Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 305

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 305
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 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 December 31, 2022 to $42,533.28 per Bitcoin as of December 31, 2023. Net increase in net assets resulting from operations was $15,886,207 for the year ended December 31, 2023, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $360,561. Net assets increased to $26,350,470 at December 31, 2023, a 152% increase for the period. The increase in net assets resulted from the aforementioned Bitcoin price appreciation, partially offset by the withdrawal of approximately 12,516 Bitcoin to pay the foregoing Sponsor’s Fee. 

Net realized and unrealized loss on investment in Bitcoin for the year ended December 31, 2022 was ($18,751,107) which includes a realized gain of $216,064 on the transfer of Bitcoin to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Bitcoin of ($18,967,171). Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $45,867.86 per Bitcoin as of December 31, 2021 to $16,556.29 per Bitcoin as of December