Grayscale Bitcoin Trust (NYSE Arca: GBTC) is a digital asset investment trust that holds Bitcoin on behalf of shareholders, providing exposure to Bitcoin's price performance without requiring investors to directly custody the asset. The Trust generates revenue through a sponsor fee charged as a percentage of assets under management, accrued daily and paid to the sponsor, Grayscale Investments Sponsors, LLC. GBTC is structured as a passive investment vehicle, meaning it does not actively trade Bitcoin or pursue investment strategies beyond holding the asset. The Trust is registered under the Securities Exchange Act of 1934 and files annual reports with the SEC. As a spot Bitcoin ETP, it competes directly with other Bitcoin exchange-traded products for investor allocations seeking regulated, custodied Bitcoin exposure.

Revenue model

The Trust charges a sponsor fee calculated as a percentage of assets under management, accrued daily. This fee is the sole revenue mechanism for the sponsor; the Trust itself does not generate operating income for shareholders.

Products and services

Spot Bitcoin exchange-traded product (ETP); shares representing fractional ownership of Bitcoin held in custody.

Customers and end markets

Institutional and retail investors seeking regulated, exchange-listed exposure to Bitcoin price performance without direct custody responsibilities.

Value-chain role

Passive investment vehicle and asset custodian intermediary between Bitcoin markets and public securities investors.

Source: SEC 10-K, filed 2026-02-25

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