Company: BTC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000950170-25-101399
Chunk: 14

Company: Grayscale Bitcoin Mini Trust ETF
Filing Date: 2025-08-01
Form: 10-Q
Item: Part II, Item 3
Chunk 14
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 Annual Report for a description of the Trust’s Principal Market NAV, as calculated in accordance with U.S. GAAP.“NAV Fee Basis Amount”—The amount on which the Sponsor’s Fee for the Trust is based, as calculated in the manner set forth under “Item 1. Business—Valuation of Bitcoin and Determination of NAV” in our Annual Report.“NYSE Arca”—NYSE Arca, Inc.“Participant Agreement”—An agreement entered into by an Authorized Participant with the Sponsor and the Transfer Agent that provides the procedures for the creation and redemption of Baskets via a Liquidity Provider.“Prime Broker”—Coinbase, Inc.“Prime Broker Agreement”—The Prime Broker Agreement, dated as of May 2, 2024, by and among the Trust, the Sponsor and the Prime Broker, on behalf of itself, the Custodian and Coinbase Credit, that governs the Trust’s and the Sponsor’s use of the Custodial and Prime Broker Services provided by the Custodian and the Prime Broker.“Principal Market NAV”—The net asset value of the Trust determined on a U.S. GAAP basis.“Record Date”—July 30, 2024, the record date for the Initial Distribution.“Redemption Basket”—Basket of Shares redeemed by the Trust upon distribution or disposition of the Basket Amount required for each such Redemption Basket.“Redemption Time”—With respect to the redemption of any Shares by the Trust, the time at which the Trust redeems such Shares.“Reorganization”—The internal corporate reorganization of GSI consummated on January 1, 2025.“Reverse Share Split”—A 1-for-5 reverse Share split of the Trust’s issued and outstanding Shares, which was effective on November 19, 2024 to shareholders of record as of the close of business on November 19, 2024. “SEC”—The U.S. Securities and Exchange Commission.“Secondary Market”—Any marketplace or other alternative trading system, as determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including but not limited to, NYSE Arca, Inc.“Securities Act”—The Securities Act of 1933, as amended. “Seed Shares”—10,000 Shares at a per-Share price equal to $10, delivered on April 29, 2024 in exchange for $100,000 in proceeds to the Trust. The Seed Shares were redeemed for cash in connection with, and immediately prior to the consummation of the Initial Distribution. 

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“Settlement Balance”—