Grayscale Bitcoin Trust (GBTC) remains the leader in ETF revenue as of 2025, generating $268.5 million annually, surpassing all other US spot Bitcoin ETFs, which collectively earned $211.8 million. Despite significant outflows totaling $18 billion since early 2024, GBTC's 1.5% expense ratio continues to fuel its revenue advantage over lower-fee competitors like BlackRock's iShares Bitcoin Trust (IBIT) and others. The trust's resilience is attributed to its established legacy, investor loyalty, and notable tax frictions that discourage selling among long-term holders. Significant unrealized capital gains from the early purchase of GBTC shares further bind investors to the trust, despite newer options promising lower fees. Grayscale introduced the low-fee Grayscale Bitcoin Mini Trust to attract cost-conscious investors, but its revenue generation pales in comparison to GBTC. The psychological factors of loss aversion and brand loyalty complicate investors' decisions to switch to these alternatives. GBTC's unique position and history in regulated Bitcoin investment maintain its dominance in a rapidly evolving market.

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