17 unchanged sentences
While an investment in the Shares is not a direct investment in Bitcoin, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Bitcoin.
−Removed: The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
The Trust is not managed like a business corporation or an active investment vehicle.
−Removed: On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a wholly owned indirect subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”).
+Added: The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
+Added: On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a consolidated subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”).
As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act.
39 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three and Six Months Ended June 30, 2025
+Added: Financial Highlights for the Three and Nine Months Ended September 30, 2025 and the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024
(All amounts in the following table and the subsequent paragraphs, except Share, per Share, Bitcoin and price of Bitcoin amounts, are in thousands)
−Removed: Three Months Ended June 30, 2025
−Removed: Six Months Ended June 30, 2025
−Removed: Net realized and unrealized gain on investment in Bitcoin
−Removed: Net increase in net assets resulting from operations
+Added: Three Months Ended September 30, 2025
+Added: For the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024
+Added: Nine Months Ended September 30, 2025
+Added: For the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024
+Added: Net realized and unrealized gain (loss) on investment in Bitcoin
+Added: Net increase (decrease) in net assets resulting from operations
Net assets (1)
1 unchanged sentence
GAAP based on the Digital Asset Market price of Bitcoin on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the three months ended June 30, 2025 was $1,063,381, which includes a realized gain of $382 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $10,187 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $1,052,812.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $82,443.85 per Bitcoin as of March 31, 2025, to $107,753.95 per Bitcoin as of June 30, 2025.
−Removed: Net increase in net assets resulting from operations was $1,061,804 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $1,577.
−Removed: Net assets increased to $4,743,906 at June 30, 2025, a 42% increase for the three-month period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the three months ended September 30, 2025 was $287,504, which includes a realized gain of $632 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $23,361 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $263,511.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $107,753.95 per Bitcoin as of June 30, 2025, to $114,401.99 per Bitcoin as of September 30, 2025.
+Added: Net increase in net assets resulting from operations was $285,508 for the three months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $1,996.
+Added: Net assets increased to $5,461,121 at September 30, 2025, a 15% increase for the three-month period.
The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 4,393 Bitcoin with a value of $506,928 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 665 Bitcoin with a value of $75,221 from the Trust, and the withdrawal of approximately 17 Bitcoin to pay the foregoing Sponsor’s Fee.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2025 was $572,667, which includes a realized gain of $684 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $43,921 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $528,062.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $107,753.95 per Bitcoin as of June 30, 2025.
−Removed: Net increase in net assets resulting from operations was $569,692 for the six months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $2,975.
−Removed: Net assets increased to $4,743,906 at June 30, 2025, a 34% increase for the six-month period.
+Added: Net realized and unrealized loss on investment in Bitcoin for the period from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2024 was ($34,633), which includes a realized loss of ($35) on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized loss of ($3,289) on the sale of Bitcoin to meet redemptions, and net change in unrealized depreciation on investment in Bitcoin of ($31,309).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $65,222.44 per Bitcoin as of from July 31, 2024 (the commencement of the Trust’s operations), to $63,464.76 per Bitcoin as of September 30, 2024.
+Added: Net decrease in net assets resulting from operations was ($35,124) for the period from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2024, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $491.
+Added: Net assets increased to $2,142,086 at September 30, 2024.
+Added: The increase in net assets resulted from the contribution of approximately 7,236 Bitcoin with a value of $443,672 to the Trust in connection with Share creations during the period and the contribution of approximately 26,936 Bitcoin with a value of $1,756,821 to the Trust in connection with the Initial Distribution from Grayscale Bitcoin Trust ETF, partially offset by the aforementioned Bitcoin price depreciation, the redemption of approximately 412 Bitcoin with a value of $23,283 from the Trust, and the withdrawal of approximately 8 Bitcoin to pay the foregoing Sponsor’s Fee.
+Added: Net realized and unrealized gain on investment in Bitcoin for the nine months ended September 30, 2025 was $860,171, which includes a realized gain of $1,316 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $67,282 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $791,573.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $114,401.99 per Bitcoin as of September 30, 2025.
+Added: Net increase in net assets resulting from operations was $855,200 for the nine months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $4,971.
+Added: Net assets increased to $5,461,121 at September 30, 2025, a 54% increase for the nine-month period.
The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 13,289 Bitcoin with a value of $1,384,510 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 3,518 Bitcoin with a value of $328,623 from the Trust, and the withdrawal of approximately 48 Bitcoin to pay the foregoing Sponsor’s Fee.
