Grayscale Still has the highest earnings among all US-based bitcoin ETFs.

Despite having fees that are up to seven times higher than those of its competitors, Grayscale’s Bitcoin Trust ETF ( GBTC ) generates more revenue than all other spot Bitcoin exchange-traded funds combined.

Despite the fact that it also generates more money than all other ETFs combined, GBTC continues to make that claim. ETF Store leader Nate Geraci stated on X on Sunday. It’s not even near, either.

According to Coinglass statistics, the fund generates around$ 268.5 million in annual income, with a 1.5 % expense ratios applied to$ 17.9 billion in assets under control.

From a total of$ 89 billion in assets under management, Geraci’s other U.S. Bitcoin ETFs generate an implied annual revenue of a little over$ 211 million.

Despite losing more than half of its holdings since the launch of location Bitcoin ETFs in January 2024, GBTC’s income dominance continues. This demonstrates how fee structures have affected the firm’s economics irrespective of market share.

Grayscale’s command over GBTC’s administration gives it the right to levy a 1.5 % fee, apart from its first-mover benefit and brand recognition.

For instance, BlackRock’s IBIT, which has$ 56 billion in assets, compared to$ 18 billion in GBTC, but merely generates about$ 137 million in revenue with its 0.25 % price.

In response, Grayscale launched its Bitcoin Mini Trust ( BTC ) in March 2025 primarily to provide a less expensive alternative to the fee, while also diversifying its product line in response to the rising competition.

Win some, lose some

Prior to releasing an ETF in January of 2013, Grayscale’s Bitcoin Trust ( GBTC ) was the first private trust to regulate Bitcoin investment.

All of this came into effect when Grayscale successfully settled a landmark event against the then-Gensler-led SEC to change its confidence to an ETF.

Important elements of a trust’s construction change when it converts to an ETF.

It converts from a closed-end shape to an open-ended form, allowing shares to be redeemed on need.

The SEC explains that because their submission and exchange costs are unique and frequently lower, the expense ratio for ETFs have historically been “historically less than those for related common money.“

ETFs” can be more taxes useful” because ETF shares are typically redeemable “in-kind,” according to the SEC.

As the ETF business matures, Grayscale CEO Michael Sonnenshein stated in April of last year that the fees” did come down.”

According to CoinGlass information, the largest single-day discharge for GBTC was on March 19, 2024, totaling$ 618 million.

Although James Seyffart, an ETF research scientist at Bloomberg Intelligence, recently told Decrypt that its flows do” delayed from here,” it may run out of Cryptocurrency by July 8th.

edited by Sebastian Sinclair