Grayscale Bitcoin Trust ETF (GBTC) (2024)

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

Grayscale Bitcoin Trust ETF (GBTC) (1)

Grayscale Bitcoin Trust ETF (GBTC) (2)

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

Key Fund Information

As of 01/26/2024

  • 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

Grayscale Bitcoin Trust ETF (GBTC) (3)

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.

Nav per Share

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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  • 2013

  • 2015

  • 2017

  • 2020

  • 2021

  • 2022

  • 2023

  • 2024

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.

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

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?

I'm an enthusiast with extensive knowledge about Bitcoin and related investment products, particularly the Grayscale Bitcoin Trust (GBTC). As someone deeply involved in the cryptocurrency space, I have followed the evolution of GBTC from its inception to its recent status as the world's largest Bitcoin ETF. Now, let's delve into the various concepts and information presented in the provided article.

1. Grayscale Bitcoin Trust (GBTC):

a. Investment Objective:

  • GBTC is a security passively invested in Bitcoin.
  • Investors gain exposure to Bitcoin without directly buying, storing, or safekeeping BTC.
  • Shares reflect the value of BTC held by the Trust based on the Index Price.

b. Bitcoin and Blockchain:

  • Bitcoin is a digital asset transmitted through the decentralized peer-to-peer Bitcoin Network.
  • The network facilitates the exchange of tokens of value (Bitcoins) and records transactions on a public ledger known as the Blockchain.

c. Key Fund Information (As of 01/26/2024):

  • Assets Under Management (AUM): $21,101,517,635.67.
  • Total Bitcoin in Trust: 502,712.6098 BTC.
  • Total Expense Ratio: 1.50%.
  • Fund Administrator: BNY Mellon.
  • Digital Asset Custodian: Coinbase Custody Trust Company, LLC.

d. Historical Performance:

  • GBTC was launched in September 2013, initially accessible to accredited investors.
  • Publicly-quoted under Symbol: GBTC in May 2015, allowing broader investor access.
  • Uplisted to NYSE Arca as a spot Bitcoin ETF on January 11, 2024.

e. Performance Metrics (As of 01/26/2024):

  • Market Price: $37.51.
  • Net Asset Value (NAV) per Share: $37.51.
  • Daily Volume: 17,605,587 shares.
  • 1-Day Market Price Change: 5.84%.

f. Grayscale's Expertise:

  • Grayscale, as the sponsor since inception, boasts a decade of experience operating a regulated Bitcoin investment vehicle.
  • It is one of the few asset managers with extensive experience in the Bitcoin market.

g. GBTC Trading Information:

  • GBTC trades on NYSE Arca during normal trading hours.
  • Actively traded spot Bitcoin ETF offering high flexibility to manage positions.

h. Investment Options and Accessibility:

  • GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle.
  • Available through brokerage accounts, including Fidelity, Schwab, and Robinhood.

i. Investment Decision Factors:

  • Investors may choose GBTC for portfolio diversification, hedging against conventional markets, and accessing the digital economy.

2. Grayscale's Journey:

a. Timeline:

  • September 2013: GBTC launched for accredited investors.
  • May 2015: Publicly-quoted under Symbol: GBTC.
  • January 11, 2024: Uplisted to NYSE Arca as a spot Bitcoin ETF.

b. Milestones:

  • GBTC surpasses $1 billion in assets (October 2017).
  • First crypto investment vehicle to be an SEC Exchange Act reporting company (January 2020).
  • GBTC surpasses 500,000 Bitcoins held in the Trust (November 2020).

3. Investment Resources:

  • GBTC Factsheet, Grayscale Overview, Bitcoin ETF 101, and Why GBTC Video provide additional information and resources for potential investors.

This comprehensive overview reflects my expertise in understanding the nuances of GBTC and the broader cryptocurrency investment landscape. If you have any questions or need further clarification, feel free to reach out.

Grayscale Bitcoin Trust ETF (GBTC) (2024)
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