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 $10.6 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 31.3 out of 100. The fund’s expense ratio of 1.5% is significantly higher than the category median of 0.25%, while it provides no dividend yield compared to the median 1.88%. Holdings breakdown data is not available for this trust.

Price action sits at 38.4% of its 52-week range, reflecting a 1-year return of -25.85% which trails the category median of -24.91%. Short-term performance shows a 1-month decline of 3.95%, contrasting with a strong 3-month gain of 24.62% and a 3-year return of 161.95%. The fund’s F grade has remained unchanged over the last 35 tracked days, indicating stable negative sentiment. Historical price data is available for 3.0 years, providing a limited window for long-term trend analysis.

Annualized volatility of 44.87% is classified as Very High, contributing to a maximum drawdown of -53.75%. The Sharpe ratio of -0.69 suggests poor risk-adjusted returns relative to the risk taken. Beta data is not provided, limiting the assessment of market correlation. Liquidity is supported by an average daily volume of 1,832,053 shares, ensuring adequate trading activity despite the high volatility profile.

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

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GBTC Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 1.8M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $10.6B 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