Grayscale Bitcoin Trust ETF (GBTC) Non Operating Investment Income (2024 - 2025)

Grayscale Bitcoin Trust ETF (GBTC) has reported Non Operating Investment Income for 2 consecutive years, with -$4.6 billion the latest figure, recorded in Q4 2025.

• In Q4 2025, Non Operating Investment Income fell 190.86% year-over-year to -$4.6 billion; the TTM figure through Dec 2025 stood at -$434.0 million (down 105.0% YoY), while the FY2025 annual figure was -$4.6 billion, down 48.24% from the prior year.
• Non Operating Investment Income retreated to -$4.6 billion in Q4 2025 per GBTC's latest filing, from $1.2 billion in the prior quarter.
• Across five years, Non Operating Investment Income topped out at $12.2 billion in Q1 2024 and bottomed at -$6.2 billion in Q2 2024.