Grayscale’s Bitcoin Trust ETF (GBTC) continues to lead the U.S. Bitcoin ETF market in terms of revenue, generating significantly more than all other Bitcoin ETFs combined, despite its higher fee structure.
According to Nate Geraci, president of ETF Store, GBTC brings in an estimated $268.5 million annually due to its 1.5% fee on $17.9 billion in assets under management. In comparison, all other Bitcoin ETFs in the U.S., collectively managing $89 billion in assets, generate just over $211.8 million.
Even with the launch of spot Bitcoin ETFs in January 2024, which caused GBTC to lose more than half of its holdings, the trust continues to show strong revenue performance. This success highlights the effectiveness of Grayscale’s fee-based model and its brand recognition in the market.
Despite managing significantly fewer assets than competitors like BlackRock’s iShares Bitcoin ETF (IBIT), which holds $56 billion in assets, GBTC remains more profitable due to its higher fee rate.
In response to increasing competition, Grayscale launched the Bitcoin Mini Trust in March 2025, offering a lower-cost product to attract cost-conscious investors and diversify its portfolio.
Since its inception as a private trust in 2013, and its conversion into an ETF in 2024 following a legal victory, GBTC remains a key player in the Bitcoin investment space. Its ability to command higher fees, even in a competitive market, underscores the importance of fee structures in driving ETF revenues.
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