Grayscale Bitcoin Mini Trust ETF filings document the Trust’s Bitcoin exchange-traded product structure, including its sponsor relationship, share creation and redemption process, NAV methodology, and custody framework for Bitcoin holdings. Material-event reports describe updates to valuation benchmarks, Authorized Participant agreements, in-kind transaction mechanics, and arrangements with prime broker, custodian, transfer agent, administration, and accounting service providers.
The filings also cover sponsor governance and control matters, risk-related disclosures for digital asset trading platforms, AML and KYC considerations connected to benchmark constituents, and communications policies involving third-party content on social media. These regulatory records frame the Trust as a Bitcoin-holding vehicle administered by Grayscale Investments Sponsors, LLC rather than an operating business with products or services of its own.
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.
Grayscale Bitcoin Mini Trust ETF reported an internal reorganization of its sponsor’s ownership and governance. On October 22, 2025, GSO Intermediate Holdings Corporation transferred a portion of its common membership units of Grayscale Operating, LLC to Grayscale Investments, Inc. and ceded managing member rights. As a result, Grayscale Investments is now the sole managing member of Grayscale Operating, LLC, which is the sole member of Grayscale Investments Sponsors, LLC, the Sponsor of the Trust.
Also on October 22, 2025, DCG Grayscale Holdco, LLC elected the board of directors of Grayscale Investments: Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee, the same members as before the reorganization. The entities involved are consolidated subsidiaries of Digital Currency Group, Inc. The Trust does not expect any material impact on its operations.
Grayscale Bitcoin Mini Trust ETF reported a leadership change at its sponsor’s upstream affiliate. On October 13, 2025, GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC and sole member of Grayscale Investments Sponsors, LLC, disclosed that Matthew Kummell stepped down from its Board and Simon Koster was appointed as a Director.
Koster is Chief Strategy Officer at Digital Currency Group, leading its investment team and portfolio. He previously led real estate initiatives at DCG and held CEO roles at The Collective and at DCG’s Real Estate unit. He serves on the boards of Foundry and Luno since 2023, Fortitude since 2024, and Yuma since 2025; each is affiliated with Grayscale.
Grayscale Bitcoin Mini Trust ETF reported that its sponsor, Grayscale Investments Sponsors, LLC, entered into a new Coinbase Prime Broker Agreement on October 3, 2025. This agreement governs custodial and prime brokerage services for the Trust’s bitcoin, provided by Coinbase, Inc., Coinbase Custody Trust Company, LLC, and Coinbase Credit, Inc.
The Trust also implemented a new Fund Administration and Accounting Agreement with BNY Mellon Asset Servicing, effective October 9, 2025, under which BNY continues to deliver administrative and accounting services. In connection with these changes, earlier prime broker and fund administration agreements dated in 2024 were terminated and replaced by the new contracts.
Grayscale Bitcoin Mini Trust ETF entered into a Second Amendment to its Master Custody Service Agreement with Anchorage Digital Bank N.A., adding the Trust as a party to that agreement. Under this Anchorage Digital Custodian Agreement, Anchorage Digital will provide custody and safekeeping services for a portion of the Trust’s Bitcoin holdings.
Coinbase Trust Company, LLC remains the Trust’s primary custodian, and the Sponsor will decide, in its sole discretion, how much Bitcoin is held at each custodian. Anchorage Digital must keep all private keys for the Trust’s Bitcoin held with it in offline cold storage, which is designed to reduce hacking risk compared with online hot storage.
The agreement addresses how Anchorage Digital may respond to forks of the Bitcoin blockchain, including temporary suspensions and decisions on which branch to support. It also includes indemnification obligations by the Trust in certain circumstances and requires Anchorage Digital to maintain insurance coverage. Related custody agreements are filed as exhibits.