Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 343

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 343
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115

“Trust Agreement”—The Seventh Amended and Restated Declaration of Trust and Trust Agreement, dated as of March 15, 2024, between the Trustee and the Sponsor establishing and governing the operations of the Trust, as amended by Amendments No. 1, No. 2 and No. 3 thereto and as the same may be further amended from time to time. 

“Trustee”—CSC Delaware Trust Company (formerly known as Delaware Trust Company), a Delaware trust company, is the Delaware trustee of the Trust. 

“UBTI”—Unrelated business taxable income.

“Uplisting Date”—January 11, 2024, the date on which the shares of Grayscale Bitcoin Trust ETF began trading on NYSE Arca as shares of an exchange-traded product.

“U.S.”—United States. 

“U.S. dollar” or “$”—United States dollar or dollars. 

“U.S. GAAP”—United States generally accepted accounting principles. 

“Variable Fee”—An amount in cash based on the Total Basket NAV, which shall be paid by the Authorized Participant in connection with Variable Fee Cash Orders. The amount may be changed by the Sponsor in its sole discretion at any time. 

“Variable Fee Cash Order”—A Cash Order pursuant to which any price differential between (x) the Total Basket NAV on the trade date and (y) the price realized in acquiring or disposing of the corresponding Total Basket Amount, as the case may be, will be borne solely by the applicable Liquidity Provider.

“Vault Balance”—A segregated custody account controlled and secured by the Custodian to store private keys, which allow for the transfer of ownership or control of the Trust’s Bitcoin on the Trust’s behalf. 

116

SIGNATURES 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized. 

    Grayscale Investments Sponsors, LLC as Sponsor of Grayscale Bitcoin Trust ETF

    By:
    /s/ Peter Mintzberg 

    Name:
    Peter Mintzberg

    Title:
    Member of the Board of Directors and Chief Executive Officer(Principal Executive Officer)*

    By:
    /s/ Edward McGee 

    Name:
    Edward McGee

    Title:
    Member of the Board of Directors and Chief Financial Officer(Principal Financial