Grayscale Bitcoin Trust ETF product

etf · PageRank 0.0119

Overview

Grayscale Bitcoin Trust ETF (ticker GBTC) is the oldest large US bitcoin investment vehicle, run by Grayscale Investments. It operated for a decade as a closed-end trust that frequently traded at a premium or discount to net asset value, and converted into a spot bitcoin ETF listed on NYSE Arca on 11 January 2024, following Grayscale's court victory against the SEC that forced reconsideration of its conversion application. Unlike the newly launched competitors, Grayscale kept a 1.5% annual management fee — far above BlackRock's IBIT and Fidelity's FBTC at 0.25% each — and that gap drove sustained redemptions as investors rotated to cheaper products: more than $12 billion left GBTC in the first roughly two months after conversion, and BitMEX Research put total outflows at about $15 billion within three months. Grayscale's CEO said in March 2024 that fees would come down over time and in April 2024 that outflows were reaching equilibrium. GBTC ran as a closed-end trust from 2013 before Grayscale sued the SEC over its refusal to allow ETF conversion and won. It converted to a spot ETF on 11 January 2024, retained a 1.5% fee, and shed more than $12 billion in the first two months and roughly $15 billion within three months. Grayscale later filed for an IPO while its crypto ETFs continued losing assets.

Within the DeFi Intel graph, Grayscale Bitcoin Trust ETF connects to 16 tracked entities, most strongly to Bitcoin (BTC), Coinbase, Coinbase Custody.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 16 total).

Frequently asked questions

What is Grayscale Bitcoin Trust ETF?

Grayscale Bitcoin Trust ETF is an etf tracked in the DeFi Intel knowledge graph. It is connected to 16 other tracked entities, most strongly to Bitcoin (BTC), Coinbase, Coinbase Custody.

What type of entity is Grayscale Bitcoin Trust ETF?

Grayscale Bitcoin Trust ETF is classified as an etf (product) in the DeFi Intel knowledge graph.

What is Grayscale Bitcoin Trust ETF connected to?

In the DeFi Intel knowledge graph, Grayscale Bitcoin Trust ETF is linked to 16 other tracked entities, most strongly to Bitcoin (BTC), Coinbase, Coinbase Custody.