Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 233

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 233
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 Company Act. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. 

Review of Financial Results

Financial Highlights for the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to December 31, 2024

(All amounts in the following table and the subsequent paragraphs, except Share, per Share, Bitcoin and price of Bitcoin amounts, are in thousands) 

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

    2024

    Net realized and unrealized gain on investment in Bitcoin
     
    $
    980,004

    Net increase in net assets resulting from operations
     
    $
    978,367

    Net assets(1)
     
    $
    3,550,034

(1)Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of Bitcoin on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

Net realized and unrealized gain on investment in Bitcoin for the period from July 31, 2024 (the commencement of the Trust’s operations) to December 31, 2024 was $980,004, which includes a realized gain of $204 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $90,723 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $889,077. Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $65,222.44 per Bitcoin as of July 31, 2024 (the commencement of the Trust’s operations), to $93,390.22 per Bitcoin as of December 31, 2024. Net increase in net assets resulting from operations was $978,367 for the period from July 31, 2024 (the commencement of the Trust’s operations) to December 31, 2024, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $1,637. Net assets increased to $3,550,034 at December 31,