Grayscale bitcoin trust что это

Как устроен Биткоин-траст компании Grayscale

Grayscale’s Bitcoin Trust (GBTC) вновь оказался на первых полосах газет благодаря крупнейшему однодневному приобретению 16,244 биткоинов, пополнившему их позицию, превышающую 630,000 биткоинов и активов под управлением (AUM) на общую сумму около $23 миллиардов. Очевидно, что бизнес идет это хорошо. В каком положении находятся инвесторы Grayscale? Является ли надбавка GBTC стимулом или сдерживающим фактором? И каков дальнейший курс фонда?

Что такое GBTC?

Grayscale хранит биткоины в GBTC-трасте, и инвесторы покупают акции, которые представляют собой определенное количество биткоинов. В дополнение к «надбавке» имеет место комиссия за управление в размере 2 процентов в год. Надбавка представляет собой разницу между базовой стоимостью биткоина (стоимость нативного актива или «NAV») и рыночной стоимостью акций.

Инвесторы разделены на два уровня. Инвесторы базового уровня — аккредитованные инвесторы, которые могут покупать акции фонда по цене «NAV» — рыночной цене биткоина. Инвесторы базового уровня могут отправить USD или биткоины и получить соответствующее количество акций (в настоящее время это 0.00094919 BTC за акцию).

Загвоздка заключается в том, что это — “односторонняя” покупка. Как только вы отправляете биткоины в траст, вы не можете их вывести. Инвесторы могут продать свои акции, но биткоины останутся в трасте и вне рынка.

Средства инвесторов базового уровня блокируются на шесть месяцев, прежде чем они смогут продать свои акции на открытом рынке инвесторам второго уровня. Эти инвесторы вынуждены будут заплатить за акции более высокую (рыночную) цену. Опять же, «наценка» — это разница между ценой акций на открытом рынке и ценой акций, привязанных к стоимости биткоина.

Инвесторы Grayscale

Крупнейшим инвестором является компания Three Arrows Capital, которая недавно увеличила свою позицию с $259 миллионов до $1,4 миллиарда (что эквивалентно примерно 6 процентам совокупных владений траста). Это один из инвесторов, воспользовавшийся возможностью частного размещения на базовом уровне фонда.

В случае инвестирования в NAV (на базовом уровне) акции блокируются на полгода, но затем инвестор может продать акции по более высокой рыночной цене, зафиксировав надбавку. Исторически надбавка держится на уровне около 20 процентов, но может вырасти на фоне бычьего рынка, когда спрос на акции высок. Например, в декабре 2020 года она превысила 40 процентов.

Другим крупным инвестором является BlockFi, которому принадлежит около 5 процентов акций траста. Blockfi предлагает около 6 процентов прибыли, когда вы одалживаете ваши биткоины, потому что затем он может отправить ваши монеты, например, в Grayscale Trust. В этом случае, он одалживает биткоины Grayscale и позже получает выгоду от надбавки.

Для инвесторов второго уровня, которые покупают акции на открытом рынке, премия является дополнительным риском. Если биткоин сильно упадёт, то потери будут более значительными, потому падает не только NAV (цена биткоина), но и надбавка. Аналогично, при покупке перед бычьим рынком и соответствующим ростом надбавки, ваши доходы также могут значительно вырасти.

Откуда появляется надбавка на акции траста? Это рыночный разрыв между спросом и предложением. Спрос на акции превышает предложение, так как новые акции создаются постоянно, но замораживаются из-за шестимесячной блокировки. ETF, в свою очередь, держат подобные надбавки под контролем, потому что новые акции также могут создаваться постоянно, но при этом они не блокируются и могут торговаться незамедлительно. Надбавки могут быть сведены на нет благодаря арбитражу.

Стоит ли оно того?

Почему менее крупные инвесторы второго уровня идут на риск, связанный с надбавкой вместо покупки самих биткоинов?

Акции Grayscale можно легко купить на традиционном брокерском счете;
Вы избегаете обременения самостоятельного хранения биткоинов;
Имеет место ряд налоговых преимуществ.

Очевидно, что у аккредитованных инвесторов есть значительный стимул к частному размещению в силу надбавок, но это не все. Для некоторых институциональных инвесторов GBTC является одним из немногих способов получить доступ к биткоину. Многие инвестиционные фонды связаны регулирующими уставами, ограничивающими прямые инвестиции в криптовалюты и/или они хотят избежать сложностей, связанных с хранением биткоинов. При этом практически каждый может инвестировать в публично торгуемые активы, такие как GBTC.

Но это не продлится вечно. По мере созревания рынка и появления большего количества вариантов торговли биткоином (например, Биткоин-ETF), количество инвесторов второго уровня, готовых платить надбавку, будет уменьшаться; надбавка упадет, чтобы удовлетворить более низкий спрос. Когда это произойдёт, GBTC, скорее всего, снизит свой 2% комиссионный сбор за управление и подаст заявку на ETF.

