Grayscale Bitcoin Mini Trust ETF SEC 10-Q Report

Grayscale Bitcoin Mini Trust ETF, a passive investment vehicle that holds Bitcoin and issues shares in exchange for Bitcoin deposits, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational performance metrics, reflecting the Trust's ongoing efforts to provide investors with exposure to Bitcoin.

Financial Highlights

• Net realized and unrealized gain (loss) on investment in Bitcoin: $287.5 million, driven by Bitcoin price appreciation from $107,753.95 per Bitcoin as of June 30, 2025, to $114,401.99 per Bitcoin as of September 30, 2025.
• Net increase (decrease) in net assets resulting from operations: $285.5 million, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $2.0 million.
• Net assets: $5,461.1 million as of September 30, 2025, a 15% increase for the three-month period, resulting from Bitcoin price appreciation and contributions of Bitcoin in connection with Share creations.

Business Highlights

• Trust Overview: The Grayscale Bitcoin Mini Trust ETF is a passive investment vehicle that holds Bitcoin and issues shares in exchange for Bitcoin deposits. The Trust's shares began trading on NYSE Arca on July 31, 2024, following SEC approval and the effectiveness of its registration statement.
• Reorganization Impact: On January 1, 2025, Grayscale Investments, LLC underwent a reorganization, merging with Grayscale Operating, LLC, which became the surviving entity. This reorganization did not materially impact the Trust's operations.
• Sponsor Transition: Effective May 3, 2025, Grayscale Investments Sponsors, LLC became the sole sponsor of the Trust, assuming all rights and obligations under the Trust Agreement.
• Bitcoin Transactions: The Trust engages in Bitcoin transactions primarily for share creations and redemptions, as well as for paying the Sponsor's Fee. These transactions are recorded on a trade date basis.
• Principal Market Determination: The Trust determines its principal market for Bitcoin annually and conducts quarterly reviews to ensure the market with the highest volume and stability is selected. As of September 30, 2025, Crypto.com was identified as the principal market.
• Bitcoin Holdings: As of September 30, 2025, the Trust held 47,736 Bitcoin, reflecting an increase from 38,013 Bitcoin at the end of 2024. This increase was due to additional Bitcoin contributions and share creations.
• Operational Risks: The Trust is subject to various risks, including market volatility, regulatory changes, and security risks associated with Bitcoin transactions and custody.
• Future Outlook: The Trust aims to continue providing investors with exposure to Bitcoin, reflecting its value less expenses. The management reorganization and sponsor transition are not expected to materially impact the Trust's operations.

SEC Filing: Grayscale Bitcoin Mini Trust ETF [ BTC ] - 10-Q - Nov. 05, 2025