Grayscale Bitcoin Trust ETF 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Purchases of equity securities by the issuer and affiliated purchasers —The table below sets forth information regarding open market purchases of Shares of Grayscale Bitcoin Trust (BTC) (NYSE Arca: GBTC) by Digital Currency Group, Inc. (“DCG”), the parent company of the Sponsor, on a monthly basis during the three months ended June 30, 2024: Period (a) Total Number of Shares of GBTC Purchased (b) Average Price Paid per Share of GBTC (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs ⁽¹⁾ (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ⁽¹⁾ (in millions) April 1, 2024 - April 30, 2024 - $ - - $ 428.2 May 1, 2024 - May 31, 2024 - - - 428.2 June 1, 2024 - June 30, 2024 - - - 428.2 Total - $ - - $ 428.2 (1) On March 10, 2021, the Board approved the purchase by DCG, the parent company of the Sponsor, of up to $250 million worth of Shares of the Trust. Subsequently, DCG authorized such purchase. On April 30, 2021, the Board approved the purchase by DCG of up to $750 million worth of Shares of the Trust. This increased DCG’s prior authorization to purchase up to $250 million work of Shares by $500 million. On October 20, 2021, the Board approved the purchase by DCG of up to $1 billion worth of Shares of the Trust. This increased DCG’s prior authorization to purchase up to $750 million worth of Shares by $250 million. On March 2, 2022, the Board approved the purchase by DCG, the parent company of the Sponsor, of up to an aggregate total of $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX: GDLC), Grayscale Ethereum Trust (ETH) (NYSE Arca: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM). This increased DCG’s prior authorization to purchase up to $1 billion worth of Shares by up to a maximum of $200 million. Subsequently, DCG authorized such purchase. The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended modified, or discontinued at any time. 30 From March 10, 2021 through June 30, 2022, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization. From July 1, 2022 through July 29, 2024, DCG had not purchased any Shares of the Trust under this authorization. Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 6,958 Baskets (69,580,000 Shares) during the quarter ended June 30, 2024: Period Total Number of Shares of GBTC Redeemed Average Price Paid per Share of GBTC April 1, 2024 - April 30, 2024 43,490,000 $ 59.69 May 1, 2024 - May 31, 2024 12,980,000 54.51 June 1, 2024 - June 30, 2024 13,110,000 58.23 Total 69,580,000 $ 58.45 31 Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.