GBTC — Grayscale Bitcoin Trust ETF

GBTC Price Performance — Growth of $10,000

Value of a $10,000 investment in GBTC over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

GBTC Drawdown

The "underwater" chart: GBTC's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Grayscale Bitcoin Trust ETF, identified by the ticker GBTC, operates within the Crypto category managed by issuer Grayscale. With assets under management totaling $8.13 billion, the fund represents a significant position in its sector despite tracking a category containing 11 ETFs. The fund holds an overall rank of #454 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of F with a score of 27.7 out of 100. Investors face a high cost structure with an expense ratio of 1.5% while the fund offers a dividend yield of 0.00%. The current share price stands at $50.19, reflecting the market valuation of the underlying Bitcoin exposure. This combination of a low grade, high expense ratio, and zero income distribution suggests limited appeal for income-focused or cost-sensitive investors relative to the broader market.

Recent performance data shows a sharp decline over the last year, with the fund down 46.55% over the 1Y period and 28.65% over the last six months. The three-month return of -18.22% indicates that the downward trend has persisted into the near term, though the year-to-date loss of -28.44% is slightly less severe than the full-year figure. In contrast, the three-year return of +196.72% highlights a significant divergence between long-term historical gains and recent losses. Short-term fluctuations show a daily drop of 1.74% following a weekly gain of 0.82%, while the one-month return of +3.81% suggests a temporary rebound within the broader negative trajectory. This pattern illustrates a recent acceleration in losses that has eroded the substantial gains recorded over the previous three years.

The fund carries a volatility label of Very High, indicating significant price swings that characterize its trading behavior. A Sharpe ratio of -1.17 suggests that the returns generated have not compensated investors for the level of risk taken, resulting in negative risk-adjusted performance. The maximum drawdown of -53.75% demonstrates the potential for severe capital erosion during market downturns, a figure consistent with the fund's high volatility classification. Although the beta is not provided, the extreme drawdown and negative Sharpe ratio imply that the fund experiences amplified declines relative to broader market movements. This combination of metrics points to a profile where the fund is highly sensitive to market stress and has delivered poor returns relative to the substantial risk assumed by holders.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GBTC Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.28% and average daily volume is 1.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $8.13B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: GBTC is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

GBTC Performance History

How GBTC Compares to Other Crypto ETFs