Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 41

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 41
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        37,456,000

        Shares issued from Initial Distribution(2)

        60,738,020

        Shares redeemed

        (12,424,057
        )

        Net Change in Number of Shares Issued and Redeemed

        85,769,963

        (Amounts in thousands)
         
        July 31, 2024 (the Commencement of the Trust’s Operations) to December 31, 2024

        Activity in Value of Shares Issued and Redeemed:

        Shares issued
         
        $
        1,275,420

        Shares issued from Initial Distribution(2)

        1,756,821

        Shares redeemed

        (460,574
        )

        Net Change in Value of Shares Issued and Redeemed
         
        $
        2,571,667

      (1)Share amounts have been retroactively adjusted to reflect the 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.(2)Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million from Grayscale Bitcoin Trust ETF, completed on July 31, 2024, as discussed in Note 4.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.

        As of December 31, 2024

        (Amounts in thousands)
         
        2024

        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.

        As of December 31, 2024

        (Amounts in thousands)
         
        2024

        Bitcoin payable
         
        $
        -

F-14

6. Income Taxes The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax.