Here are the 10-K annual reports from Grayscale Bitcoin Mini Trust ETF (BTC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BTC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BTC filings page.
Grayscale Bitcoin Mini Trust ETF is a Delaware statutory trust formed to hold Bitcoin and provide exchange-traded exposure to its price. Shares trade on NYSE Arca under the ticker BTC and are issued in 10,000‑share baskets to authorized participants in exchange for Bitcoin via cash orders.
As of December 31, 2025, the Trust held about 0.24% of all Bitcoin in circulation, with each share representing approximately 0.0004 Bitcoin. Aggregate market value of shares held by non‑affiliates was $4,746,331,139 as of June 30, 2025, and 113,779,963 shares were outstanding on February 20, 2026.
The Trust’s objective is for share value to reflect the Bitcoin it holds, determined by a composite Index Price, less expenses and liabilities. From July 31, 2024 to December 31, 2025, observed premiums and discounts to NAV per share were generally small, with a 1.74% maximum premium and 0.51% maximum discount.
Major risk themes include extreme Bitcoin price volatility, evolving digital asset regulation, reliance on third‑party service providers and custodians, potential forks or protocol changes, and the possibility that shares trade at persistent premiums or discounts to NAV, affecting investors’ realized returns.