Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 307

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 307
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, 2024.

    High

    Low

    NYSE Arca

    Principal Market NAV perShare(1)

    NAV per Share(2)

    NYSE Arca

    Principal Market NAV perShare(1)

    NAV per Share(2)

    2024

    July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2024(3)
     
    $
    29.10

    $
    29.25

    $
    29.25

    $
    23.75

    $
    23.71

    $
    23.71

    Fourth quarter(3)
     
    $
    47.30

    $
    47.30

    $
    47.31

    $
    26.45

    $
    26.45

    $
    26.45

(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 is Coinbase. 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. See “Item 1. Business—Valuation of Bitcoin and Determination of NAV.”

(3)Principal Market NAV per Share and NAV per 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.

88

The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to December 31, 2024 and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to December 31, 2024.

BTC Premium/(Discount): BTC Share Price vs. NAV per Share (Non-GAAP) ($)

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing