Institution Metrics
Overview
Institution metrics are daily fund-level statistics for institutional digital asset investment products such as exchange-traded funds and investment trusts. Each metric answers one question about one product on one reporting day: how large the product is, what a share is worth, what a share traded at, how many shares exist, and how much of the underlying asset backs each share. Analysts use them to track institutional adoption and asset flows, to measure the premium or discount at which a product trades against its net asset value, and to follow the effect of management fees on a product's holdings over time.
The endpoint is a general institution surface rather than a product-specific one. An institution is any entity that publishes named daily values, and each one carries its own set of metrics. Grayscale Investments is currently the only institution in the coverage universe, so every metric described on this page belongs to a Grayscale product.
At a Glance
Institution metrics (investment product fund statistics)
Institutions (currently grayscale only)
1d, on U.S. business days
USD, shares, or native units, per metric
/timeseries/institution-metrics
Metrics
There are 222 institution metrics, covering 48 investment products across 5 metric types. Every metric name joins a product identifier to a metric type with an underscore:
<product>_<metric>
So gbtc_total_assets is the assets under management of the Grayscale Bitcoin Trust ETF, and sol_coin_per_share is the coin per share of the Grayscale Solana Trust. Because the names are generated combinatorially, the metric types and the product identifiers are listed separately below rather than as one row per metric. Substitute a product identifier into the placeholder to build a valid metric name.
Metric types
Each metric type is reported once per reporting day for every product that publishes it.
<product>_total_assets
The total assets under management of the investment product, being the aggregate fair value of the digital assets it holds.
USD
1d
<product>_shares_outstanding
The number of shares of the investment product that have been authorized, issued, and purchased by investors.
Shares
1d
<product>_net_asset_value
The net asset value per share, being the fair value of the digital assets held by the product divided by its shares outstanding.
USD
1d
<product>_market_price
The closing price per share of the investment product on its listing exchange or over-the-counter market.
USD
1d
<product>_coin_per_share
The number of native units of the underlying digital asset attributable to each share of the investment product.
Native Units
1d
Investment products
Each product publishes four or five of the metric types above, as shown in the Metrics published column (see Metric availability by product). The Data from column is the first date on which any metric for the product has a value. Individual metrics within a product can begin later than that, so check the per-metric ranges in the catalog before relying on a specific start date (see Coverage).
aave
Not yet in the metric catalog
All except market price
2024-10-02
Active
avax
Not yet in the metric catalog
All five
2024-08-20
Active
bat
Grayscale Basic Attention Token Trust
All five
2021-03-16
Active
bch
Grayscale Bitcoin Cash Trust
All five
2019-01-02
Active
bcor
Grayscale Bitcoin Adopters ETF
All except coin per share
2025-04-29
Active
bpi
Not yet in the metric catalog
All except coin per share
2025-04-01
Active
btc
Grayscale Bitcoin Trust
All five
2019-01-02
Superseded by gbtc. Last value 2025-06-25
btcc
Not yet in the metric catalog
All except coin per share
2025-04-01
Active
deep
Not yet in the metric catalog
All except market price
2025-06-16
Active
defi
Grayscale Decentralized Finance Fund
All five
2021-07-15
Active
dlc
Grayscale Digital Large Cap Fund
All five
2019-01-02
Active
doge
Not yet in the metric catalog
All five
2025-01-30
Active
etc
Grayscale Ethereum Classic Trust
All five
2019-01-02
Active
etco
Not yet in the metric catalog
All except coin per share
2025-09-03
Active
eth
Grayscale Ethereum Trust
All five
2019-01-02
Superseded by ethe. Last value 2025-06-25
ethe
Grayscale Ethereum Trust ETF
All five
2024-07-23
Active
ethemini
Grayscale Ethereum Mini Trust ETF
All five
2024-07-23
Active
ethepq
Grayscale Ethereum Trust Public Quotation
All five
2017-12-14
Pre-conversion quotation series, superseded by ethe. Last value 2024-07-22
fil
Grayscale Filecoin Trust
All five
2021-03-16
Active
gai
Grayscale Decentralized AI Fund
All except market price
2024-07-02
Active
gbtc
Grayscale Bitcoin Trust ETF