14 unchanged sentences
Selected Operating Data
−Removed: Three Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
+Added: For the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024
+Added: Nine Months Ended September 30, 2025
+Added: For the Period from July 31, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024
(All Bitcoin balances are rounded to the nearest whole Bitcoin)
Opening balance
+Added: Creation from Initial Distribution (1)
Sponsor’s Fee, related party
4 unchanged sentences
Opening balance
+Added: Creation from Initial Distribution (1)
Closing balance
−Removed: As of June 30, 2025
+Added: As of September 30,
Price of Bitcoin on principal market (3)
2 unchanged sentences
NAV per Share (2)(5)
−Removed: (1) The Trust performed an assessment of the principal market at June 30, 2025, and identified the principal market as Crypto.com.
−Removed: (2) As of June 30, 2025, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
+Added: (1) Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin with a value of approximately $1,756.8 million from Grayscale Bitcoin Trust ETF, completed on July 31, 2024, as discussed in Note 4 of the notes to the financial statements.
+Added: (2) Share and per Share amounts have been retroactively adjusted to reflect the 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.
+Added: (3) The Trust performed an assessment of the principal market at September 30, 2025, and identified the principal market as Crypto.com.
+Added: The Trust performed an assessment of the principal market at September 30, 2024 and identified the principal market as Coinbase.
+Added: (4) As of September 30, 2025, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
+Added: As of September 30, 2024, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
(5) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
1 unchanged sentence
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
−Removed: On June 22, 2025, the Index Provider added Bitfinex to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and did not remove any Constituent Trading Platforms as part of its scheduled quarterly review.
−Removed: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2025 were Coinbase, Bitstamp, Kraken, LMAX Digital, Crypto.com, Bullish, and Bitfinex.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of September 30, 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, Bullish, and Bitfinex.
+Added: The Digital Asset Trading Platforms included in the Index as of September 30, 2024 were Coinbase, Bitstamp, Kraken, LMAX Digital and Crypto.com.
Business—Valuation of Bitcoin and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.
1 unchanged sentence
Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Bitcoin for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Bitcoin are delivered or removed from the Trust for settlement.
−Removed: As of June 30, 2025, the Trust had a net closing balance of 44,025.35564432 Bitcoin with a value of $4,745,342,078, based on the Index Price of $107,786.57 on June 30, 2025 (non-GAAP methodology).
−Removed: As of June 30, 2025, the total market value of the Trust’s Bitcoin was $4,743,905,971, based on the price of a Bitcoin in the principal market (Crypto.com) of $107,753.95 on June 30, 2025.
+Added: As of September 30, 2025, the Trust had a net closing balance of 47,736.24179635 Bitcoin with a value of $5,461,005,535, based on the Index Price of $114,399.57 on September 30, 2025 (non-GAAP methodology).
+Added: As of September 30, 2025, the total market value of the Trust’s Bitcoin was $5,461,121,057, based on the price of one Bitcoin in the principal market (Crypto.com) of $114,401.99 on September 30, 2025.
+Added: As of September 30, 2024, the Trust had a net closing balance of 33,752.36277471 Bitcoin with a value of $2,140,929,585, based on the Index Price of $63,430.51 on September 30, 2024 (non-GAAP methodology).
+Added: As of September 30, 2024, the total market value of the Trust’s Bitcoin was $2,142,085,603, based on the price of one Bitcoin in the principal market (Coinbase) of $63,464.76 on September 30, 2024.
Historical NAV and Bitcoin Prices
2 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The follow ing chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: The follow ing chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025.
For more information on the determination of the Trust’s NAV, see “Item 1.
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report.
−Removed: The following table illustrates the movements in the Index Price from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
−Removed: During such period, the Index Price has ranged from $53,461.36 to $111,226.68, with the straight average being $85,923.79 through June 30, 2025.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of June 30, 2025, individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025.
+Added: During such period, the Index Price has ranged from $53,461.36 to $122,807.61, with the straight average being $92,046.45 through September 30, 2025.
+Added: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of September 30, 2025, individually or as a group.
End of period
Last business day
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
−Removed: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
−Removed: During such period, the price of Bitcoin has ranged from $53,469.64 to $111,241.94, with the straight average being $85,925.34 through June 30, 2025.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2024
+Added: Twelve months ended September 30, 2025
+Added: July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025
+Added: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025.
+Added: During such period, the price of Bitcoin has ranged from $53,469.64 to $122,824.79, with the straight average being $92,049.35 through September 30, 2025.
Digital Asset Market Price
2 unchanged sentences
Last business day
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025 and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2024
+Added: Twelve months ended September 30, 2025
+Added: July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025 and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025.
BTC Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to September 30, 2025.
BTC Premium/(Discount):
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.