# Grayscale Bitcoin Trust ETF (GBTC)

> Source: Nexqual · https://nexqual.com/GBTC · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Grayscale Bitcoin Trust ETF (GBTC), nexqual.com/GBTC" · informational, not investment advice.

**Price:** USD 62.66 (-0.25% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 62.82 · day 62.52–63.27 · 52w 44.98–91.01 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -27.7% vs S&P 500 +13.4%; 5Y +39.6% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Net income | $16.1B | -$994M | $11.8B |
| Cash + short-term investments | $0K | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Dec 31, 2025)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -27.7% | +39.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -27.8% | +6.9% |
| Volatility (annualized) | 45.1% | 57.5% |
| Max drawdown | -49.5% (Oct 2025→Jun 2026) | -84.6% (Nov 2021→Dec 2022) |

## Peers
ETHE (Grayscale Ethereum Staking ETF ) USD 19.18 +0.37% · RIOT (Riot Platforms, Inc.) USD 12.53 -2.79% · MARA (MARA Holdings, Inc.) USD 7.02 -3.17% · COIN (Coinbase Global, Inc.) USD 164.45 -2.74% · BITO (ProShares Bitcoin ETF) USD 10.83 -0.28%

## More
Full page: https://nexqual.com/GBTC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GBTC's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1588489/000119312526071956/gbtc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FTX Trading | "For example, in November 2022, FTX, another of the world's largest Digital Asset Trading Platforms, filed for bankruptcy protection and subsequently halted customer withdrawals as well as trading on its FTX.US platform." |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 34.7% | ±3.9% |
| 2026-11-06 | 14 | 37.0% | ±5.8% |
| 2026-11-13 | 21 | 38.9% | ±7.5% |
| 2026-11-20 | 28 | 39.4% | ±8.8% |
| 2026-11-27 | 35 | 38.7% | ±9.6% |
| 2026-12-04 | 42 | 38.0% | ±10.4% |
| 2026-12-18 | 56 | 39.8% | ±12.5% |
| 2027-01-15 | 84 | 39.0% | ±15.4% |