1 unchanged sentence
Market Information
−Removed: Shares are distributed by Genesis, acting as the sole Authorized Participant, through sales in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder.
−Removed: The Shares are quoted on OTCQX under the ticker symbol “GBTC.” Over-the-counter
−Removed: market quotations reflect inter-dealer prices, without retail mark-up,
−Removed: mark-down or commission and may not necessarily represent actual transactions.
+Added: Prior to October 3, 2022 Shares were distributed by Genesis, acting as the sole Authorized Participant, through sales in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder.
+Added: Since October 3, 2022, Grayscale Securities has been the only acting Authorized Participant of the Trust and has engaged Genesis as a Liquidity Provider to source Bitcoin on its behalf in connection with the creation of Shares.
+Added: The Shares are quoted on OTCQX under the ticker symbol “GBTC.” Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
Holders of Record
1 unchanged sentence
This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on OTCQX.
+Added: as nominee for DTC for the Shares traded on OTCQX, but not its direct participants.
Therefore, this number does not include the individual holders who have bought Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.
5 unchanged sentences
In exchange for these sales, the Trust received an aggregate of 694,811.86692579 Bitcoins.
−Removed: During the year ended December 31, 2021, the Registrant has distributed 53,463,500 Shares;
−Removed: in exchange for these sales, the Trust received an aggregate of 50,738.88950472 Bitcoins.
+Added: During the year ended December 31, 2022, the Registrant did not distribute any Shares.
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, Genesis, as Authorized Participant facilitating the creation of Shares and as distributor and marketer, may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
−Removed: No underwriting discounts or commissions were paid to Genesis with respect to such sales.
+Added: 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.
+Added: No underwriting discounts or commissions were paid to the 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 Digital Currency Group, Inc.’s (“DCG”), the parent company of the Sponsor, open market purchases of Shares of Grayscale Bitcoin Trust (OTCQX:
−Removed: GBTC) on a monthly basis during the three months ended December 31, 2021:
−Removed: Part of Publicly
−Removed: (d) Approximate
+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 (BTC) (OTCQX:
+Added: GBTC) by Digital Currency Group, Inc.
+Added: (“DCG”), the parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2022:
+Added: Price Paid per
Dollar Value of
−Removed: Shares that May
−Removed: Yet Be Purchased
−Removed: Under the Plans
(in millions)
5 unchanged sentences
On April 30, 2021, the Board approved the purchase by DCG of up to $750 million worth of Shares of the Trust.
−Removed: This increased DCG’s prior authorization to purchase up to $250 million worth of Shares by $500 million.
+Added: 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.
+Added: 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: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX:
+Added: GDLC), Grayscale Ethereum Trust (ETH) (OTCQX:
+Added: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:
+Added: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX:
+Added: This increased DCG’s prior authorization to purchase up to $1 billion worth of Shares by up to a maximum of $200 million.
+Added: 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.
−Removed: From March 10, 2021 through February 22, 2022, DCG has purchased a total of $698 million worth of Shares of the Trust.
+Added: 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.
+Added: From July 1, 2022 through February 23, 2023, DCG had not purchased any Shares of the Trust under this authorization.
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.