Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 288

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 288
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 list the Shares of the Trust on NYSE Arca. On June 29, 2022, the SEC denied NYSE Arca’s 19b-4 application and the Sponsor subsequently petitioned the United States Court of Appeals for the District of Columbia for review of the SEC’s June 29, 2022 final order denying approval to list shares of the Trust on NYSE Arca as an exchange-traded product. On August 29, 2023, the D.C. Circuit Court of Appeals granted the Sponsor’s petition and vacated the SEC’s order, finding that the denial of the Sponsor’s proposal was arbitrary and capricious. The SEC determined not to seek panel rehearing or rehearing en banc. On October 23, 2023, the D.C. Circuit Court of Appeals issued a formal mandate. Ultimately, on January 10, 2024, the SEC approved NYSE Arca’s 19b-4 application to list the Shares of the Trust on NYSE Arca as an exchange-traded product and in connection with the approval of the 19b-4 Application, the Sponsor authorized the commencement of a redemption program.

        Years Ended December 31,

        2024

        2023

        Activity in Number of Shares Issued and Redeemed:

        Shares issued

        13,070,000

        -

        Shares redeemed

        (446,490,000
        )

        -

        Net Change in Number of Shares Issued and Redeemed

        (433,420,000
        )

        -

        Years Ended December 31,

        (Amounts in thousands)
         
        2024

        2023

        Activity in Value of Shares Issued and Redeemed:

        Shares issued
         
        $
        790,709

        $
        -

        Shares redeemed

        (22,292,651
        )

        -

        Return of Capital(1)

        (1,756,821
        )

        -

        Net Change in Value of Shares Issued and Redeemed
         
        $
        (23,258,763
        )
         
        $
        -

      (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.

F-17

Bitcoin rece