Grayscale的比特币信托ETF（GBTC）继续主导收入游戏

GBTC每年产生约2.685亿美元，这要归功于其1.5％的支出比率适用于管理资产的179亿美元。

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的比特币信托ETF（GBTC）继续统治收入游戏，尽管费用比竞争对手高出高达七倍，但仍超过了所有其他位置比特币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.

根据ETF商店总裁Nate Geraci的说法，GBTC每年产生约2.685亿美元，这要归功于其1.5％的费用比率为179亿美元的管理资产。相比之下，所有其他美国 - 比蒂币ETF，总资产总额为890亿美元，产生了超过2.118亿美元。

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之后，GBTC仍然比所有其他ETF组合的$$$工作……甚至还没有接近。

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.

尽管当Spot Bitcoin ETF于2024年1月开始时，GBTC损失了一半以上的持股，但该公司的收入仍然很健康，证明了基于费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.

与GBTC的180亿美元相比，其他ETF（例如BlackRock的Ishares Bitcoin ETF（IBIT），其资产高达560亿美元，但由于费用较低，因此盈利较低。

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.

为了满足比赛，Grayscale于2025年3月推出了比特币迷你信托基金，以提供更便宜的产品。这是为了扩大灰度的产品组合并吸引低成本投资者。

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始于2013年的私人信托，并在比特币投资市场中仍活跃的法律胜利后，于2024年成为ETF。即使在这个高度竞争激烈的市场中，GBTC能够为其产品收取更高的费用这一事实表明了费用对ETF的收入的重要性。

Also Read: SEC Delays Decision on Grayscale Ethereum ETF Staking

另请阅读：SEC延迟对灰度以太坊ETF的决定