Grayscale Bitcoin Trust ETF

Overview: The Grayscale Bitcoin Trust ETF (GBTC) is a U.S.-based exchange-traded fund, launched in 2013 by Grayscale Investments, converted to a spot Bitcoin ETF on January 11, 2024, to provide exposure to Bitcoin’s price movements.

Investment Focus: Directly invests in physical Bitcoin, tracking the CoinDesk Bitcoin Price Index (XBX), aiming to reflect Bitcoin’s market price in U.S. dollars, less the fund’s expenses and liabilities.

Accessibility: Trades on the NYSE Arca under the ticker GBTC, accessible through U.S. brokerage accounts, including certain IRAs, but not specifically noted for TFSA or RRSP eligibility due to its U.S. domicile.

Performance: As of July 26, 2025, GBTC’s stock price was USD 40.14, with a 52-week range of USD 17.00 to USD 42.00, a year-to-date return of 18.36%, and assets under management of approximately USD 22 billion.

Risk Profile: High-risk due to Bitcoin’s extreme volatility, lack of Investment Company Act of 1940 protections, and counterparty risks with its custodian, suitable for investors with high risk tolerance.

Management and Fees: Passively managed with a 1.50% annual management fee, covering administration and Bitcoin safekeeping, considered high compared to other Bitcoin ETFs; full details in the prospectus.

Background: Grayscale Investments is the world's largest digital currency asset manager, founded in 2013 as a subsidiary of Digital Currency Group.

Products: Manages a suite of crypto investment products including Bitcoin, Ethereum, and thematic trusts covering miners, adopters, and covered call strategies.

Bitcoin ETFs: The Grayscale Bitcoin Trust (GBTC) converted from a closed-end trust to a spot ETF in January 2024. Also offers the lower-fee Bitcoin Mini Trust (BTC).

AUM: Over $33 billion in combined crypto assets under management.

Custody: Uses Coinbase Custody for Bitcoin safekeeping.