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Grayscale Bitcoin Trust ETF

The world’s largest

Bitcoin ETF *

$46.44

Market Price As of 02/22/2024

GBTC

*By AUM as of 1/10/2024

Investment 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.
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    Market Price
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    1 Day Market Price Change
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    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?

  • 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 02/22/2024

  • 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 02/22/2024

  • Assets Under Management (Non-GAAP)

    $23,200,264,709.92

  • Base Currency

    USD

  • Shares Outstanding

    500,130,100

  • Sponsor

    Grayscale Investments, LLC

  • Total Expense Ratio*

    1.50%

  • Index Provider

    CoinDesk Indices, Inc.

  • Total Bitcoin in Trust

    446,476.3643

  • Fund Administrator

    BNY Mellon

  • Bitcoin per Share

    0.00089272

  • 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 ETF

Video poster.

Performance

GBTC was created as a private placement over a decade ago. In 2024, it uplisted to NYSE Arca as a spot Bitcoin ETF.

Daily Performance

As of 02/22/2024

  • Net Asset Value (NAV) per Share

    $46.39

  • XBX Index Price

    $51,963.03

  • NAV per Share 1D Change ($)

    $0.88

  • Daily Volume (Shares)*

    7,514,397

  • NAV per Share 1D Change (%)

    1.93%

  • Market Price 1D Change ($)

    $0.96

  • Market Price

    $46.44

  • Market Price 1D Change (%)

    2.11%

  • Premium / Discount (%)

    0.11%

  • GAAP AUM

    $23,224,963,782.38

  • 30D Median Bid/Ask Spread (%)

    0.03%

  • GAAP NAV per Share

    $46.44

*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 Per 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
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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) which provides a USD-denominated reference rate for the spot price of Bitcoin (BTC). The index leverages real-time prices from multiple constituent trading platforms 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.

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 as a 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 of GBTC

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  • 2013
  • 2015
  • 2017
  • 2020
  • 2021
  • 2022
  • 2023
  • 2024

How to Invest in GBTC

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

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