灰度比特幣信託（GBTC）的收入機器

在《財務歷史紀錄》中，很少有機構面臨競爭​​的暴風雨，而灰比特幣信託基金會（GBTC）堅定不移。

In the ever-evolving landscape of crypto investment, the tale of Grayscale Bitcoin Trust (GBTC) stands as a testament to resilience and the shifting tides of capital. Once the undisputed king of bitcoin (BTC) products, it now faces an onslaught of cheaper and more liquid competitors, yet it retains an edge in one crucial domain: revenue.

在不斷發展的加密投資景觀中，灰比特幣信託基金會（GBTC）的故事證明了韌性和資本轉移潮流的證明。一旦無可爭議的比特幣國王（BTC）產品，它現在面臨著更便宜，更流動的競爭對手的衝擊，但它在一個關鍵領域中保留了優勢：收入。

Despite losing over half its holdings with $18 billion in outflows since early 2024 and facing the heat of lower-fee rivals like iShares Bitcoin Trust (IBIT) and Factor BTC (formerly named FTX Bitcoin Trust, now managed by Franklin Templeton), Grayscale manages to generate more annual revenue than all other U.S. spot bitcoin ETFs combined.

Despite losing over half its holdings with $18 billion in outflows since early 2024 and facing the heat of lower-fee rivals like iShares Bitcoin Trust (IBIT) and Factor BTC (formerly named FTX Bitcoin Trust, now managed by Franklin Templeton), Grayscale manages to generate more annual revenue than all other US spot bitcoin ETFs combined.

This surprising statistic becomes clear when examining the latest available data from December 2024 on the U.S. spot bitcoin ETFs and comparing it with the latest reported AUM figures as of May 2025.

當研究2024年12月從美國現場比特幣ETF上檢查最新可用數據時，這種令人驚訝的統計量變得清晰，並將其與截至2025年5月的最新報導的AUM數字進行了比較。

While IBIT has managed to attract an impressive $56 billion in AUM and generates $137 million in annual revenue with its 0.25% fee, in addition to achieving an average daily trading volume of $1 billion and securing net inflows of $35.8 billion within a few weeks of launch, all at the beginning of 2024, it pales in comparison to GBTC’s performance.

儘管IBIT設法吸引了令人印象深刻的560億美元的AUM，並以0.25％的費用獲得了1.37億美元的年收入，此外還可以在2024年初的發射開始時獲得每日平均交易量為10億美元，並確保淨流入淨額為358億美元。

Despite bearing a 1.5% expense ratio, up to seven times higher than that of its competitors, which puts pressure on investors to move to lower-cost options, and despite experiencing a record single-day loss of $618 million in March 2024 due to investors seeking lower fees or capitalizing on the trust’s historical discount to net asset value (NAV), which plummeted from 50% to nearly zero by July 2024, leading to a shift in capital, GBTC manages to generate significantly higher revenue.

Despite bearing a 1.5% expense ratio, up to seven times higher than that of its competitors, which puts pressure on investors to move to lower-cost options, and despite experiencing a record single-day loss of $618 million in March 2024 due to investors seeking lower fees or capitalizing on the trust's historical discount to net asset value (NAV), which plummeted from 50% to nearly zero by July 2024, leading to a shift in capital, GBTC設法產生更高的收入。

This clash between revenue dominance and capital flight demands closer examination to illuminate the intricate dance of investor psychology, market dynamics and Grayscale’s calculated resilience.

收入支配地位和資本飛行之間的這種衝突需要更仔細的檢查，以闡明投資者心理學，市場動態和灰度計算的彈性的複雜舞蹈。

Discussing this disparity, ETF Store president Nate Geraci remarked on X, "Is it any surprise that we're seeing outflows outpace new highs in terms of AUM? Not really. But it's interesting to see just how quickly the competitive landscape is unfolding, and it's a testament to the role that lower expense ratios are playing in this shift in capital flows. And we're not even considering the role of minimum investments, which can factor in for certain types of investors, or the tax implications, which can vary based on the structure of the trusts and the individual investor's circumstances." He further noted, "But it seems clear that lower ERs are a primary driver, and it will be interesting to see how this plays out in the months and years to come."

