Grayscale’s Bitcoin Trust ETF (GBTC) continues to dominate the revenue game, outpacing all other spot Bitcoin ETFs combined, despite charging fees up to seven times higher than its competitors.
According to Nate Geraci, president of ETF Store, GBTC generates about $268.5 million annually, thanks to its 1.5% expense ratio applied to $17.9 billion in assets under management. In contrast, all other U.S.-Bitcoin ETFs, with a combined $89 billion in assets, generate just over $211.8 million.
Despite the fact that GBTC lost more than half of its holdings when spot Bitcoin ETFs began in January 2024, the company’s revenue is still healthy, proving the effectiveness of the fee-based model and brand awareness.
Other ETFs, such as BlackRock’s iShares Bitcoin ETF (IBIT), have significantly more assets at $56 billion in comparison to GBTC’s $18 billion, but they are less profitable because of lower fees.
To meet the competition, Grayscale introduced the Bitcoin Mini Trust in March 2025 to offer a cheaper product. This is in a bid to expand Grayscale’s product portfolio and appeal to low-cost investors.
GBTC, which began as a private trust in 2013 and became an ETF in 2024 after a legal victory, is still active in the Bitcoin investment market. Even in this highly competitive market, the fact that GBTC was able to charge higher fees for its product shows how important fees are for the revenue of ETFs.
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