Grayscale Bitcoin Trust ETF (NYSE: GBTC)

Grayscale Bitcoin Trust ETF is a statutory trust that holds Bitcoin and issues shares that provide investors with exposure to the price of Bitcoin. As of December 31 2025 the trust held approximately 0.8% of the total Bitcoin in circulation. Each share represents a fractional interest in the trust’s Bitcoin holdings, with one share roughly equivalent to 0.0008 Bitcoin. The trust’s objective is for the value of its shares to reflect the value of the Bitcoin it holds, less expenses, using an index price as a reference. Shares are listed on NYSE Arca under the ticker GBTC and can be bought and sold like any other stock during regular market hours. The trust does not employ leverage, derivatives or active management; it simply holds Bitcoin and issues baskets of shares in exchange for the cryptocurrency. The trust is designed to be a passive investment vehicle that tracks the spot price of Bitcoin through a transparent and regulated structure.

The trust generates revenue for its sponsor through a daily fee that accrues at an annual rate of 1.5% of the trust’s net asset value, payable in Bitcoin. This fee compensates the sponsor for services such as custody, administration, marketing, trustee functions and other operational costs. As the fee is paid in Bitcoin, it reduces the amount of Bitcoin represented by each share over time, which is reflected in the net asset value reported by the trust. The trust itself does not earn separate operating revenue; its economic value derives from the appreciation or depreciation of the underlying Bitcoin. In addition to the sponsor fee, the sponsor agrees to cover certain trust expenses such as marketing, auditor, legal and custody costs, up to an agreed limit, which are also paid in Bitcoin. The sponsor may, at its discretion, temporarily waive all or part of the fee, although the filing indicates no present intention to do so.

Grayscale Bitcoin Trust ETF is one of the largest exchange traded products offering direct exposure to Bitcoin in the United States. It competes with other Bitcoin ETFs such as iShares Bitcoin Trust IBIT, Fidelity Wise Origin Bitcoin Fund FBTC and VanEck Bitcoin Trust, as well as with products like Bitcoin futures and exchange traded notes. The trust holds a significant amount of Bitcoin relative to its peers, giving it a prominent position in the market for crypto linked investment vehicles. Its competitive advantages include the size of its Bitcoin holdings, the use of a regulated custodian (Coinbase Custody Trust Company) that stores the majority of the coins in cold storage, and the familiarity of the Grayscale brand among investors. The trust’s structure allows investors to gain Bitcoin exposure through a traditional brokerage account without needing to manage private keys or worry about security. Additionally, the product offers daily net asset value transparency and a clear creation and redemption mechanism that helps keep the market price close to the underlying value of Bitcoin.

The trust serves a broad base of investors that includes individual retail investors, financial advisors and institutional clients who seek to add Bitcoin to their portfolios through a regulated exchange traded vehicle. While the filing does not disclose specific shareholder names, the typical customers are those who prefer the convenience of a stock like instrument that tracks Bitcoin’s price and can be bought or sold during market hours on NYSE Arca. The product is marketed to both long term holders and tactical traders looking for liquid, transparent access to the cryptocurrency. Institutional investors often use the trust to gain strategic exposure to Bitcoin as part of a diversified portfolio, while retail investors may use it for tactical allocations or as a simple way to own Bitcoin without the need for personal custody solutions. Financial advisors recommend the trust to clients who want exposure to Bitcoin within a familiar brokerage framework that supports regular reporting and tax documentation.