Company: BTC
Filing Date: 2025-04-01
Form Type: POS AM
Source: 0001193125-25-070549
Chunk: 33

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-04-01
Form: POS AM
Chunk 33
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ulators or those intimately involved with the issuance of such digital assets, such as miners or developers, which could contribute to price volatility that makes retailers less 
 likely to accept digital assets in the future.                                                                                                                                                                                                           |

| • |     | Certain privacy-preserving features have been or are expected to be introduced to a number of digital asset                                                                                                                                             
 networks. If any such features are introduced to the Bitcoin Network, any trading platforms or businesses that facilitate transactions in Bitcoin may be at an increased risk of criminal or civil lawsuits, or of having banking services cut off if   
 there is a concern that these features interfere with the performance of anti-money laundering duties and economic sanctions checks. As of the date of this prospectus, the Sponsor is not aware of any ongoing efforts to introduce privacy-preserving 
 features to the Bitcoin Network.                                                                                                                                                                                                                        |

| • |     | Users, developers and miners may switch to or adopt certain digital asset networks or protocols at the expense of                                          
 their engagement with other digital asset networks and protocols, which may negatively impact those networks and protocols, including the Bitcoin Network. |

The Trust is not actively managed and will not have any formal strategy relating to the development of the Bitcoin Network. Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s or protocol’s ability to grow and respond to challenges. The governance of some digital asset networks and protocols, such as the Bitcoin and Ethereum networks, is generally by voluntary consensus and open competition. For such networks and protocols, there may be a lack of consensus or clarity on that network’s or protocol’s governance, which may stymie such network’s or protocol’s utility, adaptability and ability to grow and face challenges. The foregoing notwithstanding, the underlying software for some digital asset networks and protocols, such as the Bitcoin Network, is informally or formally managed or developed by a group of core developers that propose amendments to the relevant network’s or protocol’s source code. Core developers’ roles may evolve over time, generally based on self-determined participation. If a significant majority of users and miners were to adopt amendments to a decentralized network based on the proposals of such core developers, such network would be subject to new source code that may adversely affect the value of the relevant digital asset. As a result of the foregoing, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems, especially long-term problems, on digital asset networks. 20

Digital asset networks face significant scaling challenges and