GBTC Leads U.S. Bitcoin ETFs Despite Asset Outflows
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Key Takeaways
Grayscale’s Bitcoin Trust ETF (GBTC) continues to generate the highest revenue among all U.S. spot Bitcoin ETFs despite high fees and massive capital outflows. Since its conversion to an ETF in January 2024, holdings have dropped by about 70%. Nevertheless, GBTC remains the revenue leader, mainly due to tax hurdles for investors. New developments, such as the introduction of in-kind redemptions, could reshape the market landscape in the future.
GBTC: Market Leader Despite High Fees
Grayscale’s GBTC generated approximately USD 268 million in revenue over the past year. This outpaced the combined revenue of the other eleven U.S. spot Bitcoin ETFs, which together brought in around USD 211 million.
Notably, GBTC charges a management fee of 1.5%, while other providers charge between 0.15% and 0.94%. Despite these comparatively high costs, GBTC remains clearly ahead in terms of revenue.
Why Investors Stick with GBTC
One major reason for investor loyalty lies in the tax consequences of switching. Selling GBTC shares to invest in lower-fee ETFs triggers capital gains taxes. This tax burden deters many investors, who prefer to accept the higher ongoing fees instead.
Business coach Daniel Sempere sums it up: “The capital gains tax from switching is more painful than the higher fees.”
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Decline in Holdings and Current Market Position
Before its ETF conversion in January 2024, GBTC held approximately 619,000 Bitcoin (BTC). Sixteen months later, holdings have shrunk to around 191,000 BTC – a decline of about 70%. Nevertheless, GBTC ranks third in assets under management (AUM) at USD 17.8 billion.
Leading the list is the BlackRock iShares Bitcoin Trust with USD 54.8 billion, followed by Fidelity’s FBTC with USD 18 billion.
Outlook: In-Kind Redemptions Could Reshape the Market
The potential introduction of in-kind redemptions could change the landscape. Investors would receive Bitcoin directly rather than having to realize gains in U.S. dollars, offering a more tax-efficient option, particularly for institutional investors.
However, for retail investors with significant unrealized gains, the issue of capital gains tax remains. A complete market shift toward lower-fee ETFs could therefore take time.
Market Development in Spring 2025
After a weak first quarter in 2025, spot Bitcoin ETFs experienced a strong rebound in April. Approximately USD 3 billion flowed into these products. As a result, the Bitcoin price rose to about USD 94,000 – an increase of 26% from the yearly low of USD 74,500.
In the short term, the USD 92,000 level is seen as key support, while USD 100,000 is considered a significant resistance level.
Our Assessment
Grayscale’s GBTC highlights how much tax considerations can influence investment decisions. Despite high fees and significant capital outflows, GBTC remains a heavyweight in the market.
If in-kind redemptions are introduced, lower-fee ETFs could gain more traction. As an investor, it is worthwhile to closely monitor developments and factor in tax implications when making investment decisions.
Sources
– Bloomberg
– Coinglass
– ETF Store
– TradingView
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