GBTC returns: 10-year, yearly and since 2015
Grayscale Bitcoin Trust ETF. US-listed funds that hold bitcoin or ether, or bitcoin futures.
Data updated November 2026
GBTC · US exchange · USDCategory: Bitcoin and crypto ETFsData from May 2015
GBTC 10-year return
+11.9% a year
November 2016 to November 2026, dividends reinvested
- 1 year
- −27.9%
- 3 years
- +29.4%
- a year
- 5 years
- +3.9%
- a year
- Since 2015
- +10.2%
- a year
$10,000 in GBTC from May 2015
$30,657
+207% in total, +10.2% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
6 of 10
Best 2023, +317.6%. Worst 2018, −79.3%.
- Deepest fall
−86.2%
Feb 2021 to Dec 2022. Back to the previous high 3 years after the peak.
- Annual volatility
64.5%
How much returns swing around their average. Worst single month: −41.3%.
- At the last close
40.4% below its high
November 5, 2026.
Returns to November 2026
1 year
3 years
a year
5 years
a year
10 years
a year
Since 2015
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding GBTC was like
Every stretch of 1, 3, 5 and 10 years since May 2015, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 10 years, GBTC never lost money: the worst stretch still returned +9.1% a year.
Held 1 year
127 periods
46% of periods ended with a gain
Held 3 years
103 periods, a year
69% of periods ended with a gain
Held 5 years
79 periods, a year
81% of periods ended with a gain
Held 10 years
19 periods, a year
100% of periods ended with a gain
Falls and recoveries
How far GBTC was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −86.2% | Feb 2021 | Dec 2022 | 22 months | Mar 2024, 3.1 years later |
| −80.6% | Jan 2018 | Dec 2018 | 11 months | Nov 2020, 2.8 years later |
| −53.4% | Aug 2025 | Jun 2026 | 10 months | Not yet |
| −30.9% | Mar 2024 | Aug 2024 | 5 months | Nov 2024, 8 months later |
| −25.8% | Nov 2024 | Apr 2025 | 5 months | Jul 2025, 8 months later |
Year by year
GBTC ended 6 of 10 full calendar years higher. The average gain in an up year was +139.3%, the average loss in a down year −40.7%.
YTD: from 1 January to the last close. 2015 starts at the first price, May 2015.
Example: $500 a month for 10 years
Put in from Dec 2016
$60,000
Worth at the last close
$207,602 +246%
Lowest point: Dec 2018, when the $12,500 put in so far was worth $3,737 (−70%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
GBTC against SPY
Correlation of monthly returns
0.39
Over 137 months: they moved together only in part.
In months when SPY rose
1.47×
GBTC rose 1.47 times as much, on average.
In months when SPY fell
0.71×
GBTC fell 71% as much, on average.
Growth of $10,000 from June 2015, the first month both funds have data.
GBTC compared
Questions
What is the average annual return of GBTC?
From May 2015 to November 2026 GBTC returned 10.2% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +3.9% a year. Over the last 12 months: −27.9%.
What was the worst drawdown of GBTC?
86.2%, from February 2021 to December 2022; it took about 36 months from the previous high to get back to it.
Has GBTC ever lost money over 10 years?
Of the 19 10 years periods from month-end to month-end since May 2015, none ended with a loss. The worst returned +9.1% a year (to Jun 2026), the best +17.0% a year.
How volatile is GBTC?
Annual volatility was 64.5% over the period. Its worst month was −41.3% and 40% of months were positive. Worst calendar year: 2018 (−79.3%).
How closely does GBTC follow SPY?
Over 137 months the correlation of monthly returns was 0.39, so they moved together only in part, with a beta of 1.79.
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How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. Holding periods, the monthly-investing example and the comparison with other funds use month-end values; drawdowns and volatility use daily closes.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.