Grayscale Bitcoin Trust ETF SEC Filings

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.