Questions regarding the GBTC/BTC spin-off?
Contact us at [email protected] or call 866-775-0313 if you have any questions.
For brokers & shareholders:
- BTC Report of Organizational Actions Affecting Basis (Form 8937 Comparable Information)
Pioneering access
to BitcoinPioneering access
to Bitcoin
$47.64
Market Price as of 09/13/2024
The Grayscale Bitcoin Trust ETP (“GBTC”) is not a fund registered under the Investment Company Act of 1940 and is not subject to regulation under the Investment Company Act of 1940, unlike most mutual funds or ETPs.
Investment StrategyInvestment Strategy
Grayscale Bitcoin Trust (GBTC) is solely and passively invested in Bitcoin. Its investment objective is to reflect the value of Bitcoin held by the Trust, less expenses and other liabilities.
Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols. The Bitcoin Network allows people to exchange tokens of value, Bitcoins, which are recorded on a public transaction ledger known as a Blockchain.
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$
0
Market Price
As of 09/13/2024
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0
%
1 Day Market Price Change
As of 09/13/2024
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Daily Volume (Shares)*
As of 09/13/2024
*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.
Why GBTC?Why GBTC?
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First to Trade
GBTC was the first spot Bitcoin exchange-traded product to commence trading in the US.
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Long Operating History
Created in 2013, GBTC has a long operating history as the first publicly-traded Bitcoin fund in the US.
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Specialist Sponsor
GBTC is sponsored by Grayscale, one of the the world’s leading crypto asset managers with over a decade of experience operating crypto investment products.
Overview
As of 09/13/2024
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Name
Grayscale Bitcoin Trust
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Distribution Frequency
None
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Ticker
GBTC
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Trust Inception Date
09/25/2013
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Primary Listing Market
NYSE ARCA
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Public Quotation Date
05/04/2015
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CUSIP
389637109
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ISIN
US3896371099
Key Fund Information
As of 09/13/2024
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Assets Under Management (Non-GAAP)
$13,267,867,438.09
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Base Currency
USD
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Shares Outstanding
278,740,100
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Sponsor
Grayscale Investments, LLC
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Total Expense Ratio*
1.50%
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Index Provider
CoinDesk Indices, Inc.
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Total Bitcoin in Trust
222,086.4287
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Fund Administrator
BNY
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Bitcoin per Share
0.00079675
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Digital Asset Custodian
Coinbase Custody Trust Company, LLC
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Marketing Agent
Foreside Fund Services, LLC
*Prior to 1/11/2024 the expense ratio was 2.00%
Performance
GBTC was created as a private placement over a decade ago. In2024,ituplisted to NYSE Arca as a spot Bitcoin ETP.
Daily Performance
As of 09/13/2024
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Net Asset Value (NAV) per Share
$47.60
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XBX Index Price
$59,741.91
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NAV per Share 1D Change ($)
$1.08
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Daily Volume (Shares)*
3,863,469
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NAV per Share 1D Change (%)
2.32%
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Market Price 1D Change ($)
$1.11
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Market Price
$47.64
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Market Price 1D Change (%)
2.39%
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Premium / Discount (%)
0.08%
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GAAP AUM
$13,271,987,141.35
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30D Median Bid/Ask Spread (%)
0.02%
*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.
Median 30 Day Spread is a calculation of GBTC's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
GAAP AUM and GAAP NAV Per Share represents the applicable Product’s principal market price and is calculated using a GAAP methodology. For additional information, see the applicable Product’s financial statements.
| 1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years | 10 years | Annualized Since Inception | Cumulative Since Inception | |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Price, % | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| NAV Per Share, % | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Benchmark Index, % | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Since inception is the ETP listing date of 1/11/2024. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Benchmark Index refers to The CoinDesk Bitcoin Price Index (XBX) which provides a USD-denominated reference rate for the spot price of Bitcoin (BTC). The index leverages real-time prices from multiple constituent trading platforms to provide a representative spot price.
Prior to 1/11/24, Principal Market NAV per Share was referred to as NAV per Share and NAV per share was referred to as Digital Asset Holdings per Share. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other Bitcoin ETPs. Please refer to GBTC's filings with the Securities and Exchange Commission for additional information. NAV is the dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day using the 4pm ET index price. Market Price is the current price at which shares are bought and sold. Market returns are based upon the last trade price.
