GBTC ETF — Grayscale Bitcoin Trust ETF

Grayscale Bitcoin Trust ETF (GBTC)

Updated October 2, 2026.

GBTC is an ETF linked to Bitcoin. its expense ratio is 1.50%. Total return is 13106.9% over the past 11.4 years, 12765.3 points ahead of SPY at 341.6%.

Grayscale Bitcoin Trust is an ETF that provides direct exposure to bitcoin by holding the cryptocurrency itself, with valuations based on digital asset market prices. The ETF does not currently distribute income to shareholders and carries an expense ratio of 1.50%. It appeals to investors seeking bitcoin exposure through a traditional fund structure rather than direct cryptocurrency ownership.

GBTC performance versus SPY

Price and return data through 2026-10-02.

Total return is 13106.9% over the past 11.4 years, 12765.3 points ahead of SPY at 341.6%. Over the past year its total return — price change plus distributions reinvested — is -31.4%. Its deepest 1-year drawdown was 53.8%.

GBTC key facts

Issuer

Grayscale Investments

Asset type

ETF

Asset class

Currency

Inception date

09/25/2013

Expense ratio

1.50%

Distribution frequency

None

Last close

$65.11 (as of 2026-10-02)

AUM

$10,692,698,472

Average volume

1948400.0

Last known dates

ex 12/03/2017; payment 04/03/2018

Date quality

Unmatched ex / payment pair — not a live schedule

Beta

1.8866

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Grayscale Investments; Index: Bitcoin; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

GBTC risks and drawbacks

The deepest 1-year drawdown on record here is 53.8%.

Who may consider GBTC — and who may not

It is a weaker fit for investors who need monthly cash flow (GBTC does not currently distribute); investors hunting double-digit covered-call yields. This is educational context, not a recommendation to buy or sell.

Compare GBTC

GBTC vs similar funds:

• GBTC vs IBIT
• GBTC vs FBTC
• GBTC vs BITO

Frequently asked questions

More securities from Grayscale Investments.