Statements of Changes in Net Assets - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Increase in net assets from operations:

Net investment loss

$ (77,959)

$ (55,761)

$ (216,235)

$ (222,644)

Net realized gain on investment in Bitcoin sold to pay expenses

66,893

43,615

183,098

175,618

$ 232,398

Net realized gain on investment in Bitcoin sold for redemption of Shares

890,918

1,350,850

2,664,015

16,348,183

17,830,575

Net realized gain on investment in Bitcoin sold for Initial Distribution (Return of Capital)

^[1]

1,410,878

^[1]

1,410,878

^[1]

1,410,878

Net change in unrealized appreciation on investment in Bitcoin

275,695

(2,430,044)

1,045,357

(8,161,279)

(3,092,838)

Net increase in net assets resulting from operations

1,155,547

319,538

3,676,235

9,550,756

Decrease in net assets from capital share transactions:

Shares issued

135,529

116,077

493,727

440,584

Shares redeemed

(1,036,887)

(1,717,011)

(3,152,900)

(20,547,134)

Return of Capital

^[2]

(1,756,821)

Net decrease in net assets resulting from capital share transactions

(901,358)

(3,357,755)

(2,659,173)

(21,863,371)

Total increase (decrease) in net assets from operations and capital share transactions

254,189

(3,038,217)

1,017,062

(12,312,615)

Net assets:

Beginning of period

19,945,117

17,076,072

19,182,244

26,350,470

End of period

$ 20,199,306

$ 14,037,855

$ 20,199,306

$ 14,037,855

$ 19,182,244

Change in Shares outstanding:

Shares outstanding at beginning of period

235,100,100

310,510,100

258,950,100

692,370,100

Shares issued

1,510,000

2,180,000

6,200,000

7,840,000

Shares redeemed

(11,500,000)

(34,880,000)

(40,040,000)

(422,400,000)

Net decrease in Shares

(9,990,000)

(32,700,000)

(33,840,000)

(414,560,000)

Shares outstanding at end of period

225,110,100

277,810,100

225,110,100

277,810,100

258,950,100

[1]	Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4.
[2]	Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4.

Grayscale Bitcoin Trust ETF 10-Q