☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 46-7019388 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
Grayscale Bitcoin Trust (BTC) Shares | GBTC | N/A |
Large accelerated | ||||||
☒ | ☐ | |||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company |
PART I – FINANCIAL INFORMATION | |||||||||
Item 1. | Financial Statements (Unaudited) | 2 | |||||||
Statements of Assets and Liabilities at June 30, 2022 and December 31, 2021 | |||||||||
Schedules of Investment at June 30, 2022 and December 31, 2021 | |||||||||
Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 | 4 | ||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | Controls and Procedures | 18 | |||||||
PART II – OTHER INFORMATION | |||||||||
Item | |||||||||
Item 1A. | |||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | Mine Safety Disclosures | ||||||||
Item 5. | Other Information | ||||||||
Item 6. | Exhibits | ||||||||
21 | |||||||||
Item 1. Financial Statements (Unaudited) |
(Amounts in U.S. dollars, except Share amounts) | March 31, 2020 | December 31, 2019 | ||||||
Assets: | ||||||||
Investment in Bitcoin, at fair value (cost $1,223,309,388 and $839,093,484 as of March 31, 2020 and December 31, 2019, respectively) | $ | 1,972,244,030 | $ | 1,866,217,842 | ||||
Total assets | $ | 1,972,244,030 | $ | 1,866,217,842 | ||||
Liabilities: | ||||||||
Sponsor’s Fee payable, related party | $ | — | $ | — | ||||
Total liabilities | — | — | ||||||
Net assets | $ | 1,972,244,030 | $ | 1,866,217,842 | ||||
Net Assets consists of: | ||||||||
Paid-in-capital | 1,250,883,025 | 861,353,899 | ||||||
Accumulated net investment loss | (92,628,558 | ) | (80,835,170 | ) | ||||
Accumulated net realized gain on investment in Bitcoin | 65,054,921 | 58,574,755 | ||||||
Accumulated net change in unrealized appreciation on investment in Bitcoin | 748,934,642 | 1,027,124,358 | ||||||
$ | 1,972,244,030 | $ | 1,866,217,842 | |||||
Shares issued and outstanding, no par value (unlimited Shares authorized) | 315,828,000 | 269,445,300 | ||||||
Net asset value per Share | $ | 6.24 | $ | 6.93 | ||||
June 30, 2022 | December 31, 2021 | |||||||
Assets: | ||||||||
Investment in Bitcoin, at fair value (cost $7,231,203 and $7,303,280 as of June 30, 2022 and December 31, 2021, respectively) | $ | 12,063,449 | $ | 29,576,053 | ||||
Total assets | $ | 12,063,449 | $ | 29,576,053 | ||||
Liabilities: | ||||||||
Sponsor’s Fee payable, related party | $ | — | $ | — | ||||
Total liabilities | — | — | ||||||
Net Assets | $ | 12,063,449 | $ | 29,576,053 | ||||
Net Assets consist of: | ||||||||
Paid-in-capital | $ | 7,513,961 | $ | 7,513,961 | ||||
Accumulated net investment loss | (1,024,453 | ) | (789,760 | ) | ||||
Accumulated net realized gain on investment in Bitcoin | 741,695 | 579,079 | ||||||
Accumulated net change in unrealized appreciation on investment in Bitcoin | 4,832,246 | 22,272,773 | ||||||
$ | 12,063,449 | $ | 29,576,053 | |||||
Shares issued and outstanding, no par value (unlimited Shares authorized) | 692,370,100 | 692,370,100 | ||||||
Net asset value per Share | $ | 17.42 | $ | 42.72 | ||||
March 31, 2020 | ||||||||||||||||
Number of Bitcoin | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Bitcoin | 304,631.31046282 | $ | 1,223,309,388 | $ | 1,972,244,030 | 100 | % | |||||||||
