Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 212

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 212
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 the Bitcoin Network holding Bitcoin is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the Bitcoin controlled by the private key and the private key will not be capable of being restored by the Bitcoin Network. The processes by which Bitcoin transactions are settled are dependent on the Bitcoin peer-to-peer network, and as such, the Trust is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of Bitcoin.The Trust relies on third-party service providers to perform certain functions essential to its operations. Any disruptions to the Trust’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Trust’s ability to access critical services and be disruptive to the operations of the Trust.The Sponsor and the Trust may be subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business.

F-20

9. Quarterly Statements of Operations Fiscal Year Ended December 31, 2024 (Amounts in thousands) 

        Three Months Ended (unaudited)

        Mar-31, 2024

        Jun-30, 2024

        Sept-30, 2024

        Dec-31, 2024

        Year EndedDecember 31,2024

        Expenses

        Sponsor’s Fee, related party
         
        $
        94,878

        $
        72,005

        $
        55,761

        $
        67,832

        $
        290,476

        Net investment loss
         
        $
        (94,878
        )
         
        $
        (72,005
        )
         
        $
        (55,761
        )
         
        $
        (67,832
        )
         
        $
        (290,476
        )

        Net realized and unrealized gain (loss) from:

        Net realized gain on investment in Bitcoin sold to pay expenses

        73,632

        58,371

        43,615

        56,780

        232,398

        Net realized gain on investment in Bitcoin sold for redemption of Shares

        11,695,719

        3,301,614

        1,350,850

        1,482,392

        17,830,575

        Net realized gain