Why Grayscale's Bitcoin Trust Will Dominate ETF Revenue in 2025
The revenue generated by the Grayscale Bitcoin Trust (GBTC) exceeds the total revenue of all spot Bitcoin ETFs, thanks to its high fees and investor loyalty despite capital outflows.
In financial history, few institutions have maintained such determination in fierce competition like the Grayscale Bitcoin Trust (GBTC). Founded in 2013, GBTC was initially a private institution that pioneered a regulated Bitcoin investment model, allowing investors to participate in Bitcoin's rapid development without risking unregulated digital wallets or exchanges.
On January 11, 2024, after a milestone victory in a lawsuit against the SEC, the ETF transformed into a spot Bitcoin ETF.
This marked a key moment for the SEC, which recognized that ETFs have lower fee rates and higher tax efficiency compared to traditional funds.
Despite this, GBTC's financial resilience continues to shine, with annual revenue reaching $268.5 million, surpassing the total of $211.8 million from all other US spot Bitcoin ETFs, even though its held Bitcoin has lost over half its value since early 2024, with $18 billion in outflows. This is not a momentary inertial victory.
These figures tell a paradox. BlackRock's iShares Bitcoin Trust (IBIT) manages $56 billion in AUM, with a fee rate of 0.25%, and created $137 million in revenue in the weeks after its launch in 2024, achieving $35.8 billion in inflows and $1 billion in daily trading volume.
Meanwhile, GBTC's fee rate is 1.5%, seven times higher than competitors, which consolidates its revenue-leading position, despite capital outflows of $17.4 billion, recording a single-day loss of $618 million on March 19, 2024, as investors chase lower fees or take advantage of the trust's historical NAV discount, which plummeted from 50% to near zero by July 2024.
This conflict between revenue dominance and capital exodus requires careful examination, revealing the complex relationship between investor psychology, market dynamics, and Grayscale's carefully calculated resilience.
However, GBTC's $18 billion in AUM and its ability to generate $268.5 million in revenue despite massive outflows reveal a deeper issue: tax friction and institutionalized inertia. Due to tax barriers and corporate directives, enterprises, family offices, and other institutions cannot quickly transform, a problem gradually surfacing. The total $100 billion spot Bitcoin ETF market also highlights the stakes of this competition, and Grayscale's revenue dominance will continue to evolve as competition intensifies.
In such fierce competition, what supports GBTC's revenue crown? Is it high fees combined with still-massive AUM, the loyalty of battle-hardened investors, or invisible tax friction binding them to their positions?
As we delve deeper into this question, we reveal the mechanisms of GBTC's dominance and the broader trends shaping the future of crypto investments. The answer lies in history, strategy, and investors' steadfast belief in this giant—refusing to surrender regardless of circumstances.
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An investor who purchased 100 100 g$ would now have shares worth $400 , gaining $39,000 in capital gains. If selling these stocks and moving to-ETlike IBIT or FBTC, they might might need to pay $7,800 in taxes (calculated at the 20% long-term capital gains rate typically applicable to high-net), or $5,850 in taxes (calculated at the 15% long-term capital gains rate typically to applicable to investors other investors).< p Such taxable events typically impede redemption, especially long-especially holders of taxable accounts.
This historical timeline illustrates GBTC's milestone events (launched in 2013, publicly traded in 2015, SEC-approved in 2023, converted to ETF in 2024), overlaid with Bitcoin's price surge (from $800 to $103,000) and growth in assets under management (AUM). Source: Dr. Michael Tabarn
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在加密货币领域，TRON创始者孙正义（SUN最新举措引发了广泛泛关注位。他最近通过TWT（Trust Wallet Token）向乌克兰捐赠了价值数百万美元的加密货币，这一举动不仅展到展现了他了他对人道主义危机的关注，还凸显了加密货币在跨境援助中的潜力。
孙正义的慈善行动并非首次。早在2022年年他就�通过TRON网络向乏克兰捐赠了大量加密货币，当时正值俄乌冲突最为激烈的时期。这种持续的的人道主义支持反映了他对全球球性社会责任的承诺。
值得注意的是，这次捐赠是通过TWT（Trust任Trust钱包令牌）进进行是行，这是一个由常孙正义创立的加托管钱包平台。TWT不仅仅是一个钱包，更是一个连接全球加密用户的生态系统。通过这一一平台，孙正义展示了加密货币可以超越投机，成为一种真正的社会变革工具。
这一举动也引发了业界对对加密货币在人道主义援助中作用的广泛讨论。传统金融体系在跨境援助中往往面治治和官僚主义所限，而加货币加密货可以�其中快速转账的点，为人道主主道主义援援提供了一个更加高效和透明透明的渠道。
孙正义的行动不仅仅是一次简单的捐赠，更是对加密货币潜力的一个有力诠释。它向世界展示了，在危机时刻，加密货币可以成为一种快速、安全和去中心化的援助方式，突破了传统金融的诸多限制。
