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10-Q Filing

GRAYSCALE BITCOIN TRUST ETF CIK: 1588489 Q2 2025
Filing Information
Form Type 10-Q
Accession Number 0000950170-25-101400
Period End Date 20250630
Filing Date 20250801
Fiscal Year 2025
Fiscal Period Q2
XBRL Instance gbtc-20250630_htm.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 line items
Line Item Tag Value Unit Period
Investment Owned, at Cost InvestmentOwnedAtCost $2.93B USD Point-in-time
Investment Owned, at Cost InvestmentOwnedAtCost $2.93B USD Point-in-time
Investment Owned, at Cost InvestmentOwnedAtCost $2.94B USD Point-in-time
Investment Owned, at Cost InvestmentOwnedAtCost $2.94B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $19.95B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $19.95B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $26.35B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $26.35B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $19.18B USD Point-in-time
Investment in Bitcoin, at fair value (cost $2,934,730 and $2,941,518 as of June 30, 2025 and December 31, 2024, respectively) InvestmentOwnedAtFairValue $19.18B USD Point-in-time
Total assets Assets $19.18B USD Point-in-time
Total assets Assets $19.18B USD Point-in-time
Total assets Assets $19.95B USD Point-in-time
Total assets Assets $19.95B USD Point-in-time
Sponsor's Fee payable, related party AccountsPayableFairValueDisclosure - USD Point-in-time
Sponsor's Fee payable, related party AccountsPayableFairValueDisclosure - USD Point-in-time
Sponsor's Fee payable, related party AccountsPayableFairValueDisclosure - USD Point-in-time
Sponsor's Fee payable, related party AccountsPayableFairValueDisclosure - USD Point-in-time
Total liabilities Liabilities - USD Point-in-time
Total liabilities Liabilities - USD Point-in-time
Total liabilities Liabilities - USD Point-in-time
Total liabilities Liabilities - USD Point-in-time
Net assets AssetsNet $23.80B USD Point-in-time
Net assets AssetsNet $23.80B USD Point-in-time
Net assets AssetsNet $15.95B USD Point-in-time
Net assets AssetsNet $15.95B USD Point-in-time
Net assets AssetsNet $19.95B USD Point-in-time
Net assets AssetsNet $19.95B USD Point-in-time
Net assets AssetsNet $17.08B USD Point-in-time
Net assets AssetsNet $17.08B USD Point-in-time
Net assets AssetsNet $19.18B USD Point-in-time
Net assets AssetsNet $19.18B USD Point-in-time
Net assets AssetsNet $26.35B USD Point-in-time
Net assets AssetsNet $26.35B USD Point-in-time
Shares issued and outstanding, no par value (unlimited Shares authorized) CommonStockOtherSharesOutstanding 258.95M shares Point-in-time
Shares issued and outstanding, no par value (unlimited Shares authorized) CommonStockOtherSharesOutstanding 258.95M shares Point-in-time
Shares issued and outstanding, no par value (unlimited Shares authorized) CommonStockOtherSharesOutstanding 235.10M shares Point-in-time
Shares issued and outstanding, no par value (unlimited Shares authorized) CommonStockOtherSharesOutstanding 235.10M shares Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $84.84 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $84.84 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $65.15 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $65.15 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $38.06 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $38.06 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $54.99 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $54.99 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $63.31 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $63.31 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $74.08 USD Point-in-time
Principal Market NAV per Share NetAssetValuePerShare $74.08 USD Point-in-time
Income Statement 70 line items
Line Item Tag Value Unit Period
Investment income InvestmentIncome - USD 1 Quarter
Investment income InvestmentIncome - USD 1 Quarter
Investment income InvestmentIncome - USD 2 Qtrs
Investment income InvestmentIncome - USD 2 Qtrs
Investment income InvestmentIncome - USD 2 Qtrs
Investment income InvestmentIncome - USD 2 Qtrs
Investment income InvestmentIncome - USD 1 Quarter
Investment income InvestmentIncome - USD 1 Quarter
Sponsor's Fee, related party SponsorFees $69.34M USD 1 Quarter
Sponsor's Fee, related party SponsorFees $69.34M USD 1 Quarter
Sponsor's Fee, related party SponsorFees $166.88M USD 2 Qtrs
Sponsor's Fee, related party SponsorFees $166.88M USD 2 Qtrs
Sponsor's Fee, related party SponsorFees $138.28M USD 2 Qtrs