ETF商店主席Nate Geraci在討論這種差異時說：“我們看到流出的流出超過了新的高點，而不是真正的AUM？不是真的。但是，有趣的是，看到競爭性格局正在展開的速度，並且在某些投資中的投資不可能在某些方面進行投資，並且可以在資本流中進行投資，並且在某些方面的投資是有多大的。或稅收影響，可能會根據信託的結構和個人投資者的情況而變化。”他進一步指出：“但是很明顯，下級ERS是主要的驅動力，很有趣的是看到這在未來幾個月和幾年中如何表現。”

The inability of companies, family offices and other institutions to quickly pivot due to tax barriers and company directives becomes apparent when examining the broader picture. With a total spot bitcoin ETF market of nearly $100 billion, the stakes of this contest are high, and Grayscale’s revenue dominance is sure to evolve as the competitive landscape intensifies.

在檢查更廣泛的情況時，由於稅收障礙和公司指令，公司，家庭辦事處和其他機構無法快速樞紐。這場比賽的總股票總數近1000億美元，這場比賽的賭注很高，而Grayscale的收入優勢肯定會隨著競爭景觀的加劇而發展。

So, what sustains GBTC’s revenue crown in this crucible of competition? Is it the arithmetic of high fees applied to a still-formidable AUM, the loyalty of battle-scarred investors or the unseen weight of tax frictions binding them to their positions?

那麼，在這種競爭坩堝中，是什麼維持GBTC的收入王冠？這是適用於仍然可以建立的AUM的高額費用的算術，戰鬥賽投資者的忠誠度還是將其與其立場約束的看不見的稅收摩擦重量？

As we delve deeper into this question, we uncover the mechanics of GBTC’s dominance and the broader currents shaping the future of crypto investment. The answer lies in a potent blend of history, strategy and the unyielding faith of investors in a titan that, against all odds, refuses to yield.

當我們深入研究這個問題時，我們揭示了GBTC統治地位的機制以及塑造加密投資未來的更廣泛的電流。答案在於歷史，戰略和投資者對泰坦的堅定信念的有效融合，而泰坦卻拒絕屈服。

At the heart of GBTC’s revenue edge lies its 1.5% expense ratio, a towering figure beside IBIT and Factor BTC (both 0.25%), Bitwise (0.24%) and Franklin Templeton (0.19%).

GBTC的收入邊緣的核心是其1.5％的費用比率，在IBIT和IBIT BTC旁邊是一個高聳的人物（0.25％），位（0.24％）和富蘭克林·鄧普頓（Franklin Templeton）（0.19％）。

Applied to $17.9 billion in AUM, this fee yields $268.5 million annually, eclipsing the $211.8-million combined revenue of all other U.S. spot bitcoin ETFs, which manage $89 billion collectively.

該費用每年收取179億美元的AUM，每年產生2.685億美元，使所有其他美國其他現貨比特幣ETF的合併收入黯然失色，共同管理890億美元。

This arithmetic advantage persists despite $21 billion in outflows since January 2024, including a daily average loss of $89.9 million, highlighting the sheer power of high fees on a substantial asset base.

儘管自2024年1月以來流出了210億美元，但這種算術優勢仍然存在，其中包括每日平均損失8,990萬美元，強調了大量資產基礎上高費用的巨大權力。

For instance, IBIT, with its lower 0.25% fee on a larger AUM of $56 billion and a trading volume of about $1 billion per day, generates $137 million in annual revenue, a fraction of GBTC’s $268.5 million.

例如，IBIT的較大AUM的0.25％費用為560億美元，每天的交易量約為10億美元，每年收入1.37億美元，這是GBTC的2.685億美元的一小部分。

This disparity is further emphasized when considering that IBIT has managed to attract an impressive $35.8 billion

考慮IBIT設法吸引了358億美元的令人印象深刻的差距，這種差距進一步強調