Grayscale's GBTC Still Dominates Revenue: $268M Annual Income Beats All Other Bitcoin ETFs 🚀

Spot Bitcoin ETFs have been around for about 16 months now. Yet Grayscale's GBTC remains king 👑. Kind of surprising, really. They're pulling in $268 million implied annual income. That's more than all other Bitcoin ETFs put together ($211 million). Wild. Especially when you consider their competitors offer better deals on fees and liquidity!

The Money Machine: Fat Fees + Big Assets 💰

GBTC makes so much cash for one simple reason. They charge 2% yearly. And they manage tons of money. Other Bitcoin ETFs? They mostly charge under 1%. Grayscale doesn't budge.

As of September 25, 2025, their total assets sit around $4.15 billion. GBTC leads the pack. With roughly $13.4 billion under management, that 2% fee means $268 million every year. Bitcoin prices go up? Down? Doesn't matter. The fee machine keeps running.

Being First Still Pays Off 🔥

GBTC pioneered this space. They got there before anyone else. It seems this early advantage still matters.

• People know their name
• Big investors trust them
• Market inertia keeps money in place

Things stick. Habits form. Money stays put.

Strange Discount Situation 📊

GBTC shares trade at a discount to their actual value these days. Not that it affects their revenue. The fees come from the Bitcoin they hold, not what people pay for shares.

Back in the day, GBTC shares often sold at premium prices. This helped them grow fast. Now there's a discount. The money still flows in.

Big Money Still Likes Them 🏢

Institutions keep choosing GBTC. Not entirely clear why they wouldn't switch, but they don't.

• They understand the rules
• No need to handle actual crypto
• Tax benefits for certain portfolios

Many big players just stay put. They've found what works.

That Closed Structure? It Helps 🏰

You can't just redeem GBTC shares directly. It's a closed-end trust. This gives Grayscale power. They control asset levels better than regular ETFs can.

Competition grows fiercer. GBTC stands tall. High fees. Massive assets. Established position. They rule the mountain for now. Will it last? Depends if they change with the times or dig in their heels 🌕