Net assets | $ | 1,223,309,388 | $ | 1,972,244,030 | 100 | % | ||||||||||
December 31, 2019 | ||||||||||||||||
Number of Bitcoin | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in Bitcoin | 261,192.14022299 | $ | 839,093,484 | $ | 1,866,217,842 | 100 | % | |||||||||
Net assets | $ | 839,093,484 | $ | 1,866,217,842 | 100 | % | ||||||||||
June 30, 2022 | Quantity of Bitcoin | Cost | Fair Value | % of Net Assets | ||||||||||||
Investment in Bitcoin | 638,446.30166100 | $ | 7,231,203 | $ | 12,063,449 | 100 | % | |||||||||
Net Assets | $ | 7,231,203 | $ | 12,063,449 | 100 | % | ||||||||||
December 31, 2021 | Quantity of Bitcoin | Cost | Fair Value | % of Net Assets | ||||||||||||
Investment in Bitcoin | 644,809.96863835 | $ | 7,303,280 | $ | 29,576,053 | 100 | % | |||||||||
Net Assets | $ | 7,303,280 | $ | 29,576,053 | 100 | % | ||||||||||
Three Months Ended March 31, | ||||||||
(Amounts in U.S. dollars) | 2020 | 2019 | ||||||
Investment income: | ||||||||
Investment income | $ | — | $ | — | ||||
Expenses: | ||||||||
Sponsor’s Fee, related party | 11,793,388 | 3,862,438 | ||||||
Net investment loss | (11,793,388 | ) | (3,862,438 | ) | ||||
Net realized and unrealized (loss) gain from: | ||||||||
Net realized gain on investment in Bitcoin | 6,480,166 | 1,844,077 | ||||||
Net change in unrealized (depreciation) appreciation on investment in Bitcoin | (278,189,716 | ) | 86,536,075 | |||||
Net realized and unrealized (loss) gain on investment | (271,709,550 | ) | 88,380,152 | |||||
Net (decrease) increase in net assets resulting from operations | $ | (283,502,938 | ) | $ | 84,517,714 | |||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Investment income: | ||||||||||||||||
Investment income | $ | — | $ | — | $ | — | $ | — | ||||||||
Expenses: | ||||||||||||||||
Sponsor’s Fee, related party | 103,668 | 151,474 | 234,693 | 295,774 | ||||||||||||
Net investment loss | (103,668 | ) | (151,474 | ) | (234,693 | ) | (295,774 | ) | ||||||||
Net realized and unrealized gain (loss) from: | ||||||||||||||||
Net realized gain on investment in Bitcoin | 67,520 | 114,595 | 162,616 | 224,529 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investment in Bitcoin | (17,156,233 | ) | (15,679,665 | ) | (17,440,527 | ) | 3,093,395 | |||||||||
Net realized and unrealized gain (loss) on investment | (17,088,713 | ) | (15,565,070 | ) | (17,277,911 | ) | 3,317,924 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (17,192,381 | ) | $ | (15,716,544 | ) | $ | (17,512,604 | ) | $ | 3,022,150 | |||||
Three Months Ended March 31, | ||||||||
(Amounts in U.S. dollars, except change in Shares outstanding) | 2020 | 2019 | ||||||
(Decrease) increase in net assets from operations: | ||||||||
Net investment loss | $ | (11,793,388 | ) | $ | (3,862,438 | ) | ||
Net realized gain on investment in Bitcoin | 6,480,166 | 1,844,077 | ||||||
Net change in unrealized (depreciation) appreciation on investment in Bitcoin | (278,189,716 | ) | 86,536,075 | |||||
Net (decrease) increase in net assets resulting from operations | (283,502,938 | ) | 84,517,714 | |||||
Increase in net assets from capital share transactions: | ||||||||
Shares issued | 389,529,126 | 41,832,368 | ||||||
Net increase in net assets resulting from capital share transactions | 389,529,126 | 41,832,368 | ||||||
