Holds bitcoin directly, so each share tracks the value of the bitcoin the trust owns, priced daily from its main trading market.
GBTC, the Grayscale Bitcoin Trust, is a $10.6 billion ETF whose main story is crypto conviction. It holds 7.8% of the money in ETFs carrying that story, 3rd of 176. Over the past year it returned −31.4%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| GBTC | +8.9% | +36.7% | −4.8% | −31.4% | +54.7% | +14.1% |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on May 11, 2015: +53.4% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if GBTC traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
GBTC moves largely apart from the market. When the market has moved 1%, GBTC has tended to move 0.68%.
GBTC moves closely with crypto conviction. When crypto conviction has moved 1%, GBTC has tended to move 0.98%.
Weekly returns over 157 weeks. The narrative is measured without GBTC in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
GBTC is the 78th cheapest of 81 ETFs in crypto conviction. The dashed line is the middle of the group, 0.69% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is GBTC selling?
GBTC’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs.
Which ETFs compete with GBTC?
The ETFs whose weekly returns move most like GBTC’s over the past 3 years are BTC (1.00), IBIT (1.00) and FBTC (1.00).
How much of crypto conviction does GBTC hold?
GBTC holds 7.8% of the money in ETFs carrying that story, 3rd of 176.
How has GBTC performed against its story?
Over the past year GBTC returned −31.4%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.97 with the story. Past performance only.
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