| Fair Value of Bitcoin |
3. Fair Value of Bitcoin Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of March 31, 2025 and December 31, 2024, the Trust held 193,442.23018809 and 205,398.85921873 Bitcoin, respectively. The Trust determined the fair value per Bitcoin to be $82,443.85 and $93,390.22 on March 31, 2025 and December 31, 2024, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of Bitcoin and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Bitcoin |
|
|
Fair Value |
|
Beginning balance as of January 1, 2024 |
|
|
619,525.92917020 |
|
|
$ |
26,350,470 |
|
Bitcoin contributed |
|
|
11,073.66100720 |
|
|
|
790,709 |
|
Bitcoin redeemed |
|
|
(393,594.77212630 |
) |
|
|
(22,292,651 |
) |
Bitcoin distributed for Initial Distribution (Return of Capital)(1) |
|
|
(26,935.83753443 |
) |
|
|
(1,756,821 |
) |
Bitcoin distributed for Sponsor’s Fee, related party |
|
|
(4,670.12129794 |
) |
|
|
(290,476 |
) |
Net change in unrealized appreciation on investment in Bitcoin |
|
|
- |
|
|
|
(3,092,838 |
) |
Net realized gain on investment in Bitcoin sold to pay expenses |
|
|
- |
|
|
|
232,398 |
|
Net realized gain on investment in Bitcoin sold for redemption of Shares |
|
|
- |
|
|
|
17,830,575 |
|
Net realized gain on investment in Bitcoin sold for Return of Capital(1) |
|
|
- |
|
|
|
1,410,878 |
|
Balance at December 31, 2024 |
|
|
205,398.85921873 |
|
|
$ |
19,182,244 |
|
Bitcoin contributed |
|
|
1,965.72939387 |
|
|
|
192,570 |
|
Bitcoin redeemed |
|
|
(13,185.34046936 |
) |
|
|
(1,227,181 |
) |
Bitcoin distributed for Sponsor’s Fee, related party |
|
|
(737.01795515 |
) |
|
|
(68,939 |
) |
Net change in unrealized appreciation on investment in Bitcoin |
|
|
- |
|
|
|
(3,218,384 |
) |
Net realized gain on investment in Bitcoin sold to pay expenses |
|
|
- |
|
|
|
57,881 |
|
Net realized gain on investment in Bitcoin sold for redemption of Shares |
|
|
- |
|
|
|
1,029,931 |
|
Ending balance as of March 31, 2025 |
|
|
193,442.23018809 |
|
|
|
15,948,122 |
|
(1)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. |