Grayscale’s GBTC Rakes in More Revenue Than All Other Bitcoin ETFs Combined

According to Nate Geraci, president of ETF Store, GBTC is “making more $$$ than all of the other ETFs combined… And it’s not even close,” he stated in a post on X.

GBTC’s Fee Structure Drives Massive Revenues

Data from Coinglass shows that GBTC generates approximately $268.5 million in annual revenue by applying a 1.5% expense ratio on $17.9 billion in assets under management. In comparison, all other U.S. spot Bitcoin ETFs combined — covering about $89 billion in assets — produce just over $211.8 million in annual revenue.

For example, BlackRock’s IBIT, now holding over $56 billion in assets, generates about $137 million annually — significantly less than GBTC’s total, despite managing triple the amount of Bitcoin.

Grayscale Expands Its ETF Offerings Amid Fierce Competition

Facing increased competition, Grayscale introduced new products to diversify its lineup and stay competitive. In March 2025, it launched the Bitcoin Mini Trust (BTC), offering investors a lower-cost alternative to GBTC’s higher fees.

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Grayscale also debuted two new ETFs — the Bitcoin Covered Call ETF (BTCC) and the Bitcoin Premium Income ETF (BPI) — which aim to offer modified income strategies tied to Bitcoin’s price movements. These funds allow investors to gain exposure to Bitcoin-related returns without holding Bitcoin directly.

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