Company: GBTC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000950170-25-101400
Chunk: 7

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-08-01
Form: 10-Q
Item: Part II, Item 2
Chunk 7
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ayscale Digital Large Cap Fund LLC (OTCQX: GDLC), Grayscale Ethereum Trust ETF (NYSE Arca: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM). This increased DCG’s prior authorization to purchase up to $1 billion worth of Shares by up to a maximum of $200 million. Subsequently, DCG authorized such purchase. The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time. From March 10, 2021 through June 30, 2023, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization. From October 1, 2022 through July 28, 2025, DCG had not purchased any Shares of the Trust under this authorization.

Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 1,189 Baskets (11,890,000 Shares) during the three months ended June 30, 2025:

     Period
      
     Total Number of Shares of GBTC Redeemed

     Average Price Paid per Share of GBTC(1)

     April 1, 2025 - April 30, 2025

     4,850,000

     $
     65.29

     May 1, 2025 - May 31, 2025

     6,270,000

     80.67

     June 1, 2025 - June 30, 2025

     770,000

     81.31

     Total

     11,890,000

     $
     74.44

(1)The Price Paid per Share is based on the NAV per Share, which 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.