Company: GBTC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029408
Chunk: 191

Company: Grayscale Bitcoin Trust ETF
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 191
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 $
    21,486,719

    Cash used in financing activities

    Proceeds from issuance of capital shares(2)
     
    $
    782,238

    Payments for capital shares redeemed(2)

    (22,268,957
    )

    Net cash used in financing activities
     
    $
    (21,486,719
    )

    Cash

    Net increase (decrease) in cash
     
    $
    -

    Cash, beginning of year

    -

    Cash, end of year
     
    $
    -

    Supplemental disclosure of noncash operating activities

    Transfer of Bitcoin to pay for Sponsor’s Fee
     
    $
    290,476

    Supplemental disclosure of noncash financing activities

    Transfer of Bitcoin used for Initial Distribution (Return of Capital)(3)
     
    $
    1,756,821

(1)No comparative financial statements have been provided, as the Trust did not hold any cash or cash equivalents prior to the Uplisting Date.

(2)The proceeds collected by an Authorized Participant from the sale of Shares and the payments for Shares redeemed by an Authorized Participant do not correlate with the amounts in the Statement of Operations and the Statement of Changes in Net Assets for the period due to creations and redemptions occurring at the Index Price as defined in the Trust Agreement.

(3)Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4.

See accompanying notes to the financial statements. 

F-10

GRAYSCALE BITCOIN TRUST ETF 

NOTES TO THE FINANCIAL STATEMENTS 

1. Organization Grayscale Bitcoin Trust ETF (the “Trust”) is a Delaware Statutory Trust that was formed on September 13, 2013 and commenced operations on September 25, 2013. In general, the Trust holds Bitcoin tokens (“Bitcoin”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) in exchange for Bitcoin. Prior to January 11, 2024, the Trust did not operate a redemption program. On January 10, 2024, the Securities and Exchange Commission (the “SEC”) approved an application under Rule 19b-4 of the Securities Exchange Act of 1934, as amended