Grayscale Bitcoin Trust ETF (GBTC)

Market Price (5/21/2026): $60.24

Grayscale Bitcoin Trust ETF (GBTC)

Market Price (5/21/2026): $60.24

Asset Allocation with GBTC

	ETF	1D	1W	1M	YTD
Equity	SPY	1.0%	-0.1%	5.3%	9.0%
Bond	BND	0.6%	-0.5%	-0.9%	-0.4%
Gold	GLD	1.4%	-3.0%	-2.8%	5.3%
Commodity	DBC	-2.3%	-1.6%	5.7%	38.1%
Real Estate	VNQ	1.3%	0.6%	1.2%	10.2%
Bitcoin	BTCUSD	0.1%	-3.1%	0.6%	-12.2%
Cash	GOVT	0.4%	-0.4%	-1.3%	-1.0%

	ETF	Return	Volatility	Sharpe
Equity	SPY	15.5%	15.2%	85.2%
Bond	BND	1.6%	5.2%	-20.6%
Gold	GLD	13.1%	15.1%	67.3%
Commodity	DBC	7.9%	16.7%	38.1%
Real Estate	VNQ	5.4%	17.7%	22.5%
Bitcoin	BTCUSD	67.1%	76.7%	100.9%
Cash	GOVT	0.5%	5.0%	-42.9%

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPY	-23.0%	-30.4%	-19.3%
Bond	BND	-14.2%	-2.2%	1.3%
Gold	GLD	-7.7%	-6.3%	5.0%
Commodity	DBC	20.5%	-23.7%	-17.5%
Real Estate	VNQ	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	-56.0%	-33.5%	-37.4%
Cash	GOVT	-12.4%	4.4%	1.6%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Protect Your Wealth
[1] Asset Allocation Audit
[2] Asset Rotation Strategies
[3] Tax-Efficient Strategies

Learn More →

Price Chart

ETF Price
Price/Gold

Performance for GBTC Top Holdings

null

Guidance Updates for GBTC Top Holdings

null

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
GBTC Return	-	-	-	105%	-8%	-10%	71%
Peers Return				65%	-8%	-18%	25%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	96%
Monthly Win Rates [3]
GBTC Win Rate	-	-	-	58%	50%	60%
Peers Win Rate				50%	42%	53%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
GBTC Max Drawdown	-	-	-	-	-33%	-35%
Peers Max Drawdown					-42%	-38%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBIT, FBTC, ETHA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
GBTC	-166.30	-144.68	-144.68
Cryptocurrency Top Results (3Y)
ETHA	-166.30	0.74	0.74
IBIT	-0.39	0.59	0.59
GBTC	-166.30	-144.68	-144.68
FBTC

Results as of 4302026.

Event	GBTC	S&P 500
2025 US Tariff Shock
% Loss	-20.3%	-18.8%
% Gain to Breakeven	25.5%	23.1%
Time to Breakeven	23 days	79 days

Compare to IBIT, FBTC, ETHA

In The Past

Grayscale Bitcoin Trust ETF's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	GBTC	S&P 500
2025 US Tariff Shock
% Loss	-20.3%	-18.8%
% Gain to Breakeven	25.5%	23.1%
Time to Breakeven	23 days	79 days

Compare to IBIT, FBTC, ETHA

In The Past

Grayscale Bitcoin Trust ETF's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

GBTC Dip Buy History

GBTC had 3 events since 1/11/2024 where the dip threshold of -5.0% within 60 days was triggered

32% median peak return within 1 year of dip event
224 days is the median time to peak return after a dip event
-33% median max drawdown within 1 year of dip event

60 Day Dip			GBTC Subsequent Performance
Date	GBTC	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			-28%	32%	-33%	224
10152025	-7%	6%	-29%	3%	-43%	12
2242025	-6%	1%	-28%	32%	-33%	224
6072024	-6%	4%	57%	61%	-22%	349

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 5/20/2026

GBTC had 3 events since 1/11/2024 where the dip threshold of -10% within 90 days was triggered

51% median peak return within 1 year of dip event
189 days is the median time to peak return after a dip event
-24% median max drawdown within 1 year of dip event

90 Day Dip			GBTC Subsequent Performance
Date	GBTC	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			-17%	51%	-24%	189
11132025	-13%	8%	-19%	0%	-35%	0
3312025	-10%	-4%	-17%	51%	-24%	189
7122024	-15%	10%	106%	105%	-6%	364

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 5/20/2026

GBTC had 1 events since 1/11/2024 where the dip threshold of -20% within 180 days was triggered

0% median peak return within 1 year of dip event
0 days is the median time to peak return after a dip event
-24% median max drawdown within 1 year of dip event

180 Day Dip			GBTC Subsequent Performance
Date	GBTC	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			-5%	0%	-24%	0
1302026	-21%	19%	-5%	0%	-24%	0

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 5/20/2026

Get Notified
Alerts when dip buy opportunities arise.

