GBTC
Grayscale Bitcoin Trust
Is GBTC Halal?
Bitcoin trust — inherits Bitcoin's DOUBTFUL status.
What You Should Know
GBTC holds spot Bitcoin through a trust/ETF structure. Its March 31, 2026 filing reports $10.490B of Bitcoin at fair value and no investment income; the examined balance-sheet ratios pass, but Bitcoin's permissibility remains scholar-dependent.
⚠️ Concerns
- •Bitcoin DOUBTFUL status
- •Volatility and market-manipulation concerns
- •Trust custody, fees and secondary-market premium/discount
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 10,489.739
0 / 10,489.739
0 / 10,489.739
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are 0.00%; the fund statement reports no investment income, while Bitcoin's activity classification remains unresolved.
- Financial
- Pass
- Overall
- Incomplete
The examined asset ratios pass, but Bitcoin and the trust structure remain qualitatively unresolved.
- Financial
- Pass
- Overall
- Incomplete
The examined debt and liquidity ratios pass; this is not an official classification of a cryptocurrency trust.
- Financial
- Not calculated
- Overall
- Incomplete
Market-cap denominator methods do not apply cleanly to a spot cryptocurrency trust and no licensed historical denominator is stored.
Business-activity disclosure
GBTC holds spot Bitcoin through a trust/ETF structure. Bitcoin's treatment differs among scholars, while custody, market structure, fees and creation/redemption mechanics require qualitative review.
Limitation: The filing does not provide a school-neutral cryptocurrency-compliance conclusion or a prohibited-activity revenue numerator.
Purification
GBTC reports no investment income in the quarter; no scholar-approved purification percentage is inferred for a spot Bitcoin trust.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from the thousands presentation in GBTC's March 31, 2026 Form 10-Q.
- The statement reports USD 10,489.739 million of Bitcoin at fair value and no reported cash, receivable or interest-bearing debt balance.
- GBTC reports no investment income for the quarter; fund expenses are not treated as prohibited income.
- Bitcoin's permissibility remains scholar-dependent; a spot trust structure does not itself settle the underlying asset question.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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