What changed in this filing

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Item 2. Unregistered Sales of Equity Securities

2025-11-05 compared with 2025-08-01 · 13 added, 13 removed, 26 unchanged (50% of the section changed)

2 unchanged sentences

GBTC) by Digital Currency Group, Inc.

(“DCG”), the indirect parent company of the Sponsor, on a monthly basis during the three months ended June 30, 2025:

(“DCG”), the indirect parent company of the Sponsor, on a monthly basis during the three months ended September 30, 2025:

(a) Total Number of Shares of GBTC Purchased

3 unchanged sentences

(in millions)

April 1, 2025 - April 30, 2025

May 1, 2025 - May 31, 2025

June 1, 2025 - June 30, 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.

July 1, 2025 - July 31, 2025

August 1, 2025 - August 31, 2025

September 1, 2025 - September 30, 2025

(1) On March 10, 2021, the board of the Sponsor approved the purchase by DCG, the indirect 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.

On April 30, 2021, the board of the Sponsor 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 work of Shares by $500 million.

2 unchanged sentences

On March 2, 2022, the Board approved the purchase by DCG, the indirect 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:

BCHG), Grayscale CoinDesk Crypto 5 ETF (NYSE Arca:

GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:

4 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.

From March 10, 2021 through June 30, 2023, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.

From October 1, 2022 through July 28, 2025, DCG had not purchased any Shares of the Trust under this authorization.

Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 1,189 Baskets (11,890,000 Shares) during the three months ended June 30, 2025:

From March 10, 2021 through September 30, 2023, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.

From October 1, 2022 through October 31, 2025, DCG had not purchased any Shares of the Trust under this authorization.

Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 1,150 Baskets (11,500,000 Shares) during the three months ended September 30, 2025:

Total Number of Shares of GBTC Redeemed

Average Price Paid per Share of GBTC (1)