Спекуляции против финансового суверенитета

С ростом распространения Биткоина мы увидим все больше сервисов, помогающих технически не подкованным людям инвестировать в BTC. Не забывайте, что подобные сервисы предоставляют возможность получить доступ к спекулятивной стороне Биткоина, как актива, находящегося в фазе становления.

Биткоинеры по всему миру (включая вашего покорного слугу) видят Биткоин как цензуроустойчивый инструмент, способный решить современные мировые проблемы начиная с экономических и заканчивая социальными; подобное мышление подразумевает самостоятельное хранение собственных биткоинов. Несмотря на то, что самостоятельное хранение потребует определенных сил и времени на обучение и следование ряду правил с целью обезопашивания собственных средств, в итоге вы получите выгоду от полного управления вашими (и только вашими) сбережениями. Это единственный путь к абсолютному финансовому суверенитету.

Все, что вам нужно знать о Grayscale Bitcoin Trust.

GBTC

Grayscale Bitcoin Trust (GBTC) – это последний ответ на давний вопрос о цифровой валюте: можно ли инвестировать в биткойн через фондовый рынок? До недавнего времени доступные для этого механизмы были довольно ограниченными, но GBTC стремится изменить это.

Проще говоря, GBTC – это финансовый инструмент, который позволяет инвесторам инвестировать в фонды, которые, в свою очередь, владеют большими суммами биткойнов. Это означает, что по мере того, как цена BTC растет (или падает), доли в этих трастах отслеживают стоимость криптовалюты, но только приблизительно. Инвестирование в BTC таким образом предлагает инвесторам несколько ключевых преимуществ, и не в последнюю очередь тот факт, что инвестиции регулируются Комиссией по ценным бумагам и биржам.

В этом руководстве мы рассмотрим, что такое Grayscale Bitcoin Trust (GBTC) как он работает и для каких инвесторов подходит.

Что такое Grayscale Bitcoin Trust?

GBTC является примером нового типа фонда, который по-новому исследует ценность биткойна. Фонд был запущен еще в 2013 году как Bitcoin Investment Trust (BIT) и с тех пор быстро растет. GBTC теперь позволяет инвесторам получить доступ к BTC через частный фонд, который торгуется непосредственно на фондовом рынке США (как «GBTC»).

Динамика роста Grayscale Bitcoin Trust

Динамика роста Grayscale Bitcoin Trust (GBTC) за 7 лет.

По состоянию на начало 2022 года в GBTC хранится 654 885 биткойнов. Это составляет примерно 46% от 1,4 миллиона биткойнов, которыми в настоящее время владеют публичные компании. Это также делает GBTC крупнейшим биткойн-фондом в мире.

Такие фонды, как GBTC, позволяют инвесторам косвенно торговать BTC напрямую через фондовый рынок. В настоящее время регулирующие органы США (крупнейший фондовый рынок и крупнейший рынок криптовалют) не разрешают торговать криптовалютой напрямую через фондовые рынки, поскольку считают, что эти валюты недостаточно регулируются.

Как работает Grayscale Bitcoin Trust?

Хотя идея GBTC состоит в том, чтобы открыть инвестиции в криптовалюту как можно большему количеству людей, на практике невозможно просто купить акции фонда по рыночным ценам. Вот как это работает на самом деле.

Во-первых, Grayscale приглашает пул богатых инвесторов внести деньги в фонд, и он использует эти деньги для покупки биткойна. Затем Grayscale размещает фонд на публичных фондовых биржах, позволяя любому покупать и продавать акции.

По мере того, как цена биткойна увеличивается (или падает), стоимость фонда отслеживает эту цену. Это означает, что сам фонд, а также доли в нем следуют за ценой BTC. Этот процесс означает, что аккредитованные инвесторы – или те, кто был приглашен внести свой вклад в фонд во время его первоначального частного раунда – получают прямую прибыль от перепродажи своих акций.

Является ли Grayscale Bitcoin Trust хорошей инвестицией?

Это зависит от приоритетов инвестора и его терпимости к риску. Отсутствие непосредственного владения биткойнами имеет ряд преимуществ, о которых мы поговорим ниже, но у таких фондов, как GBTC, есть и некоторые недостатки, такие как относительно высокая стоимость входа.

Из-за этого вполне вероятно, что GBTC когда-либо будет составлять лишь небольшую часть портфеля среднего инвестора. Как правило, вы в любом случае не должны инвестировать более 15% своего портфеля в BTC, и это устанавливает верхний предел того, сколько средний человек должен вкладывать в такой фонд, как GBTC.