Sponsor's Fee, related party SponsorFees $138.28M USD 2 Qtrs
Sponsor's Fee, related party SponsorFees $72.00M USD 1 Quarter
Sponsor's Fee, related party SponsorFees $72.00M USD 1 Quarter
Net investment loss InvestmentIncomeNet $-138.28M USD 2 Qtrs
Net investment loss InvestmentIncomeNet $-138.28M USD 2 Qtrs
Net investment loss InvestmentIncomeNet $-72.00M USD 1 Quarter
Net investment loss InvestmentIncomeNet $-72.00M USD 1 Quarter
Net investment loss InvestmentIncomeNet $-69.34M USD 1 Quarter
Net investment loss InvestmentIncomeNet $-69.34M USD 1 Quarter
Net investment loss InvestmentIncomeNet $-166.88M USD 2 Qtrs
Net investment loss InvestmentIncomeNet $-166.88M USD 2 Qtrs
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $58.37M USD 1 Quarter
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $58.37M USD 1 Quarter
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $232.40M USD Annual
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $232.40M USD Annual
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $116.20M USD 2 Qtrs
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $116.20M USD 2 Qtrs
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $58.32M USD 1 Quarter
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $58.32M USD 1 Quarter
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $132.00M USD 2 Qtrs
Net realized gain on investment in Bitcoin sold to pay expenses RealizedInvestmentGainsLossesSoldToPayExpenses $132.00M USD 2 Qtrs
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $15.00B USD 2 Qtrs
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $15.00B USD 2 Qtrs
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $1.77B USD 2 Qtrs
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $1.77B USD 2 Qtrs
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $17.83B USD Annual
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $17.83B USD Annual
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $3.30B USD 1 Quarter
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $3.30B USD 1 Quarter
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $743.17M USD 1 Quarter
Net realized gain on investment in Bitcoin sold for redemption of Shares RealizedInvestmentGainsLossesSoldForRedemptionOfShares $743.17M USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $3.99B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $3.99B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-5.73B USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-5.73B USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-6.21B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-6.21B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $769.66M USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $769.66M USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-3.09B USD Annual
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-3.09B USD Annual
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $4.79B USD 1 Quarter
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $4.79B USD 1 Quarter
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $9.40B USD 2 Qtrs
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $9.40B USD 2 Qtrs
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $2.66B USD 2 Qtrs
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $2.66B USD 2 Qtrs
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $-2.85B USD 1 Quarter
Net realized and unrealized gain (loss) on investment GainLossOnInvestments $-2.85B USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $4.72B USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $4.72B USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $9.23B USD 2 Qtrs
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $9.23B USD 2 Qtrs
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $2.52B USD 2 Qtrs
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $2.52B USD 2 Qtrs
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $-2.92B USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetAssetsFromOperationsIncreaseDecrease $-2.92B USD 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net increase in net assets resulting from operations ProfitLoss $2.52B USD 2 Qtrs
Net increase in net assets resulting from operations ProfitLoss $2.52B USD 2 Qtrs
Net increase in net assets resulting from operations ProfitLoss $9.23B USD 2 Qtrs
Net increase in net assets resulting from operations ProfitLoss $9.23B USD 2 Qtrs
Purchases of Bitcoin PaymentsForPurchaseOfInvestmentOperatingActivity $359.48M USD 2 Qtrs
