Grayscale Bitcoin Trust ETF

Previous wording

Financial Highlights for the Three Months Ended March 31, 2026 and 2025

Current wording

Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2026 was ($3,138,125), which includes a realized gain of $34,495 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $816,008 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($3,988,628). Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $67,805.29 per Bitcoin as of March 31, 2026. Net decrease in net assets resulting from operations was ($3,183,109) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $44,984. Net assets decreased to $10,489,739 at March 31, 2026, a 28% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 586 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 13,180 Bitcoin with a value of $1,048,617 from the Trust, partially offset by thecontribution of approximately 2,878 Bitcoin with a value of $224,028 to the Trust in connection with Share creations during the period.

Current wording

Net realized and unrealized loss on investment in Bitcoin for the three months ended June 30, 2026 was ($1,215,884), which includes a realized gain of $29,574 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $839,608 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($2,085,066). Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $67,805.29 per Bitcoin as of March 31, 2026, to $58,745.18 per Bitcoin as of June 30, 2026. Net decrease in net assets resulting from operations was ($1,255,577) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $39,693. Net assets decreased to $8,136,546 at June 30, 2026, a 22% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 553 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 16,281 Bitcoin with a value of $1,136,936 from the Trust, partially offset by thecontribution of approximately 636 Bitcoin with a value of $39,320 to the Trust in connection with Share creations during the period.

Previous wording

Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2025 was ($2,130,572), which includes a realized gain of $57,881 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,029,931 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($3,218,384). Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $82,443.85 per Bitcoin as of March 31, 2025. Net decrease in net assets resulting from operations was ($2,199,511) for the three months ended March 31, 2025, which consisted of thenet realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $68,939. Net assets decreased to $15,948,122 at March 31, 2025, a 17% decrease for thethree-month period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 737 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 13,185 Bitcoin with a value of $1,227,181 from the Trust, partially offset by the contribution of approximately 1,965 Bitcoin with a value of $192,570 to the Trust in connection with Share creations during the period.

Current wording

Net realized and unrealized loss on investment in Bitcoin for the six months ended June 30, 2026 was ($4,354,009), which includes a realized gain of $64,069 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,655,616 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($6,073,694). Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $58,745.18 per Bitcoin as of June 30, 2026. Net decrease in net assets resulting from operations was ($4,438,686) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $84,677. Net assets decreased to $8,136,546 at June 30, 2026, a 44% decrease for the six-month period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 1,140 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 29,461 Bitcoin with a value of $2,185,553 from the Trust, partially offset by thecontribution of approximately 3,515 Bitcoin with a value of $263,348 to the Trust in connection with Share creations during the period.

Previous wording

The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of both March 31, 2026 and 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, and Bullish. The Digital Asset Trading Platforms included in the Index as of April 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX. See “Item 1. Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

Current wording

The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX, and OSL. The Digital Asset Trading Platforms included in the Index as of June 30, 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, Bitfinex and Bullish. See “Item 1. Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

Previous wording

The Trust’s performance prior to January 11, 2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program. Prior to January 11, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of January 11, 2024, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to January 11, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to January 11, 2024.

Current wording

The Trust’s performance prior to January 11, 2024 is based on market-determined prices on OTC Markets and on the Trust’s performance without an ongoing share creation and redemption program. Prior to January 11, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of January 11, 2024, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to January 11, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to January 11, 2024.

Previous wording

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.

Current wording

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.