Преимущества Grayscale Bitcoin Trust.

Давайте рассмотрим преимущества и недостатки GBTC более подробно. На данный момент фонд в первую очередь ориентирован на тех, кто в любом случае заинтересован в инвестировании в BTC, но у кого есть некоторые опасения по этому поводу. Это хорошая отправная точка для понимания ценности GBTC: зачем покупать акции GBTC, а не покупать BTC напрямую?

Есть множество причин. Во-первых, решить, как безопасно хранить биткойны, может быть сложно. Есть тот факт, что многие люди по-прежнему чувствуют себя неловко, вкладывая большие суммы в BTC, особенно с учетом недавних откровений о том, что 95% торговли BTC являются поддельными.

GBTC – это инвестиция, которая находится под надзором SEC, но по-прежнему сильно зависит от цены биткойна, что позволяет инвесторам, сознательным в отношении риска, воспользоваться изменениями цен.

Недостатки Grayscale Bitcoin Trust.

С другой стороны, есть ряд недостатков инвестирования в GBTC по сравнению с прямой покупкой биткойнов. Первый и наиболее очевидный заключается в том, что, поскольку акции фонда торгуются с премией, они сопряжены со значительными первоначальными затратами. Эти первоначальные затраты, вероятно, не будут иметь значения при инвестициях, рассчитанных на пять лет или более, но к тому времени у GBTC может быть гораздо больше конкурентов, чем сейчас.

Во-вторых, поскольку GBTC не отслеживает цену биткойна напрямую, может пройти некоторое время, прежде чем колебания цены BTC отразятся на цене GBTC.

Как я могу купить GBTC?

Траст торгуется на внебиржевом рынке. Инвесторы могут покупать акции GBTC так же, как и другие акции и фонды – через брокера. Это открывает целый ряд возможностей для инвесторов. С такими инструментами, как GBTC, инвесторы могут торговать BTC против акций других компаний, хотя и довольно ограниченным и дорогим способом.

Есть ли конкуренты у Grayscale Bitcoin Trust?

У GBTC есть несколько прямых конкурентов, хотя ни один из них не может сравниться с его размером или покупательной способностью. GBTC – лишь один из нескольких публично торгуемых фондов со значительной долей BTC.

Но GBTC может довольно скоро устареть. Многие компании изо всех сил пытались получить одобрение на открытие BTC ETF на протяжении большей части последнего десятилетия, и GBTC, несомненно, выиграл от отсутствия полноценного биткойн-ETF. Однако с недавними новостями о том, что самый первый биткойн-ETF – Purpose Bitcoin ETF – был одобрен в Канаде, более дорогие фонды, такие как GBTC, могут потерять поддержку.

В итоге.

В конечном счете, Grayscale Bitcoin Trust позволяет инвесторам получить доступ к рынку криптовалют таким образом, чтобы упростить налоги и хранение, а также обеспечивает федеральный надзор. Но эти преимущества достигаются относительно высокой ценой. И поэтому, средний инвестор, скорее всего, будет делать лишь небольшие инвестиции в фонды отслеживания BTC на фондовом рынке. То есть до тех пор, пока мы не получим полноценный биткойн-ETF, потому что это изменит правила игры.

BCHG

Private Placement is currently closed. Please invest through your broker.

Market Price Per Share As of 01/22/2024

Investment Objective

Grayscale Bitcoin Cash Trust is one of the first securities solely and passively invested in Bitcoin Cash (“BCH”) that enables investors to gain exposure to BCH in the form of a security while avoiding the challenges of buying, storing, and safekeeping BCH, directly. Shares (based on BCH per Share as indicated below) are designed to track the BCH market price, less fees and expenses. Bitcoin Cash is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Bitcoin Cash Network, the infrastructure of which is collectively maintained by a decentralized user base. The Bitcoin Cash Network allows people to exchange tokens of value, called BCH, which are recorded on a public transaction ledger known as a blockchain.

To date, the Product has not met its investment objective and the Shares of the Product quoted on OTC Markets Group has not reflected the value of digital assets held by the Product, less the Product’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, with variations that have at times been substantial.

Eligible shares are quoted on the OTC Markets Group under SEC Reporting Standards and registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. Investors can buy and sell shares through most traditional brokerage accounts at prices dictated by the market.

Grayscale Bitcoin Cash Trust
Primary Listing Market
OTC Ticker
Benchmark Index
CoinDesk Bitcoin Cash Price Index (BCX)
Benchmark Ticker
US38963P1093
Bloomberg ID
Management Fee
Performance Fee
Distribution Frequency
Inception Date
OTC INCEPTION DATE

The CoinDesk Bitcoin Cash Price Index (BCX) provides a USD-denominated reference rate for the spot price of Bitcoin Cash (BCH). The index leverages real-time prices from multiple constituent exchanges to provide a representative spot price.

