Grayscale Still Tops All US Spot Bitcoin ETFs in Revenue

Grayscale’s Bitcoin Trust ETF (GBTC) generates more revenue than all other spot Bitcoin exchange-traded funds combined, despite charging fees that are up to seven times higher than its competitors.GBTC is still “making more $$$ than all of the other ETFs combined…” Nate Geraci, president of ETF Store, The fund generates approximately $268.5 million in annual revenue, with a 1.5% expense ratio applied to $17.9 billion in assets under management, according to Coinglass All the other U.S.-Bitcoin ETFs shown by Geraci generate an implied annual revenue of a little over $211.8 million from a total of $89 billion in assets under management.GBTC’s revenue dominance persists despite losing more than half its holdings since spot Aside from its first-mover advantage and brand recognition, Grayscale’s control over GBTC’s management allows it to charge a 1.5% fee.For example, BlackRock’s IBIT In response, Grayscale launched its Bitcoin Mini Trust (BTC) in March 2025 primarily to offer a lower-cost alternative to GBTC’s fee, while also diversifying its product lineup amid intensifying competition.Grayscale’s All this rolled into place after Grayscale won a When a trust converts to an ETF, key aspects of its structure change.From a closed-end form, it becomes open-ended, allowing shares to be redeemed based on demand.Because their distribution and transaction costs are different and often lower, the expense ratios for ETFs have been “historically less than those for corresponding mutual funds,” the SEC As such, ETFs “can be more tax efficient” because ETF shares are generally redeemable “in-kind,” the SEC notes.In April last year, Grayscale CEO Michael Sonnenshein The largest single-day outflow for GBTC was recorded on March 19, 2024, totaling $618 million, according to CoinGlass At this pace, it could run out of Bitcoin by July 8, though James Seyffart, ETF research analyst at Bloomberg Intelligence, Edited by Sebastian Sinclair