Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 285

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 285
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. Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and to assess performance. The Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s CODM. The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s passive investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information in the form of the Trust’s total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions), which are used by the CODM to assess the segment’s performance, are consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor’s fee, related party, is included in the accompanying Statements of Operations.

3. Fair Value of Bitcoin Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of December 31, 2024, 2023 and 2022 the Trust held 205,398.85921873, 619,525.92917020 and 632,041.52945742 Bitcoin, respectively. The Trust determined the fair value per Bitcoin to be $93,390.22, $42,533.28 and $16,556.29 on December 31, 2024, 2023 and 2022, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). 

F-15

The following represents the changes in quantity of Bitcoin and the respective fair value: 

        (Amounts in thousands, except Bitcoin amounts)
         
        Bitcoin

        Fair Value

        Beginning balance as of January 1, 2022

        644,809.96863835

        $
        29,576,053

        Bitcoin contributed

        -

        -

        Bitcoin distributed for Sponsor’s Fee, related party

        (12,768.43918093
        )

        (360,683
        )

        Net change in unrealized appreciation on investment in Bitcoin

        -

        (18,967,171
        )

        Net realized gain on investment