Grayscale Bitcoin Trust ETF
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows for the Nine Months Ended
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2025 · 2024 | ||||
| Cash provided by operating activities | ||||
| Net increase in net assets resulting from operations | $3,676,235 | $9,550,756 | ||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||||
| Purchases of Bitcoin(1) | $(495,085) | $(440,584) | ||
| Proceeds from Bitcoin sold to pay redemptions(1) | 3,145,493 | 20,547,134 | ||
| Proceeds from Bitcoin sold to pay expenses | 216,235 | 222,644 | ||
| Net realized gain | (2,847,113) | (17,934,679) | ||
| Net change in unrealized appreciation on investment in Bitcoin | (1,045,357) | 8,161,279 | ||
| Change in operating assets and liabilities: | ||||
| Sponsor’s Fee payable | - | - | ||
| Net cash provided by operating activities | $2,650,408 | $20,106,550 | ||
| Cash used in financing activities: | ||||
| Proceeds from issuance of capital shares(1) | $495,085 | $440,584 | ||
| Payments for capital shares redeemed(1) | (3,145,493) | (20,547,134) | ||
| Net cash used in financing activities | $(2,650,408) | $(20,106,550) | ||
| Cash: | ||||
| Net increase (decrease) in cash | $ | - | $ | - |
| Cash, beginning of period | - | - | ||
| Cash, end of period | $ | - | $ | - |
| Supplemental disclosure of noncash operating activities | ||||
| Transfer of Bitcoin to pay for Sponsor’s Fee | $216,235 | $222,644 | ||
| Supplemental disclosure of noncash financing activities | ||||
| Transfer of Bitcoin used for Initial Distribution (Return of Capital)(2) | $ | - | $1,756,821 | |
(1)
The proceeds collected by an Authorized Participant from the sale of Shares and the payments for Shares redeemed by an Authorized Participant do not correlate with the amounts in the Statement of Operations and the Statement of Changes in Net Assets for the period due to creations and redemptions occurring at the Index Price as defined in the Trust Agreement.
(2)
Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million to Grayscale Bitcoin Mini Trust ETF, completed on July 31, 2024, as discussed in Note 4.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.