Company: BTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029405
Chunk: 235

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 235
---
    (All Bitcoin balances are rounded to the nearest whole Bitcoin)

    Bitcoin:

    Opening balance

    -

    Creations

    16,606

    Creation from Initial Distribution(1)

    26,936

    Redemptions

    (5,507
    )

    Sponsor’s Fee, related party

    (22
    )

    Closing balance

    38,013

    Accrued but unpaid Sponsor’s Fee, related party

    -

    Net closing balance

    38,013

    Number of Shares:(2)

    Opening balance

    -

    Creations

    37,456,000

    Creation from Initial Distribution(1)

    60,738,020

    Redemptions

    (12,424,057
    )

    Closing balance

    85,769,963

    As of December 31,

    2024

    Price of Bitcoin on principal market(3)
     
    $
    93,390.22

    Principal Market NAV per Share(2)(4)
     
    $
    41.39

    Index Price(5)
     
    $
    93,413.90

    NAV per Share(2)(5)
     
    $
    41.40

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

(2)Share and per Share amounts have been retroactively adjusted to reflect the 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.

(3)The Trust performed an assessment of the principal market at December 31, 2024, and identified the principal market as Coinbase.

(4)As of December 31, 2024, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase, 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. 

(5)The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust