Grayscale Bitcoin Trust (BTC) (GBTC) Performance
GBTC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −8.3% since Dec 31, 2025
- 1 year
- −27.5% total return
- 5 years
- +7.3% a year
- 10 years
- +53.2% a year
- Since first price
- +52.7% a year since 2015
GBTC trailing returns vs SPY, QQQ, AGG
| Period | GBTC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.1% | −4.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +24.8% | +24.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.6% | +3.6% | +7.8% | +8.4% | −1.5% |
| YTD | −8.3% | −8.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −27.5% | −27.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +180.8%+41.1%/yr | +180.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +42.3%+7.3%/yr | +42.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +7,039.9%+53.2%/yr | +6,992.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionMay 11, 2015 | +12,609.9%+52.7%/yr | +12,525.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GBTC vs SPY
From May 11, 2015: GBTC grew to $1.3M, SPY to $43,600.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GBTC returns by calendar year
7 of 10 full years positive. Best 2017 (+1,568.4%), worst 2018 (−82.1%). 2026 is year to date.
GBTC annual returns table
| Year | GBTC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −8.3% | −40.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −7.6% | −32.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +136.7% | −28.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +317.6% | −26.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −75.8% | −77.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.0% | −57.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +290.7% | −58.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +106.6% | −53.1% | +31.2% | +39.0% | +8.5% |
| 2018 | −82.1% | −85.1% | −4.6% | −0.1% | +0.1% |
| 2017 | +1,568.4% | −48.8% | +21.7% | +32.7% | +3.6% |
| 2016 | +93.1% | −41.5% | +12.0% | +7.1% | +2.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GBTC largest drawdowns
Now 36.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 18, 2017 | −89.9% | Dec 14, 2018 | Jan 5, 2021 | 12 months | 3.0 years |
| Feb 19, 2021 | −86.2% | Dec 28, 2022 | Mar 4, 2024 | 1.9 years | 3.0 years |
| Oct 6, 2025 | −53.8% | Jun 30, 2026 | not yet | 9 months | 1.0 years so far |
| May 11, 2015 | −53.8% | Aug 26, 2015 | Nov 4, 2015 | 4 months | 6 months |
| Aug 31, 2017 | −48.4% | Sep 14, 2017 | Nov 24, 2017 | 14 days | 3 months |
| Jun 17, 2016 | −41.5% | Aug 25, 2016 | Jan 3, 2017 | 2 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GBTC risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +55.0% | +16.1% | +53.5% | +59.5% |
| Volatility (annualized) | 55.3% | 67.5% | 119.3% | 115.4% |
| Sharpe ratio | 0.98 | 0.49 | 0.73 | 0.78 |
| Sortino ratio | 1.98 | 0.86 | 2.07 | 2.15 |
| Best month | +45.7% | +46.8% | +251.5% | +251.5% |
| Worst month | −21.8% | −41.3% | −41.3% | −41.3% |
| Best 12 months | +191.3% | +379.6% | +1,568.4% | +1,568.4% |
| Worst 12 months | −46.9% | −80.4% | −82.1% | −82.1% |
| Positive months | 61% | 53% | 55% | 56% |
| Beta vs S&P 500 | 1.67 | 2.18 | 1.92 | — |
| Correlation with S&P 500 | 0.38 | 0.51 | 0.25 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GBTC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 126 | −82.1% | +76.9% | +1,568.4% | 67% |
| 3-year (a year) | 102 | −7.3% | +49.8% | +224.2% | 98% |
| 5-year (a year) | 78 | −17.8% | +48.5% | +142.7% | 95% |
| 10-year (a year) | 18 | +44.1% | +59.1% | +78.7% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
GBTC performance overview
Grayscale Bitcoin Trust (BTC) (GBTC) returned −27.5% over the past year and +53.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +52.7% a year, turning $10,000 into about $1.3M. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −89.9%, from Dec 18, 2017 to Dec 14, 2018, and it took 2.1 years to get back to the old high. GBTC finished 7 of its 10 full calendar years with a gain; the best year was 2017 (+1,568.4%) and the worst 2018 (−82.1%). Volatility has been 115.4% a year.
Related: GBTC chart. See the GBTC overview for the latest quote and fund facts.
GBTC performance FAQ
What is the GBTC return over the past year?
GBTC returned −27.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 27.5%.
What is the average annual return of GBTC?
GBTC has returned +7.3% a year over 5 years, +53.2% a year over 10 years, +52.7% a year since May 11, 2015 (total return, distributions reinvested).
How much would $10,000 invested in GBTC be worth?
$10,000 invested in GBTC at its first recorded close on May 11, 2015 would be worth about $1.3M on October 23, 2026 with distributions reinvested.
What was the worst year for GBTC?
The worst calendar year was 2018, with a total return of −82.1%. The best was 2017 at +1,568.4%.
What is the biggest drawdown of GBTC?
The largest peak-to-trough decline was −89.9% between December 18, 2017 and December 14, 2018. It recovered to the old high on January 5, 2021, 2.1 years after the bottom.
How volatile is GBTC?
Over the past 3 years GBTC had an annualized volatility of 55.3% and a Sharpe ratio of 0.98 (excess return over 1–3 month T-bills per unit of risk).