Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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 (BTC) reported net assets of $5,270.957 million at September 30, 2026, with 63,087.33893920 Bitcoin valued at $83,550.15 per Bitcoin and representing 100% of net assets. For the three months ended September 30, the net increase in net assets resulting from operations was $1,479.961 million, versus $285.508 million a year earlier. The trust said its net realized and unrealized gain was driven by Bitcoin price appreciation from $58,745.18 on June 30 to $83,550.15 on September 30; its quarterly total return was 42.15%.
For the nine months ended September 30, the net increase in net assets resulting from operations was $10.466 million, compared with $855.200 million in 2025, and total return was -4.67%. Bitcoin's price fell from $87,549.41 at December 31, 2025 to $83,550.15 at September 30, 2026. Creations added Bitcoin valued at $1,326.995 million, partly offset by redemptions and price depreciation. The annual Sponsor’s Fee is 0.15% and is payable in Bitcoin. Effective November 5, 2026, Grayscale Securities reviews and approves marketing materials and files applicable materials with FINRA; Foreside Fund Services no longer reviews marketing materials or files with FINRA but continues other services.
Grayscale Bitcoin Mini Trust ETF held 54,280.40050138 bitcoin valued at $3,188,711,898, with a Principal Market NAV per share of $25.98 as of June 30, 2026. Bitcoin’s price on the trust’s principal market fell from $87,549.41 at December 31, 2025 to $58,745.18, driving results.
For the six months ended June 30, 2026, the trust recorded a net decrease in net assets resulting from operations of $1,469,495 (in thousands) and a total return of -32.94%, with net assets down 25% despite net creations. Sponsor’s Fees were $2,825,776 at an annual rate of 0.15% of assets. The vehicle remains a passive, fully invested bitcoin grantor trust with no leverage, derivatives or material cash holdings outside creation and redemption activity.
Grayscale Bitcoin Mini Trust ETF reported a sharp decline in first‑quarter 2026 results driven by falling Bitcoin prices. Net assets fell about 17% to roughly $3.5 billion, and the Trust recorded a net decrease in net assets from operations of $972.9 million.
The fair value of Bitcoin dropped from $87,549.41 per coin at December 31, 2025 to $67,805.29 at March 31, 2026, producing net realized and unrealized losses on Bitcoin of $971.5 million. Principal Market NAV per Share declined from $38.74 to $29.99, a total return of -22.59% for the quarter.
Despite the price decline, the Trust continued to grow in size. It issued about 13.54 million Shares and redeemed 6.27 million Shares, for a net increase of 7.27 million Shares, bringing total Shares outstanding to 116,809,963. Approximately 5,991 Bitcoin were contributed in creations and 2,774 Bitcoin were redeemed, while about 18 Bitcoin were distributed to pay the Sponsor’s 0.15% annual fee.
Grayscale Bitcoin Mini Trust ETF filed its quarterly report, showing higher assets alongside Bitcoin price gains. As of September 30, 2025, the Trust held 47,736.24179635 Bitcoin and reported net assets of $5,461,121 (thousands). Principal Market NAV per Share was $50.65, up from $41.39 at December 31, 2024.
For the quarter, the Trust recorded a net increase in net assets from operations of $285,508 (thousands), driven by unrealized appreciation and realized gains tied to creations and redemptions. During the period, it issued 9,920,000 Shares and redeemed 1,500,000 Shares, ending with 107,829,963 Shares outstanding. The Sponsor’s Fee is 0.15% of assets and is paid in Bitcoin, contributing to small realized transactions.
The Trust calculates fair value using its principal market (Crypto.com as of September 30, 2025) and maintains an Index-based NAV for investor reference. It does not use leverage or derivatives and is structured to have minimal cash balances, with creations/redemptions occurring in Baskets of 10,000 Shares.