Company: BTC
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0000950170-25-029413
Chunk: 182

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 424B3
Chunk 182
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 but not its direct participants. Therefore, this number does not include the individual holders who have bought Shares on NYSE Arca or transferred their eligible Shares to their brokerage accounts. Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.

Recent Sales of Unregistered Shares

Not applicable.

Purchases of Equity Securities

Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed approximately 1,150 Baskets (11,496,057 Shares) during the three months ended December 31, 2024:

| Period                                  |     | Total Number of Shares of BTC Redeemed |            |     | Average Price Paid per Share of BTC(1)(2) |       |
|:----------------------------------------|:----|:---------------------------------------|-----------:|:----|:------------------------------------------|------:|
| October 1, 2024 - October 31, 2024      |     |                                        |    800,000 |     | $                                         | 26.45 |
| November 1, 2024 - November 30, 2024(3) |     |                                        |  5,366,057 |     |                                           | 34.55 |
| December 1, 2024 - December 31, 2024    |     |                                        |  5,330,000 |     |                                           | 42.50 |
| Total                                   |     |                                        | 11,496,057 |     | $                                         | 37.67 |

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.

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.

Includes 6,057 Shares redeemed as a fraction of a Basket in connection with the Reverse Share Split.

Item 6. [Reserved]

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Item 7.Management’s Discussion and Analysis ofFinancial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should