Performance
As of 01/22/2024
HOLDINGS / SHARE
HOLDINGS / SHARE 1 Day %
ASSETS UNDER MANAGEMENT
$70,725,574.37
MARKET PRICE / SHARE
MARKET PRICE / SHARE 1 Day %
Shares Outstanding
BCH / SHARE

Resources

What types of Investment Products does Grayscale offer?

Grayscale offers multiple types of investment products, all of which can be found in the All Products page of our website.

The following FAQs apply to our digital asset investment products only. FAQs about our other products can be found on their respective product pages.

What are Grayscale’s Digital Asset Investment Products?

Grayscale’s digital asset investment products (Products) include single-asset trusts, which provide investors with exposure to a singular cryptocurrency, and diversified funds, which provide investors with exposure to a basket of cryptocurrencies. The diversified funds track thematic indices and are rebalanced on a quarterly basis.

Why are only select Products publicly traded on Over-the-Counter (OTC) Markets? Why do only some Products file reports with the Securities and Exchange Commission (SEC)?

Each Product is intended to follow a four-stage life cycle — with the ultimate goal of uplisting the Product to an ETF*. As a Product progresses through this intended lifecycle, there is a correlated increase in investor access and transparency.

Stage 1: Private Placement

Grayscale Products first launch as private placements, allowing accredited investors to gain crypto exposure through a familiar investment vehicle structure.

Shares purchased in the private placements are initially restricted for one year.

Stage 2: Public Quotation

Grayscale pioneered obtaining public quotations for unrestricted shares of our private placements. This provides liquidity to existing private placement investors by allowing them to continue to hold their shares in their brokerage account or sell them through their broker in the public market.

This also allows all investors —accredited or not — to access Grayscale products through certain brokerage or retirement accounts, regardless of investment size or holding period.

Due to the lack of an ongoing redemption program, publicly traded shares may trade premiums or discounts to the value of their underlying assets.

Stage 3: SEC Reporting

Grayscale Products are the first SEC-reporting companies in the industry. The requirements of being SEC-reporting exceed the standard of reporting already met by these Products as OTC Markets public quotations, including heightened levels of disclosure to offer even greater transparency for investors, and subjects the Products to additional regulatory oversight.

This also reduces the initial one year holding period of the private placement to six months.

Stage 4 : ETF

Grayscale believes its SEC-reporting Products present a strong case for uplisting when permitted by the U.S. regulatory environment.

In connection with ETF uplisting, products would have ongoing creation and redemptions, and the arbitrage mechanism inherent to ETFs would help the product more closely track the value of its underlying Bitcoin holdings, after deduction of expenses.

*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products, or “ETPs”, which are not subject to the registration requirements of the ‘40 Act.

*We use the generic term “ETF” to cover exchange-traded investment vehicles that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), also commonly referred to as “exchange-traded funds” or “ETFs”. The term “ETF” also encompasses “exchange-traded products” or “ETPs”, like GBTC would be, that are not subject to the registration requirements of the ‘40 Act. ETFs trade in line with NAV as a result of the simultaneous creation and redemption mechanism available.

What is a private placement?

Shares of Grayscale Products are offered to institutional and individual accredited investors* in private placement transactions exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Rule 506(c) thereunder.

Each Product’s investment objective is for the value of its shares (based on digital assets per share) to reflect the price performance of such Product’s underlying digital asset(s), less fees and expenses.** Modeled after popular commodity investment products, each Product was created for investors seeking exposure to digital assets through a familiar investment vehicle .

*Grayscale’s private placements are only available to Accredited Investors as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Most individuals are not Accredited Investors. An individual must earn more than $200,000 a year (or $300,000 per year with a spouse or spousal equivalent), have a net worth over $1 million either alone or together with a spouse or spousal equivalent, excluding their primary residence, or hold in good standing their Series 7, Series 65, or Series 82 professional certifications. Entities must have $5 million in liquid assets or all beneficial owners must be Accredited Investors.

**Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.

What is a public quotation?

Shares of certain Products are publicly quoted on OTC Markets. Shares that have become unrestricted in accordance with SEC Rule 15c2-11 may be bought and sold by retail investors throughout the day via their brokerage accounts.

Investors of Grayscale’s public quotation Products receive annual and quarterly reports and financial statements pursuant to OTC Markets’ Alternative Reporting Standards (ARS).

What is an SEC Reporting Company?

An SEC reporting company is an issuer of securities that is subject to the periodic and current reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act).

The Exchange Act contains ongoing disclosure requirements designed to keep investors informed on a current basis of information concerning material changes in the financial condition or operations of the issuer. The requirements include an obligation to file annual reports and financial statements on Form 10-K, quarterly reports and financial statements on Form 10-Q, and current reports on Form 8-K with the SEC.