Historical Performance
Grayscale Bitcoin Trust was launched over a decade ago. Shares were originally offered through a private placement but in mid-2015, shares began trading publicly on OTC Markets under Symbol: GBTC. This continued until 2024 when GBTC uplisted to NYSE as a spot Bitcoin ETP.
| 1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years | 10 years | Annualized Since Inception | Cumulative Since Inception | |
|---|---|---|---|---|---|---|---|---|---|---|
| NAV Per Share, % | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
The performance table shows the Trust's performance for the time periods shown from inception to 1/11/2024. The Trust's performance prior to 1/11/2024 is based on market-determined prices on the OTCQX marketplace and on the Trust's performance without an ongoing share creation and redemption program. Prior to 1/11/2024, the Trust's shares traded at both premiums and discounts to the value of the Trust's assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of 1/11/2024, the Trust established an ongoing share creation and redemption program and the shares of the Trust were listed to NYSE Arca. Hence, the Trust's returns for periods prior to 1/11/2024 are not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust's performance for periods subsequent to 1/11/2024.
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September 2013
Grayscale Bitcoin Trust launched, accessible to accredited investors
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May 2015
Grayscale Bitcoin Trust becomes publicly-quoted under Symbol: GBTC, allowing investors to access Bitcoin exposure in their brokerage accounts
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February 2017
Grayscale submits its first application for GBTC to uplist asa spot Bitcoin ETF
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October 2017
GBTC surpasses $1B in assets under management
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January 2020
GBTC voluntarily becomes the first crypto investment vehicle to be an SEC Exchange Act reporting company
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November 2020
GBTC surpasses more than 500,000 Bitcoin held in the Trust
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October 2021
The first Bitcoin Futures ETF launches, and Grayscale resubmits its application to uplist GBTC as a spot Bitcoin ETF
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June 2022
Grayscale files lawsuit in the DC Circuit Court of Appeals in response to the SEC’s decision to deny GBTC's proposal to uplist as a spot Bitcoin ETF
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August 2023
The DC Circuit Court unanimously rules in favor of Grayscale, vacating the SEC's initial denial order to uplist GBTC as a spot Bitcoin ETF
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January 2024
GBTC uplists to NYSE Arca as a spot Bitcoin ETF
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History ofGBTC
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2013
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2015
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2017
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2020
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2021
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2022
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2023
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2024
How to Invest in GBTCHow to Invest in GBTC
Grayscale Bitcoin Trust (Ticker: GBTC) trades on NYSE Arca and is available through your brokerage account. To invest, click below to be redirected to brokerage platforms or search for GBTC on your platform of choice.
GBTC Resources
GBTC Factsheet
Jun 28, 2024
Grayscale Overview
Apr 18, 2024
FAQs
Have more questions? Please reach out to our Investor Relations team at [email protected] or call us at 866-775-0313.
GBTC is one of the first spot Bitcoin ETPs in the US. A spot Bitcoin ETP is solely and passively invested in Bitcoin, whose shares are designed to reflect the value of BTC held by the Trust, determined by reference to the Index Price, less the Trust's expenses and other liabilities.
GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency trading platform. Similar to how investors use ETPs to hold other commodities, like gold or silver, they can now invest in Bitcoin through GBTC.
GBTC owns and passively holds actual Bitcoins through our Custodian, Coinbase Custody. GBTC does not trade, buy, sell or hold Bitcoin derivatives, including Bitcoin futures contracts. This product is not levered.
From 2015 until 1/11/2024, shares of GBTC were publicly-quoted on the OTCQX Market. Please view our FAQ on Grayscale’s product lifecycle to learn more. On 1/11/2024, GBTC was uplisted to NYSE Arca as a spot Bitcoin ETP. It now creates and redeems shares on an ongoing basis as part of its ETP structure.
GBTC trades on NYSE Arca, and is available through most brokerage accounts, including Fidelity, Schwab, Robinhood, and others. To invest, click INVEST NOW to be redirected to your brokerage platform or simply search for GBTC on your platform of choice.
GBTC tracks the CoinDesk Bitcoin Price Index (XBX), which provides a USD-denominated reference rate for the price of spot Bitcoin.
GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Investors may choose GBTC if they prefer the convenience of accessing all their investments on their regular investment platform and purchasing a regulated investment product.
GBTC charges an annual management fee of 1.50%, which includes all of the costs associated with administration and safekeeping of the underlying Bitcoin. There are no other fees.
Grayscale enables investors to access the digital economy through a family of regulated and future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.
Investors may want exposure to Bitcoin for portfolio diversification, as an alternative to fiat currency investment, to hedge against conventional markets, and more. For more resources on Bitcoin, check out the Grayscale Bitcoin Book.
