Grayscale’s GBTC leads US spot Bitcoin ETFs with $268M revenue
Grayscale Bitcoin Trust ETF (GBTC) continues to generate the highest revenue among U.S. spot Bitcoin (CRYPTO:BTC) ETFs, earning approximately $268.5 million annually despite significant outflows since January 2024.
GBTC charges a 1.5% fee on $17.9 billion in assets under management (AUM), outpacing combined revenues of $211.8 million from all other spot Bitcoin ETFs, which manage a total of $89 billion.
“GBTC is still making more $$$ than all of the other ETFs combined... And it’s not even close,” Nate Geraci, president of ETF Store, noted on X.
BlackRock’s IBIT ETF holds three times more assets than GBTC at $56 billion but generates only about $137 million in revenue due to its lower 0.25% fee.
Grayscale’s first-mover advantage and brand recognition sustain GBTC’s revenue dominance despite losing over half its holdings since spot ETFs were approved in January 2024.
The trust pioneered regulated Bitcoin investment in 2013 and converted to a spot Bitcoin ETF in early 2024 after a landmark legal victory against the SEC.
Grayscale launched the Bitcoin Mini Trust (BTC) in March 2025 to offer a lower-cost alternative and diversify its product lineup amid growing competition.
The transition from a closed-end trust to an open-ended ETF allows shares to be redeemed based on demand, potentially improving liquidity and tax efficiency.
Grayscale CEO Michael Sonnenshein has indicated that fees may decrease as the ETF market matures.
GBTC experienced its largest single-day outflow of $618 million on March 19, 2024, but analysts expect outflows to slow.
At the time of reporting, the Bitcoin price was $94,199.97.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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