For more information, please refer to the SEC public filing documents .

What is an exchange-traded fund (ETF)?

ETFs are a basket of assets which can track a particular index, sector, commodity, or other underlying asset, and its shares can be purchased or sold on a national stock exchange. ETFs are able to track the price of their underlying assets because of an arbitrage mechanism which allows market participants to create shares when there is a premium and redeem shares when there is a discount, thus allowing shares of the fund to trade closely in line with their net asset value.

Per Grayscale’s four-stage Product life cycle, Products are designed to be uplisted to ETFs when permitted by the U.S. regulatory environment. To date, none of Grayscale’s Products have uplisted into ETFs.

Investor Qualifications
Accredited Investor
Secondary Market Trading

Following a six month holding period, shares are eligible to become unrestricted and resold in the public market.

Redemptions
Redemptions of shares are not currently authorized.
$70,767,630.01
GAAP — NAV PER SHARE

GAAP AUM and GAAP NAV/Share represents the applicable Product’s principal market price and is calculated using a GAAP methodology. For additional information, see the applicable Product’s financial statements.

Grayscale’s Product Lifecycle

Grayscale Products first launch as private placements, allowing accredited investors to gain crypto exposure through a familiar investment vehicle structure.

Shares purchased in the private placements are initially restricted for one year.

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Products at this stage

Grayscale Smart Contract Platform Ex-Ethereum Fund

This also allows all investors —accredited or not — to access Grayscale products through certain brokerage or retirement accounts, regardless of investment size or holding period.

Due to the lack of an ongoing redemption program, publicly traded shares may trade premiums or discounts to the value of their underlying assets.

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GSOL

Grayscale Solana Trust

DEFG

Grayscale Decentralized Finance (DeFi) Fund

GLIV

Grayscale Livepeer Trust

FILG

Grayscale Filecoin Trust

MANA

Grayscale Decentraland Trust

GLNK

Grayscale Chainlink Trust

GBAT

Grayscale Basic Attention Token Trust

This also reduces the initial one year holding period of the private placement to six months.

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BCHG

Grayscale Bitcoin Cash Trust

ETHE

Grayscale Ethereum Trust

GDLC

Grayscale Digital Large Cap Fund

ZCSH

Grayscale Zcash Trust

LTCN

Grayscale Litecoin Trust

GXLM

Grayscale Stellar Lumens Trust

HZEN

Grayscale Horizen Trust

ETCG

Grayscale Ethereum Classic Trust

Grayscale believes its SEC-reporting Products present a strong case for uplisting when permitted by the U.S. regulatory environment.

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Grayscale Bitcoin Trust ETF («GBTC» or «Trust»)

The Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.

Foreside Fund Services, LLC is the Marketing Agent for the Grayscale Bitcoin Trust ETF. Foreside Fund Services, LLC is not affiliated with Grayscale Securities, LLC or Grayscale Investments, LLC.

NAV per Share is not calculated in accordance with GAAP. NAV per Share is not intended to be a substitute for the Trust’s Principal Market NAV per Share calculated in accordance with GAAP.

Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value.

Digital assets represent a new and rapidly evolving industry. The value of GBTC depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset.

Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.

Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.

The value of GBTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

A substantial direct investment in digital assets may require expensive and sometimes complicated arrangements in connection with the acquisition, security and safekeeping of the digital asset and may involve the payment of substantial acquisition fees from third party facilitators through cash payments of U.S. dollars. Because the value of GBTC is correlated with the value of Bitcoin, it is important to understand the investment attributes of, and the market for, the underlying digital asset. Please consult with your financial professional.

Prior to 1/11/2024, shares of Grayscale Bitcoin Trust (BTC) (the “Trust”) were offered only in private placement transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and were quoted on the OTCQX® Best Market. The Trust did not have an ongoing share creation and redemption program. Effective as of the open of business on 1/11/2024, the shares of the Trust were listed to NYSE Arca as an exchange-traded product, the Trust established an ongoing share creation and redemption program and the shares are being offered on a registered basis pursuant to a Registration Statement on Form S-3.

The Trust’s investment objective both before and after 1/11/2024 has remained constant, namely to reflect the value of Bitcoin held by the Trust, less the Trust’s expenses and other liabilities. However prior to 1/11/2024, the Trust did not meet its investment objective and the Trust’s shares traded at both premiums and discounts to such value, which at times were substantial, in part due to the lack of an ongoing redemption program. Furthermore, the Trust’s performance prior to 1/11/2024 is based on market-determined prices on the OTCQX, while the Trust’s performance following such date is based on market-determined prices on NYSE Arca. As a result, the Trust’s historical data prior to 1/11/2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance following that date. The performance of the Trust before and after 1/11/2024 may differ significantly.

