/ Conviction Index / Grayscale Bitcoin Trust ETF (GBTC)

Grayscale Bitcoin Trust ETF (GBTC)

BTC ETF · GBTC (NYSE Arca) · Launched 2013 (closed-end fund); ETF Jan 2024
B+

Good (B+) — Conviction Grade

GBTC was the original Bitcoin investment vehicle (2013) operating as a closed-end fund. Converted to ETF Jan 2024. 1.5% expense ratio is materially higher than IBIT / FBTC. AUM has declined post-conversion as investors rotated to lower-expense ETFs.

83
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Protocol Security
A
Governance Decentralization
C
Liquidity
A-
Adoption & Utility
B+
Regulatory Posture
A
/ Public-Record Events

Key events & disclosures.

  • Closed-end fund launch 2013
  • ETF conversion Jan 2024
  • 1.5% expense ratio
  • AUM decline post-conversion

/ Best for

Limited new-allocation recommendation. For existing GBTC positions, evaluate rotation to lower-expense IBIT / FBTC.

/ Watch out for

1.5% expense ratio is materially higher than peer ETFs. Rotate existing positions to lower-expense vehicles.