灰度比特币信托（GBTC）的收入机器

在《财务历史纪录》中，很少有机构面临竞争​​的暴风雨，而灰比特币信托基金会（GBTC）坚定不移。

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.

在不断发展的加密投资景观中，灰比特币信托基金会（GBTC）的故事证明了韧性和资本转移潮流的证明。一旦无可争议的比特币国王（BTC）产品，它现在面临着更便宜，更流动的竞争对手的冲击，但它在一个关键领域中保留了优势：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.

当研究2024年12月从美国现场比特币ETF上检查最新可用数据时，这种令人惊讶的统计量变得清晰，并将其与截至2025年5月的最新报道的AUM数字进行了比较。

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.

尽管IBIT设法吸引了令人印象深刻的560亿美元的AUM，并以0.25％的费用获得了1.37亿美元的年收入，此外还可以在2024年初的发射开始时获得每日平均交易量为10亿美元，并确保净流入净额为358亿美元。

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设法产生更高的收入。

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.

收入支配地位和资本飞行之间的这种冲突需要更仔细的检查，以阐明投资者心理学，市场动态和灰度计算的弹性的复杂舞蹈。

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在讨论这种差异时说：“我们看到流出的流出超过了新的高点，而不是真正的AUM？不是真的。但是，有趣的是，看到竞争性格局正在展开的速度，并且在某些投资中的投资不可能在某些方面进行投资，并且可以在资本流中进行投资，并且在某些方面的投资是有多大的。或税收影响，可能会根据信托的结构和个人投资者的情况而变化。”他进一步指出：“但是很明显，下级ERS是主要的驱动力，很有趣的是看到这在未来几个月和几年中如何表现。”

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.

在检查更广泛的情况时，由于税收障碍和公司指令，公司，家庭办事处和其他机构无法快速枢纽。这场比赛的总股票总数近1000亿美元，这场比赛的赌注很高，而Grayscale的收入优势肯定会随着竞争景观的加剧而发展。

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?

那么，在这种竞争坩埚中，是什么维持GBTC的收入王冠？这是适用于仍然可以建立的AUM的高额费用的算术，战斗赛投资者的忠诚度还是将其与其立场约束的看不见的税收摩擦重量？

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.

当我们深入研究这个问题时，我们揭示了GBTC统治地位的机制以及塑造加密投资未来的更广泛的电流。答案在于历史，战略和投资者对泰坦的坚定信念的有效融合，而泰坦却拒绝屈服。

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的收入边缘的核心是其1.5％的费用比率，在IBIT和IBIT BTC旁边是一个高耸的人物（0.25％），位（0.24％）和富兰克林·邓普顿（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.

该费用每年收取179亿美元的AUM，每年产生2.685亿美元，使所有其他美国其他现货比特币ETF的合并收入黯然失色，共同管理890亿美元。

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.

尽管自2024年1月以来流出了210亿美元，但这种算术优势仍然存在，其中包括每日平均损失8,990万美元，强调了大量资产基础上高费用的巨大权力。

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的较大AUM的0.25％费用为560亿美元，每天的交易量约为10亿美元，每年收入1.37亿美元，这是GBTC的2.685亿美元的一小部分。

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

考虑IBIT设法吸引了358亿美元的令人印象深刻的差距，这种差距进一步强调