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Market Information
−Removed: 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.
−Removed: From October 3, 2022 to January 10, 2024, Grayscale Securities was the only acting Authorized Participant of the Trust.
−Removed: On or after January 10, 2024, the Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the approval of NYSE Arca’s application under Rule 19b-4 of the Exchange Act.
−Removed: As of the date of this Annual Report, Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital (USA) Inc., ABN AMRO Clearing USA LLC and Goldman Sachs & Co.
−Removed: LLC have agreed to act as Authorized Participants.
−Removed: The Shares are listed on NYSE Arca under the ticker symbol “GBTC.”
+Added: The Shares commenced trading on NYSE Arca on January 11, 2024 under the ticker symbol “GBTC.”
Holders of Record
−Removed: As of December 31, 2024, there were approximately 37 holders of record.
−Removed: This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on NYSE Arca, but not its direct participants.
−Removed: Therefore, this number does not include the individual holders who have bought Shares on NYSE Arca or transferred their eligible Shares to their brokerage accounts.
+Added: As of December 31, 2025, there were approximately 31 DTC participating shareholders of record of the Trust.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
+Added: The Trust made no distributions to shareholders during the years ended December 31, 2025 and 2024.
+Added: The Trust has no obligation to make periodic distributions to shareholders.
Recent Sales of Unregistered Shares
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On March 2, 2022, the Board approved the purchase by DCG 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:
−Removed: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX:
−Removed: GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:
+Added: BCHG), Grayscale CoinDesk Crypto 5 ETF (NYSE Arca:
+Added: GDLC), Grayscale Ethereum Staking ETF (NYSE Arca:
ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:
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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 June 30, 2022, DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.
−Removed: From July 1, 2022 through February 24, 2025, DCG had not purchased any Shares of the Trust under this authorization.
−Removed: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 2,409 Baskets (24,090,000 Shares) during the three months ended December 31, 2024:
+Added: As of the date of this Annual Report DCG purchased a total of $771.8 million worth of Shares of the Trust under this authorization.
+Added: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets from Authorized Participants during the three months ended December 31, 2025, the Trust redeemed the following Shares:
Total Number of Shares of GBTC Redeemed
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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.