Welcome to our dedicated page for Grayscale Bitcoin Trust ETF SEC filings (Ticker: GBTC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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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.
Grayscale Bitcoin Trust ETF (GBTC) has filed a Free Writing Prospectus that reproduces Chief Legal Officer Craig Salm’s 25 June 2025 Sirius XM Business Radio interview. Salm reports markedly improved U.S. policy support for digital assets across all government branches: (1) executive orders creating a presidential working group, a strategic Bitcoin reserve and a federal digital-asset stockpile; (2) formation of an SEC Crypto Task Force that now issues guidance rather than enforcing through litigation; (3) dismissal or suspension of several high-profile crypto lawsuits, removing legal overhang; and (4) Congressional momentum, highlighted by Senate passage of the GENIUS Act to regulate stablecoins.
He attributes 2024’s surge in institutional adoption largely to the SEC’s approval of spot Bitcoin and Ethereum ETPs, noting that Grayscale’s own court victory facilitated those approvals. The firm is now pursuing: single-asset ETPs for additional large-cap tokens such as Solana; a diversified “S&P-like” Digital Large Cap ETP (ticker GDLC); and permission to stake assets in its Ethereum ETP franchise, which could unlock “tens of millions of dollars” in annual rewards. Grayscale also launched a new fund focused on the Space and Time protocol in the decentralised infrastructure/AI niche.
The filing ends with the customary legend directing investors to the prospectus and related SEC filings before purchasing GBTC shares.
Context: This Free Writing Prospectus records a conference panel featuring Krista Lynch (Director, ETF Capital Markets, Grayscale Investments), Sidney Powell (CEO & Co-Founder, Maple) and Christopher Perkins (President, CoinFund). The discussion highlights each firm’s history, scale and strategic priorities within the digital-asset ecosystem.
Grayscale (symbol GBTC): Formed in 2013 to provide public Bitcoin exposure, the firm initially used private placements, then voluntary 10-Q/10-K filings, followed by OTC trading. Grayscale successfully litigated against the SEC to convert GBTC into an ETF and has replicated the playbook for an Ethereum product. Current focus is enabling staking within exchange-traded products and using standardized yield benchmarks (e.g., CoinFund’s “Ceasar”) to quantify foregone returns for regulators and investors. Lynch notes that 4 p.m. pricing and robust indices remain essential for bridging 24/7 crypto markets with traditional market hours.
Maple: Founded 2019, product launched April 2021. Raised an initial US$1.3 million during COVID-19, has executed US$7 billion in institutional on-chain loans to date. Operates with ~35 employees (7 in New York). Competitive edge stems from single-line focus on over-collateralised lending (typical 70% LTV) and the ability to source liquidity from both traditional investors and DeFi protocols, providing “near-zero-cost distribution” globally. Growing demand for staking-enabled collateral (ETH, SOL, “hyper-liquid” assets) is reducing borrower cost and attracting treasury-level counterparties.
CoinFund: Launched in 2015 ("10 crypto years"), now counts roughly 120 portfolio investments. Perkins explains the creation of “Ceasar,” a risk-free benchmark rate for staked Ethereum, likening its role to SOFR in conventional markets. CoinFund intends to expand benchmark coverage and insurance solutions (e.g., yield- and slash-protection) to catalyse structured-product development in digital fixed income.
Key Takeaways for GBTC investors:
- Grayscale’s litigation success underscores strong regulatory engagement capacity.
- Standardised staking benchmarks could unlock additional yield inside future crypto ETFs, pending SEC approval.
- Institutional lending (Maple) and venture activity (CoinFund) signal deepening market infrastructure, potentially supporting liquidity and valuation of underlying crypto assets.
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