Why Grayscale’s Bitcoin Trust still dominates ETF revenue in 2025

Date: 2025-05-02

In the annals of financial history, few institutions have faced the tempests of competition with the steadfast resolve of Grayscale Bitcoin Trust (GBTC). Born in 2013 as a private placement, GBTC pioneered regulated Bitcoin investment, granting investors access to Bitcoin’s (BTC) meteoric rise without the perils of digital wallets or unregulated exchanges.On Jan. 11, 2024, it transitioned into a spot Bitcoin ETF following a landmark victory against the SEC. This marked a pivotal moment with the SEC’s view that ETFs can offer lower expense ratios and enhanced tax efficiency compared to traditional funds. Even still, GBTC’s financial resilience shines, generating $268.5 million in annual revenue, surpassing the $211.8 million of all other US ...

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