Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 154

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 154
---
 63.93

    $
    63.86

    $
    50.64

    $
    50.63

    $
    50.72

    Third quarter
     
    $
    60.56

    $
    60.58

    $
    60.56

    $
    42.60

    $
    42.62

    $
    42.64

    Fourth quarter
     
    $
    84.71

    $
    84.70

    $
    84.71

    $
    47.49

    $
    47.49

    $
    47.49

(1)The Principal Market NAV is calculated using the fair value of Bitcoin based on the price provided by the Digital Asset Market that the Trust considers its principal market, which since December 31, 2016 is Coinbase. Prior to December 26, 2023, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Principal Market and Fair Value Determination.” 

(2)The Trust’s NAV per Share 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 Index Price is calculated using non-GAAP methodology and is not used in the Trust’s financial statements, unless otherwise disclosed. Prior to December 26, 2023, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See “Item 1. Business—Valuation of Bitcoin and Determination of NAV.” 

(3)As of January 11, 2024, Shares of the Trust began trading on NYSE Arca under the symbol “GBTC”. Therefore, this represents the period from January 11, 2024 through March 31, 2024.

The Trust’s performance prior to January 11, 2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program. Prior to January 11, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to