- Behold! Grayscale GBTC triumphs, conjuring more annual coin than all its confounded U.S. spot BTC counterparts combined.
- Alas, GBTC’s Bitcoin has plummeted a tragic 70% since its grand ETF metamorphosis in January of 2024.
In a spectacle befitting Wildean irony, the most luxurious yet costly Grayscale Bitcoin [BTC] Trust ETF (GBTC) has pirouetted past the collective coffers of all other U.S. spot BTC ETFs, amassing a treasury to make even Scrooge blush.
Pray, let us consult the modern oracle known as X (formerly Twitter), where sage Nate Geraci of ETF Store proclaimed GBTC’s implied revenue to be a staggering $268 million, outshining a humble $211 million garnered from the combined 11 others.
“Nearly 16 months hence from the dawn of spot BTC ETFs, GBTC still out-earns the rabble combined… And one dare not call it a contest.”
The Curious Case of GBTC’s Coronation
Since the grand unveiling in the icy dawn of January 2024, Grayscale’s GBTC suffered from a hemorrhage of holdings as investors fled to the more economical embrace of BlackRock’s iShares BTC ETF — a cheaper paramour, if you will.
Once a proud possessor of 619,000 BTC jewels, GBTC’s vault now groans with a mere 191,000 — a near 70% vanishing act worthy of Houdini himself.
Yet, as audacity would have it, this High Priestess of Fees commands a fearsome 1.5% toll, while her suitors cavort around at a modest 0.15% to 0.94%. Still, the chieftainess rakes in more coin than all others combined.
Bloomberg’s own oracle of ETFs, Eric Balchunas, confides that a 1.5% tithe is “quite pedestrian” in traditional realms, but the grand jest lies in the tax theater: poor souls trapped by capital gains penalties in the dreadful dance of trying to escape.
Business whisperer Daniel Sempere muses with tragicomic flair,
“Switching outof GBTC taxes the purse more painfully than the exorbitant fees themselves—an exquisite torture, indeed.”
The upshot? Steep tolls and tax-barbed nets keep GBTC’s coffers brimming, yet whispers abound of impending in-kind redemptions, enticing a possible shakeup. Imagine, dear reader, exchanging Bitcoin directly rather than cold coin—an elegant tax dodge for the magnates.
Yet, mortal investors still face their tax fates where unrealized gains linger as ghosts at the feast.
In this grand ball of assets, GBTC sits modestly in third place at $17.8 billion AUM, neither pauper nor prince. BlackRock’s iShares waltzes ahead with $54.8 billion, Fidelity’s FBTC twirling just after at $18 billion.
After a Market’s lament in Q1 2025, a flush of $3 billion stormed in come April, lifting Bitcoin’s spirits to a merry $94,000—up a sprightly 26% from the gloom of $74.5k.
On this turbulent stage, the $92K floor and $100K ceiling perform as key players in the drama yet to unfold.
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2025-04-28 14:19