GBTC: Sponsor board change as Simon Koster joins, Kummell exits

Grayscale Bitcoin Trust ETF (GBTC) reported a governance update related to its sponsor’s parent entities.

Rhea-AI Filing Summary

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.

Insights

Corporate Governance Analyst

Board change at sponsor’s managing member; governance shift without stated operational effects on the ETF.

Grayscale Bitcoin Trust ETF reported a director change at GSO Intermediate Holdings Corporation, the sole managing member of the entity that wholly owns the ETF’s Sponsor. On October 13, 2025, Matthew Kummell stepped down and Simon Koster was appointed to the Board. This is a governance update at an upstream affiliate rather than at the registrant itself.

Koster is the CSO of Digital Currency Group, Inc. and holds directorships at several Grayscale-affiliated entities (Foundry, Luno, Fortitude, Yuma). The filing does not describe changes to ETF operations, strategy, fees, or service providers. Based on the disclosure, the impact is limited to board composition at the sponsor’s managing member.

Items to watch: any subsequent 8‑Ks or supplements that link this board change to Sponsor policies, product features, or oversight practices. If follow-on disclosures cite new directives or committee changes, those could affect the ETF. The announcement date is October 13, 2025, with signature on October 14, 2025.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did GBTC disclose in this 8-K?

A sponsor-related board change: Matthew Kummell stepped down from GSO Intermediate Holdings Corporation’s Board, and Simon Koster was appointed on October 13, 2025.

Who is Simon Koster and what is his current role?

Simon Koster is the Chief Strategy Officer at Digital Currency Group (DCG), overseeing investments in digital assets, subsidiaries, and a portfolio of 250+ companies.

Does this filing indicate changes to GBTC’s operations or finances?

No. The disclosure relates to governance at entities above the sponsor; it does not describe operational or financial changes at GBTC.

Which affiliated boards does Simon Koster serve on?

He serves on the boards of Foundry and Luno since 2023, Fortitude since 2024, and Yuma since 2025.

Who signed the report on behalf of GBTC?

It was signed by Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, on October 14, 2025.

What is the relationship among the entities mentioned?

GSO Intermediate Holdings Corporation manages Grayscale Operating, LLC, which is the sole member of Grayscale Investments Sponsors, LLC, the sponsor of GBTC.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/14/2025 - 04:05 PM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 13, 2025

Grayscale Bitcoin Trust ETF

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-41906	46-7019388
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut				06902
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 668-1427

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Grayscale Bitcoin Trust ETF Shares		GBTC		NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 13, 2025, Grayscale Investments Sponsors, LLC (together with its affiliates as the context may require, “Grayscale”), the sponsor of the registrant, announced that GSO Intermediate Holdings Corporation (“GSOIH”), the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC (“GSIS”), announced that Matthew Kummell has stepped down as a Director of the Board of Directors (the “Board”) of GSOIH. Also on October 13, 2025, GSOIH has approved the appointment of Simon Koster as a Director of the Board.

Mr. Koster is the Chief Strategy Officer (“CSO”) at Digital Currency Group, Inc. (“DCG”), the most active investor and incubator in blockchain, digital assets, and other decentralized technologies. As CSO, Mr. Koster leads the investment team, managing the portfolio comprised of digital assets, wholly owned subsidiaries, and more than 250+ early-stage companies in over 35 nations across the world as of the date of this filing.

Prior to his current role, Mr. Koster was the CEO of Real Estate at DCG, spearheading both internal and external real estate ventures. Previously, he served as CEO of The Collective and brings a decade of real estate experience from JDS Development Group, where he was instrumental in the acquisition and development of top-tier residential, hospitality, and mixed-use projects in New York City and Miami. He is a graduate of Rutgers University (B.S.) and holds a Master’s degree in Engineering from the University of Michigan.

Mr. Koster has served on the board of directors of Foundry and Luno since 2023. He has served as a director of Fortitude since 2024 and as a director of Yuma since 2025. Each of Foundry, Luno, Fortitude and Yuma are affiliated with Grayscale.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Grayscale Investments Sponsors, LLC as Sponsor of Grayscale Bitcoin Trust ETF
Date:	October 14, 2025	By:	/s/ Edward McGee
			Edward McGee Chief Financial Officer (Principal Financial and Accounting Officer)*

*The Registrant is a trust and the persons are signing in their capacities as officers of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.