Notify Me →

Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-6.5%	106.64	5202026	114.03	3012026	80
ARKK	ARK Innovation ETF	-8.9%	75.84	5202026	83.21	1132026	127
URA	Global X Uranium ETF	-22.3%	48.04	5202026	61.81	1282026	112
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-5.7%	39.25	5202026	41.63	5132026	7
LIT	Global X Lithium & Battery Tech ETF	-8.9%	83.49	5202026	91.62	5112026	9
CGBL	Capital Group Core Balanced ETF	-6.2%	34.41	5202026	36.67	2252026	84
XLF	State Street Financial Select Sector SPDR ETF	-7.9%	51.66	5202026	56.11	1062026	134
XLV	State Street Health Care Select Sector SPDR ETF	-7.8%	147.13	5202026	159.54	3012026	80
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-5.1%	117.94	5202026	124.27	1122026	128
XLU	State Street Utilities Select Sector SPDR ETF	-6.1%	44.51	5202026	47.40	3012026	80
XLB	State Street Materials Select Sector SPDR ETF	-6.9%	49.72	5202026	53.38	2112026	98
IBB	iShares Biotechnology ETF	-5.4%	167.91	5202026	177.51	1222026	118
XBI	State Street SPDR S&P Biotech ETF	-5.0%	131.71	5202026	138.67	4192026	31
ITA	iShares U.S. Aerospace & Defense ETF	-10.8%	223.28	5202026	250.42	3022026	79
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-7.1%	174.73	5202026	188.18	3292026	52
TLT	iShares 20+ Year Treasury Bond ETF	-6.9%	83.91	5202026	90.16	3012026	80
VGLT	Vanguard Long-Term Treasury ETF	-6.1%	53.73	5202026	57.20	3012026	80
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.4%	25.52	5202026	27.28	3012026	80
TLH	iShares 10-20 Year Treasury Bond ETF	-5.9%	98.09	5202026	104.25	3012026	80
EDV	Vanguard World Funds Extended Duration ETF	-9.7%	61.68	5202026	68.33	3012026	80
GSG	iShares GSCI Commodity	-5.8%	30.01	5202026	31.85	3182026	63
GLD	SPDR Gold Trust	-15.8%	417.40	5202026	495.90	1292026	111
IAU	iShares Gold Trust	-15.8%	85.53	5202026	101.57	1292026	111
GLDM	SPDR Gold MiniShares Trust	-15.7%	89.96	5202026	106.77	1292026	111
SGOL	ETFS Physical Swiss Gold Shares	-13.1%	44.66	5202026	51.41	1292026	111
BAR	Direxion Daily Gold Bull 3X Shares	-16.6%	44.34	5202026	53.16	1292026	111
SLV	iShares Silver Trust	-34.9%	68.73	5202026	105.60	1282026	112
SIVR	ETFS Physical Silver Shares Trust ETF	-24.8%	83.39	5202026	110.87	1282026	112
PPLT	ETFS Physical Platinum Shares	-29.3%	17.84	5202026	25.23	1252026	115
CPER	United States Copper Index Fund ETV	-13.9%	33.33	5202026	38.71	1292026	111
PALL	ETFS Physical Palladium Shares	-32.7%	25.01	5202026	37.18	1282026	112
USO	United States Oil Fund LP	-5.7%	144.27	5202026	152.96	5192026	1
UNG	United States Natural Gas Fund LP	-32.0%	11.49	5202026	16.90	2012026	108
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	5202026	60.13	5042026	16
IBIT	iShares Bitcoin Trust ETF	-20.7%	43.99	5202026	55.44	1142026	126
FBTC	Fidelity Wise Origin Bitcoin Fund	-20.6%	67.57	5202026	85.12	1142026	126
GBTC	Grayscale Bitcoin Trust ETF	-19.0%	61.84	5202026	76.31	1142026	126
ETHA	iShares Ethereum Trust ETF	-36.9%	16.14	5202026	25.59	1142026	126

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Dip buy opportunities on GBTC

