GBTC on NYSE

Grayscale Bitcoin Trust ETF

Grayscale Bitcoin Trust ETF is an American commodity contracts brokers and dealers company based in Stamford.1 Its shares trade on NYSE under the symbol GBTC.1

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Last updated Oct 20, 2026.

Overview

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  • TickerGBTC on NYSE1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersStamford, Connecticut1
  • Incorporated inDE2
  • Business address290 Harbor Drive, 4Th Floor, Stamford, Ct 069022
  • Filer categoryLarge accelerated filer2
  • Legal formBusiness Trust
  • Kind of organizationInvestment fund1

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Grayscale Bitcoin Trust ETF (formerly known as Grayscale Bitcoin Trust (BTC)) (the “Trust”) is a Delaware Statutory Trust that was formed on September 13, 2013 by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act. The Trust’s purpose is to hold Bitcoin tokens (“Bitcoin”), which are digital assets that are created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income4-$993.5M in 2025
-$5.0B0$5.0B$10.0B$15.0B$20.0B2024: $16.1B$16.1B20242025: -$993.5M-$993.5M2025

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.4

Period ending2025-12-312024-12-312023-12-31
Investment income$0$0$0
Sponsor's Fee, related party$280.6M$290.5M$360.6M
Net investment loss-$280.6M-$290.5M-$360.6M
Net realized gain on investment in Bitcoin sold to pay expenses$236.6M$232.4M$218.8M
Net realized gain on investment in Bitcoin sold for redemption of Shares$3.6B$17.8B$0
Net realized gain on investment in Bitcoin sold for Initial Distribution (Return of Capital)$0$1.4B$0
Net change in unrealized appreciation/depreciation on investment in Bitcoin-$4.6B-$3.1B$16.0B
Net realized and unrealized (loss) gain on investment-$713.0M$16.4B$16.2B
Net increase (decrease) in net assets resulting from operations-$993.5M$16.1B$15.9B

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Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorEdward McGee named Jan 4, 202413
  • Executive Officer, DirectorMichael Sonnenshein named Jan 4, 202413
  • Executive OfficerRoss Hugh named Jan 4, 202413
  • DirectorMark Shifke named Jan 4, 202413
  • DirectorMatthew Kummell named Jan 4, 202413

Former names

  • Grayscale Bitcoin Trust (BTC)Nov 20, 2018 to Nov 1, 20242
  • Bitcoin Investment TrustOct 7, 2013 to Dec 21, 20182

Timeline

  1. Jul 2, 20268-K Executive or director change14
  2. Mar 16, 20268-K Other events15
  3. Dec 3, 20258-K Other events16
  4. Oct 24, 20258-K Other events17
  5. Oct 14, 20258-K Executive or director change18
  6. Oct 9, 20258-K Entered a material agreement; Ended a material agreement19
  7. Aug 8, 20258-K Entered a material agreement20
  8. Aug 4, 20258-K Executive or director change21
  9. Jun 25, 20258-K Other events22
  10. Apr 9, 20258-K Executive or director change23
  11. Jan 3, 20258-K Entered a material agreement; Other events24
  12. Nov 4, 20248-K Entered a material agreement25

Filings

422 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 3 private raises, 355 other. The latest 20:

  1. Aug 4, 202610-Q EDGAR
  2. Jul 2, 20268-K EDGAR
  3. May 5, 202610-Q EDGAR
  4. Mar 27, 2026424I EDGAR
  5. Mar 16, 20268-K EDGAR
  6. Feb 25, 202610-K EDGAR
  7. Jan 23, 2026144 EDGAR
  8. Jan 6, 2026FWP EDGAR
  9. Dec 3, 20258-K EDGAR
  10. Nov 6, 2025144 EDGAR
  11. Nov 5, 202510-Q EDGAR
  12. Oct 24, 20258-K EDGAR
  13. Oct 14, 20258-K EDGAR
  14. Oct 9, 20258-K EDGAR
  15. Sep 29, 2025FWP EDGAR
  16. Sep 8, 2025FWP EDGAR
  17. Aug 25, 2025FWP EDGAR
  18. Aug 8, 20258-K EDGAR
  19. Aug 4, 20258-K EDGAR
  20. Aug 1, 202510-Q EDGAR

