Grayscale Bitcoin Trust ETF

Grayscale Bitcoin Trust ETF is a Delaware statutory trust that holds Bitcoin and issues exchange-traded shares representing beneficial interests in that Bitcoin. Its business is not operating a technology platform or mining operation; it is a passive investment vehicle designed to give investors regulated market exposure to Bitcoin price movements through listed shares.

— Grayscale Bitcoin Trust ETF
%
Bitcoin-backed ETF shares100% Listed shares that provide investors exposure to the Trust's Bitcoin holdings and their market value.
Creation and redemption mechanism0% Primary issuance and redemption process used by authorized participants and liquidity providers.
Custody and administration0% Third-party custody, trust administration, and related operational services supporting the Trust.

The Trust's investors are primarily market participants seeking Bitcoin exposure in a brokerage account without...

  • Retail investorsprimary

    Buy shares for convenient Bitcoin exposure in brokerage accounts without managing wallets or private keys.

  • Institutional investorsprimary

    Use the ETF structure for regulated, operationally simpler Bitcoin allocation and trading.

  • Speculators and traderssecondary

    Trade the shares to express short- or medium-term views on Bitcoin price movements.

  • Authorized participants and liquidity providersprimary

    Create and redeem shares and provide market liquidity, enabling the ETF structure to function.

The Trust is organized in the United States as a Delaware statutory trust and is administered from Connecticut through...

  • •U.S.-domiciled Delaware statutory trust
  • •Sponsor principal place of business in Stamford, Connecticut
  • •Shares trade on NYSE Arca in the U.S. market
  • •Bitcoin pricing references global digital asset trading platforms
  • •Exposure is global in asset terms, but operations are U.S.-based

The Trust's core strategy is to maintain a passive Bitcoin exposure vehicle with transparent pricing, exchange listing,...

01
Preserve tight linkage to Bitcoin market valueshort-term

The Trust's investment proposition depends on shares tracking Bitcoin as closely as possible.

02
Maintain liquidity and tradability of sharesshort-term

Secondary-market liquidity is essential for investor access and efficient price discovery.

03
Manage service-provider and custody dependenciesmedium-term

The Trust depends on third parties for custody, administration, and market operations.

The Trust is exposed almost entirely to Bitcoin price volatility, so sharp declines in Bitcoin can materially reduce...

critical

Bitcoin price volatility

The Trust's value is directly linked to Bitcoin, so price declines flow through to NAV and share price.

Scope
Bitcoin holdings and ETF share value
Materiality
high
high

Third-party service provider dependence

Custody, administration, and market functions are outsourced, so failures or replacement issues could disrupt operations.

Scope
Custodian and sponsor arrangements
Materiality
high
high

Digital asset market structure and liquidity risk

The Trust relies on accessible trading platforms and market stability to determine fair value and support creations/redemptions.

Scope
Principal market selection and NAV pricing
Materiality
medium
high

Regulatory risk

Changes in digital asset regulation, ETF rules, or stablecoin frameworks can alter demand for Bitcoin and the Trust's shares.

Scope
U.S. and digital asset regulatory environment
Materiality
medium
Fair value measurement of Bitcoin
Net assets and period earnings
Principal market determination
NAV per share and valuation inputs
Share creations, redemptions, and sponsor-fee settlements
Realized gains/losses and net assets
Investment company accounting
Financial statement presentation and measurement basis

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: 28.4.2026