Grayscale Bitcoin Mini Trust ETF Financials
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).
A fully equity-funded trust structure makes asset-value swings, not operating leverage, the main driver of reported results.
With$4.24B of assets,$0 liabilities, and identical-10.3% returns on assets and equity, reported losses are passing straight through to holders rather than being amplified by debt.
The cash-flow pattern is unusual for an operating company: a
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Grayscale Bitcoin Mini Trust ETF's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
For every $1 of reported earnings, Grayscale Bitcoin Mini Trust ETF generates $2.56 in operating cash flow (-$1.1B OCF vs -$437.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Grayscale Bitcoin Mini Trust ETF reported -$437.2M in net income in fiscal year 2025.
Cash & Balance Sheet
Margins & Returns
Grayscale Bitcoin Mini Trust ETF's ROE was -10.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
BTC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$972.9M | N/A | $285.5M-73.1% | $1.1B+315.8% | -$492.1M | N/A | -$35.1M | $0 |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BTC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.5B-17.4% | $4.2B-22.3% | $5.5B+15.1% | $4.7B+41.7% | $3.3B-5.7% | $3.6B+65.7% | $2.1B+2141986.0% | $100K |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $100K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $3.5B-17.4% | $4.2B-22.3% | $5.5B+15.1% | $4.7B+41.7% | $3.3B-5.7% | $3.6B+65.7% | $2.1B+2141986.0% | $100K |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BTC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | -$66.8M+84.5% | -$429.9M-28.3% | -$335.1M-16.8% | -$286.9M+27.4% | -$395.2M+6.0% | -$420.4M | $0 |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | $66.8M-84.5% | $429.9M+28.3% | $335.1M+16.8% | $286.9M-27.4% | $395.2M-6.0% | $420.4M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BTC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -27.8% | N/A | 5.2%-17.1pp | 22.4%+37.1pp | -14.7% | N/A | -1.6%-1.6pp | 0.0% |
| Return on Assets | -27.8% | N/A | 5.2%-17.1pp | 22.4%+37.1pp | -14.7% | N/A | -1.6%-1.6pp | 0.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Grayscale Bitcoin Mini Trust ETF profitable?
No, Grayscale Bitcoin Mini Trust ETF (BTC) reported a net income of -$437.2M in fiscal year 2025.
What is Grayscale Bitcoin Mini Trust ETF's return on equity (ROE)?
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.
What is Grayscale Bitcoin Mini Trust ETF's operating cash flow?
Grayscale Bitcoin Mini Trust ETF (BTC) generated -$1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Grayscale Bitcoin Mini Trust ETF's total assets?
Grayscale Bitcoin Mini Trust ETF (BTC) had $4.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Bitcoin Mini Trust ETF's debt-to-equity ratio?
Grayscale Bitcoin Mini Trust ETF (BTC) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Grayscale Bitcoin Mini Trust ETF's return on assets (ROA)?
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.
Are Grayscale Bitcoin Mini Trust ETF's earnings high quality?
Grayscale Bitcoin Mini Trust ETF (BTC) has an earnings quality ratio of 2.56x, considered low quality (accrual-driven). 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.