Grayscale Bitcoin Mini Trust ETF (BTC) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTC SEC filings page.
This page shows Grayscale Bitcoin Mini Trust ETF (BTC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
The trust’s reported figures show an asset pool funded without liabilities, while cash movement depended on financing rather than operations.
The combination of a net loss of$437M and operating cash outflow of$1.12B shows that reported accounting results and cash activity were both negative, but cash movement was larger. Financing inflow of$1.12B matched that operating outflow, indicating the period’s reported cash flows were shaped by fund flows rather than internally generated operating cash.
At FY2025 year-end, the trust reported
The
Financial Health Signals
We do not publish a peer-relative financial health score for Grayscale Bitcoin Mini Trust ETF, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Grayscale Bitcoin Mini Trust ETF reported a net loss of $437.2M while operations used $1.1B of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Grayscale Bitcoin Mini Trust ETF reported $1.5B in net income in Q3 2026. This represents an increase of 418.4% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Cash & Balance Sheet
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Grayscale Bitcoin Mini Trust ETF's quarterly ROE was 28.1% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 22.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 43.6 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
None of these metrics is reported for Q3 2026.
BTC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BTC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.3B-3.5% | $3.2B-32.8% | $3.5B+4.7% | $4.2B+19.5% | $5.5B+154.9% | $4.7B+4743806.0% | $3.3B | $3.6B |
| Total Liabilities | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 |
| Total Equity | $5.3B-3.5% | $3.2B-32.8% | $3.5B+4.7% | $4.2B+19.5% | $5.5B+154.9% | $4.7B+4743806.0% | $3.3B | $3.6B |
Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
BTC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
BTC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 28.1%+22.8pp | -15.6%-38.0pp | -27.8%-13.1pp | -30.5% | 5.2%+6.9pp | 22.4%+22.4pp | -14.7% | N/A |
| Return on Assets | 28.1%+22.8pp | -15.6%-38.0pp | -27.8%-13.1pp | -30.4% | 5.2%+6.9pp | 22.4%+22.4pp | -14.7% | N/A |
| Liabilities-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 | 0.00 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Debt-to-Equity, Asset Turnover, FCF Margin.
Where Grayscale Bitcoin Mini Trust ETF Ranks
Frequently Asked Questions
No, Grayscale Bitcoin Mini Trust ETF (BTC) reported a net loss of $1.3B over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net loss of $437.2M.
Grayscale Bitcoin Mini Trust ETF (BTC) has a return on equity of -10.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Grayscale Bitcoin Mini Trust ETF (BTC) recorded an outflow of $1.1B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Grayscale Bitcoin Mini Trust ETF (BTC) had $4.2B in total assets as of fiscal year 2025, including both current and long-term assets.
Grayscale Bitcoin Mini Trust ETF (BTC) had a liabilities-to-equity ratio of 0.00 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Grayscale Bitcoin Mini Trust ETF (BTC) had a return on assets of -10.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Grayscale Bitcoin Mini Trust ETF (BTC) reported a net loss of $437.2M while operations used $1.1B of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.