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 is a crypto-focused fund issued by Grayscale with $10.3 billion in assets under management. It holds the lowest position in its category, ranking 10 of 11, and carries an overall grade of F with a score of 29.8 out of 100. The fund’s 1.5% expense ratio is significantly higher than the category median of 0.25%, reflecting a costly structure for investors. It generates no income, matching the category median dividend yield of 0.00%, and does not provide a holdings breakdown.

The fund’s price of $60.65 sits at 28.9% of its 52-week range, indicating it is closer to its lows than its highs. Short-term momentum has been positive, with returns of 20.58% over one month and 23.35% over three months, contrasting sharply with a 13.53% year-to-date decline. Over the longer term, the fund has lost 30.81% over the past year, though it has gained 249.50% over three years. The rating has remained unchanged at grade F across the last 35 tracked days, and price history is available for only 3.0 years.

With an annualized volatility of 45.10%, the fund is classified as Very High risk. It has experienced a maximum drawdown of -53.75%, highlighting significant downside potential during its history. The Sharpe ratio of -0.79 suggests that risk-adjusted returns have been negative, failing to compensate investors for the level of volatility taken. Liquidity is supported by an average daily volume of 1,932,059 shares and a tight bid-ask spread of 0.05%, though beta data is not available.

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

Market Backdrop

10-Year Treasury Yield: 4.78% (as of 2026-09-04) — 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): 15.30 (as of 2026-09-07) — 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 2026-08-01) — 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 0.05% 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 $10.3B 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