The 422 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 25, 2013Raised $7.5 billion in a private offering of securities Form D: 976 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Horizon Kinetics Asset Management LLC12,139,990$552.6M6.3%−1,864,892
LPL Financial LLC876,469$39.9M0.0%−31,871
HighTower Advisors, LLC602,864$27.4M0.0%−11,209
Mad River Investors360,139$16.4M6.1%No change
EagleClaw Capital Managment, LLC358,216$16.3M2.2%+2,425
Jane Street Group, LLC340,363$15.5M0.0%+76,391
Citadel Advisors LLC314,985$14.3M0.0%New
Moors & Cabot, Inc.303,753$13.8M0.5%−7,640
Mariner, LLC278,538$12.7M0.0%+91,599
Kingswood Wealth Advisors, LLC278,391$12.7M0.5%−1,569
Wealthfront Advisers LLC265,593$12.1M0.0%−75,540
One Charles Private Wealth Services, LLC259,750$11.8M2.7%−17,242
Beaumont Financial Advisors, LLC249,612$11.4M0.7%−9,122
Cresset Asset Management, LLC231,216$10.5M0.0%−12,496
Quadrature Capital Ltd193,414$8.8M0.1%+184,609
Focus Partners Wealth190,971$8.7M0.0%−25,531
Commonwealth Equity Services, LLC168,831$7.7M0.0%−9,972
Cetera Investment Advisers164,245$7.5M0.0%−10,232
RBF Capital, LLC150,000$6.8M0.3%No change
Atlas Wealth Partners, LLC139,612$6.4M6.9%−700
Lido Advisors, LLC138,522$6.3M0.0%−26,947
Sloy Dahl & Holst, LLC131,538$6.0M0.7%−1,900
Creative Planning131,082$6.0M0.0%−709
Wealth Enhancement Advisory Services, LLC113,584$5.6M0.0%−1,716
Lakewood Capital Management, LP123,500$5.6M0.3%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 15, 2021Patrick J Toomey, SenateBuy$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Grayscale Bitcoin Trust ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGrayscale Bitcoin Trust ETF1
  • CIK0001588489
  • Employer ID (EIN)46-70193883
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address290 Harbor Drive, 4Th Floor, Stamford, CT 069021
  • Phone212-668-14271
  • Shares outstanding172,260,100 as of Jul 30, 202612
  • Public float$19.9B as of Jun 30, 20253
  • AuditorKPMG LLP, New York PCAOB ID 185; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceOct 7, 20131
  • Filings520 in all: FWP (313), 8-K (88), 10-Q (20), UPLOAD (18), CORRESP (11), D/A (11), 10-K (7), DRS/A (7)1
    All 32 form types

    DRSLTR (5), S-3/A (5), PRER14C (4), SC 13G/A (3), 144 (2), 424I (2), DEF 14A (2), DRS (2), PRE 14A (2), S-1/A (2), SC 13G (2), SEC STAFF LETTER (2), 10-12G (1), 10-12G/A (1), 424B3 (1), 8-A12B (1), CERT (1), D (1), DEF 14C (1), EFFECT (1), PRE 14C (1), RW (1), S-1 (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Feb 23, 2024
    Latest 8-K (8-K) Jul 2, 2026

Securities registered for trading

ClassSymbolExchange
Grayscale Bitcoin Trust ETF SharesGBTCNYSE Arca, Inc.