Total increase in net assets from operations and capital share transactions | 106,026,188 | 126,350,082 | ||||||
Net assets: | ||||||||
Beginning of period | 1,866,217,842 | 751,622,174 | ||||||
End of period | $ | 1,972,244,030 | $ | 877,972,256 | ||||
Change in Shares outstanding: | ||||||||
Shares outstanding at beginning of period | 269,445,300 | 206,559,100 | ||||||
Shares issued | 46,382,700 | 11,309,100 | ||||||
Net increase in Shares | 46,382,700 | 11,309,100 | ||||||
Shares outstanding at end of period | 315,828,000 | 217,868,200 | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||
Net investment loss | $ | (103,668 | ) | $ | (151,474 | ) | $ | (234,693 | ) | $ | (295,774 | ) | ||||
Net realized gain on investment in Bitcoin | 67,520 | 114,595 | 162,616 | 224,529 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investment in Bitcoin | (17,156,233 | ) | (15,679,665 | ) | (17,440,527 | ) | 3,093,395 | |||||||||
Net increase (decrease) in net assets resulting from operations | (17,192,381 | ) | (15,716,544 | ) | (17,512,604 | ) | 3,022,150 | |||||||||
Increase in net assets from capital share transactions: | ||||||||||||||||
Shares issued | — | — | — | 1,905,227 | ||||||||||||
Net increase in net assets resulting from capital share transactions | — | — | — | 1,905,227 | ||||||||||||
Total increase (decrease) in net assets from operations and capital share transactions | (17,192,381 | ) | (15,716,544 | ) | (17,512,604 | ) | 4,927,377 | |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 29,255,830 | 38,360,399 | 29,576,053 | 17,716,478 | ||||||||||||
End of period | $ | 12,063,449 | $ | 22,643,855 | $ | 12,063,449 | $ | 22,643,855 | ||||||||
Changes in Shares outstanding | ||||||||||||||||
Shares outstanding at beginning of period | 692,370,100 | 692,370,100 | 692,370,100 | 638,906,600 | ||||||||||||
Shares issued | — | — | — | 53,463,500 | ||||||||||||
Net increase in Shares | — | — | — | 53,463,500 | ||||||||||||
Shares outstanding at end of period | 692,370,100 | 692,370,100 | 692,370,100 | 692,370,100 | ||||||||||||
Amount at Fair Value | Fair Value Measurement Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
March 31, 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Investment in Bitcoin | $ | 1,972,244,030 | $ | — | $ | 1,972,244,030 | $ | — | ||||||||
December 31, 2019 | ||||||||||||||||
Assets | ||||||||||||||||
Investment in Bitcoin | $ | 1,866,217,842 | $ | — | $ | 1,866,217,842 | $ | — | ||||||||
Fair Value Measurement Using | ||||||||||||||||
(Amounts in thousands) | Amount at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
June 30, 2022 | ||||||||||||||||
Assets | ||||||||||||||||
Investment in Bitcoin | $ | 12,063,449 | $ | 12,063,449 | $ | — | $ | — | ||||||||
Fair Value Measurement Using | ||||||||||||||||
(Amounts in thousands) | Amount at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
December 31, 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Investment in Bitcoin | $ | 29,576,053 | $ | — | $ | 29,576,053 | $ | — | ||||||||
Bitcoin | Fair Value | |||||||
Balance at January 1, 2019 | 204,277.35165345 | $ | 751,622,174 | |||||
Bitcoin contributed | 61,555.82798061 | 462,775,143 | ||||||
Bitcoin distributed for Sponsor’s Fee, related party | (4,641.03941107 | ) | (34,730,355 | ) | ||||
