46 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2023 and March 31, 2022
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2023 and June 30, 2022
(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,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Net realized and unrealized gain (loss) on investment in Bitcoin
Net increase (decrease) in net assets resulting from operations
−Removed: Net realized and unrealized gain on investment in Bitcoin for the three months ended March 31, 2023 was $7,511,132 which includes a realized gain of $35,868 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Bitcoin of $7,475,264.
−Removed: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $16,556.29 per Bitcoin as of December 31, 2022 to $28,467.79 per Bitcoin as of March 31, 2023.
−Removed: Net increase in net assets resulting from operations was $7,440,047 for the three months ended March 31, 2023, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $71,085.
−Removed: Net assets increased to $17,904,310 at March 31, 2023, a 71% increase for the period.
−Removed: The increase in net assets resulted from the aforementioned Bitcoin price appreciation and by the withdrawal of approximately 3,110 Bitcoin to pay the foregoing Sponsor’s Fee.
−Removed: Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2022 was $(189,198) which includes a realized gain of $95,096 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in Bitcoin of $(284,294).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $45,867.86 per Bitcoin as of December 31, 2021 to $45,595.55 per Bitcoin as of March 31, 2022.
−Removed: Net decrease in net assets resulting from operations was $(320,223) for the three months ended March 31, 2022, which consisted of the net realized and unrealized loss on investment in Bitcoin, less the Sponsor’s Fee of $131,025.
−Removed: Net assets decreased to $29,255,830 at March 31, 2022, a 1% decrease for the period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the three months ended June 30, 2023 was $1,183,911 which includes a realized gain of $52,169 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Bitcoin of $1,131,742.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $28,467.79 per Bitcoin as of March 31, 2023 to $30,361.94 per Bitcoin as of June 30, 2023.
+Added: Net increase in net assets resulting from operations was $1,096,310 for the three months ended June 30, 2023, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $87,601.
+Added: Net assets increased to $19,000,620 at June 30, 2023, a 6% increase for the period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation, partially offset by the withdrawal of approximately 3,128 Bitcoin to pay the foregoing Sponsor’s Fee.
+Added: Net realized and unrealized loss on investment in Bitcoin for the three months ended June 30, 2022 was $(17,088,713) which includes a realized gain of $67,520 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in Bitcoin of $(17,156,233).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $45,595.55 per Bitcoin as of March 31, 2022 to $18,895.01 per Bitcoin as of June 30, 2022.
+Added: Net decrease in net assets resulting from operations was $(17,192,381) for the three months ended June 30, 2022, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $103,668.
+Added: Net assets decreased to $12,063,449 at June 30, 2022, a 59% decrease for the period.
The decrease in net assets resulted from the aforementioned Bitcoin price depreciation and by the withdrawal of approximately 3,192 Bitcoin to pay the foregoing Sponsor’s Fee.
+Added: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2023 was $8,695,043 which includes a realized gain of $88,037 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Bitcoin of $8,607,006.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $16,556.29 per Bitcoin as of December 31, 2022 to $30,361.94 per Bitcoin as of June 30, 2023.
+Added: Net increase in net assets resulting from operations was $8,536,357 for the six months ended June 30, 2023, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $158,686.
+Added: Net assets increased to $19,000,620 at June 30, 2023, a 82% increase for the period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation, partially offset by the withdrawal of approximately 6,238 Bitcoin to pay the foregoing Sponsor’s Fee.
+Added: Net realized and unrealized loss on investment in Bitcoin for the six months ended June 30, 2022 was $(17,277,911) which includes a realized gain of $162,616 on the transfer of Bitcoins to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in Bitcoin of $(17,440,527).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $45,867.86 per Bitcoin as of December 31, 2021 to $18,895.01 per Bitcoin as of June 30, 2022.
+Added: Net decrease in net assets resulting from operations was $(17,512,604) for the six months ended June 30, 2022, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $234,693.
+Added: Net assets decreased to $12,063,449 at June 30, 2022, a 59% decrease for the period.
+Added: The decrease in net assets resulted from the aforementioned Bitcoin price depreciation and by the withdrawal of approximately 6,364 Bitcoin to pay the foregoing Sponsor’s Fee.
Cash Resources and Liquidity
7 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
Digital Asset Holdings per Share (3)
−Removed: The Trust performed an assessment of the principal market at March 31, 2023 and 2022, and identified the principal market as Coinbase Pro.
−Removed: As of March 31, 2023 and 2022, the NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase Pro, the Digital Asset Exchange that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
+Added: The Trust performed an assessment of the principal market at June 30, 2023 and 2022, and identified the principal market as Coinbase.
+Added: As of June 30, 2023 and 2022, the NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase, the Digital Asset Exchange that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
The Trust’s Digital Asset Holdings per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
1 unchanged sentence
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in the Trust’s Annual Report on Form 10-K for a description of the Index and the Index Price.
−Removed: The Digital Asset Exchanges used to calculate the Index Price as of March 31, 2023 were Coinbase Pro, Binance.US, Kraken, and LMAX Digital.
−Removed: The Digital Asset Exchanges used to calculate the Index Price as of March 31, 2022 were Coinbase Pro, Bitstamp, Kraken, and LMAX Digital.
+Added: The Digital Asset Exchanges included in the Index as of June 30, 2023, were Coinbase, Kraken, and LMAX Digital.
+Added: Effective June 17, 2023, the Index Provider removed Binance.US from the Index, due to Binance.US’s announcement that the exchange was suspending U.S.
