Grayscale's GBTC Rakes in More Revenue Than All Other Bitcoin ETFs Combined

Grayscale's Bitcoin Trust ETF (GBTC) continues to dominate revenue generation among U.S. spot Bitcoin ETFs, despite charging fees significantly higher than its competitors. By Nate Geraci

Grayscale's Bitcoin Trust ETF (GBTC) continues to massively outpace other U.S. spot Bitcoin ETFs in revenue generation despite charging fees significantly higher than its competitors.

According to ETF Store president Nate Geraci, GBTC is "making more $$$ than all of the other ETFs combined... And it's not even close."

GBTC generates approximately $268.5 million in annual revenue by applying a 1.5% expense ratio on $17.9 billion in assets under management, as of the latest data from Coinglass.

In comparison, all other U.S. spot Bitcoin ETFs, covering about $89 billion in assets, produce just over $211.8 million in annual revenue.

For instance, BlackRock's IBIT, now holding over $56 billion in assets, generates about $137 million annually, a smaller sum despite managing a larger amount of Bitcoin.

However, it's worth noting that IBIT's lower fee of 0.4% contributes to its reduced revenue despite the substantial assets managed.

As Grayscale faces fierce competition and expands its ETF offerings, it introduced the Bitcoin Mini Trust (BTC) in March 2025, aiming to provide investors with a lower-cost alternative to GBTC's higher fees.

Moreover, Grayscale has launched two new ETFs — the Bitcoin Covered Call ETF (BTCC) and the Bitcoin Premium Income ETF (BPI) — which offer modified income strategies tied to Bitcoin's price movements.

These funds provide investors with the opportunity to gain exposure to Bitcoin-related returns without needing to hold Bitcoin directly in their portfolios.

The introduction of these new products showcases Grayscale's efforts to diversify its lineup and stay competitive in the evolving landscape of cryptocurrency investment products.