How much BlackRock, Grayscale and other crypto ETF issuers earn in fees
Updated 2026年10月23日(金) · net assets of 10月23日(金) × sponsor fee from each prospectus · annualised · How we calculate
As of 2026年10月23日, BlackRock earns about $166 million a year — $453,000 a day — from the 0.25% sponsor fee on IBIT’s $66.2 billion of net assets. All 57 US spot crypto ETFs together bring their issuers about $481 million a year, and Grayscale earns the most, $225 million: 47% of all fees from 16% of the assets.
Grayscale’s share of fees is almost three times its share of assets: its two converted trusts still charge 1.50% (GBTC) and 2.50% (ETHE). BlackRock charges 0.25% on the largest pile of assets.
How much each issuer makes
12 issuers · revenue per year at today’s assets and fees · bars: share of assets against share of fees
issuershare of assets / share of feesper yearper dayavg fee
Fee revenue is simple arithmetic: net assets × sponsor fee
IBITiShares Bitcoin Trust ETF
$66.20B×0.25%=$165.5M
a year, about $453K a day — the single largest fee stream among crypto ETFs
GBTCGrayscale Bitcoin Trust ETF
$10.20B×1.50%=$153.0M
a year — almost as much as IBIT with a sixth of its assets
IBIT vs GBTC: which fund earns its issuer more
Sponsor fees each trust paid, by quarter, as reported in its 10-Q and 10-K filings · $ millions
GBTC · GrayscaleIBIT · BlackRock
94.93.1
Q1 24
72.09.9
Q2 24
55.811.5
Q3 24
67.823.0
Q4 24
68.932.9
Q1 25
69.338.7
Q2 25
78.053.3
Q3 25
64.449.7
Q4 25
45.036.7
Q1 26
39.735.4
Q2 26
GBTC paid Grayscale more than IBIT paid BlackRock in every quarter from Q1 2024 to Q2 2026 — $39.7M against $35.4M in Q2 2026. Over the last 30 days the order flipped: IBIT brought in $13.7M, GBTC $13.0M. Since 2024年1月 GBTC has paid its sponsor $655.8M, more than twice IBIT’s $294.2M.
Source: each trust’s 10-Q and 10-K filings with the SEC, line “Sponsor’s fee”. IBIT charged a reduced fee during its first year; GBTC’s Q1 2024 includes 1–10 January, before it became an ETF.
Fees and revenue, fund by fund
12 BTC funds · sorted by revenue per year · fee charged today, waivers applied
Fee bar scale 0–2.5%. Waivers in effect: ETHB: 0.12% on the first $2.5bn for 12 months from 12 March 2026, then 0.25%. TETH: Sponsor fee of 0.21% fully waived until 8 October 2027 (extended on 6 October 2026). TSOL: Sponsor fee of 0.21% fully waived from 28 July 2026 to 27 July 2027. Source: prospectuses and issuer filings · as of 2026年10月23日(金) · T+1. Not investment advice.
How we calculate fee revenue
An ETF’s sponsor fee is a fixed share of the fund’s assets, taken a little every day. Multiply a fund’s net assets by its fee and you get what the sponsor collects at today’s size.
Fee: the sponsor fee published in each fund’s prospectus.
Temporary waivers are applied: a lower rate on the first assets up to a cap, until the end date in the filing.
Per year: today’s net assets × today’s fee. It moves every day with prices and flows.
Last 30 days: net assets × fee ÷ 365, added up for each calendar day — $39.6M to 2026年10月23日 for the 54 funds with 30 days of data.
What it is not
Not the issuer’s reported revenue or profit: custody, index and marketing costs are paid out of the fee.
It leaves out the sponsor’s share of staking rewards in staking funds.
Use these numbers
Cite
US spot crypto ETFs charge about $481M a year in sponsor fees; Grayscale earns 47% of it with 16% of the assets (as of 2026年10月23日). Source: cryptoetf.today
Free to quote with a link to cryptoetf.today. Figures update with each issuer release.
Embed the live figure
Annual fee revenue of all US spot crypto ETFs and of the issuer that earns the most, updated every trading day.
IBITiShares Bitcoin Trust ETF
GBTCGrayscale Bitcoin Trust ETF