Grayscale’s Bitcoin Trust (GBTC) generates $268.5 million annually, outpacing all other US Bitcoin ETFs, which collectively earn over $211 million. It capitalizes on a 1.5% fee applied to $17.9 billion in managed assets, enabling it to maintain its revenue leadership despite facing heavy outflows since early 2024.
Tax implications pose a significant barrier for many investors considering switching to lower-fee ETFs. Grayscale’s first-mover advantage and brand recognition reinforce its market position, though competitors like BlackRock’s ETF hold three times more assets yet struggle with lower revenue.
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