Other Products Sponsored or Managed by Grayscale (“Products”)

Grayscale Investments, LLC (“Grayscale”) is the parent holding company of Grayscale Advisors, LLC (“GSA”), an SEC-registered investment adviser, as well Grayscale Securities, LLC (“GSS”), an SEC-registered broker/dealer and member of FINRA. Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale are registered under the Investment Company Act of 1940.

Investments managed by GSA are registered under the Investment Company Act of 1940 and subject to the rules and regulations of the Securities Act of 1933 and Investment Advisers Act of 1940.

Carefully consider each Product’s investment objectives, risk factors, fees and expenses before investing. This and other information can be found in each Product’s private placement memorandum, which may be obtained from Grayscale and, for each Product that is an SEC reporting company, the SEC’s website, or for each Product that reports under the OTC Markets Alternative Reporting Standards, the OTC Markets website. Reports prepared in accordance with the OTC Markets Alternative Reporting Standards are not prepared in accordance with SEC requirements and may not contain all information that is useful for an informed investment decision. Read these documents carefully before investing.

Investments in the Products are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Grayscale Products are not suitable for any investor that cannot afford loss of the entire investment. The shares of each Product are intended to reflect the price of the digital asset(s) held by such Product (based on digital asset(s) per share), less such Product’s expenses and other liabilities. Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

The shares of each Product are not registered under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (except for Products that are SEC reporting companies), the Investment Company Act of 1940, or any state securities laws. The Products are offered in private placements pursuant to the exemption from registration provided by Rule 506(c) under Regulation D of the Securities Act and are only available to accredited investors. As a result, the shares of each Product are restricted and subject to significant limitations on resales and transfers. Potential investors in any Product should carefully consider the long-term nature of an investment in that Product prior to making an investment decision. The shares of certain Products are also publicly quoted on OTC Markets and shares that have become unrestricted in accordance with the rules and regulations of the SEC may be bought and sold throughout the day through any brokerage account.

Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Product and the shares of each Product could lose all or substantially all of their value.

Digital assets represent a new and rapidly evolving industry. The value of the Product shares depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset.

Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.

The value of the Product shares relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

A substantial direct investment in digital assets may require expensive and sometimes complicated arrangements in connection with the acquisition, security and safekeeping of the digital asset and may involve the payment of substantial acquisition fees from third party facilitators through cash payments of U.S. dollars. Because the value of the Shares is correlated with the value of digital asset(s) held by the Product, it is important to understand the investment attributes of, and the market for, the underlying digital asset. Please consult with your financial professional.

The Product relies on third party service providers to perform certain functions essential to the affairs of the Product and the replacement of such service providers could pose a challenge to the safekeeping of the digital asset and to the operations of the Product.

The Products are distributed by Grayscale Securities, LLC (Member FINRA / SIPC ). SIPC coverage does not apply to crypto asset products or services discussed on the website.

© 2024 Grayscale Investments, LLC. All trademarks, service marks and/or trade names (e.g., BITCOIN INVESTING BEGINS HERE, DROP GOLD, G, GRAYSCALE, GRAYSCALE CRYPTO SECTORS, and GRAYSCALE INVESTMENTS) are owned and/or registered by Grayscale Investments, LLC.

All of the content on our site — including text, software, scripts, code, designs, graphics, photos, sounds, music, videos, applications, interactive features, articles, news stories, sketches, animations, stickers, general artwork and other content («Content») — is owned by Grayscale Investments, LLC or others we license Content from, and is protected by copyright, patent and other laws.

Grayscale Investments, LLC reserves all rights not expressly described herein.

Grayscale Bitcoin Trust ETF

Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols. The Bitcoin Network allows people to exchange tokens of value, Bitcoins, which are recorded on a public transaction ledger known as a Blockchain.

0 Market Price

0 1 Day Market Price Change

0 Daily Volume (Shares)*

*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.

Why GBTC? Why GBTC?

Largest

GBTC is the world’s largest Bitcoin ETF*.

Legacy

Created in 2013, GBTC has the longest operational history as the first publicly-traded Bitcoin fund.

Expert

As GBTC’s sponsor since inception, Grayscale is one of the only asset managers with a decade of experience operating a Bitcoin investment vehicle that is regulated by the U.S. Securities Exchange Commission.

Liquid

As an actively traded spot Bitcoin ETF, GBTC offers investors high flexibility to manage their positions.

