Company: BTC
Filing Date: 2025-04-01
Form Type: POS AM
Source: 0001193125-25-070549
Chunk: 23

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-04-01
Form: POS AM
Chunk 23
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ca will                                                                                                                                                                                                       
 seek or obtain such regulatory approval, if at all. See “Risk Factors—Risk Factors Related to the Trust and the Shares—The lack of ability to facilitate in-kind creations and redemptions of                                                                                                                                                                                                                           
 Shares could have adverse consequences for the Trust.” See “Description of Creation and Redemption of Shares.”                                                                                                                                                                                                                                                                                                          |

| The Sponsor has engaged certain unaffiliated Liquidity Providers, and intends to engage additional Liquidity Providers who are unaffiliated with the Trust in the future. |

| Net Asset Value | The net asset value of the Trust determined on a GAAP basis is referred to in this prospectus as “Principal Market NAV.” The Sponsor also calculates Principal Market NAV per Share in accordance with GAAP. See “Management’s           
 Discussion and Analysis of Financial Condition and Results of Operations—Selected Operating Data” for additional information reconciling the Trust’s NAV and NAV per Share presented against the GAAP metrics presented in our financial 
 statements included hereto.                                                                                                                                                                                                              |

| The Trust’s NAV | The Trust’s NAV is the aggregate value, expressed in U.S. dollars, of the Trust’s assets (other than U.S. dollars or other fiat currency), less the U.S. dollar value of the Trust’s expenses and other liabilities calculated in the 
 manner set forth under “Business—Overview of the Bitcoin Industry and Market.”                                                                                                                                                        |

| The Sponsor also calculates the NAV per Share, which equals the NAV of the Trust divided by the number of Shares then                                                                                            
 outstanding. The Sponsor will publish the NAV and NAV per Share each business day as of 4:00 p.m., New York time, or as soon thereafter as practicable at the Trust’s website at www.etfs.grayscale.com/btc. The |

11

| contents of the website referred to above and any websites referred to herein are not incorporated into this filing. Further, our references to the URL for this website is intended to be an 
 inactive textual reference only. See “Business—Valuation of Bitcoin and Determination of NAV” for a more detailed description of how the Trust’s NAV and NAV per Share are calculated.        |

| Incidental Rights and IR Virtual Currency | Other than receiving and distributing cash from the Cash Account in connection with the creation and redemption of Baskets as described under “Description of Creation and Redemption of Shares,” the Trust will not hold cash, and will                
 not engage a cash custodian. The Trust may from time to time be entitled to come into possession of rights incident to its ownership