Definition. The estimated amount of BTC held within the Grayscale Bitcoin ETF (GBTC) under Coinbase Custody.

Technical. The balance is derived from a combination of on-chain analysis and Glassnode's clustering heuristics. Grayscale initially operated as a closed-end fund, allowing both cash and in-kind share creation, with an annual fee of 2% periodically debited from the aggregate BTC balance. The conversion into an ETF product occurred in January 2024, reducing the annual fee to 1.5% and enabling NAV arbitrage via both share creation and redemption (cash only, not in-kind).

Notes. The presented balance is an estimate based on on-chain data and clustering methods, and may not precisely match the actual GBTC balance. For the most accurate and current balance information, and for a comprehensive understanding of GBTC's historical evolution, see the official Grayscale GBTC ETF website.