Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 173

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 173
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 substantially all of their value. 

The value of the Shares relates directly to the value of Bitcoin, the value of which may be highly volatile and subject to fluctuations due to a number of factors. 

The value of the Shares relates directly to the value of the Bitcoin held by the Trust and fluctuations in the price of Bitcoin could adversely affect the value of the Shares. The market price of Bitcoin may be highly volatile, and subject to a number of factors, including: 

•An increase in the global Bitcoin supply; 

•Manipulative trading activity on Digital Asset Trading Platforms, which, in many cases, are largely unregulated; 

•The adoption of Bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Bitcoin Network; 

•Forks in the Bitcoin Network; 

•Investors’ expectations with respect to interest rates, the rates of inflation of fiat currencies or Bitcoin, and Digital Asset Trading Platform rates; 

•Consumer preferences and perceptions of Bitcoin specifically and digital assets generally; 

•Fiat currency withdrawal and deposit policies on Digital Asset Trading Platforms; 

•The liquidity of Digital Asset Markets and any increase or decrease in trading volume on Digital Asset Markets; 

•Investment and trading activities of large investors that invest directly or indirectly in Bitcoin;

•A “short squeeze” resulting from speculation on the price of Bitcoin, if aggregate short exposure exceeds the number of Shares available for purchase; 

•An active derivatives market for Bitcoin or for digital assets generally; 

•A determination that Bitcoin is a security or changes in Bitcoin’s status under the federal securities laws;

•Monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of Bitcoin as a form of payment or the purchase of Bitcoin on the Digital Asset Markets; 

•Global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak; 

•Fees associated with processing a Bitcoin transaction and the speed at which Bitcoin transactions are settled; 

•Interruptions in service from or closures or failures of major Digital Asset Trading Platforms; 

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•Decreased confidence in Digital Asset Trading Platforms due to the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms; 

•Increased competition from other forms of digital assets or payment services; and 

•The Trust’s own acquisitions or dispositions of Bitcoin, since there is no limit on the amount