What is GBTC (Grayscale Bitcoin Trust)?

GBTC is the ticker for the Grayscale Bitcoin Trust ETF, an exchange-traded product that holds bitcoin and aims to track the value of that bitcoin minus fees. It started in 2013, long before US spot bitcoin ETFs were allowed, and converted into one in January 2024. Buying a share gives exposure to bitcoin's price without holding coins in your own wallet.

What is GBTC and how did it become an ETF?

Grayscale's fund page gives a fund inception date of September 25, 2013. For most of its life GBTC traded over the counter, and shares could not be redeemed for the underlying bitcoin. The Block explained that this meant holders could only sell to other buyers, so the price could sit at a premium or discount to net asset value (NAV). The discount was above 40% in mid-2023.

Grayscale sued the SEC in 2022 after its conversion plan was rejected. In August 2023 the US Court of Appeals for the D.C. Circuit sent the matter back to the agency, and the SEC did not appeal. On January 10, 2024, the SEC approved the listing of several spot bitcoin ETPs. Then-chair Gary Gensler stressed the agency did not approve or endorse bitcoin itself. GBTC began trading on NYSE Arca with a creation and redemption process effective January 11, 2024.

What are GBTC fees?

As of October 30, 2026, Grayscale lists a 1.50% management fee for GBTC. The fee is taken from the fund's assets over time, so it gradually reduces the amount of bitcoin behind each share. Brokerage costs can apply on top. Fees can change, so check the fund page for the current figure.

According to Grayscale, the fund's custodian is Coinbase Custody Trust Company, with Anchorage Digital Bank as an additional custodian. Our guide on crypto custody explains what that role involves.

What is the Grayscale Bitcoin Mini Trust?

The Grayscale Bitcoin Mini Trust ETF trades under the ticker BTC and launched on July 31, 2024. Its prospectus says GBTC contributed about 10% of its bitcoin to the new trust, and GBTC holders on the July 30, 2024 record date received one Mini Trust share per GBTC share without paying anything. Grayscale said it did not expect this to be taxable, though that was the sponsor's view, not a ruling. Grayscale lists a 0.15% fee for the Mini Trust as of October 30, 2026.

What is the difference between GBTC and BTC?

The ticker BTC on NYSE Arca refers to the Mini Trust, which can be confused with bitcoin's own symbol, BTC. GBTC and the Mini Trust are separate funds that each hold bitcoin and have different fees. Neither is the same as owning bitcoin directly. You cannot send fund shares to a wallet, and they trade only during market hours. See bitcoin ETF vs owning bitcoin and what ETF inflows and outflows mean for more context.