Grayscale Bitcoin Trust ETF Financials

GBTC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI GBTC FY2025 2026-05-05

With no balance-sheet leverage, the fund’s economics are driven by asset value swings and rapid cash pass-through to investors.

Operating cash flow stayed positive at $3.7B in FY2025 even as net income fell to -$994M, and in both FY2024 and FY2025 most of that cash was offset by financing outflows. With $0 cash and $0 liabilities in each year, the entity appears structured to move cash outward rather than accumulate reserves, leaving equity to absorb changes in asset value directly.

The balance sheet is unusually clean: FY2025 ended with $14.5B of assets and no liabilities, so shareholder capital is not being amplified or cushioned by debt. That is why return on assets and return on equity are identical in both years, shifting from 83.9% to -6.9% as the underlying asset values moved.

The asset base shrank from $19.2B to $14.5B, so the weaker FY2025 was not just an income-statement swing; it also left less capital inside the structure. Operating cash flow likewise fell from $21.5B to $3.7B, which means the year’s deterioration reduced both reported profitability and the cash available to send out.

Financial Health Signals

Financial Profile 29/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale Bitcoin Trust ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Grayscale Bitcoin Trust ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale Bitcoin Trust ETF earns a strong -6.9% return on equity (ROE), meaning it generates $-7 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 71/100. This is down from 83.9% the prior year.

Piotroski F-Score Weak

2/9

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).

Earnings Quality Mixed

-3.72x

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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$993.5M

YoY-106.2%

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.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

Grayscale Bitcoin Trust ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-6.9%

YoY-90.7pp

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

R&D Spending

N/A

Share Buybacks

$4.3B

YoY-80.6%

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.

Capital Expenditures

N/A

GBTC Income Statement

Metric	FY25	FY24
Revenue	N/A	N/A
Cost of Revenue	N/A	N/A
Gross Profit	N/A	N/A
R&D Expenses	N/A	N/A
SG&A Expenses	N/A	N/A
Operating Income	N/A	N/A
Interest Expense	N/A	N/A
Income Tax	N/A	N/A
Net Income	-$993.5M-106.2%	$16.1B
EPS (Diluted)	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A	-$2.2B	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GBTC Balance Sheet

Metric	FY25	FY24
Total Assets	$14.5B-24.4%	$19.2B
Current Assets	N/A	N/A
Cash & Equivalents	$0	$0
Inventory	N/A	N/A
Accounts Receivable	N/A	N/A
Goodwill	N/A	N/A
Total Liabilities	$0	$0
Current Liabilities	N/A	N/A
Long-Term Debt	N/A	N/A
Total Equity	$14.5B-24.4%	$19.2B
Retained Earnings	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$10.5B-27.6%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	$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	$0
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	$10.5B-27.6%	$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
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GBTC Cash Flow Statement

Metric	FY25	FY24
Operating Cash Flow	$3.7B-82.8%	$21.5B
Capital Expenditures	N/A	N/A
Free Cash Flow	N/A	N/A
Investing Cash Flow	N/A	N/A
Financing Cash Flow	-$3.7B+82.8%	-$21.5B
Dividends Paid	N/A	N/A
Share Buybacks	$4.3B-80.6%	$22.3B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	N/A	$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
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	N/A	-$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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$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

GBTC Financial Ratios

Metric	FY25	FY24
Gross Margin	N/A	N/A
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	-6.9%-90.7pp	83.9%
Return on Assets	-6.9%-90.7pp	83.9%
Current Ratio	N/A	N/A
Debt-to-Equity	0.000.0	0.00
FCF Margin	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A	-13.8%	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	-13.8%	N/A	N/A	N/A
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.

Does Grayscale Bitcoin Trust ETF buy back shares?

Yes, Grayscale Bitcoin Trust ETF (GBTC) spent $4.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 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) 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.

How financially healthy is Grayscale Bitcoin Trust ETF?

Grayscale Bitcoin Trust ETF (GBTC) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.