GBTC
Grayscale Bitcoin Trust ETF
The original Bitcoin investment vehicle, converted to a spot Bitcoin ETF in January 2024. Holds physical Bitcoin. At 1.50% TER, significantly more expensive than IBIT (0.25%) and FBTC (0.25%). AUM declining as investors rotate to cheaper alternatives.
AlternativeTER 1.50%Acc.US-domiciled
TER
1.50%
AUM
$20B
Holdings
~1
Data Range
— → —
Key Facts
ISIN
US3896371099
Issuer
Grayscale
Benchmark
CoinDesk Bitcoin Price Index
Total Expense Ratio (TER)
1.50%
Assets Under Management
$20B approx.
Inception Date
2013-09-25
Domicile
US
Legal Structure
Grantor Trust
Dividend Policy
Accumulating (auto-reinvests)
Replication Method
Physical (Full Replication)
UCITS Status
✗ Not UCITS
Fund Currency
USD
Primary Exchange
NYSE Arca
Number of Holdings
~1
Equivalent ETFs
These ETFs track the same or very similar underlying index:
Who Is This ETF For?
✓Investors preferring automatic dividend reinvestment (no tax event on distributions in many jurisdictions).
Key Risks to Consider
• Non-UCITS: may have unfavorable tax treatment for non-US investors (US estate tax, withholding tax).
Similar ETFs
Continue Your Analysis
Data & Methodology
Metadata sourced from official issuer documentation. Price data from Yahoo Finance (monthly adjusted close, includes reinvested dividends and splits). AUM figures are approximate and updated quarterly.
Data source: Yahoo Finance (GBTC), Grayscale (metadata)Last verified: 2026-05-06
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💬 Frequently Asked Questions
The original Bitcoin investment vehicle, converted to a spot Bitcoin ETF in January 2024. Holds physical Bitcoin. At 1.50% TER, significantly more expensive than IBIT (0.25%) and FBTC (0.25%). AUM declining as investors rotate to cheaper alternatives.
GBTC has a total expense ratio (TER) of 1.50%, which means you pay $150 per year for every $10,000 invested.
GBTC is an accumulating ETF — dividends are automatically reinvested into the fund rather than paid out, which can be more tax-efficient in many jurisdictions.
GBTC is a US-domiciled ETF (not UCITS). Non-US investors should consider the US estate tax implications (40% on US assets above $60,000) and the 30% dividend withholding tax (reduced by treaty in some countries).
GBTC uses full physical replication, meaning it holds all (or nearly all) securities in the CoinDesk Bitcoin Price Index index directly.
Similar ETFs tracking the same or a very similar index include: IBIT, FBTC. These may differ in domicile, currency, dividend policy, or expense ratio.