Grayscale Bitcoin Trust ETF Financials
This page shows Grayscale Bitcoin Trust ETF (GBTC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Grayscale Bitcoin Trust ETF passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Grayscale Bitcoin Trust ETF generates $-3.72 in operating cash flow ($3.7B OCF vs -$993.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Grayscale Bitcoin Trust ETF reported -$993.5M in net income in fiscal year 2025. This represents a decrease of 106.2% from the prior year.
Cash & Balance Sheet
Grayscale Bitcoin Trust ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Grayscale Bitcoin Trust ETF's ROE was -6.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 90.7 percentage points from the prior year.
Capital Allocation
Grayscale Bitcoin Trust ETF spent $4.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 80.6% from the prior year.
GBTC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | -$2.2B | N/A | N/A | N/A | $12.2B |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GBTC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.5B-28.2% | $20.2B+1.3% | $19.9B+25.1% | $15.9B-16.9% | $19.2B+36.6% | $14.0B-17.8% | $17.1B-28.4% | $23.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $58.3M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $14.5B-28.2% | $20.2B+1.3% | $19.9B+25.1% | $15.9B-16.9% | $19.2B+36.6% | $14.0B-17.8% | $17.1B-28.3% | $23.8B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GBTC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.0B+18.0% | $888.8M+23.0% | $722.7M-30.4% | $1.0B-24.7% | $1.4B-14.7% | $1.6B-57.7% | $3.8B-73.9% | $14.7B |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$1.0B-18.0% | -$888.8M-23.0% | -$722.7M+30.4% | -$1.0B+24.7% | -$1.4B+14.7% | -$1.6B+57.7% | -$3.8B+73.9% | -$14.7B |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.2B+15.3% | $1.0B+15.7% | $885.1M-28.4% | $1.2B-28.2% | $1.7B-1.0% | $1.7B-57.3% | $4.1B-72.4% | $14.7B |
GBTC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | -13.8% | N/A | N/A | N/A | 51.0% |
| Return on Assets | N/A | N/A | N/A | -13.8% | N/A | N/A | N/A | 50.9% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Grayscale Bitcoin Trust ETF profitable?
No, Grayscale Bitcoin Trust ETF (GBTC) reported a net income of -$993.5M in fiscal year 2025.
What is Grayscale Bitcoin Trust ETF's return on equity (ROE)?
Grayscale Bitcoin Trust ETF (GBTC) has a return on equity of -6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Grayscale Bitcoin Trust ETF's operating cash flow?
Grayscale Bitcoin Trust ETF (GBTC) generated $3.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Grayscale Bitcoin Trust ETF's total assets?
Grayscale Bitcoin Trust ETF (GBTC) had $14.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Bitcoin Trust ETF's debt-to-equity ratio?
Grayscale Bitcoin Trust ETF (GBTC) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Grayscale Bitcoin Trust ETF's return on assets (ROA)?
Grayscale Bitcoin Trust ETF (GBTC) had a return on assets of -6.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Grayscale Bitcoin Trust ETF's Piotroski F-Score?
Grayscale Bitcoin Trust ETF (GBTC) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Grayscale Bitcoin Trust ETF's earnings high quality?
Grayscale Bitcoin Trust ETF (GBTC) has an earnings quality ratio of -3.72x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.