The world’s largest
Bitcoin ETF*The world’s largest
Bitcoin ETF *
$37.51
Market Price As of 01/26/2024
GBTC
*By AUM as of 1/10/2024
Investment ObjectiveInvestment 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.
$
0
Market Price
0
%
1 Day Market Price Change
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?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 01/26/2024
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
Assets Under Management (Non-GAAP)
$21,101,517,635.67
Base Currency
USD
Shares Outstanding
562,500,100
Sponsor
Grayscale Investments, LLC
Total Expense Ratio*
1.50%
Index Provider
CoinDesk Indices, Inc.
Total Bitcoin in Trust
502,712.6098
Fund Administrator
BNY Mellon
Bitcoin per Share
0.00089371
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 ETFGrayscale CEO shares the story of GBTC, from inception to ETF
Performance
GBTC was created as a private placement over a decade ago. In2024,ituplisted to NYSE Arca as a spot Bitcoin ETF.
Daily Performance
As of 01/26/2024
Net Asset Value (NAV) per Share
$37.51
XBX Index Price
$41,975.31
NAV per Share 1D Change ($)
$1.97
Daily Volume (Shares)*
17,605,587
NAV per Share 1D Change (%)
5.54%
Market Price 1D Change ($)
$2.07
Market Price
$37.51
Market Price 1D Change (%)
5.84%
Premium / Discount (%)
––
GAAP AUM
$21,097,717,128.36
30D Median Bid/Ask Spread (%)
––
GAAP NAV per Share
$37.51
*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/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 | 3 months | 6 months | 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) provides a USD-denominated reference rate for the spot price of Bitcoin (BTC). The index leverages real-time prices from multiple constituent exchanges 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 asa 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 ofGBTC
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How to Invest inGBTCHow to Invest inGBTC
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.
FAQs
Have more questions? Please reach out to our Investor Relations team at info@grayscale.com
GBTC is one of the first spot Bitcoin ETF in the US. A spot Bitcoin ETF is solely and passively invested in Bitcoin, whose shares 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.
GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Similar to how investors use ETFs to hold other commodities, like gold or silver, they can now invest in Bitcoin through GBTC.
GBTC owns and passively holds actual Bitcoins through our Custodian, Coinbase Custody. GBTC does not trade, buy, sell or hold Bitcoin derivatives, including Bitcoin futures contracts. This product is not levered.
From 2015 until 1/11/2024, shares of GBTC were publicly-quoted on the OTCQX Market. Please view our FAQ on Grayscale’s product lifecycle to learn more. On 1/11/2024, GBTC was uplisted to NYSE Arca as a spot Bitcoin ETF. It now creates and redeems shares on an ongoing basis as part of its ETF structure.
GBTC trades on NYSE Arca, and is available through most brokerage accounts, including Fidelity, Schwab, Robinhood, and others. To invest, click here to be redirected to your brokerage platform or simply search for GBTC on your platform of choice.
GBTC tracks the CoinDesk XBX Index, which provides a USD-denominated reference rate for the price of spot Bitcoin.
GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Investors may choose GBTC if they prefer the convenience of accessing all their investments on their regular investment platform and purchasing a regulated investment product.
GBTC charges an annual management fee of 1.50%, which includes all of the costs associated with administration and safekeeping of the underlying Bitcoin. There are no other fees.
Grayscale enables investors to access the digital economy through a family of regulated and future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.
Investors may want exposure to Bitcoin for portfolio diversification, as an alternative to fiat currency investment, to hedge against conventional markets, and more.
Ready to invest?
As an enthusiast and expert in the field of cryptocurrency and blockchain technology, I bring a wealth of knowledge to the discussion on the Grayscale Bitcoin Trust (GBTC) and the broader landscape of Bitcoin Exchange-Traded Funds (ETFs). My understanding extends beyond the surface, delving into the intricacies of the market, regulatory landscape, and historical developments in the cryptocurrency space.
Now, let's break down the concepts and information provided in the article:
1. Grayscale Bitcoin Trust (GBTC) Overview:
-
Investment Objective: GBTC is one of the pioneering securities passively invested in Bitcoin. It allows investors to gain exposure to Bitcoin without dealing with the complexities of buying, storing, and safekeeping BTC directly.
-
Bitcoin Network: Bitcoin is described as a digital asset created and transmitted through the peer-to-peer Bitcoin Network, a decentralized network of computers operating on cryptographic protocols. Transactions are recorded on a public ledger known as a Blockchain.
-
Why GBTC?
- Largest: GBTC holds the title of the world’s largest Bitcoin ETF by Assets Under Management (AUM) as of 1/10/2024.
- Legacy: Created in 2013, GBTC boasts the longest operational history as the first publicly-traded Bitcoin fund.
- Expertise: Grayscale, the sponsor of GBTC, has a decade of experience operating a Bitcoin investment vehicle 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.
2. Key Fund Information:
- As of 01/26/2024:
- AUM: $21,101,517,635.67
- Shares Outstanding: 562,500,100
- Expense Ratio: 1.50%
- Total Bitcoin in Trust: 502,712.6098
- Fund Administrator: BNY Mellon
- Digital Asset Custodian: Coinbase Custody Trust Company, LLC
3. Performance Metrics:
-
Daily Performance (01/26/2024):
- NAV per Share: $37.51
- Market Price: $37.51
- 1D Market Price Change: 5.84%
- Daily Volume (Shares): 17,605,587
-
Historical Performance:
- Launched in September 2013 as a private placement, publicly traded in May 2015, and uplisted to NYSE Arca as a spot Bitcoin ETF on January 11, 2024.
4. Historical Milestones:
- Key Events:
- Grayscale Bitcoin Trust launched in September 2013.
- GBTC became publicly-quoted under Symbol: GBTC in May 2015.
- Application submitted for uplisting as a spot Bitcoin ETF in February 2017.
- Surpassed $1B in AUM in October 2017.
- Voluntarily became the first SEC Exchange Act reporting company in January 2020.
- Uplisted to NYSE Arca in January 2024.
5. How to Invest:
- GBTC trades on NYSE Arca and is available through various brokerage platforms, including Fidelity, Schwab, and Robinhood.
- Investors can access GBTC for exposure to Bitcoin through a familiar investment vehicle without the need for a cryptocurrency exchange account.
6. Resources and Further Information:
- GBTC Resources: Factsheet, Overview, Bitcoin ETF 101 materials, and a "Why GBTC" video.
- FAQ: Additional information and inquiries can be directed to Grayscale's Investor Relations team.
7. Closing Thoughts:
Grayscale Bitcoin Trust serves as a significant player in the cryptocurrency investment space, offering investors a regulated and convenient means to gain exposure to Bitcoin. The historical milestones and performance metrics highlight its evolution, and the comprehensive resources provided empower investors with the knowledge needed to make informed decisions.
Ready to invest? The provided resources and information guide potential investors on how to navigate the world of GBTC and the broader Bitcoin ETF landscape.
