Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 145

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 145
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 applicable counterparty. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.

Generally, the Trust does not intend to hold cash, except in connection with Cash Orders for creations or redemptions of Baskets. Cash includes non-interest bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the periods covered by this Annual Report was the Sponsor’s Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

91

Selected Operating Data 

    For the Years Ended December 31,

     (All Bitcoin balances are rounded to the nearest whole Bitcoin)
     
    2024

    2023

    2022

    Bitcoin:

    Opening Balance

    619,526

    632,042

    644,810

    Creations

    11,074

    -

    -

    Redemptions

    (393,595
    )

    -

    -

    Initial Distribution (Return of Capital)(1)

    (26,936
    )

    -

    -

    Sponsor’s Fee, related party

    (4,670
    )

    (12,516
    )

    (12,768
    )

    Closing balance

    205,399

    619,526

    632,042

    Accrued but unpaid Sponsor’s Fee, related party

    -

    -

    -

    Net closing balance

    205,399

    619,526

    632,042

    Number of Shares:

    Opening balance

    692,370,100

    692,370,100

    692,370,100

    Creations

    13,070,000

    -

    -

    Redemptions

    (446,490,000
    )

    -

    -

    Closing balance

    258