Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 45

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 45
---
        $
        26,350,470

        Bitcoin contributed

        11,073.66100720

        790,709

        Bitcoin redeemed

        (393,594.77212630
        )

        (22,292,651
        )

        Bitcoin distributed for Initial Distribution (Return of Capital)(1)

        (26,935.83753443
        )

        (1,756,821
        )

        Bitcoin distributed for Sponsor’s Fee, related party

        (4,670.12129794
        )

        (290,476
        )

        Net change in unrealized appreciation on investment in Bitcoin

        -

        (3,092,838
        )

        Net realized gain on investment in Bitcoin sold to pay expenses

        -

        232,398

        Net realized gain on investment in Bitcoin sold for redemption of Shares

        -

        17,830,575

        Net realized gain on investment in Bitcoin sold for Return of Capital(1)

        -

        1,410,878

        Ending balance at December 31, 2024

        205,398.85921873

        $
        19,182,244

      (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.

4. The Initial Distribution to the Grayscale Bitcoin Mini Trust ETFOn July 19, 2024, the Sponsor of the Trust issued a press release announcing that the Sponsor, at the direction of its board of directors, declared a pro rata distribution on the Shares of the Trust, pursuant to which each holder of Shares as of 4:00 PM ET on July 30, 2024 (the “Record Date,” and such holders, the “GBTC Record Holders”) was entitled to receive shares (the “BTC Shares”) of Grayscale Bitcoin Mini Trust ETF (the “BTC Trust”), a Delaware statutory trust sponsored by the Sponsor, in connection with its previously announced initial creation and distribution of BTC Shares (such transactions collectively, the “Initial Distribution”), as described in a definitive information statement on Schedule 14C filed with the Securities and Exchange Commission on July 30, 2024.In the Initial Distribution, the Trust contributed approximately 10% of the Bitcoin that it held as of