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.
Grayscale Bitcoin Trust ETF filings document the trust’s Bitcoin holdings, sponsor structure, valuation methodology, custody arrangements, and material service agreements. Recent 8-K reports describe changes to the CoinDesk benchmark used for NAV and NAV per share calculations, constituent trading platforms used in index pricing, and disclosures about third-party market data appearing on social media platforms.
The trust’s regulatory record also covers prime broker and custodial agreements, including arrangements with Coinbase entities and Anchorage Digital, as well as fund administration, accounting, sponsor governance, board changes, and internal sponsor reorganization matters. Annual report references in the filings frame risk disclosures around Bitcoin markets, index calculation, custody, private-key storage, forks, AML and KYC practices, and operational controls for a digital-asset ETF trust.
Grayscale Bitcoin Trust ETF reported a sharp drop in value for the quarter ended March 31, 2026, as Bitcoin prices fell. Net assets declined 28% to $10.49 billion, and Principal Market NAV per share slipped from $68.41 to $52.79.
The Trust held about 154,704 Bitcoin at quarter-end, valued at $67,805.29 per Bitcoin. Operations generated a net decrease in net assets of $3.18 billion, driven mainly by unrealized losses on Bitcoin, modestly offset by gains on Bitcoin sold for redemptions and fees.
Creations added roughly 2,878 Bitcoin, while redemptions removed about 13,180 Bitcoin, reducing shares outstanding to 198.7 million. The Trust continues to charge a 1.5% annual Sponsor’s Fee, paid in Bitcoin, and remains structured as a grantor trust for U.S. tax purposes.
Grayscale Bitcoin Trust ETF is updating how it values its Bitcoin holdings and calculates net asset value. Effective April 1, 2026, the Trust will use the CoinDesk Bitcoin Benchmark Rate instead of the CoinDesk Bitcoin Price Index (XBX) to determine its Index Price for NAV and operational valuation.
The new index is a U.S. dollar reference rate calculated every five seconds and is designed to reduce the impact of fraud, manipulation, and other anomalous trading by cleansing and volume-weighting trade data from multiple qualifying digital asset trading platforms. Platforms are selected using inclusion criteria covering market quality, security, regulation, AML/KYC, data quality, transparency, and team, and must be licensed in specified major jurisdictions.
If the primary Index Price is unavailable or deemed inaccurate in good faith, the Sponsor will apply a defined cascade: first the Coin Metrics Real-Time Rate as a secondary index, then a principal-market spot price, and ultimately a Sponsor good‑faith estimate. The Sponsor also retains discretion to change index providers or methodologies, with material or significant changes to be disclosed in the Trust’s periodic reports.
Grayscale Bitcoin Trust ETF is a Delaware statutory trust that holds Bitcoin and trades on NYSE Arca under the symbol GBTC. As of December 31, 2025, it held about 0.8% of all Bitcoin in circulation, with each share representing roughly 0.0008 Bitcoin.
The vehicle is passively managed and seeks for its share value to track the Index-based value of its Bitcoin, minus expenses, but shares can trade at premiums or discounts to NAV. From the January 2024 uplisting through December 2025, premiums and discounts versus NAV were generally within about 1.5%.
The Trust creates and redeems only in 10,000‑share baskets via authorized participants, currently through cash orders, and holds Bitcoin in cold storage with Coinbase Custody, with geographically distributed vaults and multi‑signature controls. It does not use leverage or derivatives, and its assets are not lent or rehypothecated.
The filing highlights extensive risks: extreme Bitcoin price volatility, evolving digital‑asset regulation, potential forks and network attacks, trading‑platform failures, and premiums/discounts driven by market liquidity and non‑concurrent trading hours. The Trust irrevocably abandons rights to most forks and airdrops, so share value reflects only the underlying Bitcoin, not incidental rights.
Grayscale Bitcoin Trust (GBTC) has a Rule 144 notice indicating that a holder plans to sell 3,474 common shares. The sale is expected around 01/23/2026 through Canaccord Genuity Inc. on the OTCQX market, with an disclosed aggregate market value of $241,937.70 for the shares to be sold.
The shares being sold were originally acquired on 09/30/2023 in a privately negotiated cash transaction directly from the issuer. The form also notes the standard Rule 144 representation that the selling holder does not know of any undisclosed material adverse information about the issuer’s current or prospective operations.
Grayscale Bitcoin Trust ETF filed an update explaining how it uses cashtags and interacts with third-party content on X (formerly Twitter). The sponsor, Grayscale Investments Sponsors, LLC, notes that when it uses a ticker symbol with a “$” on X, the platform automatically links to pages showing market data, news, and commentary created by third parties.
Grayscale emphasizes that it does not control, endorse, or take responsibility for information displayed on these X-generated pages or on any linked third-party sites or services. That content is not authorized, prepared, verified, or updated by Grayscale and may conflict with its official disclosures. For accurate and current information about Grayscale and its products, investors are directed to rely on Grayscale’s filings with the Securities and Exchange Commission.
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) reported a governance update related to its sponsor’s parent entities. On 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 into updated service agreements for its core operations. The sponsor signed a new Coinbase Prime Broker Agreement with Coinbase, Inc. on behalf of itself and Coinbase Custody Trust Company, LLC and Coinbase Credit, Inc. This agreement sets the rights and responsibilities for holding and handling the Trust’s bitcoin in custodial and prime brokerage accounts.
The sponsor also entered into a new Fund Administration and Accounting Agreement with BNY Mellon Asset Servicing, under which BNY continues to provide administrative and accounting services to the Trust. In connection with these new contracts, the Trust terminated the prior prime broker agreement with Coinbase and the prior fund administration and accounting agreement with BNY. Copies of both new agreements are filed as exhibits for reference.