22 unchanged sentences
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.
−Removed: The Reorganization is not expected to have any material impact on the operations of the Trust.
+Added: The Reorganization has not had any material impact on the operations of the Trust.
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust (such contracts, the “Sponsor Contracts”) to GSIS, a Delaware limited liability company and a wholly owned direct subsidiary of GSO, whereby GSIS assumed all of the rights and obligations of GSO under the Sponsor Contracts.
2 unchanged sentences
GSIS shall be subject to the rights and obligations of a Sponsor under the Trust Agreement.
−Removed: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS shall be the sole remaining Sponsor of the Trust.
+Added: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS became the sole remaining Sponsor of the Trust.
Critical Accounting Policies and Estimates
32 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2025 and 2024
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2025 and 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 March 31,
−Removed: Net realized and unrealized (loss) gain on investment in Bitcoin
−Removed: Net (decrease) increase in net assets resulting from operations
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
+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 loss on investment in Bitcoin for the three months ended March 31, 2025 was ($2,130,572), which includes a realized gain of $57,881 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,029,931 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of ($3,218,384).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $93,390.22 per Bitcoin as of December 31, 2024 to $82,443.85 per Bitcoin as of March 31, 2025.
−Removed: Net decrease in net assets resulting from operations was ($2,199,511) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $68,939.
−Removed: Net assets decreased to $15,948,122 at March 31, 2025, a 17% decrease for the three-month period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the three months ended June 30, 2025 was $4,789,536, which includes a realized gain of $58,324 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $743,166 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $3,988,046.
+Added: 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.
+Added: Net increase in net assets resulting from operations was $4,720,199 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 $69,337.
+Added: Net assets increased to $19,945,117 at June 30, 2025, a 25% increase for the three-month period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 1,745 Bitcoin with a value of $165,628 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 704 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 9,384 Bitcoin, with a value of $888,832 from the Trust.
+Added: Net realized and unrealized loss on investment in Bitcoin for the three months ended June 30, 2024 was ($2,846,803), which includes a realized gain of $58,371 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $3,301,614 on the sale of Bitcoin to meet redemptions and net change in unrealized appreciation on investment in Bitcoin of ($6,206,788).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $71,026.32 per Bitcoin as of March 31, 2024, to $61,929.29 per Bitcoin as of June 30, 2024.
+Added: Net decrease in net assets resulting from operations was ($2,918,808) for the three months ended June 30, 2024, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $72,005.
+Added: Net assets decreased to $17,076,072 at June 30, 2024, a 28% decrease for the three-month period.
The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 1,098 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 61,946 Bitcoin, with a value of $4,052,201 from the Trust, partially offset by the contribution of approximately 3,666 Bitcoin with a value of $245,263 to the Trust in connection with Share creations during the period.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the three months ended March 31, 2024 was $12,244,904, which includes a realized gain of $73,632 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $11,695,719 on the sale of Bitcoin to meet redemptions and net change in unrealized appreciation on investment in Bitcoin of $475,553.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $42,533.28 per Bitcoin as of December 31, 2023, to $71,026.32 per Bitcoin as of March 31, 2024.
−Removed: Net increase in net assets resulting from operations was $12,150,026 for the three months ended March 31, 2024, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $94,878.
−Removed: Net assets decreased to $23,801,818 at March 31, 2024, a 10% decrease for the three-month period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2025 was $2,658,964, which includes a realized gain of $116,205 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,773,097 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $769,662.
+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 $107,753.95 per Bitcoin as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $2,520,688 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 $138,276.
+Added: Net assets increased to $19,945,117 at June 30, 2025, a 4% increase for the six-month period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 3,710 Bitcoin with a value of $358,198 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 1,441 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 22,569 Bitcoin, with a value of $2,116,013 from the Trust.
+Added: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2024 was $9,398,101, which includes a realized gain of $132,003 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $14,997,333 on the sale of Bitcoin to meet redemptions and net change in unrealized appreciation on investment in Bitcoin of ($5,731,235).
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $42,533.28 per Bitcoin as of December 31, 2023, to $61,929.29 per Bitcoin as of June 30, 2024.
+Added: Net increase in net assets resulting from operations was $9,231,218 for the six months ended June 30, 2024, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $166,883.
+Added: Net assets decreased to $17,076,072 at June 30, 2024, a 35% decrease for the six -month period.
The decrease in net assets resulted from the withdrawal of approximately 2,942 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 345,890 Bitcoin, with a value of $18,830,123 from the Trust, partially offset by the aforementioned Bitcoin price appreciation and the contribution of approximately 5,041 Bitcoin with a value of $324,507 to the Trust in connection with Share creations during the period.
14 unchanged sentences
Selected Operating Data
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
(All Bitcoin balances are rounded to the nearest whole Bitcoin)
7 unchanged sentences
Closing balance
−Removed: As of March 31,
+Added: As of June 30,
Price of Bitcoin on principal market (1)
2 unchanged sentences
NAV per Share (3)
−Removed: (1) The Trust performed an assessment of the principal market at March 31, 2025 and 2024, and identified the principal market as Coinbase.
