Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 223

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 223
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 to Bitcoin. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

Historically, the Trust has not met its investment objective and, prior to their uplisting to NYSE Arca on January 11, 2024, the Shares quoted on OTCQX did not reflect the value of Bitcoin held by the Trust, less the Trust’s expenses and other liabilities, but instead traded at both premiums and discounts to such value, which at times were substantial, although the Sponsor has observed that the Trust has begun to meet its investment objective more closely following the uplisting of the Shares to NYSE Arca. The Trust is not managed like a business corporation or an active investment vehicle.

    As of December 31,

    2024

    2023

    2022

    Number of Shares authorized
     
    Unlimited

    Unlimited

    Unlimited

    Number of Shares outstanding

    258,950,100

    692,370,100

    692,370,100

    Number of Shares freely tradable(1)

    258,934,007

    680,381,149

    680,381,149

    Number of beneficial holders owning at least 100 Shares(2)

    35

    44

    64

    Number of holders of record(2)

    37

    46

    65

(1)Includes the total number of Shares that are not restricted securities as such term is defined under Rule 144. 

(2)Includes Cede & Co. as nominee for DTC for the Shares traded on NYSE Arca, on or after January 11, 2024, or on OTCQX, prior to January 11, 2024, as applicable, but not its direct participants. Therefore, this number does not include the individual holders who have bought/sold Shares on NYSE Arca, on or after January 11, 2024, or on OTCQX, prior to January 11, 2024, as applicable, or transferred their eligible Shares to their brokerage accounts.

88

The BTC Trust Distribution

On July 31, 2024, the Trust completed its previously announced pro rata distribution of 303,690,100 shares of Grayscale Bitcoin Mini Trust ETF (the “BTC Trust”) to shareholders of the Trust as of July 30, 2024 (the “Record Date