*By AUM as of 1/10/2024

Overview

Name Grayscale Bitcoin Trust
Distribution Frequency None
Ticker GBTC
Trust Inception Date 09/25/2013
Primary Listing Market NYSE ARCA
Public Quotation Date 05/04/2015
CUSIP 389637109
ETF Listing Date 01/11/2024
ISIN US3896371099

Key Fund Information

Assets Under Management (Non-GAAP) $22,175,195,701.96
Base Currency USD
Shares Outstanding 618,310,100
Sponsor Grayscale Investments, LLC
Total Expense Ratio* 1.50%
Index Provider CoinDesk Indices, Inc.
Total Bitcoin in Trust 552,681.2268
Fund Administrator BNY Mellon
Bitcoin per Share 0.00089386
Digital Asset Custodian Coinbase Custody Trust Company, LLC
Marketing Agent Foreside Fund Services, LLC

*Prior to 1/11/2024 the expense ratio was 2.00%

The Story of GBTC

Grayscale CEO shares the story of GBTC, from inception to ETF Grayscale CEO shares the story of GBTC, from inception to ETF

Video poster.

Performance

GBTC was created as a private placement over a decade ago. In 2024, it uplisted to NYSE Arca as a spot Bitcoin ETF.

Daily Performance

Net Asset Value (NAV) per Share $35.86
XBX Index Price $40,122.94
NAV per Share 1D Change ($) -$1.25
Daily Volume (Shares)* 30,142,126
NAV per Share 1D Change (%) -3.37%
Market Price 1D Change ($) -$1.19
Market Price $35.82
Market Price 1D Change (%) -3.22%
Premium / Discount (%) -0.11%
GAAP AUM $22,184,480,746.58
30D Median Bid/Ask Spread (%) ––
GAAP NAV per Share $35.88

*Trading generally takes place throughout the normal trading hours (typically 9:30am – 4:00pm EST). Daily volume shares is updated between 1am and 5am EST to reflect previous trading day activity.

Median 30 Day Spread is a calculation of GBTC’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Premium / Discount
Not Yet Available
Since Inception

Since inception is the ETF listing date of 1/11/2024.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Benchmark Index refers to The CoinDesk Bitcoin Price Index (XBX) provides a USD-denominated reference rate for the spot price of Bitcoin (BTC). The index leverages real-time prices from multiple constituent exchanges to provide a representative spot price.

Prior to 1/11/24, Principal Market NAV per Share was referred to as NAV per Share and NAV per share was referred to as Digital Asset Holdings per Share. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other Bitcoin ETFs. Please refer to GBTC’s filings with the Securities and Exchange Commission for additional information. NAV is the dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day using the 4pm ET index price. Market Price is the current price at which shares are bought and sold. Market returns are based upon the last trade price.

Historical Performance

Grayscale Bitcoin Trust was launched over a decade ago. Shares were originally offered through a private placement but in mid-2015, shares began trading publicly on OTC Markets under Symbol: GBTC. This continued until 2024 when GBTC uplisted to NYSE Arca as a spot Bitcoin ETF.

The performance table shows the Trust’s performance for the time periods shown from inception to 1/11/2024. The Trust’s performance prior to 1/11/2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program. Prior to 1/11/2024, the Trust’s shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of 1/11/2024, the Trust established an ongoing share creation and redemption program and the shares of the Trust were listed to NYSE Arca. Hence, the Trust’s returns for periods prior to 1/11/2024 are not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to 1/11/2024.

September 2013

Grayscale Bitcoin Trust launched, accessible to accredited investors

Grayscale Bitcoin Trust becomes publicly-quoted under Symbol: GBTC, allowing investors to access Bitcoin exposure in their brokerage accounts

February 2017

Grayscale submits its first application for GBTC to uplist as a spot Bitcoin ETF

October 2017

GBTC surpasses $1B in assets under management

January 2020

GBTC voluntarily becomes the first crypto investment vehicle to be an SEC Exchange Act reporting company

November 2020

GBTC surpasses more than 500,000 Bitcoin held in the Trust

October 2021

The first Bitcoin Futures ETF launches, and Grayscale resubmits its application to uplist GBTC as a spot Bitcoin ETF

Grayscale files lawsuit in the DC Circuit Court of Appeals in response to the SEC’s decision to deny GBTC’s proposal to uplist as a spot Bitcoin ETF

August 2023

The DC Circuit Court unanimously rules in favor of Grayscale, vacating the SEC’s initial denial order to uplist GBTC as a spot Bitcoin ETF

January 2024

GBTC uplists to NYSE Arca as a spot Bitcoin ETF

History of GBTC

0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9

How to Invest in GBTC How to Invest in GBTC

Grayscale Bitcoin Trust ETF (Ticker: GBTC) trades on NYSE Arca and is available through your brokerage account. To invest, click below to be redirected to brokerage platforms or search for GBTC on your platform of choice.