Net change in unrealized appreciation on investment in Bitcoin | — | 663,245,720 | ||||||
Net realized gain on investment in Bitcoin | — | 23,305,160 | ||||||
Balance at December 31, 2019 | 261,192.14022299 | 1,866,217,842 | ||||||
Bitcoin contributed | 44,867.71207927 | 389,529,126 | ||||||
Bitcoin distributed for Sponsor’s Fee, related party | (1,428.54183944 | ) | (11,793,388 | ) | ||||
Net change in unrealized depreciation on investment in Bitcoin | — | (278,189,716 | ) | |||||
Net realized gain on investment in Bitcoin | — | 6,480,166 | ||||||
Balance at March 31, 2020 | 304,631.31046282 | $ | 1,972,244,030 | |||||
(Amounts in thousands, except Bitcoin amounts) | Bitcoin | Fair Value | ||||||
Beginning balance as of January 1, 2021 | 607,039.48515191 | $ | 17,716,478 | |||||
Bitcoin contributed | 50,738.88950472 | 1,905,227 | ||||||
Bitcoin distributed for Sponsor’s Fee, related party | (12,968.40601828 | ) | (615,420 | ) | ||||
Net change in unrealized appreciation on investment in Bitcoin | — | 10,099,600 | ||||||
Net realized gain on investment in Bitcoin | — | 470,168 | ||||||
Ending balance as of December 31, 2021 | 644,809.96863835 | $ | 29,576,053 | |||||
(Amounts in thousands, except Bitcoin amounts) | Bitcoin | Fair Value | ||||||
Beginning balance as of January 1, 2022 | 644,809.96863835 | $ | 29,576,053 | |||||
Bitcoin contributed | — | — | ||||||
Bitcoin distributed for Sponsor’s Fee, related party | (6,363.66697735 | ) | (234,693 | ) | ||||
Net change in unrealized depreciation on investment in Bitcoin | — | (17,440,527 | ) | |||||
Net realized gain on investment in Bitcoin | — | 162,616 | ||||||
Ending balance as of June 30, 2022 | 638,446.30166100 | $ | 12,063,449 | |||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Per Share Data: | ||||||||
Net asset value, beginning of period | $ | 6.93 | $ | 3.64 | ||||
Net (decrease) increase in net assets from investment operation s : | ||||||||
Net investment loss | (0.04 | ) | (0.02 | ) | ||||
Net realized and unrealized (loss) gain | (0.65 | ) | 0.41 | |||||
Net (decrease) increase in net assets resulting from operations | (0.69 | ) | 0.39 | |||||
Net asset value, end of period | $ | 6.24 | $ | 4.03 | ||||
Total return | -32.66 | % | 54.34 | % | ||||
Ratios to average net assets: | ||||||||
Net investment loss | -2.00 | % | -2.00 | % | ||||
Expenses | -2.00 | % | -2.00 | % | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 42.25 | $ | 55.40 | $ | 42.72 | $ | 27.73 | ||||||||
Net increase (decrease) in net assets from investment operations: | ||||||||||||||||
Net investment loss | (0.15 | ) | (0.22 | ) | (0.34 | ) | (0.43 | ) | ||||||||
Net realized and unrealized gain (loss) | (24.68 | ) | (22.48 | ) | (24.96 | ) | 5.40 | |||||||||
Net (decrease) increase in net assets resulting from operations | (24.83 | ) | (22.70 | ) | (25.30 | ) | 4.97 | |||||||||
Net asset value, end of period | $ | 17.42 | $ | 32.70 | $ | 17.42 | $ | 32.70 | ||||||||
Total return | (58.77 | )% | (40.97 | )% | (59.22 | )% | 17.92 | % | ||||||||
Ratios to average net assets: | ||||||||||||||||
Net investment loss | (2.00 | )% | (2.00 | )% | (2.00 | )% | (2.00 | )% | ||||||||
Expenses | (2.00 | )% | (2.00 | )% | (2.00 | )% | (2.00 | )% | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net realized and unrealized (loss) gain on investment in Bitcoin | $ | (271,710 | ) | $ | 88,380 | |||
