Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 304

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 304
---
 the Years Ended December 31,

    2024

    2023

    2022

    Net realized and unrealized gain (loss) on investment in Bitcoin(1)
     
    $
    16,381,013

    $
    16,246,768

    $
    (18,751,107
    )

    Net increase (decrease) in net assets resulting from operations
     
    $
    16,090,537

    $
    15,886,207

    $
    (19,111,790
    )

    Net assets(2)
     
    $
    19,182,244

    $
    26,350,470

    $
    10,464,263

(1)Includes the impact of the Initial Distribution of 26,935.83753443 Bitcoin with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4 of the notes to the unaudited financial statements.

(2)Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of Bitcoin on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

90

Net realized and unrealized gain on investment in Bitcoin for the year ended December 31, 2024 was $16,381,013 which includes a realized gain of $232,398 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $17,830,575 on the sale of Bitcoin to meet redemptions, a realized gain of $1,410,878 on the sale of Bitcoin related to the Initial Distribution to the Grayscale Bitcoin Mini Trust ETF, and net change in unrealized appreciation on investment in Bitcoin of ($3,092,838). Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $42,533.28 per Bitcoin as of December 31, 2023 to $93,390.22 per Bitcoin as of December 31, 2024. Net increase in net assets resulting from operations was $16,090,537 for the year ended December 31, 2024, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s