+Added: dollar deposits and withdrawals and planned to delist its U.S.
+Added: dollar trading pairs, and did not add any Constituent Exchanges as part of its review.
+Added: Effective July 29, 2023, the Index Provider added Bitstamp to the Index due to the exchange meeting the Index Provider’s minimum liquidity requirement, and did not remove any Constituent Exchanges as part of its scheduled quarterly review.
+Added: The Digital Asset Exchanges included in the Index as of June 30, 2022, were Coinbase Pro, Bitstamp, Kraken, and LMAX Digital.
Business—Valuation of Bitcoin and Determination of Digital Asset Holdings” in the Trust’s Annual Report on Form 10-K for a description of the Trust’s Digital Asset Holdings per Share.
3 unchanged sentences
The Trust has not sought such relief as of the date of this Quarterly Report.
−Removed: As of March 31, 2023, the Trust had a net closing balance of 628,932.20027878 Bitcoins with a value of $17,902,240,615 based on the Index Price of $28,464.50 on March 31, 2023 (non-GAAP methodology).
−Removed: As of March 31, 2023, the total market value of the Trust’s Bitcoin was $17,904,309,802, based on the price of a Bitcoin in the principal market (Coinbase Pro) of $28,467.79 on March 31, 2023.
−Removed: As of March 31, 2022, the Trust had a net closing balance of 641,637.82510544 Bitcoins with a value of $29,275,033,757 based on the Index Price of $45,625.48 on March 31, 2022 (non-GAAP methodology).
−Removed: As of March 31, 2022, the total market value of the Trust’s Bitcoin was $29,255,829,536, based on the price of a Bitcoin in the principal market (Coinbase Pro) of $45,595.55 on March 31, 2022.
+Added: As of June 30, 2023, the Trust had a net closing balance of 625,803.87494694 Bitcoins with a value of $19,023,499,093 based on the Index Price of $30,398.50 on June 30, 2023 (non-GAAP methodology).
+Added: As of June 30, 2023, the total market value of the Trust’s Bitcoin was $19,000,619,703, based on the price of a Bitcoin in the principal market (Coinbase) of $30,361.94 on June 30, 2023.
+Added: As of June 30, 2022, the Trust had a net closing balance of 638,446.30166100 Bitcoins with a value of $12,056,356,116 based on the Index Price of $18,883.90 on June 30, 2022 (non-GAAP methodology).
+Added: As of June 30, 2022, the total market value of the Trust’s Bitcoin was $12,063,449,254 based on the price of a Bitcoin in the principal market (Coinbase) of $18,895.01 on June 30, 2022.
Historical Digital Asset Holdings and Bitcoin Prices
2 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The following chart illustrates the movement in the Trust’s Digital Asset Holdings per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s 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, 2023.
+Added: The following chart illustrates the movement in the Trust’s Digital Asset Holdings per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s 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, 2023.
For more information on the determination of the Trust’s Digital Asset Holdings, see “Item 1.
Business – Overview of the Bitcoin Industry and Market – Bitcoin Value – The Index and the Index Price” in the Trust’s Annual Report on Form 10-K.
−Removed: The following table illustrates the movements in the Index Price from April 1, 2018 to March 31, 2023.
−Removed: During such period, the Index Price has ranged from $3,164.99 to $67,352.59, with the straight average being $20,925.15 through March 31, 2023.
+Added: The following table illustrates the movements in the Index Price from July 1, 2018 to June 30, 2023.
+Added: During such period, the Index Price has ranged from $3,164.99 to $67,352.59, with the straight average being $21,934.62 through June 30, 2023.
The Sponsor has not observed a material difference between the Index Price and average prices from the constituent Digital Asset Exchanges individually or as a group.
−Removed: Twelve months ended March 31, 2019
−Removed: Twelve months ended March 31, 2020
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: April 1, 2018 to March 31, 2023
−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, 2018 to March 31, 2023.
−Removed: During such period, the price of Bitcoin has ranged from $3,164.61 to $67,371.70, with the straight average being $20,925.40 through March 31, 2023.
+Added: Twelve months ended June 30, 2019
+Added: Twelve months ended June 30, 2020
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: July 1, 2018 to June 30, 2023
+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, 2018 to June 30, 2023.
+Added: During such period, the price of Bitcoin has ranged from $3,164.61 to $67,371.70, with the straight average being $21,934.94 through June 30, 2023.
Digital Asset
−Removed: Twelve months ended March 31, 2019
−Removed: Twelve months ended March 31, 2020
−Removed: Twelve months ended March 31, 2021
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: April 1, 2018 to March 31, 2023
−Removed: The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Trust’s Digital Asset Holdings per Share from May 5, 2015 to March 31, 2023.
+Added: Twelve months ended June 30, 2019
+Added: Twelve months ended June 30, 2020
+Added: Twelve months ended June 30, 2021
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: July 1, 2018 to June 30, 2023
+Added: The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Trust’s Digital Asset Holdings per Share from May 5, 2015 to June 30, 2023.
GBTC Premium/(Discount):
1 unchanged sentence
Digital Asset Holdings per Share ($)
−Removed: The following chart sets out the historical premium and discount for the Shares as reported by OTCQX and the Trust’s Digital Asset Holdings per Share from May 5, 2015 to March 31, 2023.
+Added: The following chart sets out the historical premium and discount for the Shares as reported by OTCQX and the Trust’s Digital Asset Holdings per Share from May 5, 2015 to June 30, 2023.
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.