Purchases of Bitcoin PaymentsForPurchaseOfInvestmentOperatingActivity $359.48M USD 2 Qtrs
Purchases of Bitcoin PaymentsForPurchaseOfInvestmentOperatingActivity $321.08M USD 2 Qtrs
Purchases of Bitcoin PaymentsForPurchaseOfInvestmentOperatingActivity $321.08M USD 2 Qtrs
Proceeds from Bitcoin sold to pay redemptions ProceedsFromDispositionOfInvestmentOperatingActivity $18.81B USD 2 Qtrs
Proceeds from Bitcoin sold to pay redemptions ProceedsFromDispositionOfInvestmentOperatingActivity $18.81B USD 2 Qtrs
Proceeds from Bitcoin sold to pay redemptions ProceedsFromDispositionOfInvestmentOperatingActivity $2.12B USD 2 Qtrs
Proceeds from Bitcoin sold to pay redemptions ProceedsFromDispositionOfInvestmentOperatingActivity $2.12B USD 2 Qtrs
Proceeds from Bitcoin sold to pay expenses ProceedsFromSaleOfTrustAssetsToPayExpenses $138.28M USD 2 Qtrs
Proceeds from Bitcoin sold to pay expenses ProceedsFromSaleOfTrustAssetsToPayExpenses $138.28M USD 2 Qtrs
Proceeds from Bitcoin sold to pay expenses ProceedsFromSaleOfTrustAssetsToPayExpenses $166.88M USD 2 Qtrs
Proceeds from Bitcoin sold to pay expenses ProceedsFromSaleOfTrustAssetsToPayExpenses $166.88M USD 2 Qtrs
Net realized gain RealizedInvestmentGainsLosses $15.13B USD 2 Qtrs
Net realized gain RealizedInvestmentGainsLosses $15.13B USD 2 Qtrs
Net realized gain RealizedInvestmentGainsLosses $1.89B USD 2 Qtrs
Net realized gain RealizedInvestmentGainsLosses $1.89B USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $3.99B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $3.99B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-5.73B USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-5.73B USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-6.21B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-6.21B USD 1 Quarter
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $769.66M USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $769.66M USD 2 Qtrs
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-3.09B USD Annual
Net change in unrealized appreciation on investment in Bitcoin UnrealizedGainLossOnInvestments $-3.09B USD Annual
Sponsor's Fee payable IncreaseDecreaseInAccountsPayable - USD 2 Qtrs
Sponsor's Fee payable IncreaseDecreaseInAccountsPayable - USD 2 Qtrs
Sponsor's Fee payable IncreaseDecreaseInAccountsPayable - USD 2 Qtrs
Sponsor's Fee payable IncreaseDecreaseInAccountsPayable - USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $18.49B USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $18.49B USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.76B USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.76B USD 2 Qtrs
Proceeds from issuance of capital shares ProceedsFromIssuanceOfCommonStock $321.08M USD 2 Qtrs
Proceeds from issuance of capital shares ProceedsFromIssuanceOfCommonStock $321.08M USD 2 Qtrs
Proceeds from issuance of capital shares ProceedsFromIssuanceOfCommonStock $359.48M USD 2 Qtrs
Proceeds from issuance of capital shares ProceedsFromIssuanceOfCommonStock $359.48M USD 2 Qtrs
Payments for capital shares redeemed PaymentsForRepurchaseOfCommonStock $2.12B USD 2 Qtrs
Payments for capital shares redeemed PaymentsForRepurchaseOfCommonStock $2.12B USD 2 Qtrs
Payments for capital shares redeemed PaymentsForRepurchaseOfCommonStock $18.81B USD 2 Qtrs
Payments for capital shares redeemed PaymentsForRepurchaseOfCommonStock $18.81B USD 2 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.76B USD 2 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.76B USD 2 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-18.49B USD 2 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-18.49B USD 2 Qtrs
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect - USD 2 Qtrs
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect - USD 2 Qtrs
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect - USD 2 Qtrs
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect - USD 2 Qtrs
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Transfer of Bitcoin to pay for Sponsor's Fee TransferOfBitcoinToPayForSponsorsFee $166.88M USD 2 Qtrs
Transfer of Bitcoin to pay for Sponsor's Fee TransferOfBitcoinToPayForSponsorsFee $166.88M USD 2 Qtrs
Transfer of Bitcoin to pay for Sponsor's Fee TransferOfBitcoinToPayForSponsorsFee $138.28M USD 2 Qtrs
Transfer of Bitcoin to pay for Sponsor's Fee TransferOfBitcoinToPayForSponsorsFee $138.28M USD 2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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