All five
2024-01-10
Active
gbtcmini
Grayscale Bitcoin Mini Trust ETF
All five
2024-07-31
Active
gbtcpq
Grayscale Bitcoin Trust Public Quotation
All five
2013-09-25
Pre-conversion quotation series, superseded by gbtc. Last value 2024-01-10
gfof
Grayscale Future of Finance ETF
All except coin per share
2022-02-01
Discontinued, last value 2024-12-12
gscf
Not yet in the metric catalog
All except market price
2022-03-16
Active
gscpxe
Grayscale Smart Contract Ex-Ethereum Fund
All except market price
2022-03-16
Superseded by gscf. Last value 2024-11-25
hype
Not yet in the metric catalog
All five
2026-06-03
Active
ip
Not yet in the metric catalog
All except market price
2025-07-28
Active
ldo
Not yet in the metric catalog
All except market price
2024-12-04
Discontinued, last value 2026-02-17
link
Grayscale Chainlink Trust
All five
2021-03-16
Active
lpt
Grayscale Livepeer Trust
All five
2021-03-16
Active
ltc
Grayscale Litecoin Trust
All five
2019-01-02
Active
mana
Grayscale Decentraland Trust
All five
2021-03-16
Active
mkr
Not yet in the metric catalog
All except market price
2024-08-08
Discontinued, last value 2025-09-09
mnrs
Not yet in the metric catalog
All except coin per share
2025-01-29
Active
near
Not yet in the metric catalog
All five
2024-05-22
Active
op
Not yet in the metric catalog
All except market price
2024-12-10
Discontinued, last value 2026-02-17
pyth
Not yet in the metric catalog
All except market price
2025-02-13
Active
sol
Grayscale Solana Trust
All five
2021-11-18
Active
stx
Not yet in the metric catalog
All five
2024-05-22
Active
sui
Grayscale Sui Trust
All five
2024-08-01
Active
sxt
Not yet in the metric catalog
All except market price
2025-02-24
Active
tao
Grayscale Bittensor Trust
All five
2024-06-10
Active
wal
Not yet in the metric catalog
All except market price
2025-06-16
Active
xlm
Grayscale Stellar Trust
All five
2019-01-02
Active
xrp
Not yet in the metric catalog
All five
2024-09-05
Active
zec
Grayscale Zcash Trust
All five
2019-01-02
Active
zen
Grayscale Horizen Trust
All five
2019-01-02
Active
Products marked as superseded describe a fund that continues under a different identifier, which is explained under Product identifier changes. Discontinued products keep their history and remain queryable.
Conventions. Metric values are returned as JSON strings to preserve precision. Timestamps are UTC ISO-8601 with nanosecond resolution. time identifies the reporting day rather than the instant a value was measured, and is always midnight UTC of that day (see Daily observation timing). Currency values are in U.S. dollars, share counts are numbers of shares, and coin-per-share values are native units of the underlying asset. 1d is the only supported frequency, and requesting any other frequency returns an error. A metric that a product does not publish is left out of the response rather than returned as null (see Metric availability by product).
Methodology
Institution metrics are reported by the institution rather than calculated by Coin Metrics. Values are collected once per reporting day from the fund sponsor's published data service, mapped onto the Coin Metrics metric names, and stored without transformation or unit conversion. A published value therefore matches the sponsor's own disclosure for that day.
Sources and collection
Coin Metrics reads each product's daily figures from the fund sponsor's data service, which carries the same numbers the sponsor discloses publicly. The five metric types map one-to-one onto fields in that feed: assets under management becomes total assets, holdings per share becomes net asset value, market price per share becomes market price, share count becomes shares outstanding, and the per-share asset holding becomes coin per share. No averaging, aggregation, or currency conversion is applied.
The product list is discovered from the sponsor rather than held as a fixed list, so a newly launched product starts reporting automatically once the sponsor publishes it. When a product first appears, its whole available history is backfilled rather than beginning on the date Coin Metrics first saw it. The earliest observation across the dataset is 2013-09-25.
Daily observation timing
Each observation represents the close of one reporting day. The sponsor finalizes a day's figures after the U.S. market close, and collection waits until after that point before treating the day as complete. Days on which the U.S. wire system is closed are skipped, so the series follows U.S. business days rather than calendar days, and weekends and U.S. bank holidays are absent by design.
The time field is set to midnight UTC of the reporting day, which is not the moment of the close it describes. Read time as a date label. A value stamped 2026-07-23T00:00:00.000000000Z is the close-of-business figure for 23 July 2026, not a reading taken at midnight at the start of that day. Aligning these series against intraday data requires treating each value as the end of its reporting day, otherwise daily fund figures will appear to lead intraday market data by roughly one session.
Metric availability by product
A product publishes a metric only when the sponsor reports a value for it. The differences between products reflect what each product is rather than any Coin Metrics filtering.
Multi-asset funds and baskets generally do not publish coin per share, because a share is backed by a mix of assets and a single per-share coin figure would not describe it. Products that are not quoted on an exchange or an over-the-counter market do not publish market price, which leaves net asset value as the only per-share valuation for them. Where the sponsor reports nothing for a metric on a given day, no observation is stored for that metric and day.
Product identifier changes
Product identifiers follow the sponsor's own symbols. A few funds have been reorganized or renamed, which leaves more than one identifier describing the same underlying fund over different periods. In each case the older identifier stops receiving values and the newer one carries on:
btcandethcarry the Grayscale Bitcoin Trust and Grayscale Ethereum Trust under their original identifiers. Both stop on 2025-06-25. For current figures on those funds, usegbtcandethe.gbtcpqandethepqcarry the public quotation series for the same two trusts, covering the period before each converted to an exchange-traded fund.gbtcpqends 2024-01-10, the date on whichgbtcbegins.ethepqends 2024-07-22, the day beforeethebegins.gscpxestops on 2024-11-25.gscfcovers the same period from 2022-03-16 and continues to report.
To assemble one continuous long history for a fund that changed identifier, request both the retired and the current identifier and join the two series on time.
Institution scope
The underlying data model is a generic institution, metric, and day triple. Nothing in the metric naming, the endpoint parameters, or the response shape is specific to a single institution or to investment products in particular, and additional institutions can publish entirely different metrics under the same endpoint. Because Grayscale is currently the only institution served, institutions=grayscale and institutions=* return the same data today. Requesting the wildcard means client code will pick up any institution added later without changes, subject to the two constraints described under Which institutions are available?.
Accessing the Data
All institution metrics are served on a single endpoint. Pass the institution in institutions and the metric names in metrics. Metrics for many different products can be combined in one request, and values sharing a reporting day are merged into a single row.
Unlike most timeseries endpoints, this one supports only json and csv for format, so json_stream is not available. Daily series are small enough that this rarely matters: a single product's full history across all five metric types is a few thousand rows. The Python client's .parallel() does not depend on json_stream and works here as it does elsewhere.
The examples below pull all five metric types for the Grayscale Bitcoin Trust ETF.
Full parameter reference: see the API Reference for /timeseries/institution-metrics.
Examples
The examples below are live pulls of the most recent reporting days, returned as JSON strings.
Example: all five metric types for one product
Every metric type for the Grayscale Bitcoin Trust ETF (browser):
Example: one metric type across several products
Assets under management for four products in one request, showing how metrics sharing a reporting day are merged into a single row (browser):
Coverage
Institution metrics are not published on coverage.coinmetrics.io. Availability is read from the catalog instead, which reports every institution and metric together with the frequency and the first and last date each one has data. This is the authoritative list of what exists and over what period, and it stays current as products launch and retire.
/catalog-all-v2/institution-metrics: complete availability, independent of the requesting key./catalog-v2/institution-metrics: the same view, restricted to what a key is entitled to./reference-data/institution-metrics: descriptive metadata, being the display name, description, and unit of a metric.
Descriptive metadata in /reference-data/institution-metrics currently covers a subset of the products listed under Investment products. A metric can be queryable and present in the catalog while its description and unit are still being added to reference data. Use the catalog endpoints for the complete list of what is available.
Usage
Measure the premium or discount to net asset value. The gap between
<product>_market_priceand<product>_net_asset_valueis what a share trades at relative to what it is worth. Expressed as a fraction of net asset value it is directly comparable across products and over time, and it is only available for products that publish a market price.Track flows into and out of a product. Changes in
<product>_shares_outstandingshow share creation and redemption. Because share counts move only when the sponsor issues or retires shares, a flat series means no primary market activity rather than missing data.Follow institutional adoption.
