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 following table summarizes the Share purchase activity for the three months ended June 30, 2022: 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, 2022 – April 30, 2022 — $ — — $ 449.9 May 1, 2022 – May 31, 2022 1,155,158 18.82 1,155,158 428.2 June 1, 2022 – June 30, 2022 2 35,585,040 14.98 — 428.2 Total 36,740,198 $ 15.13 1,155,158 $ 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 worth 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. Subsequently, DCG authorized such purchase. 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) (OTCQX: 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. From March 10, 2021 through August 1, 2022, DCG has purchased a total of $771.8 million worth of Shares of the Trust. (2) Shares received which were pledged as collateral under a loan agreement for which the counterparty defaulted and were subsequently assumed by Genesis Global Holdco, LLC and subsidiaries, which are wholly owned subsidiaries of DCG. The price ascribed to the Shares represents the value attributed to the collateral at the time of default and does not reflect the value of the Shares when determining the open claim against the counterparty, which has yet to be finalized under bankruptcy proceedings. These amounts do not impact the remaining amount of Shares that can be repurchased under the publicly announced program. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.