Grayscale Bitcoin Trust (BTC) (GBTC) stock: reverse DCF, insider buying and superinvestor holders

What the price implies

A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.

Grayscale Bitcoin Trust (BTC)'s free cash flow isn't comparable to its market value here, so a cash-flow reverse DCF doesn't give a meaningful answer. The Modeling tab works from revenue and margins instead.

Fundamental grade

F

Five factors scored 1 to 9 from GBTC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.

Profitability0

Growth0

Key numbers

P/E (trailing)—

P/E (forward)—

Price / free cash flow—

EV / EBITDA—

Price / sales—

Price / book—

Revenue growth—

Operating margin—

Net margin—

Return on equity—

Dividend yield—

Debt / equity—

Results from SEC filings

Fiscal years, from Grayscale Bitcoin Trust (BTC)'s 10-K filings. The deep dive has 15+ years, quarters and every line.

Fiscal year	2024	2025
Revenue	—	—
Net income	$16.1B	-$994M
Free cash flow	—	—
EPS (diluted)	—	—
Operating margin	—	—

Superinvestors who own GBTC

From each investor's latest 13F filing (what a 13F shows). 1 of the investors we track hold it.

Investor	Last quarter	Value	% of portfolio	Quarter
Murray Stahl Horizon Kinetics LLC	Trimmed	$553M	6.3%	Q2 2026

Insider buying

Open-market purchases by Grayscale Bitcoin Trust (BTC)'s executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.

No open-market insider purchases of GBTC in the last 12 months. Most insider activity is selling and option exercises, which aren't shown here.

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In the full deep dive

DCF fair value per share

Yearly return (IRR) at today's price

Growth implied by revenue and margins

15+ years of statements and quarters

Open GBTC in Investingly

Questions

Are Grayscale Bitcoin Trust (BTC) insiders buying the stock?

No open-market insider purchases of GBTC in the last 12 months, according to SEC Form 4 filings.

Which superinvestors own Grayscale Bitcoin Trust (BTC)?

1 of the superinvestors Investingly tracks hold GBTC in their latest 13F, including Murray Stahl.

Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.