Grayscale的比特幣信託ETF（GBTC）繼續主導收入遊戲

GBTC每年產生約2.685億美元，這要歸功於其1.5％的支出比率適用於管理資產的179億美元。

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’.

Grayscale的比特幣信託ETF（GBTC）繼續統治收入遊戲，儘管費用比競爭對手高出高達七倍，但仍超過了所有其他位置比特幣ETF。

According to ETF Store president Nate Geraci, 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.

根據ETF商店總裁Nate Geraci的說法，GBTC每年產生約2.685億美元，這要歸功於其1.5％的費用比率為179億美元的管理資產。相比之下，所有其他美國 - 比蒂幣ETF，總資產總額為890億美元，產生了超過2.118億美元。

Nearly 16mos after spot btc ETFs launched, GBTC still making more $$$ than all of the other ETFs combined…And it's not even close.

在Spot BTC ETF推出的近16mos之後，GBTC仍然比所有其他ETF組合的$$$工作……甚至還沒有接近。

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.

儘管當Spot Bitcoin ETF於2024年1月開始時，GBTC損失了一半以上的持股，但該公司的收入仍然很健康，證明了基於費用的模型和品牌知名度的有效性。

Other ETFs such as BlackRock’s iShares Bitcoin ETF (IBIT) have a significantly more assets of $56 billion in comparison to GBTC’s $18 billion but they are less profitable because of lower fees.

與GBTC的180億美元相比，其他ETF（例如BlackRock的Ishares Bitcoin ETF（IBIT），其資產高達560億美元，但由於費用較低，因此盈利較低。

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.

為了滿足比賽，Grayscale於2025年3月推出了比特幣迷你信託基金，以提供更便宜的產品。這是為了擴大灰度的產品組合併吸引低成本投資者。

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.

GBTC始於2013年的私人信託，並在比特幣投資市場中仍活躍的法律勝利後，於2024年成為ETF。即使在這個高度競爭激烈的市場中，GBTC能夠為其產品收取更高的費用這一事實表明了費用對ETF的收入的重要性。

Also Read: SEC Delays Decision on Grayscale Ethereum ETF Staking

另請閱讀：SEC延遲對灰度以太坊ETF的決定