Grayscale Bitcoin Trust ETF (GBTC) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GBTC SEC filings page.
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).
GBTC’s asset-balance movements, not conventional operating revenue, dominate the reported economics of this trust structure.
Reported net income swung from$16.1B in FY2024 to-$994M in FY2025, while operating cash flow remained positive in both years. Yet operating cash flow also fell from$21.5B to$3.7B , linking the earnings reversal and cash-flow contraction to changing asset values or holder activity rather than a normal sales-and-cost cycle.
Assets contracted by
Shares outstanding fell by
Financial Health Signals
Grayscale Bitcoin Trust ETF does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Grayscale Bitcoin Trust ETF passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Grayscale Bitcoin Trust ETF reported a net loss of $993.5M while generating $3.7B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q2 2026.
Cash & Balance Sheet
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
GBTC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
GBTC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.1B-59.2% | $10.5B-34.2% | $14.5B-24.4% | $20.2B+43.9% | $19.9B+16.8% | $15.9B-33.2% | $19.2B-27.2% | $14.0B-16.6% |
| Cash & Equivalents | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Short-Term Investments | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0 | $0 |
| Total Equity | $8.1B-59.2% | $10.5B-34.2% | $14.5B-24.4% | $20.2B+43.9% | $19.9B+16.8% | $15.9B-33.0% | $19.2B-27.2% | $14.0B-16.6% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
GBTC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | $1.0B-24.0% | $888.8M-45.1% | $722.7M-81.1% | $1.0B-92.9% | $1.4B | $1.6B |
| Financing Cash Flow | N/A | N/A | -$1.0B+24.0% | -$888.8M+45.1% | -$722.7M+81.1% | -$1.0B+92.9% | -$1.4B | -$1.6B |
| Share Buybacks | N/A | N/A | $1.2B-31.4% | $1.0B-41.1% | $885.1M-78.2% | $1.2B-91.6% | $1.7B | $1.7B |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
GBTC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where Grayscale Bitcoin Trust ETF Ranks
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 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $993.5M while generating $3.7B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.