Grayscale’s Bitcoin Trust ETF (GBTC) remains the undisputed leader in revenue generation among U.S. spot Bitcoin ETFs, despite facing growing competition and charging one of the highest fees in the industry.

According to ETF Store President Nate Geraci, GBTC is “making more money than all other Bitcoin ETFs combined — and it’s not even close,” he shared recently on X. Data from Coinglass supports this claim: GBTC earns approximately $268.5 million annually, applying a 1.5% expense ratio to its $17.9 billion in assets under management. In contrast, all competing U.S. Bitcoin ETFs combined, representing about $89 billion in assets, generate just over $211.8 million.

For perspective, BlackRock’s IBIT — with more than $56 billion in assets — generates around $137 million in yearly fees, even though it manages nearly triple the amount of Bitcoin compared to Grayscale.

In response to mounting pressure from lower-fee competitors, Grayscale has expanded its ETF offerings. In March 2025, the company launched the Bitcoin Mini Trust (BTC), a more affordable alternative designed to retain price-conscious investors without abandoning its strong brand recognition.

While GBTC’s high fees have sparked criticism, its loyal base and massive footprint highlight a broader truth: in fast-moving markets like crypto, brand strength and liquidity often outweigh cost concerns.

For investors, Grayscale’s dominance suggests that premium products can still thrive if they offer convenience and familiarity. However, with newer low-cost options gaining traction, those considering Bitcoin exposure should weigh the benefits of brand loyalty against long-term fee impacts on returns.

This article does not constitute investment advice. Always do your own research before making financial decisions.