GBTC — Grayscale Bitcoin Trust ETF

GBTC Price Performance — Growth of $10,000

Value of a $10,000 investment in GBTC over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

GBTC Drawdown

The "underwater" chart: GBTC's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Grayscale Bitcoin Trust ETF, identified by the ticker GBTC, operates within the Crypto category managed by issuer Grayscale. With assets under management totaling $8.13 billion, the fund represents a significant position in its sector despite tracking a category containing 11 ETFs. The fund holds an overall rank of #454 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of F with a score of 27.3 out of 100. Investors face an expense ratio of 1.5% while the fund offers a dividend yield of 0.00%. The current share price stands at $49.44, reflecting the market valuation of the underlying assets. This combination of high costs, zero income distribution, and a low overall rank suggests limited investor preference relative to other available options in the broader market.

Recent trading activity shows a decline of 1.67% over the last day and a further drop of 3.98% over the past week. Over the last month, the fund posted a gain of 6.83% before reversing course with a 17.28% loss over the three-month period. Year-to-date returns sit at -29.51%, while the six-month return has fallen to -27.62%. The one-year return stands at -46.18%, indicating a sustained downward trend over the last twelve months. In contrast, the three-year return shows a substantial increase of 185.65%, highlighting a sharp divergence between recent short-term performance and longer-term historical results.

The fund carries a volatility label of Very High, indicating significant price fluctuations relative to the broader market. Although the beta value is not provided, the Sharpe ratio of -1.16 suggests that the returns generated have not adequately compensated investors for the risk taken. This negative risk-adjusted performance is corroborated by a maximum drawdown of -53.75%, which represents the largest peak-to-trough decline recorded. The combination of a very high volatility classification and a deep maximum drawdown points to extreme sensitivity to market movements. These metrics collectively describe a fund that experiences severe losses during downturns without a corresponding positive risk premium.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.65% (as of 2026-07-27) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.67 (as of 2026-07-27) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GBTC Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is — and average daily volume is 1.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $8.13B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: GBTC is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

GBTC Performance History

How GBTC Compares to Other Crypto ETFs