Grayscale Still Tops All US Spot Bitcoin ETFs in Revenue
Grayscale's Bitcoin Trust ETF (GBTC) generates approximately $268.5 million in annual revenue, significantly surpassing all other spot Bitcoin ETFs, which collectively generate about $211.8 million. GBTC charges a 1.5% expense ratio on $17.9 billion in assets under management, while competitors like BlackRock's IBIT, with $56 billion in assets, only generate around $137 million with a 0.25% fee. Despite losing over half its holdings since the launch of spot Bitcoin ETFs in January 2024, GBTC maintains revenue dominance due to its fee structure and first-mover advantage. Grayscale introduced the Bitcoin Mini Trust (BTC) in March 2025 to offer a lower-cost alternative amid growing competition. GBTC transitioned from a closed-end trust to an open-ended ETF after winning a case against the SEC. The largest single-day outflow for GBTC was $618 million on March 19, 2024, raising concerns about its Bitcoin reserves potentially depleting by July 8.
