Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 143

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 143
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 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 Fee of $290,476. Net assets decreased to $19,182,244 at December 31, 2024, a 27% decrease for the period. The decrease in net assets resulted from the withdrawal of approximately 4,670 Bitcoin to pay the foregoing Sponsor’s Fee, the redemption of approximately 393,595 Bitcoin, with a value of $22,292,651 from the Trust and the Initial Distribution of approximately 26,936 Bitcoin, with a value of $1,756,821 from the Trust to Grayscale Bitcoin Mini Trust ETF, partially offset by the aforementioned Bitcoin price appreciation and the contribution of approximately 11,074 Bitcoin, with a value of $790,709 to the Trust in connection with Share creations during the year.

Net realized and unrealized gain on investment in Bitcoin for the year ended December 31, 2023 was $16,246,768 which includes a realized gain of $218,806 on the transfer of Bitcoin to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Bitcoin of $16,027,962. Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $16,556.29 per Bitcoin as of