GBTC Resources

GBTC Factsheet

Jan 11, 2024

Grayscale Overview

Jan 11, 2024

Bitcoin ETF 101

Jan 11, 2024

Bitcoin ETF 101 Video

Jan 11, 2024

Why GBTC Video

Jan 11, 2024

FAQs

Have more questions? Please reach out to our Investor Relations team at info@grayscale.com

Expand All FAQs

What is GBTC?

GBTC is one of the first spot Bitcoin ETF in the US. A spot Bitcoin ETF is solely and passively invested in Bitcoin, whose shares are designed to reflect the value of BTC held by the Trust, determined by reference to the Index Price, less the Trust’s expenses and other liabilities.

GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Similar to how investors use ETFs to hold other commodities, like gold or silver, they can now invest in Bitcoin through GBTC.

GBTC owns and passively holds actual Bitcoins through our Custodian, Coinbase Custody. GBTC does not trade, buy, sell or hold Bitcoin derivatives, including Bitcoin futures contracts. This product is not levered.

What was GBTC pre-ETF?

From 2015 until 1/11/2024, shares of GBTC were publicly-quoted on the OTCQX Market. Please view our FAQ on Grayscale’s product lifecycle to learn more. On 1/11/2024, GBTC was uplisted to NYSE Arca as a spot Bitcoin ETF. It now creates and redeems shares on an ongoing basis as part of its ETF structure.

Where can I buy GBTC?

GBTC trades on NYSE Arca, and is available through most brokerage accounts, including Fidelity, Schwab, Robinhood, and others. To invest, click here to be redirected to your brokerage platform or simply search for GBTC on your platform of choice.

What index does GBTC track?

GBTC tracks the CoinDesk XBX Index , which provides a USD-denominated reference rate for the price of spot Bitcoin.

What is the difference in purchasing GBTC as opposed to purchasing Bitcoin outright?

GBTC allows investors to gain exposure to Bitcoin through a familiar investment vehicle, without the need to set up an account or wallet on a cryptocurrency exchange. Investors may choose GBTC if they prefer the convenience of accessing all their investments on their regular investment platform and purchasing a regulated investment product.

What are the product’s fees?

GBTC charges an annual management fee of 1.50%, which includes all of the costs associated with administration and safekeeping of the underlying Bitcoin. There are no other fees.

Who is Grayscale?

Grayscale enables investors to access the digital economy through a family of regulated and future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.

Why do investors invest in Bitcoin?

Investors may want exposure to Bitcoin for portfolio diversification, as an alternative to fiat currency investment, to hedge against conventional markets, and more.

Ready to invest?

Get started

Stay on top of the latest crypto news and insights

Grayscale Future of Finance ETF (“GFOF”) and Grayscale Bitcoin Trust (“GBTC”) (Collectively the “ETFs”) are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is the Marketing Agent of GBTC.

Grayscale Advisors, LLC (“GSA”) is the adviser of GFOF. Investments managed by GSA are registered under the Investment Company Act of 1940 and subject to the rules and regulations of the Securities Act of 1933 and Investment Advisers Act of 1940.

Grayscale Investments, LLC (“Grayscale”) is the sponsor of GBTC. Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and GBTC is not registered under the Investment Company Act of 1940.GBTC is subject to the rules and regulations of the Securities Act of 1933.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. These funds are new and have limited operating history to judge.

The ETFs rely on third party service providers to perform certain functions essential to the affairs of the funds and the replacement of such service providers could pose a challenge to the safekeeping of the digital asset and to the operations of the ETFs.

Grayscale Bitcoin Trust (GBTC) ETF

The Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.

NAV per Share is not calculated in accordance with GAAP. NAV per Share is not intended to be a substitute for the Trust’s Principal Market NAV per Share calculated in accordance with GAAP.

Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.

The value of GBTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

Grayscale Future of Finance (GFOF) ETF

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (833) 903-2211 or visit our website at etfs.grayscale.com/gfof. Read the prospectus or summary prospectus carefully before investing.

GFOF is non-diversified therefore shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. GFOF is not actively managed. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. These risks are magnified in emerging markets. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory, as well as being more sensitive to adverse conditions.

GFOF also will not invest in initial coin offerings. It may, however, have indirect exposure to digital assets by virtue of its investments in companies that use one or more digital assets as part of their business activities or that hold digital assets as proprietary investments. Because GFOF will not invest directly in any digital assets, it will not track price movements of any digital assets.

Future of Finance companies rely heavily on the success of the digital currency industry, the development and acceptance of which is subject to a variety of factors that are difficult to evaluate. These companies may be subject to theft, loss or destruction of cryptographic keys (required to access a user’s account when transacting on blockchain). Blockchain technology is new and many of its uses may be untested. The development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. Digital assets that are represented on a blockchain and trade on a digital asset exchange may not necessarily benefit from viable trading markets. Digital commodities and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms.