Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 48

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 48
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        2023

        Activity in Number of Shares Issued and Redeemed:

        Shares issued

        13,070,000

        -

        Shares redeemed

        (446,490,000
        )

        -

        Net Change in Number of Shares Issued and Redeemed

        (433,420,000
        )

        -

        Years Ended December 31,

        (Amounts in thousands)
         
        2024

        2023

        Activity in Value of Shares Issued and Redeemed:

        Shares issued
         
        $
        790,709

        $
        -

        Shares redeemed

        (22,292,651
        )

        -

        Return of Capital(1)

        (1,756,821
        )

        -

        Net Change in Value of Shares Issued and Redeemed
         
        $
        (23,258,763
        )
         
        $
        -

      (1)Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4.

F-17

Bitcoin receivable represents the value of Bitcoin covered by contractually binding orders for the creation of Shares where the Bitcoin has not yet been transferred to the Trust’s account. Generally, ownership of the Bitcoin is transferred within no more than two business days of the trade date.

        Years Ended December 31,

        (Amounts in thousands)
         
        2024

        2023

        Bitcoin receivable
         
        $
        -

        $
        -

      Bitcoin payable represents the value of Bitcoin covered by contractually binding orders for the redemption of Shares where the Bitcoin has not yet been transferred out of the Trust’s account. Generally, ownership of the Bitcoin is transferred within no more than two business days of the trade date.

        Years Ended December 31,

        (Amounts in thousands)
         
        2024

        2023

        Bitcoin payable
         
        $
        -

        $
        -

6. Income Taxes As of January 1, 2016, an amendment to the Trust Agreement was made to ensure that the Trust Agreement was consistent with the treatment of the Trust as a grantor trust. On February 9, 2017, the Court of Chancery of the State of Delaware ordered