<product>_total_assetsis the U.S. dollar size of a product, so summing it across products gives a view of assets under management by asset or by sponsor. Note that this measures value rather than holdings, so it moves with price as well as with flows.Separate price effects from holdings effects. Multiplying
<product>_coin_per_shareby<product>_shares_outstandinggives the product's holdings in native units, which changes only with flows and fees rather than with price.Observe the effect of management fees. Where fees are met from the product's own holdings,
<product>_coin_per_sharedeclines steadily. For the Grayscale Bitcoin Trust ETF it decreased on every one of the 620 reporting days between 2024-02-01 and 2026-07-23, for a total decline of 13.3 percent.Cross-check figures against each other. Net asset value per share multiplied by shares outstanding closely tracks total assets, though the three are reported independently and rounded separately, so expect small differences rather than an exact identity.
Limitations
One institution. Grayscale is the only institution currently served, so these metrics describe one sponsor's product range and are not a cross-sponsor view of the exchange-traded product market.
Daily only, with no intraday or streaming access.
1dis the only supported frequency, there is no downsampling or resampling on the serving side, and there is no websocket variant of this endpoint.timeis a date label rather than an observation instant. Every value is stamped midnight UTC of its reporting day while describing that day's close, so joins against intraday series need care (see Daily observation timing).The series follows U.S. business days. Weekends and U.S. bank holidays produce no observations, so two consecutive rows are not necessarily consecutive calendar days.
Values are as reported by the sponsor. Coin Metrics collects these figures rather than computing them, and does not independently value a product's holdings or recompute its net asset value.
A metric a product does not publish is absent rather than null. Requesting it alongside valid metrics returns rows without that key, and requesting it on its own returns an error rather than an empty series.
Retired identifiers stay queryable and stop updating. Several identifiers describe funds that continue under a different name, so a series that appears to have ended may simply have moved (see Product identifier changes).
Not every product has a market price. Products that are not exchange-quoted or over-the-counter quoted publish only net asset value, so premium and discount analysis is not possible for them.
Descriptive metadata lags availability. Some products are queryable before their descriptions and units appear in reference data.
FAQ
What does the time field represent?
The reporting day, as a date label. Values are stamped at midnight UTC of the day they describe, but each one is a close-of-business figure for that day rather than a measurement taken at midnight. A row stamped 2026-07-23T00:00:00.000000000Z is the close for 23 July 2026.
Which institutions are available?
Grayscale Investments only, as grayscale.
Why does a metric I requested not appear in the response?
The product does not publish it. Metrics that a product never reports are omitted from the response rather than returned as null, so a row can come back with fewer keys than you asked for. If every metric in a request is unpublished, the request returns a bad_parameter error instead of an empty result. Check the Metrics published column under Investment products, or the catalog, to see which metric types a product carries.
How do I find every available product and metric?
Query /catalog-all-v2/institution-metrics. It returns every metric with its frequency and its first and last available date, and it is the authoritative source. Institution metrics do not appear on coverage.coinmetrics.io.
Why does coin_per_share only ever fall?
Where a product's management fee is met by selling a portion of its holdings, the amount of the underlying asset backing each share declines a little every day, and the metric records that erosion. It is expected behavior rather than a data problem. This also means coin per share is not a good proxy for a product's total holdings, for which you should multiply it by shares outstanding.
What is the difference between net asset value and market price?
Net asset value per share is what a share is worth, being the value of the product's holdings divided by its shares outstanding. Market price per share is what a share last traded at on its listing exchange or over-the-counter market. The two can diverge substantially, and the difference between them is the premium or discount at which the product trades.
Why did btc_total_assets and eth_total_assets stop updating?
Those identifiers belong to the original Bitcoin and Ethereum trust series, which stopped on 2025-06-25. The current identifiers for the same funds are gbtc and ethe. See Product identifier changes for the full list of superseded identifiers.
Does total_assets equal net asset value times shares outstanding?
Very nearly, but not exactly. The three figures are reported independently and rounded separately, so the product of the latter two typically differs from total assets by a small fraction of a percent. Use total_assets directly when you need the product's reported size.
Related
Market Data Overview: the full set of market data types and the levels they are served at.
Reference Rate Metrics: the independent asset prices to compare a product's net asset value or market price against.
How to Migrate from Catalog v1 to Catalog v2: mapping for the deprecated
/catalog/institutionsand/catalog/institution-metricsendpoints.
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