Grayscale Bitcoin Mini Trust ETF

What they do

The Trust holds Bitcoin tokens and issues common units of fractional undivided beneficial interest in blocks of 10,000 Shares called Baskets, only in exchange for deposits of Bitcoin, and redeems Shares by distributing Bitcoin or proceeds from Bitcoin sales. It is a passive vehicle with no officers, directors or employees, managed by Sponsor Grayscale Investments Sponsors, LLC, with Coinbase Custody Trust Company, LLC as custodian and The Bank of New York Mellon as transfer agent and administrator. Its objective is for the value of the Shares, based on Bitcoin per Share, to reflect the value of Bitcoin held, determined by reference to the Index Price, less expenses and liabilities. The Trust will not use leverage, derivatives or similar arrangements.

Revenue drivers

• Bitcoin price exposure — The Trust's only asset is Bitcoin, so changes in the Index Price drive the Trust's net change in unrealized appreciation or depreciation and are the sole source of investment results; as of December 31, 2025 it held approximately 0.24% of Bitcoin in circulation.
• Share creations and redemptions — The Trust issues Baskets of 10,000 Shares in exchange for Bitcoin deposits and redeems Shares for Bitcoin or proceeds; these transactions change asset size but the Trust charges no separate creation fee, and the annual report describes creations and redemptions as investment transactions.
• Sponsor's Fee paid in Bitcoin — The Trust pays the Sponsor's Fee in Bitcoin, and settling that obligation in Bitcoin is when realized gains and losses are recognized, meaning fee payments reduce Bitcoin holdings over time.
• Cash Orders — Authorized Participants may currently submit orders to create or redeem Shares only through Cash Orders, per the annual report, so flows into and out of the Trust occur in cash rather than in-kind Bitcoin at this time.

Recent performance

For 2025, the Trust reported net income of negative $437.2 million and operating cash flow of negative $1.12 billion, reflecting the effect of Bitcoin price movements and redemptions on a fund that holds Bitcoin as its only asset. The most recent balance sheet, as of June 30, 2026, shows total assets of $3.19 billion and total liabilities of $0.00. The Trust began trading on NYSE Arca on July 31, 2024, and issues Shares only in 10,000-Share Baskets. As of December 31, 2025, each Share represented approximately 0.0004 of one Bitcoin.

Strategy

The Trust's stated objective is to track the value of Bitcoin held by the Trust, based on Bitcoin per Share, less expenses and other liabilities, and it does not seek returns beyond that. It differentiates itself by using Coinbase Custody Trust Company, LLC as custodian holding private key shards in cold storage, by not using derivatives or leverage, and by reporting asset value daily on etfs.grayscale.com/btc. Governance changes have occurred: Grayscale Investments, LLC was sponsor until December 31, 2024, GSIS and GSO became Co-Sponsors on January 1, 2025, GSO withdrew on January 3, 2025, and GSIS has been sole Sponsor since May 3, 2025. As of April 1, 2026, the Index used for NAV changed from the CoinDesk Bitcoin Price Index (XBX) to the CoinDesk Bitcoin Benchmark Rate.

Risks

• Concentrated Bitcoin exposure — The Trust holds only Bitcoin and holds no other assets, so its results and the value of the Shares move with the price of Bitcoin, which drove negative net income of $437.2 million in 2025.
• Security classification of Bitcoin — The annual report states that if the Sponsor determines Bitcoin is a security under federal securities laws, the Sponsor does not intend to continue holding Bitcoin in a way that would violate those laws, and could dissolve the Trust or seek to operate it in compliance with the Investment Company Act.
• Sponsor discretion to dissolve — Under the Trust Agreement and at the Sponsor's sole discretion, the Trust may be dissolved for reasons including a Sponsor determination that it is desirable or advisable to discontinue the Trust's affairs.
• Custodian and key control — The Trust's Bitcoin private key shards are held in cold storage by Coinbase Custody Trust Company, LLC, with Anchorage Digital Bank N.A. as an available alternative custodian, concentrating operational dependence on those custodians.

Outlook

The filings describe the Trust as a passive vehicle that does not seek to generate returns beyond tracking the price of Bitcoin, and they state there can be no assurance that the Trust will achieve its investment objective. Management states no business expansion or investment plan beyond continuing to hold Bitcoin, issue and redeem 10,000-Share Baskets, and pay expenses including the Sponsor's Fee in Bitcoin. The Index used for NAV changed to the CoinDesk Bitcoin Benchmark Rate on April 1, 2026, and the Trust continues to report asset value daily.