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Grayscale Bitcoin Trust ETF names in Item 1A of its 10-K filed Feb 25, 2026: 71 risks under these headings, as written.3

  • The risk factors below should be read in conjunction with the other information included in this Annual Report on Form 10-K,including the Trust’s financial statements and related notes thereto, and our other filings with the SEC.
  • The trading prices of many digital assets, including Bitcoin, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including declines in the trading prices of Bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets such as Bitcoin were only introduced within the past two decades, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Digital assets represent a relatively new and rapidly evolving industry, and the value of the Shares depends on the acceptance of Bitcoin.
  • Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s or protocol’s ability to grow and respond to challenges.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset’s underlying network, could have an adverse effect on the market price of such digital asset.
  • If the digital asset reward for mining blocks and transaction fees for recording transactions on the Bitcoin Network are not sufficiently high to incentivize miners, or if certain jurisdictions continue to limit or otherwise regulate mining activities, miners may cease expanding processing power or demand high transaction fees, which could negatively impact the value of Bitcoin and the value of the Shares.
  • If a malicious actor or botnet obtains control of more than 50% of the processing power on the Bitcoin Network, or otherwise obtains control over the Bitcoin Network through its influence over core developers or otherwise, such actor or botnet could manipulate the Blockchain to adversely affect the value of the Shares or the ability of the Trust to operate.
  • A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares.
  • In the event of a hard fork of the Bitcoin Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
The other 59 risks
  • Any name change and any associated rebranding initiative by the core developers of Bitcoin may not be favorably received by the digital asset community, which could negatively impact the value of Bitcoin and the value of the Shares.
  • If the Bitcoin Network is used to facilitate illicit activities, businesses that facilitate transactions in Bitcoin could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of Bitcoin and the value of the Shares.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • The value of the Shares relates directly to the value of Bitcoin, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
  • Due to the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms, they may experience fraud, market manipulation, business failures, security failures or operational problems, which may adversely affect the value of Bitcoin and, consequently, the value of the Shares.
  • Digital Asset Trading Platforms may be exposed to front-running.
  • Digital Asset Trading Platforms may be exposed to wash-trading.
  • The Index has a limited history and a failure of the Index Price could adversely affect the value of the Shares.
  • The Index Price used to calculate the value of the Trust’s Bitcoin may be volatile, and purchasing and selling activity in the Digital Asset Markets associated with Basket creations and redemptions may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.
  • Competition from the emergence or growth of other digital assets could have a negative impact on the price of Bitcoin and adversely affect the value of the Shares.
  • Congestion or delay on the Bitcoin Network may delay purchases or sales of Bitcoin by the Trust.
  • The SEC has approved generic listing standards for commodity-based trust shares and may approve other applications under Rule 19b-4 of the Exchange Act to list competing digital assets as exchange-traded products, which could reduce demand for, and the price of, Bitcoin and adversely impact the value of the Shares.
  • Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the price of Bitcoin and other digital assets.
  • Prices of Bitcoin may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
  • The Trust relies on third-party service providers to perform certain functions essential to the affairs of the Trust and the replacement of such service providers could pose challenges to the safekeeping of the Trust’s Bitcoin and to the operations of the Trust.
  • The liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Participant Agreements or the Liquidity Engager is unable to engage Liquidity Providers.
  • The Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-concurrent trading hours between NYSE Arca and the Digital Asset Trading Platform Market.
  • Any suspension or other unavailability of the Trust’s redemption program may cause the Shares to trade at a discount to the NAV per Share.
  • Shareholders may suffer a loss on their investment if the Shares trade above or below the Trust’s NAV per Share.
  • The amount of the Trust’s assets represented by each Share will decline over time as the Trust pays the Sponsor’s Fee and Additional Trust Expenses, and as a result, the value of the Shares may decrease over time.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of Bitcoin.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • There is no guarantee that an active trading market for the Shares will continue to develop.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • Security threats to the Trust’s Vault Balance or Settlement Balance could result in the halting of Trust operations, including the creation and redemption of Baskets, and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the value of the Shares.