−Removed: (2) As of March 31, 2025 and 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.
+Added: (1) The Trust performed an assessment of the principal market at June 30, 2025 and identified the principal market as Crypto.com.
+Added: The Trust performed an assessment of the principal market at June 30, 2024 and identified the principal market as Coinbase.
+Added: (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: As of June 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.
Prior to December 26, 2023, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share.
3 unchanged sentences
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: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2025 were Coinbase, Bitstamp, Kraken, LMAX Digital, Crypto.com and Bullish.
−Removed: The Digital Asset Trading Platforms included in the Index as of March 31, 2024 were Coinbase, Bitstamp, Kraken, LMAX Digital and Crypto.com.
+Added: 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.
+Added: 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, Bitfinex and Bullish.
+Added: The Digital Asset Trading Platforms included in the Index as of June 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.
3 unchanged sentences
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 March 31, 2025, the Trust had a net closing balance of 193,442.23018809 Bitcoin with a value of $15,940,040,193 based on the Index Price of $82,402.07 on March 31, 2025 (non-GAAP methodology).
−Removed: As of March 31, 2025, the total market value of the Trust’s Bitcoin was $15,948,122,209 based on the price of a Bitcoin in the principal market (Coinbase) of $82,443.85 on March 31, 2025.
−Removed: As of March 31, 2024, the Trust had a net closing balance of 335,112.65432080 Bitcoin (including the redemptions payable balance as of March 31, 2024) with a value of $23,800,923,871 based on the Index Price of $71,023.65 on March 31, 2024 (non-GAAP methodology).
−Removed: As of March 31, 2024, the total market value of the Trust’s Bitcoin was $23,801,818,622, based on the price of a Bitcoin in the principal market (Coinbase) of $71,026.32 on March 31, 2024.
+Added: As of June 30, 2025, the Trust had a net closing balance of 185,098.71230544 Bitcoin with a value of $19,951,155,311 based on the Index Price of $107,786.57 on June 30, 2025 (non-GAAP methodology).
+Added: As of June 30, 2025, the total market value of the Trust’s Bitcoin was $19,945,117,391 based on the price of one Bitcoin in the principal market (Crypto.com) of $107,753.95 on June 30, 2025.
+Added: As of June 30, 2024, the Trust had a net closing balance of 275,734.98616801 Bitcoin with a value of $17,076,468,980 based on the Index Price of $61,930.73 on June 30, 2024 (non-GAAP methodology).
+Added: As of June 30, 2024, the total market value of the Trust’s Bitcoin was $17,076,071,922, based on the price of one Bitcoin in the principal market (Coinbase) of $61,929.29 on June 30, 2024.
Historical NAV and Bitcoin Prices
6 unchanged sentences
Hence, the Trust’s performance for periods prior to January 11, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to January 11, 2024.
−Removed: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) from September 25, 2013 (date of the first Creation Basket of the Trust) to March 31, 2025.
+Added: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) from September 25, 2013 (date of the first Creation Basket of the Trust) to June 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 April 1, 2020 to March 31, 2025.
−Removed: During such period, the Index Price has ranged from $6,212.24 to $106,734.51, with the straight average being $40,506.76 through March 31, 2025.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 1, 2020 to June 30, 2025.
+Added: During such period, the Index Price has ranged from $9,032.59 to $111,226.68, with the straight average being $44,989.39 through June 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 June 30, 2025, individually or as a group.
End of period
Last business day
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: Twelve months ended March 31, 2024
−Removed: Twelve months ended March 31, 2025
−Removed: April 1, 2020 to March 31, 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 April 1, 2020 to March 31, 2025.
−Removed: During such period, the price of Bitcoin has ranged from $6,214.99 to $106,726.24, with the straight average being $40,507.03 through March 31, 2025.
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: Twelve months ended June 30, 2024
+Added: Twelve months ended June 30, 2025
+Added: July 1, 2020 to June 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 1, 2020 to June 30, 2025.
+Added: During such period, the price of Bitcoin has ranged from $9,031.09 to $111,241.94, with the straight average being $44,989.71 through June 30, 2025.
Digital Asset Market Price
2 unchanged sentences
Last business day
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: Twelve months ended March 31, 2024
−Removed: Twelve months ended March 31, 2025
−Removed: April 1, 2020 to March 31, 2025
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: Twelve months ended June 30, 2024
+Added: Twelve months ended June 30, 2025
+Added: July 1, 2020 to June 30, 2025
The Trust’s performance prior to January 11, 2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program.
6 unchanged sentences
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from January 11, 2024 to March 31, 2025 and the Trust’s NAV per Share from January 11, 2024 to March 31, 2025.
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from January 11, 2024 to June 30, 2025 and the Trust’s NAV per Share from January 11, 2024 to June 30, 2025.
GBTC Premium/(Discount):
5 unchanged sentences
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 January 11, 2024 to March 31, 2025 divided by the Trust’s NAV per Share from January 11, 2024 to March 31, 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 January 11, 2024 to June 30, 2025 divided by the Trust’s NAV per Share from January 11, 2024 to June 30, 2025.
GBTC 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.