Dip buy opportunities across sector ETFs

Quarterly SPY valuation update

Quarterly asset allocation considerations

Inform Me Once

Trefis High Quality Strategy

Asset Allocation Audit

Asset Rotation Strategies

Tax-Efficient Strategies

About GBTC

Holdings Count: 0
Expense Ratio: 1.5%
Inception Date: 2024-01-11

Grayscale Bitcoin Trust ETF
Grayscale Bitcoin Trust ETF is solely and passively invested in Bitcoin. Its investment objective is to reflect the value of Bitcoin held by the Trust, less expenses and other liabilities. Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols. The Bitcoin Network allows people to exchange tokens of value, Bitcoins, which are recorded on a public transaction ledger known as a Blockchain.
Asset Class: Alternatives | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
IMVT	Immunovant	6.5	35.3%	39.9%
TE	T1 Energy	1.9	26.5%	30.2%
NVTS	Navitas Semiconductor	5.1	18.3%	222.0%
SLS	SELLAS Life Sciences	1.3	18.2%	137.9%
ALAB	Astera Labs	48.7	17.7%	72.8%
GH	Guardant Health	14.8	17.1%	12.6%
FCEL	FuelCell Energy	1.0	16.5%	176.6%
HIVE	HIVE Digital Technologies	0.9	15.5%	50.0%
KURA	Kura Oncology	0.9	15.4%	-0.5%
ENVX	Enovix	1.4	15.0%	-13.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HAS	Hasbro	12.4	-8.8%	8.8%
AXTI	AXT	4.7	-7.3%	539.8%
NTNX	Nutanix	12.1	-6.7%	-12.9%
DUOL	Duolingo	5.0	-6.4%	-39.1%
XZO	Exzeo	1.2	-6.2%	-47.1%
HPK	HighPeak Energy	1.0	-6.2%	60.8%
REPX	Riley Exploration Permian	0.8	-5.9%	50.7%
WTI	W&T Offshore	0.7	-5.9%	175.8%
CRK	Comstock Resources	4.2	-5.3%	-38.1%
KOS	Kosmos Energy	1.4	-5.3%	231.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TE	T1 Energy	1.9	55.1%	30.2%
FBYD	Falcons Beyond Global	0.6	41.8%	-6.9%
HIVE	HIVE Digital Technologies	0.9	40.2%	50.0%
SLS	SELLAS Life Sciences	1.3	37.4%	137.9%
SG	Sweetgreen	1.1	36.9%	33.3%
ARX	Accelerant	3.7	33.2%	2.1%
STUB	Stubhub	3.5	33.0%	-26.1%
RAMP	LiveRamp	2.4	32.0%	28.5%
SEDG	SolarEdge Technologies	3.4	31.4%	94.9%
RDW	Redwire	2.5	28.9%	94.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LWLG	Lightwave Logic	1.6	-35.8%	260.8%
BTGO	BitGo	0.9	-31.8%	-56.1%
OPTU	Optimum Communications	0.3	-29.8%	-60.5%
DSGN	Design Therapeutics	0.7	-28.9%	18.3%
IDR	Idaho Strategic Resources	0.6	-28.8%	-9.6%
AAOI	Applied Optoelectronics	11.6	-25.9%	374.1%
PSFE	Paysafe	0.4	-24.1%	-12.4%
USAS	Americas Gold And Silver	1.6	-23.2%	9.0%
CRVS	Corvus Pharmaceuticals	1.0	-23.0%	58.3%
HYMC	Hycroft Mining	2.8	-21.9%	43.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.5	187.2%	455.2%
BAND	Bandwidth	1.8	144.1%	275.1%
WOLF	Wolfspeed	1.6	137.3%	236.7%
FCEL	FuelCell Energy	1.0	113.1%	176.6%
INOD	Innodata	3.0	105.1%	85.9%
XMTR	Xometry	4.7	95.6%	54.3%
VPG	Vishay Precision	1.3	85.1%	161.6%
INTC	Intel	604.7	79.5%	222.4%
SLS	SELLAS Life Sciences	1.3	78.3%	137.9%
PCT	PureCycle Technologies	2.1	77.3%	38.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	5.4	-78.6%	19.1%
EMBC	Embecta	0.2	-66.5%	-73.9%
FWRD	Forward Air	0.3	-63.5%	-66.3%
OPTU	Optimum Communications	0.3	-60.8%	-60.5%
CABO	Cable One	0.3	-59.7%	-58.3%
TRDA	Entrada Therapeutics	0.3	-53.8%	-41.2%
PSIX	Power Solutions International	0.9	-51.1%	-35.3%
ERAS	Erasca	3.2	-50.4%	198.9%
BETR	Better Home & Finance	0.4	-47.7%	-25.3%
BRBR	BellRing Brands	1.1	-45.5%	-66.4%

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	3.0 Mil
Short Interest: % Change Since 4152026	123.7%
Average Daily Volume	2.1 Mil
Days-to-Cover Short Interest	1.5 days

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Grayscale Bitcoin Trust ETF (GBTC)

Market Price (5/21/2026): $60.24

Grayscale Bitcoin Trust ETF (GBTC)

Market Price (5/21/2026): $60.24

Asset Allocation with GBTC

Price Chart

Valuation & Yield

Top 20 Holdings for GBTC

Performance for GBTC Top Holdings

Guidance Updates for GBTC Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

GBTC Dip Buy History

Current Dip Buy Opportunities Across ETFs

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About GBTC

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Short Interest

Returns Analyses

External Quote Links