Grayscale Bitcoin Trust ETF SEC Filings

GBTC filed a Rule 144 notice for the proposed sale of 4,598 common shares with an aggregate market value of $366,440.45.

The filing lists Capital Institutional Services, Inc. as broker, with an approximate sale date of November 6, 2025 on NYSE Arca. The shares were acquired on October 16, 2020 via a privately negotiated purchase from the issuer and paid in cash.

Shares outstanding were 221,360,100; this is a baseline figure, not the amount being sold.

Grayscale Bitcoin Trust ETF (GBTC) filed its Q3 2025 report, detailing a passive portfolio fully invested in Bitcoin. As of September 30, 2025, the Trust held 176,564.29142426 Bitcoin, valued at $114,401.99 per Bitcoin using its selected principal market. Principal Market NAV per Share was $89.73, with 225,110,100 shares outstanding at quarter‑end. Shares outstanding were 218,820,100 as of October 31, 2025.

Net assets reflected the fair value of Bitcoin held, and creation/redemption activity continued via 10,000‑share Baskets. During Q3, the Trust recorded Sponsor’s Fees in Bitcoin under its 1.5% annual rate and recognized realized gains primarily from Bitcoin sold to meet share redemptions. The Trust does not hold cash other than for creation/redemption processing and pays routine costs through the Sponsor’s Fee. The Sponsor reported no accrued and unpaid fees at quarter‑end and noted a subsequent internal management reorganization that it does not expect to materially impact Trust operations.

Grayscale Bitcoin Trust ETF (GBTC) reported an internal corporate reorganization of its sponsor’s ownership chain. On October 22, 2025, GSO Intermediate Holdings Corporation exchanged a portion of its common membership units of Grayscale Operating, LLC for Class A shares of newly formed Grayscale Investments, Inc. and ceded its managing member rights in GSO to Grayscale Investments. As a result, Grayscale Investments is now the sole managing member of GSO, which remains the sole member of Grayscale Investments Sponsors, LLC, the Sponsor of the Trust.

DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, elected a board of directors for Grayscale Investments consisting of Barry Silbert (Chair), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee—the same individuals who previously served on GSOIH’s board. The Trust states it does not expect the reorganization to have any material impact on its operations. All involved entities remain consolidated subsidiaries of Digital Currency Group, Inc.

Grayscale Bitcoin Trust ETF (GBTC)October 13, 2025, GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC (the sole member of Grayscale Investments Sponsors, LLC, the sponsor of GBTC), announced that Matthew Kummell stepped down from its Board of Directors and Simon Koster was appointed as a Director.

Koster is the Chief Strategy Officer at Digital Currency Group, Inc. (DCG), where he leads the investment team overseeing digital assets, wholly owned subsidiaries, and a portfolio of more than 250 early-stage companies across over 35 nations. He previously led DCG’s real estate efforts and held CEO roles at The Collective and at Real Estate within DCG, with prior experience at JDS Development Group.

The filing also notes Koster’s board roles at Foundry and Luno since 2023, Fortitude since 2024, and Yuma since 2025. The update pertains to the sponsor’s governance and does not describe operational or financial changes at GBTC.

Grayscale Bitcoin Trust ETF entered a custodial services agreement with Anchorage Digital Bank N.A. under which 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 determine, in its sole discretion, the amounts held at each custodian; no transfer amounts have been determined at this time.

The agreement requires Anchorage Digital to keep private keys for Bitcoin held with it in cold storage, meaning keys are generated and stored offline to reduce hacking risk, while the filing contrasts this with hot storage where keys are held online for more efficient transfers. The contract permits Anchorage Digital to temporarily suspend services during a blockchain fork and to decide whether to support either branch of a fork, while using commercially reasonable efforts to avoid ceasing support for both branches.

The Agreement includes an indemnity from the Trust to Anchorage Digital for certain losses (except where caused by Anchorage Digital) and requires Anchorage Digital to maintain insurance coverage. The Sponsor describes the addition of Anchorage Digital as part of its ongoing risk management as the Trust grows.

On 4 Aug 2025, Grayscale Bitcoin Trust ETF (NYSE Arca: GBTC) filed a Form 8-K to disclose a key governance change. Barry Silbert, Founder & CEO of Digital Currency Group (DCG) and indirect owner of the Trust’s sponsor, was appointed Director & Chairman by GSO Intermediate Holdings Corp., the sponsor’s managing member. Outgoing Chairman Mark Shifke will remain on the Board as a Director.

Silbert brings extensive digital-asset experience—DCG has invested in 250+ blockchain companies and owns Grayscale Investments, Foundry, Luno, Fortitude and Yuma. The Trust said it is considering adding independent directors to broaden oversight, but offered no timetable. No financial results, compensation details or strategic guidance accompanied the announcement. Exhibit 99.1 contains the related press release; Exhibit 104 provides the cover-page Inline XBRL data.

Grayscale Bitcoin Trust ETF (GBTC) filed a Form 8-K to disclose a technical but potentially beneficial change to the way its net asset value is calculated. CoinDesk Indices, Inc., the provider of the CoinDesk Bitcoin Price Index (XBX) used by the Trust, added Bitfinex as a Constituent Trading Platform effective June 22, 2025 after the venue satisfied minimum-liquidity criteria in the index provider’s scheduled quarterly review.

No existing exchanges were removed. The XBX basket now comprises seven venues: Coinbase, Kraken, Bitstamp, Crypto.com, LMAX Digital, Bullish and the newly added Bitfinex. The index provider retains discretion to add or remove platforms in future quarterly reviews, in line with the methodology outlined in GBTC’s most recent 10-K.

For shareholders this change should increase pricing depth and reduce single-venue dependency risk, but it does not alter fees, portfolio composition or the Trust’s fundamental operations. The filing contains no financial statements, earnings data or other material transactions beyond the index-constituent update.