  • Bitcoin transactions are irrevocable and stolen or incorrectly transferred Bitcoin may be irretrievable. As a result, any incorrectly executed Bitcoin transactions could adversely affect the value of the Shares.
  • The lack of full insurance and shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Transfer Agent and Custodial Entities expose the Trust and its shareholders to the risk of loss of the Trust’s Bitcoin for which no person or entity is liable.
  • The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to shareholders.
  • The Trust Agreement includes provisions that limit shareholders’ voting rights and restrict shareholders’ right to bring a derivative action.
  • The Sponsor is solely responsible for determining the value of the NAV and NAV per Share and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting the value of the Shares.
  • The Trust’s delivery or sale of Bitcoin to pay expenses or other operations of the Trust could result in shareholders’ incurring tax liability without an associated distribution from the Trust.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian under the Trust Documents.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • Pandemics, epidemics and other natural and man-made disasters could negatively impact the value of the Trust’s holdings and/or significantly disrupt its affairs.
  • The lack of ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Trust.
  • Shareholders will not receive the benefits of any forks or airdrops.
  • Coinbase Global serves as the Bitcoin custodian and prime execution agent for several competing exchange-traded Bitcoin products, which could adversely affect the Trust’s operations and ultimately the value of the Shares.
  • Certain of the Authorized Participants engaged by the Trust may serve in a similar capacity for competing exchange-traded Bitcoin products, which could adversely affect the arbitrage mechanism, the Trust’s operations, the performance of the Trust and ultimately the value of the Shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares.
  • A determination that Bitcoin or any other digital asset is a “security” may adversely affect the value of Bitcoin and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
  • Regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies may affect the value of the Shares or restrict the use of Bitcoin, mining activity or the operation of the Bitcoin Network or the Digital Asset Markets in a manner that adversely affects the value of the Shares.
  • Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
  • Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, mining activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.
  • If regulators or public utilities take actions that restrict or otherwise impact mining activities, there may be a significant decline in such activities, which could adversely affect the Bitcoin Network and the value of the Shares.
  • If regulators subject an Authorized Participant, the Trust or the Sponsor to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares.
  • Statutory or regulatory changes or interpretations could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust.
  • The treatment of the Trust for U.S. federal income tax purposes is uncertain.
  • The treatment of digital assets for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
  • Future developments in the treatment of digital assets for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
  • The tax treatment of Bitcoin and transactions involving Bitcoin for state and local tax purposes is not settled.
  • A U.S. tax-exempt shareholder may recognize “unrelated business taxable income” as a consequence of an investment in Shares.
  • Shareholders may be subject to withholding tax on income derived from forks, airdrops and similar occurrences.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.
  • DCG is a minority interest holder in Kraken, which operates one of the Digital Asset Trading Platforms included in the Index Price.
  • Shareholders cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Trust.
  • Although the Custodian is a fiduciary with respect to the Trust’s assets, if the Custodian resigns or is removed by the Sponsor or otherwise, without replacement, it would trigger early termination of the Trust.
  • Shareholders may be adversely affected by the lack of independent advisers representing investors in the Trust.

Legal proceedings

Grayscale Operating, LLC, the former Co-Sponsor of the Trust until May 3, 2025, was a party to certain legal proceedings during the period covered by this report. Although the Trust is not a party to these proceedings, the Trust may in the future be subject to legal proceedings or disputes.

On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its affiliates including GSO alleging that Genesis Capital made certain preferential transfers to GSI, the predecessor in interest to GSO prior to the Merger, during the preference period prior to Genesis Capital’s filing of a bankruptcy petition in SDNY Bankruptcy Court while GSI was allegedly an insider to Genesis Capital pursuant to 11 U.S.C. § 101(31). Genesis Capital seeks to avoid the alleged preferential transfers pursuant to 11 U.S.C. § 547(b), as well as recovery of property and disallowance of claims. Genesis Capital is seeking to avoid transfers to GSI, the predecessor in interest to GSO prior to the Merger, of 105 Bitcoin and 37,647.06 Ethereum Classic tokens. GSO believes this lawsuit is without merit and intends to vigorously defend against it.

As of the date of this Annual Report, the Sponsor does not expect the foregoing proceedings to have a material adverse effect on the Trust’s business, financial condition or results of operations.

The Sponsor and/or the Trust may be subject to additional legal proceedings and disputes in the future.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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