Grayscale Bitcoin Trust
a.k.a. GBTC
A fund holding bitcoin whose shares trade like a stock; it converted into a spot bitcoin ETF in the US in 2024.
The Grayscale Bitcoin Trust (GBTC) holds bitcoin and sells shares in that pile, so investors can get bitcoin exposure through an ordinary brokerage account without touching a wallet. It's run by Grayscale, part of Digital Currency Group.
For years it couldn't easily create or redeem shares, so its price drifted away from the value of the bitcoin inside, sometimes at a big premium, later at a steep discount. Grayscale fought the SEC in court to turn it into an exchange-traded fund, won in 2023, and GBTC began trading as a spot bitcoin ETF in January 2024, which pulled its price back in line.
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