Grayscale
12 spot crypto ETFs · BTC, ETH, SOL, XRP, HYPE, LINK, AVAX, DOGE, SUI, ZEC · founded 2013
On Fri 16 Oct Grayscale’s funds saw net outflows of −$3.2M — ZCSH −$1.2M, GLNK −$2.0M, BTC, ETH, GSOL, GXRP, GDOG, GAVA, ETHE, GBTC flat. That is 2% of the whole market’s −$166.9M.
Grayscale operates the longest-running crypto trust on the market. GBTC converted from a closed-end fund to an ETF in January 2024.
Grayscale ETFs by flow
Sorted by flow on Fri 16 Oct · a ticker opens the fund, an asset its flows page
| Fund | Flow · Fri 16 Oct | Cumulative |
|---|---|---|
 BTCGrayscale Bitcoin Mini Trust | 0 | +$2.95B |
 ETHGrayscale Ethereum Mini Trust | 0 | +$2.01B |
 GSOLGrayscale Solana Trust | 0 | +$159.8M |
 GXRPGrayscale XRP Trust | 0 | +$145.4M |
 GDOGGrayscale Dogecoin Trust ETF | 0 | +$15.4M |
 GAVAGrayscale Avalanche Trust ETF | 0 | +$2.9M |
| ETHEGrayscale Ethereum Trust | 0 | −$5.49B |
| GBTCGrayscale Bitcoin Trust | 0 | −$27.94B |
 ZCSHThe Zcash ETF | −$1.2M | +$178.6M |
 GLNKGrayscale Chainlink Trust ETF | −$2.0M | +$130.3M |
 HYPGGrayscale Hyperliquid Staking ETF | — | +$152.5M |
 GSUIGrayscale Sui Trust ETF | — | +$14.1M |
| All 12 funds | −$3.2M | −$27.68B |
Avg entry — the average price per coin the fund's clients paid, our estimate from daily creations and redemptions, not an issuer report · as of 18 Oct 2026
Grayscale at the SEC
Grayscale has 13 crypto ETFs trading, 4 waiting, 4 withdrawn.
| Waiting fund | Stage | Last document | At the SEC |
|---|---|---|---|
 Grayscale BNB ETFBNB | Amending | 3 Jun 2026 | 268 days |
 Grayscale Aave Trust (AAVE)Aave | Amending | 12 May 2026 | 247 days |
 Grayscale Canton ETFCanton | Filed | 5 Jun 2026 | 135 days |
 Grayscale Worldcoin ETFWorldcoin | Filed | 20 Jul 2026 | 90 days |
Holdings over time
$305M · +$305M over the period
Other issuers
flow Fri 16 Oct · cumulative
BlackRock · 3 funds−$141.5M+$78.95B
Fidelity · 3 funds−$10.6M+$13.05B
Bitwise · 9 funds−$8.5M+$4.57B
VanEck · 5 funds0+$1.29B
21Shares · 8 funds0+$1.16B
Franklin Templeton · 4 funds0+$911.0M
Morgan Stanley · 3 funds0+$884.1M
Canary Capital · 6 funds−$3.0M+$617.0M
CoinShares · 1 fund0+$326.9M
Invesco · 3 funds0+$160.0M
WisdomTree · 1 fund0+$77.9M
Flow by day · US$ m
| Date | BTC | ETH | GSOL | GXRP | GDOG | GAVA | ETHE | GBTC | ZCSH | GLNK | HYPG | GSUI | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fri 16 Oct | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −1.2 | −2.0 | — | — | −3.2 |
| Thu 15 Oct | −7.6 | 0 | −6.0 | 0 | 0 | 0 | −18.3 | 0 | −14.8 | −0.4 | −0.9 | 0 | −48.0 |
| Wed 14 Oct | 0 | −18.8 | 0 | 0 | 0 | 0 | 0 | 0 | +3.7 | 0 | −1.7 | 0 | −16.8 |
| Tue 13 Oct | 0 | +16.7 | 0 | — | 0 | 0 | 0 | 0 | −5.2 | 0 | — | 0 | +11.5 |
| Mon 12 Oct | 0 | −10.3 | 0 | — | −0.4 | 0 | 0 | 0 | −1.7 | 0 | 0 | 0 | −12.4 |
| Fri 9 Oct | 0 | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 | +9.5 | — | 0 | +9.5 |
| Thu 8 Oct | 0 | 0 | 0 | 0 | 0 | +1.5 | −6.1 | −8.2 | −18.7 | 0 | 0 | 0 | −31.5 |
