Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 304

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 304
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5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.

(3)The Trust performed an assessment of the principal market at December 31, 2024, and identified the principal market as Coinbase.

(4)As of December 31, 2024, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. 

(5)The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. See “Item 1. Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” for a description of the Index and the Index Price. The Digital Asset Trading Platforms included in the Index as of December 31, 2024 were Coinbase, Kraken, LMAX Digital, Bitstamp, Bullish and Crypto.com. See “Item 1. Business—Valuation of Bitcoin and Determination of NAV” for a description of the Trust’s NAV per Share.

The Trust reflects creations and redemptions and the Bitcoin for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the business day following the receipt of a notification of a creation or redemption order by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Bitcoin for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Bitcoin are delivered or removed from the Trust for settlement.  

As of December 31, 2024, the Trust had a net closing balance of 38,012.91129948 Bitcoin with a value of $3,550,934,295, based on the Index Price of $93,413.90 on December 31, 2024 (non-GAAP methodology). As of December 31, 2024, the total market value of the Trust’s Bitcoin was $3,550,034,150, based on the price of one Bitcoin on the principal market (Coinbase