At a glance
GBTC charges 1.5% a year, above the 0.19% average of the 7 funds most like it (the most expensive of 8). It has $8.14B in assets, the 3rd largest of that group. Over the past year it returned −30.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Grayscale Bitcoin Trust ETF (GBTC) is a grantor trust that holds bitcoin directly, so its value rises and falls with bitcoin's price. It owns no stocks or bonds and pays no income. Its sponsor fee of 1.5% is the highest of the eight bitcoin-holding funds compared here, where the average is 0.19%. With $8.14 billion in assets as of June 30, 2026, it ranks third in size among them.
Price history
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GBTC -30.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GBTC price data to Oct 27, 2026 | -8.8% | -30.8% | — | — | — | +18.2% |
- Over the year to Oct 27, 2026, GBTC returned -30.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (-7.7%); its best was 2025 (-7.7%).
- The deepest fall in its price history was 53.8% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.8% |
| 2025 | -7.7% |
| 2024 | +89.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $8.14B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
GBTC doesn't pick investments. It holds one asset: bitcoin. There is no stock index to follow, so there is no weighting and no rebalancing. It is a grantor trust registered under the Securities Act of 1933. It is not a fund regulated under the Investment Company Act of 1940, so it lacks some investor protections that most mutual funds and ETFs have.
The trust values its bitcoin using an Index Price. That price is built from prices on a set of digital asset trading platforms (called Constituent Trading Platforms) at 4:00 p.m. New York time. According to the trust's 10-K filed February 25, 2026, the average gap during 2025 between those platforms and the Index Price was 0.007%. The largest gap for any single platform on any day was 0.44%. Bitcoin traded on other markets can sell at different prices.
Large brokers called Authorized Participants create and redeem shares in big blocks, called Baskets. This moves bitcoin into or out of the trust and helps keep the share price close to the value of the bitcoin it holds. The filing warns that if few firms make a market in the shares, they could trade above or below that value for long stretches. The 1.5% sponsor fee is paid out of the trust's assets, and nothing the trust holds produces income.
What it really costs
- GBTC charges 1.5% a year, versus an average of 0.19% for the similar funds below (8th of 8, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
It offers a concentrated bet on one very volatile asset that pays no income, so it fits only as a small add-on to a broader portfolio.
GBTC can add a small dose of bitcoin to a portfolio, but it is not a defensive holding. It began trading as an ETF in January 2024, so it has no record through the 2008, 2020 or 2022 market drops. Its short history has been bumpy. It rose 89.79% in 2024, fell 7.65% in 2025 and was down 30.8% over the year to October 27, 2026. Its deepest drop was 53.8%, from October 6, 2025 to June 30, 2026, and it had not recovered as of October 27, 2026. Anyone forced to sell during a slump like that would lock in large losses. It pays no income, and its 1.5% fee is far above the 0.19% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure in an ordinary brokerage or retirement account without buying and storing the coins themselves.
- Long-time GBTC holders with large gains, for whom switching to a cheaper bitcoin fund could mean selling and owing tax.
- People who can hold a small, high-risk slice through drops like the 53.8% fall between October 2025 and June 2026.
Look elsewhere if
- Cost-conscious investors. The 1.5% sponsor fee ranks 8th of 8, against 0.15% for Grayscale Bitcoin Mini Trust ETF and 0.25% for IBIT.
- Retirees who need income. GBTC has made no distributions and holds nothing that pays interest or dividends.
- Anyone who may need to sell within a few years. One-year volatility was 44.9%, and the deepest drop had not recovered as of October 27, 2026.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GBTC this fund | 1.5% | $8.14B | -30.8% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
| BTCO Invesco Galaxy Bitcoin ETF | 0.25% | $315.9M | -30.0% | — |
Questions investors ask
Does GBTC pay a dividend?
No. GBTC has made no distributions. It holds bitcoin, which pays no interest or dividends, so any return comes only from changes in bitcoin's price, minus the 1.5% sponsor fee. Investors who need regular income would have to sell shares to raise cash. That can be costly after a steep fall, like the 53.8% decline from October 2025 to June 2026.
GBTC vs IBIT: what's the difference?
Both hold bitcoin directly, so the main difference is cost. GBTC's sponsor fee is 1.5%, while iShares Bitcoin Trust ETF (IBIT) charges 0.25%. IBIT is also much larger, with about $43.4 billion in assets against GBTC's $8.14 billion as of June 30, 2026. Over one year, GBTC lost 30.8% through October 27, 2026, and IBIT lost 27.2% through October 29, 2026. The end dates differ, so treat the comparison as approximate.
Is GBTC the same as Grayscale Bitcoin Mini Trust (BTC)?
No. They are separate funds, though both carry the Grayscale name and both hold bitcoin directly. The big difference is the fee: 1.5% for GBTC versus 0.15% for Grayscale Bitcoin Mini Trust ETF. Over the year through October 27, 2026, BTC lost 29.9% and GBTC lost 30.8%. GBTC held $8.14 billion as of June 30, 2026, compared with about $3.19 billion for BTC.
Is GBTC a good investment for retirement?
For most retirement portfolios, GBTC is a high-risk side holding rather than a core one. It pays no income, charges 1.5% a year and has swung widely. It rose 89.79% in 2024 and fell 7.65% in 2025. Its 53.8% drop from peak to low had not recovered as of October 27, 2026. It may suit investors who can hold a small slice through deep slumps without needing to sell.
Does GBTC actually own bitcoin?
Yes. GBTC is a grantor trust that holds bitcoin directly. It does not hold futures contracts or shares of crypto companies. It values its bitcoin using an Index Price built from prices on a set of digital asset trading platforms at 4:00 p.m. New York time. Because it is not registered under the Investment Company Act of 1940, it lacks some investor protections that most mutual funds and ETFs have.