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Grayscale Bitcoin Trust

GBTCSpot ETFNet outflows

Grayscale Investments · NYSE Arca · United States

Grayscale Bitcoin Trust (GBTC) was the first regulated Bitcoin-exposure vehicle in the US when it launched in September 2013 as a trust. For years it traded at large premiums and discounts to NAV. In January 2024 it converted to a spot ETF alongside the new launches, but it keeps its historic 1.5% TER, far above the 0.19%–0.25% of its competitors. This has driven more than $23 billion of cumulative net outflows since the conversion, as investors rotate to IBIT, FBTC and other cheaper options. Grayscale launched GBTC Mini (BTC) as a low-cost alternative. GBTC still holds over $17.5 billion in AUM but its market share keeps eroding month after month.

AUM$9.70B12.1% of the US spot market

BTC in Custody· as of Jul 31₿ 153,886$9.70B live value

Expense Ratio1.5%annual · on AUM

InceptionSep 2013 (ETF ene 2024)NYSE Arca

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Net Flows

Source: Farside

Latest day−$52.6M

Month to date (MTD)−$360.4M

Year to date (YTD)−$2.21B

All-time since launch−$27.47B

Daily flows are refreshed every morning via automated scraping of Farside Investors. Positive flows = net capital inflows; negative flows = outflows.

Last updated: Aug 01, 2026, 12:01 AM

Fund Details

TickerGBTC

IssuerGrayscale Investments

ExchangeNYSE Arca

Reference indexCoinDesk Bitcoin Price Index

CustodianCoinbase Custody

Inception dateSep 2013 (ETF ene 2024)

StructureTrust (converted to ETF)

TER (expense ratio)1.5% annual

Shares outstanding340.00M

Marketloading live…

Last session price—

Intraday change—

24h volume—

Premium / Discount vs NAV—

Weekly Net Flows

76 weeks · source: Farside

Net inflows Net outflowsHover: weekly detail

₿

Bitcoin Exposure

Grayscale Bitcoin Trust holds ₿ 153,886 in custody with Coinbase Custody. Each ETF share represents a proportional fraction of those Bitcoin, giving investors direct exposure to the BTC spot price without the operational risks of self-custody (wallets, private keys). The ETF tracks the BTC price via the CoinDesk Bitcoin Price Index index.

Live BTC price: $63,033 · BTC value in custody today: $9.70B

Official DocumentationGrayscale InvestmentsProduct page at the issuer and SEC prospectus

Issuer website ↗📄 SEC Filings (EDGAR) ↗

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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.