Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 265

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 265
---
 Orders. The amount may be changed by the Sponsor in its sole discretion at any time. 

“Variable Fee Cash Order”—A Cash Order pursuant to which any price differential between (x) the Total Basket NAV on the trade date and (y) the price realized in acquiring or disposing of the corresponding Total Basket Amount, as the case may be, will be borne solely by the applicable Liquidity Provider.

“Vault Balance”—A segregated custody account controlled and secured by the Custodian to store private keys, which allow for the transfer of ownership or control of the Trust’s Bitcoin on the Trust’s behalf. 

116

SIGNATURES 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized. 

    Grayscale Investments Sponsors, LLC as Sponsor of Grayscale Bitcoin Trust ETF

    By:
    /s/ Peter Mintzberg 

    Name:
    Peter Mintzberg

    Title:
    Member of the Board of Directors and Chief Executive Officer(Principal Executive Officer)*

    By:
    /s/ Edward McGee 

    Name:
    Edward McGee

    Title:
    Member of the Board of Directors and Chief Financial Officer(Principal Financial and Accounting Officer)*

    By:
    /s/ Mark Shifke 

    Name:
    Mark Shifke

    Title:
    Chairman of the Board of DirectorsDirector*

    By:
    /s/ Matthew Kummell 

    Name:
    Matthew Kummell

    Title:
    Member of the Board of DirectorsDirector*

Date: February 27, 2025

*	The Registrant is a trust and the persons are signing in their capacities as officers of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant, or directors of GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC, as applicable. 

117

INDEX TO FINANCIAL STATEMENTS 

    Page  

    Grayscale Bitcoin Trust ETF Annual Financial Statements

    Reports of Independent Registered Public Accounting Firms (KPMG LLP, PCAOB ID 185, Marcum LLP, PCAOB ID 688)
    F-2

    Statements of Assets and Liabilities at December 31, 2024 and 2023
    F-6

    Schedules