| Wed 7 Oct | 0 | −2.0 | 0 | — | 0 | 0 | −25.8 | −39.3 | −8.5 | 0 | — | 0 | −75.5 |
| Tue 6 Oct | −11.0 | 0 | −3.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | +2.0 | 0 | −12.8 |
| Mon 5 Oct | 0 | 0 | 0 | — | 0 | 0 | 0 | 0 | −3.6 | 0 | 0 | 0 | −3.6 |
| Fri 2 Oct | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −26.9 | 0 | +3.4 | 0 | −23.6 |
| Thu 1 Oct | +14.6 | +1.5 | +5.4 | 0 | 0 | +0.3 | −20.4 | −31.4 | −12.4 | 0 | +5.0 | −0.3 | −37.7 |
| Wed 30 Sep | 0 | −25.5 | 0 | — | −0.6 | 0 | −7.5 | 0 | −30.2 | −0.6 | 0 | +0.8 | −63.6 |
| Tue 29 Sep | 0 | +12.8 | 0 | 0 | +0.9 | 0 | 0 | 0 | 0 | +1.3 | — | +1.2 | +16.2 |
14 trading days · newest first · “—”: no row reported for that fund
Company profile
- Legal name
- Grayscale Investments LLC
- Headquarters
- Stamford, CT
- Founded
- 2013
- Crypto ETFs
- BTC, ETH, ZCSH, GSOL, HYPG, GXRP, GLNK, GDOG, GSUI, GAVA, ETHE, GBTC
- Custodian
- Coinbase Custody Trust Company, LLC
Grayscale pioneered the regulated crypto investment vehicle. Despite ongoing outflows post-conversion, its Bitcoin Trust remains a top-3 holder of BTC AUM.
Grayscale Investments operates the longest-running regulated crypto investment vehicles in the United States. Founded in 2013 and headquartered in Stamford, CT, Grayscale pioneered the closed-end crypto trust structure that gave US-domiciled investors regulated Bitcoin exposure long before the spot ETF was approved. In January 2024 Grayscale converted its flagship Bitcoin Trust (GBTC) into a spot ETF.
- Founded: 2013
- Headquarters: Stamford, CT
- Crypto ETFs: BTC — Grayscale Bitcoin Mini Trust, ETH — Grayscale Ethereum Mini Trust, ZCSH — The Zcash ETF, GSOL — Grayscale Solana Trust, HYPG — Grayscale Hyperliquid Staking ETF, GXRP — Grayscale XRP Trust, GLNK — Grayscale Chainlink Trust ETF, GDOG — Grayscale Dogecoin Trust ETF, GSUI — Grayscale Sui Trust ETF, GAVA — Grayscale Avalanche Trust ETF, ETHE — Grayscale Ethereum Trust, GBTC — Grayscale Bitcoin Trust
Grayscale Investments crypto ETFs
GBTC — Grayscale Bitcoin Trust
GBTC began trading in 2013 as a private placement and was uplisted to OTC markets in 2015. After a successful court challenge to the SEC, it was converted to a spot ETF on January 11, 2024 and now trades on NYSE Arca. GBTC carries a 1.5% expense ratio — significantly higher than newer competitors — which has driven steady net outflows since conversion as legacy holders rotate to lower-fee alternatives.
Market position
Grayscale was the dominant US crypto trust for nearly a decade and still ranks in the top three for spot Bitcoin ETF AUM despite ongoing outflows. Investors evaluating GBTC versus newer products like BlackRock IBIT and Fidelity FBTC need to weigh the higher expense ratio against the embedded tax basis many long-term holders accumulated when GBTC was the only regulated option. Grayscale also operates a separate lower-fee Bitcoin product (BTC, the Grayscale Bitcoin Mini Trust) for investors who want to stay with the issuer at lower cost.