Grayscale Bitcoin Mini Trust ETF (formerly Grayscale Bitcoin Mini Trust (BTC)), a Delaware Statutory Trust formed in March 2024, reported a net realized and unrealized gain on its Bitcoin investment of $980.0 million for the period from July 31, 2024 to December 31, 2024. This included a realized gain of $204,000 from Bitcoin transferred to pay the Sponsor’s Fee, a realized gain of $90.7 million from Bitcoin sold to meet redemptions, and a net unrealized appreciation of $889.1 million. The net increase in net assets resulting from operations during this period was $978.4 million, after deducting a Sponsor’s Fee of $1.6 million. Net assets totaled $3,550.0 million as of December 31, 2024.
Significant changes occurred during the reporting period. The Trust changed its name to Grayscale Bitcoin Mini Trust ETF on November 4, 2024. On July 31, 2024, its shares began trading on NYSE Arca under the ticker symbol "BTC," following SEC approval. A 1-for-5 reverse share split was completed on November 19, 2024. Furthermore, a reorganization on January 1, 2025, resulted in Grayscale Investments Sponsors, LLC becoming the sole sponsor of the Trust, effective May 3, 2025. The Trust also completed an initial distribution of shares to Grayscale Bitcoin Trust ETF shareholders on July 31, 2024.
Operational developments included the creation of 16,606 Bitcoin and 37.5 million shares (adjusted for the reverse split) and the redemption of 5,507 Bitcoin and 12.4 million shares (adjusted for the reverse split) during the period. As of December 31, 2024, the Trust held approximately 38,013 Bitcoin, representing 0.19% of the circulating supply. The Trust's shares traded at a premium of 1.1% to its net asset value (NAV) per share on December 31, 2024. The maximum premium during the period was 1.7%, while the maximum discount was 0.2%.
The Trust's primary activities involve issuing and redeeming shares in baskets of 10,000 shares, facilitated by authorized participants and liquidity providers. Currently, transactions are conducted using cash orders, with the potential for in-kind orders pending regulatory approval. The Trust's Bitcoin are held in custody by Coinbase Custody Trust Company, LLC, utilizing cold storage mechanisms. The Sponsor's fee is 0.15% annually of the NAV Fee Basis Amount. The Trust's financial statements are prepared in accordance with U.S. GAAP, using the fair value of Bitcoin determined by reference to its principal market (Coinbase).
The filing also details various risk factors, including Bitcoin price volatility, regulatory uncertainty surrounding digital assets, reliance on third-party service providers, and potential conflicts of interest. The Trust's future outlook is contingent upon several factors, including the continued development and adoption of Bitcoin, regulatory developments, and the overall stability of the digital asset market. The filing includes extensive detail on the legal and tax implications of investing in the Trust.
About Grayscale Bitcoin Mini Trust ETF
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