Overview
The original US bitcoin vehicle, converted to a spot ETF in January 2024. Each share represents direct ownership of bitcoin held in cold storage — at the market's highest fee.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BTC | Bitcoin (cold storage, Coinbase Custody) | 100% |
Fund Details
Investment Thesis
GBTC is a piece of financial history — the fund that fought the SEC and won, forcing the approval of every spot bitcoin ETF. It is also a case study in incumbent pricing: its 1.50% fee is six times IBIT's, and tens of billions have migrated to cheaper rivals since conversion. The -45.6% year is bitcoin's drawdown, not a fund defect — but at this fee, holding GBTC rather than a cheaper spot ETF is a decision that costs 1.25% annually for identical exposure.
Who It's For
Investors wanting bitcoin exposure inside a brokerage account who have a specific reason (usually embedded capital gains from the trust era) not to switch to a cheaper spot ETF. New money should compare fees first.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $1.86 | -- |
| 2017 | $25.11 | +1250.0% |
| 2018 | $5.15 | -79.5% |
| 2019 | $9.00 | +74.8% |
| 2020 | $35.13 | +290.5% |
| 2021 | $27.82 | -20.8% |
| 2022 | $6.71 | -75.9% |
| 2023 | $25.56 | +281.2% |
| 2024 | $52.30 | +104.6% |
| 2025 | $69.25 | +32.4% |
| Year | Yield |
|---|---|
| 2016 | 0.00% |
| 2017 | 0.00% |
| 2018 | 0.00% |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.60B | -- |
| 2017 | $3.5B | +483.3% |
| 2018 | $1.0B | -71.4% |
| 2019 | $2.6B | +160.0% |
| 2020 | $20B | +669.2% |
| 2021 | $30B | +50.0% |
| 2022 | $11B | -63.3% |
| 2023 | $27B | +145.5% |
| 2024 | $20B | -25.9% |
| 2025 | $14B | -30.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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