10 unchanged sentences
This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on OTCQX, but not its direct participants.
−Removed: Therefore, this number does not include the individual holders who have bought Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.
+Added: as nominee for DTC for the Shares traded on NYSE Arca, but not its direct participants.
+Added: Therefore, this number does not include the individual holders who have bought Shares on NYSE Arca or transferred their eligible Shares to their brokerage accounts.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
Recent Sales of Unregistered Shares
−Removed: As of December 31, 2023, the Registrant has distributed 692,370,100 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
+Added: Prior to the Uplisting Date, the Registrant had distributed 692,370,100 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
The Shares were sold in connection with an ongoing offering pursuant to Rule 506(c) of Regulation D under the Securities Act.
Genesis acted as the Authorized Participant with respect to these distributions.
−Removed: In exchange for these sales, the Trust received an aggregate of 694,811.86692579 Bitcoins.
−Removed: During the year ended December 31, 2023, the Registrant did not distribute any Shares.
+Added: In exchange for these sales, the Trust received an aggregate of 694,811.86692579 Bitcoin.
+Added: During the year ended December 31, 2024, the Registrant did not distribute any Shares under 506(c) of Regulation D under the Securities Act.
Because Shares have been, and continue to be, created and issued on a periodic basis, a “distribution,” as such term is used in the Securities Act, may be occurring from time to time.
−Removed: As a result, the Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
−Removed: No underwriting discounts or commissions were paid to the Authorized Participant with respect to such sales.
+Added: As a result, an Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
+Added: No underwriting discounts or commissions were paid to an Authorized Participant with respect to such sales.
Purchases of Equity Securities
−Removed: 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) (OTCQX:
−Removed: GBTC) by DCG, the parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2023:
−Removed: of Shares that
+Added: 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 ETF (NYSE Arca:
+Added: GBTC) by DCG, the indirect parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2024:
+Added: (a) Total Number of Shares of GBTC Purchased
+Added: (b) Average Price Paid per Share of GBTC
+Added: (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs ⁽¹⁾
+Added: (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ⁽¹⁾
(in millions)
2 unchanged sentences
December 1, 2024 - December 31, 2024
−Removed: 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.
+Added: (1) On March 10, 2021, the Board approved the purchase by DCG, the indirect parent company of the Sponsor, of up to $250 million worth of Shares of the Trust.
Subsequently, DCG authorized such purchase.
3 unchanged sentences
This increased DCG’s prior authorization to purchase up to $750 million worth of Shares by $250 million.
−Removed: 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:
+Added: On March 2, 2022, the Board approved the purchase by DCG 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:
−Removed: GDLC), Grayscale Ethereum Trust (ETH) (OTCQX:
+Added: GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:
ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:
5 unchanged sentences
From July 1, 2022 through February 24, 2025, DCG had not purchased any Shares of the Trust under this authorization.
+Added: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 2,409 Baskets (24,090,000 Shares) during the three months ended December 31, 2024:
+Added: Total Number of Shares of GBTC Redeemed
+Added: Average Price Paid per Share of GBTC (1)
+Added: October 1, 2024 - October 31, 2024
+Added: November 1, 2024 - November 30, 2024
+Added: December 1, 2024 - December 31, 2024
+Added: (1) The Price Paid per Share is based on the NAV per Share, which is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
+Added: The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
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.