Grayscale Bitcoin Trust ETF (GBTC) Form 10-Q — Nov 5, 2026
Grayscale Bitcoin Trust ETF (GBTC) reported net assets of $10.61 billion at September 30, 2026, down 27% from $14.50 billion at year-end 2025, as Bitcoin fell from $87,549 to $83,550 and redemptions continued. Shares outstanding dropped by 47.57 million in the first nine months of 2026, with net outflows of $2.68 billion from capital share transactions. The quarter itself was strong: Bitcoin rallied from $58,745 on June 30 to $83,550 at quarter-end, driving a $3.23 billion increase in net assets from operations and a 41.70% Q3 total return, though the nine-month return remained negative at -5.63%.
Key figures
- Total Assets
- 10609862000
- Cash Position
- 0
- Shares Outstanding
- 164350100
- Nav per share
- 64.56
- Total expense ratio
- 1.50%
- Total return 9m 2026
- -5.63%
- Total return q3 2026
- 41.70%
- Shares issued q3 2026
- 730000
- Shares redeemed q3 2026
- 14960000
- Sponsor fee rate annual
- 1.5%
- Net shares decrease 9m 2026
- 47570000
- Nav prior year end per share
- 68.41
- Q3 2026 increase in net assets from operations
- 3230183000
- Net decrease in assets 9m 2026 from transactions
- 2679072000
AI analysis
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