- ISIN
- US3896371099
- CUSIP
- 389637109
- Issuer
- Grayscale
- Inception Date
- Jan 11, 2024
- Category
- Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- CoinDesk Bitcoin Benchmark Rate Index
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
GBTC Performance Chart
Grayscale Bitcoin Trust ETF (GBTC) is down 31.5% since the beginning of the year. At $47 per share, GBTC is trading 52.8% below its 52-week high of $99. Investors who bought $1,000 worth of GBTC shares 5 years ago would now be looking at an investment worth $1,515.
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Returns By Period
Grayscale Bitcoin Trust ETF (GBTC) has returned -31.54% so far this year and -41.68% over the past 12 months.
Grayscale Bitcoin Trust ETF
- 1D
- -5.15%
- 1M
- -26.07%
- YTD
- -31.54%
- 6M
- -33.05%
- 1Y
- -41.68%
- 3Y*
- 47.89%
- 5Y*
- 8.66%
- 10Y*
- 48.34%
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC Monthly Returns History
Based on dividend-adjusted daily data since May 4, 2015, GBTC's average daily return is +0.31%, while the average monthly return is +7.47%. At this rate, an investment would double in approximately 0.8 years.
Historically, 54% of months were positive and 46% were negative. The best month was May 2017 with a return of +251.5%, while the worst month was Jun 2022 at -41.3%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, GBTC closed higher 50% of trading days. The best single day was May 24, 2017 with a return of +41.2%, while the worst single day was May 18, 2015 at -28.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.37% | -21.78% | 3.19% | 12.59% | -4.01% | -17.92% | -31.54% | ||||||
| 2025 | 8.63% | -17.16% | -2.16% | 13.96% | 11.04% | 2.86% | 8.19% | -7.40% | 5.62% | -4.18% | -17.45% | -3.73% | -7.65% |
| 2024 | 9.73% | 45.70% | 14.13% | -16.88% | 14.44% | -11.40% | -2.20% | -10.22% | 8.02% | 10.12% | 38.63% | -3.98% | 113.81% |
| 2023 | 46.56% | -5.02% | 41.77% | 0.37% | -15.41% | 38.16% | -0.31% | -2.20% | 2.57% | 39.45% | 13.02% | 14.47% | 317.61% |
| 2022 | -23.39% | 12.00% | 3.91% | -13.62% | -22.14% | -41.29% | 22.72% | -15.27% | -9.01% | 5.17% | -24.58% | -8.40% | -75.80% |
| 2021 | 8.41% | 24.53% | 15.83% | -6.37% | -35.50% | -1.36% | 16.52% | 8.74% | -10.38% | 46.79% | -6.98% | -25.90% | 7.03% |
Benchmark Metrics
Grayscale Bitcoin Trust ETF has an annualized alpha of -58.33%, beta of 1.86, and R2 of 0.27 versus S&P 500 Index. Calculated based on daily prices since May 05, 2015.
- This ETF participated in 320.02% of S&P 500 Index downside but only -29.18% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.27 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -58.33%
- Beta
- 1.86
- R²
- 0.27
- Upside Capture
- -29.18%
- Downside Capture
- 320.02%
Expense Ratio
GBTC has a high expense ratio of 1.50%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
GBTC ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and compare them to S&P 500 Index.
| GBTC | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | — | — |
| Martin ratioReturn relative to average drawdown | -1.44 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Grayscale Bitcoin Trust ETF provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.24 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Monthly Dividends
The table displays the monthly dividend distributions for Grayscale Bitcoin Trust ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Grayscale Bitcoin Trust ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Grayscale Bitcoin Trust ETF was 89.91%, occurring on Dec 14, 2018. Recovery took 517 trading sessions.
The current Grayscale Bitcoin Trust ETF drawdown is 52.45%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Rate-hike selloffLate 2018 | -89.91%Dec 2018 | 12mo | 2y 23d | 3y 18dDec 2017 - Jan 2021 |
Bear market2022 | -86.24%Dec 2022 | 1y 10mo | 1y 2mo | 3y 11dFeb 2021 - Mar 2024 |
2015 bear market2015 | -57.96%Aug 2015 | 3mo 21d | 3mo 14d | 7mo 5dMay 2015 - Dec 2015 |
2026 bear market2026 | -52.45%Jun 2026 | 8mo 1d | — | 8mo 2dOct 2025 - now |
2017 bear market2017 | -48.42%Sep 2017 | 13d | 1mo 20d | 2mo 3dSep 2017 - Nov 2017 |
Drawdown Indicators
| GBTC | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -9.10% | -80.81% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -52.45% | -2.97% | -49.48% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -1.13% | -42.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.99% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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