ETF Evaluator:
Grayscale Bitcoin Trust ETF (GBTC)
Follow This ETF
(as of Jul 31)
Best Performing in Digital Assets Over the Last Year
| 899.4% | Grayscale Zcash Trust (ZEC) () |
| 108.9% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 14.8% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 6.7% | ProShares Short Ether ETF (SETH) |
| 5.6% | Nicholas Crypto Income ETF (BLOX) |
Risk
Index
Risk
Index
ETF Details
Grayscale Bitcoin Trust ETF Overview
Grayscale Bitcoin Trust ETF (GBTC) is a passively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Grayscale launched the ETF in 2013.
The investment seeks to reflect the value of the Bitcoin held by the Trust, determined by reference to the index price, less the trust’s expenses and other liabilities.
The trust’s Bitcoins are carried, for financial statement purposes, at fair value as required by U.S. generally accepted accounting principles (“GAAP”). The trust determines the fair value of Bitcoins based on the price provided by the Digital Asset Market that the trust considers its principal market as of 4:00 p.m., New York time, on the valuation date.
About Grayscale Bitcoin Trust ETF (GBTC)
There are 1 members of the management team with an average tenure of 12.77 years: Management Team (2013). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: CoinDesk Bitcoin Price PR USD index with a weighting of 100%. Grayscale Bitcoin Trust ETF has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale Bitcoin Trust ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Grayscale Bitcoin Trust ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale Bitcoin Trust ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $8 billion in total assets, which is above the $522 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GBTC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale Bitcoin Trust ETF expense ratio is high compared to funds in the Digital Assets category. Grayscale Bitcoin Trust ETF has an expense ratio of 1.50%, which is 50% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale Bitcoin Trust ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 85% for the Digital Assets category.
Recently, in the month of June 2026, Grayscale Bitcoin Trust ETF returned -20.1%, which earned it a grade of C, as the Digital Assets category had an average return of -18.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale Bitcoin Trust ETF has a trailing yield of 0.00%, which is below the 17.02% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale Bitcoin Trust ETF Grades
Year to date, the ETF has returned -33.4%, 1.0 percentage points worse than the category, which translates into a grade of C. The fund has returned -46.3% over the past year (grade of D), 22.5% over the past three years (grade of B) and 8.9% per year over the past five years (grade of A) and 53.7% per year over the past 10 years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Grayscale Bitcoin Trust ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
GBTC Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GBTC Return (NAV) | -20.1% | -13.7% | -46.3% | 22.5% | 8.9% | 53.7% |
| GBTC Return (Price) | -20.2% | -13.7% | -46.3% | 38.1% | 11.1% | 44.0% |
| NAV +/- Price Return | 0.039% | 0.040% | 0.016% | -15.541% | -2.199% | 9.688% |
| Digital Assets Avg | -18.3% | -15.1% | -30.3% | 3.0% | -19.1% | 53.7% |
| GBTC Grade (NAV) | C | C | D | B | A | A |
| +/- Category (NAV) | -1.8% | 1.5% | -16.0% | 19.5% | 28.0% | 0.0% |
| GBTC Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
GBTC Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GBTC Return (NAV) | -33.4% | -7.7% | 118.7% | 148.7% | -65.6% | 60.6% | 291.9% | 87.7% | -74.6% | 1391.4% | 119.9% |
| GBTC Return (Price) | -33.4% | -7.6% | 137.3% | 317.6% | -75.8% | 7.0% | 290.7% | 106.6% | -82.1% | 1557.2% | 93.1% |
| NAV +/- Price Ret | -0.000% | -0.004% | 0.157% | 1.135% | 0.156% | -0.884% | -0.004% | 21.5% | 10.0% | 11.9% | -22.3% |
| Digital Assets Avg | -32.4% | -11.3% | 63.4% | 159.0% | -73.9% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| GBTC Grade (NAV) | C | B | A | B | B | D | A | A | A | A | A |
| +/- Category | -1.0% | 3.6% | 55.3% | -10.3% | 8.3% | -138.8% | 116.8% | 75.9% | 6.8% | 0.0% | 0.0% |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | 52.1% |
| Category Risk Index: | 0.58 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 4.28 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 8,135 Mil |
| Share Class Assets: | $ 8,135 Mil |
| Turnover: | na |
| Expense Ratio: | 1.50% |
| Index Fund: | Yes |
| Index Tracked: | CoinDesk Bitcoin Price PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 12.8 years | |||
| Managers (Year): Team Management (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Grantor Trust |
| Fund Family: | Grayscale |
| Phone Number: | 212-668-1427 |
| Website: | |
| Inception Date: | September 25, 2013 |
Expenses and Fees
| Expense Ratio (%): | 1.50% (Rating: High) |
| Category Average Expense Ratio (%): | 1.00% |
