As of Sep 24, 2026
Fund Assets
USD 10,741,945,047As of Sep 24, 2026
Non-GAAP AUM using investor NAV
Issuer-reported inception
Sep. 25, 2013, commencement of operations. Trust formed Sep. 13
First exchange trading
NYSE Arca uplisting on Jan. 11, 2024

Grayscale Bitcoin Trust Price Chart

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Grayscale Bitcoin Trust About

The Grayscale Bitcoin Trust ETF (GBTC) is a U.S. spot Bitcoin exchange-traded product that holds Bitcoin. It began as a private trust in 2013, later traded on OTCQX, and started trading on NYSE Arca as a spot Bitcoin ETP on January 11, 2024.

How GBTC Works

GBTC shares provide an interest in Bitcoin held by the trust. Authorized participants create and redeem shares with the trust, while ordinary retail investors generally buy and sell through brokerage accounts. Retail share ownership does not provide control of private keys or a personal Bitcoin withdrawal facility.

Annual Fee

GBTC charges a 1.50% annual sponsor fee. This is separate from any brokerage charges and the bid-ask spread. GBTC and the lower-fee Grayscale Bitcoin Mini Trust ETF, which uses the ticker BTC, are separate products.

Risks

The trust remains exposed to Bitcoin volatility and custody risks. Share prices can differ from net asset value, and recurring expenses reduce the assets supporting each share. GBTC is not registered under the Investment Company Act of 1940.

Read our GBTC review for the fee comparison and fund assessment.

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