Unregistered Sales of Equity Securities and Use of Proceeds
−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) (NYSE Arca:
+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:
GBTC) by Digital Currency Group, Inc.
−Removed: (“DCG”), the indirect parent company of the Sponsor, on a monthly basis during the three months ended September 30, 2024:
+Added: (“DCG”), the indirect parent company of the Sponsor, on a monthly basis during the three months ended March 31, 2025:
(a) Total Number of Shares of GBTC Purchased
3 unchanged sentences
(in millions)
−Removed: July 1, 2024 - July 31, 2024
−Removed: August 1, 2024 - August 31, 2024
−Removed: September 1, 2024 - September 30, 2024
+Added: January 1, 2025 - January 31, 2025
+Added: February 1, 2025 - February 28, 2025
+Added: March 1, 2025 - March 31, 2025
(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.
6 unchanged sentences
BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX:
−Removed: GDLC), Grayscale Ethereum Trust (ETH) (NYSE Arca:
+Added: GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:
ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:
3 unchanged sentences
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.
−Removed: From March 10, 2021
−Removed: through September 30, 2022, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.
−Removed: From October 1, 2022 through October 28, 2024, DCG had not purchased any Shares of the Trust under this authorization.
−Removed: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 3,488 Baskets (34,880,000 Shares) during the quarter ended September 30, 2024:
+Added: From March 10, 2021 through March 31, 2023, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.
+Added: From October 1, 2022 through April 28, 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 1,665 Baskets (16,650,000 Shares) during the quarter ended March 31, 2025:
Total Number of Shares of GBTC Redeemed
Average Price Paid per Share of GBTC (1)
−Removed: July 1, 2024 - July 31, 2024
−Removed: August 1, 2024 - August 31, 2024
−Removed: September 1, 2024 - September 30, 2024
−Removed: (1) Excludes 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 (BTC), completed on July 31, 2024, as discussed in Note 4 of the notes to the unaudited financial statements.
+Added: January 1, 2025 - January 31, 2025
+Added: February 1, 2025 - February 28, 2025
+Added: March 1, 2025 - March 31, 2025
+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.
Defaults Upon Senior Securities
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.