Here are the 10-K annual reports from Grayscale Bitcoin Trust ETF (GBTC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow GBTC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GBTC filings page.
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.