Company: BTC
Filing Date: 2025-04-01
Form Type: POS AM
Source: 0001193125-25-070549
Chunk: 162

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-04-01
Form: POS AM
Chunk 162
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 calculate and publish the NAV of the Trust. To calculate the NAV, the Sponsor will:

| 1. | Determine the Index Price as of such business day. |

| 2. | Multiply the Index Price by the Trust’s aggregate amount of Bitcoin owned by the Trust as of 4:00 p.m.,                                                                                                 
 New York time, on the immediately preceding day, less the aggregate amount of Bitcoin payable as the accrued and unpaid Sponsor’s Fee as of 4:00 p.m., New York time, on the immediately preceding day. |

| 3. | Add the U.S. dollar value of Bitcoin, calculated using the Index Price, receivable under pending creation                                                                                   
 orders, if any, determined by multiplying the number of the Creation Baskets represented by such creation orders by the Basket Amount and then multiplying such product by the Index Price. |

| 4. | Subtract the U.S. dollar amount of accrued and unpaid Additional Trust Expenses, if any. |

| 5. | Subtract the U.S. dollar value of the Bitcoin, calculated using the Index Price, which are either (i) to                                                                                               
 be distributed under pending redemption orders, if any, determined by multiplying the number of Baskets to be redeemed represented by such redemption orders by the Basket Amount and then multiplying |

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| such product by the Index Price, or (ii) to be distributed to Shareholders pursuant to a binding obligation of the Trust following the declaration of an                                            
 in-kind dividend (including through interests in any liquidating trust or other vehicle formed to hold such Bitcoin) (the amount derived from steps 1 through 5 above, the “NAV Fee Basis Amount”). |

| 6. | Subtract the U.S. dollar amount of the Sponsor’s Fee that accrues for such business day, as calculated 
 based on the NAV Fee Basis Amount for such business day.                                               |

In the event that the Sponsor determines that the primary methodology used to determine the Index Price is not an appropriate basis for valuation of the Trust’s Bitcoin, the Sponsor will utilize the cascading set of rules as described in “—Overview of the Bitcoin Industry and Market—The Index and the Index Price.” The Sponsor will publish the Index Price, the Trust’s NAV and the NAV per Share on the Trust’s website as soon as practicable after its determination. If the NAV and NAV per Share have been calculated using a price per Bitcoin other than the Index Price for such Evaluation Time, the publication on the Trust’s website will note the valuation methodology used and