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).
The trust’s results are dominated by asset movements: a large FY2024 gain gave way to a FY2025 loss.
Net income reversed from$16.1B in FY2024 to a net loss of$993.5M in FY2025. Meanwhile, operating cash flow fell82.8% , far faster than assets declined24.4% , indicating that the reported earnings change was not simply a proportional resizing of the trust.
Assets fell from
Operating cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Grayscale Bitcoin Trust ETF, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Total Liabilities | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% | $0n/m | $0n/m |
| 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, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, 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 | -$1.0Bn/m | -$888.8Mn/m | -$722.7Mn/m | -$1.0Bn/m | -$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, Debt-to-Equity, Asset Turnover, FCF Margin.
Where Grayscale Bitcoin Trust ETF Ranks
Frequently Asked Questions
No, Grayscale Bitcoin Trust ETF (GBTC) reported a net loss of $993.5M in fiscal year 2025.
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.
Grayscale Bitcoin Trust ETF (GBTC) generated $3.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Grayscale Bitcoin Trust ETF (GBTC) had $14.5B in total assets as of fiscal year 2025, including both current and long-term assets.
Grayscale Bitcoin Trust ETF (GBTC) had a liabilities-to-equity ratio of 0.00 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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.
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.
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.