Net (decrease) increase in net assets resulting from operations | $ | (283,503 | ) | $ | 84,518 | |||
Net assets | $ | 1,972,244 | $ | 877,972 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net realized and unrealized gain (loss) on investment in Bitcoin | $ | (17,088,713 | ) | $ | (15,565,070 | ) | $ | (17,277,911 | ) | $ | 3,317,924 | |||||
Net increase (decrease) in net assets resulting from operations | $ | (17,192,381 | ) | $ | (15,716,544 | ) | $ | (17,512,604 | ) | $ | 3,022,150 | |||||
Net assets | $ | 12,063,449 | $ | 22,643,855 | $ | 12,063,449 | $ | 22,643,855 | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(All Bitcoin balances are rounded to the nearest whole Bitcoin) | ||||||||
Bitcoins: | ||||||||
Opening Balance | 261,192 | 204,277 | ||||||
Creations | 44,868 | 11,154 | ||||||
Sponsor’s Fee, related party | (1,429 | ) | (1,030 | ) | ||||
Closing balance | 304,631 | 214,401 | ||||||
Accrued but unpaid Sponsor’s Fee, related party | — | — | ||||||
Net closing balance | 304,631 | 214,401 | ||||||
Number of Shares: | ||||||||
Opening balance | 269,445,300 | 206,559,100 | ||||||
Creations | 46,382,700 | 11,309,100 | ||||||
Closing balance | 315,828,000 | 217,868,200 | ||||||
As of March 31, | ||||||||
2020 | 2019 | |||||||
Price of Bitcoin on principal market(1) | $ | 6,474.20 | $ | 4,094.99 | ||||
NAV per Share(2) | $ | 6.24 | $ | 4.03 | ||||
Index Price | $ | 6,466.48 | $ | 4,088.08 | ||||
Digital Asset Holdings per Share(3) | $ | 6.24 | $ | 4.02 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(All Bitcoin balances are rounded to the nearest whole Bitcoin) Bitcoins: | ||||||||||||||||
Opening Balance | 641,638 | 654,600 | 644,810 | 607,039 | ||||||||||||
Creations | — | — | — | 50,739 | ||||||||||||
Sponsor’s Fee, related party | (3,192 | ) | (3,256 | ) | (6,364 | ) | (6,434 | ) | ||||||||
Closing balance | 638,446 | 651,344 | 638,446 | 651,344 | ||||||||||||
Accrued but unpaid Sponsor’s Fee, related party | — | — | — | — | ||||||||||||
Net closing balance | 638,446 | 651,344 | 638,446 | 651,344 | ||||||||||||
Number of Shares: | ||||||||||||||||
Opening balance | 692,370,100 | 692,370,100 | 692,370,100 | 638,906,600 | ||||||||||||
Creations | — | — | — | 53,463,500 | ||||||||||||
Closing Balance | 692,370,100 | 692,370,100 | 692,370,100 | 692,370,100 | ||||||||||||
As of June 30, | ||||||||
2022 | 2021 | |||||||
Price of Bitcoin on principal market (1) | $ | 18,895.01 | $ | 34,764.81 | ||||
NAV per Share (2) | $ | 17.42 | $ | 32.70 | ||||
Index Price (3) | $ | 18,883.90 | $ | 34,759.99 | ||||
Digital Asset Holdings per Share (3) | $ | 17.41 | $ | 32.70 | ||||
(1) | The Trust performed an assessment of the principal market at |
(2) | As of |
(3) | The Trust’s Digital Asset Holdings per Share is 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 Digital Asset Holdings per Share is calculated using a non-GAAP methodology where the 10-K for a description of the Index and the Index Price. The Digital Asset Exchanges used to calculate the Index Price as of June 30, 2022 and 2021 were Coinbase Pro, Bitstamp, Kraken, and LMAX Digital. See “Item 1. Business—Valuation of Bitcoin and Determination of Digital Asset Holdings” in the Trust’s Annual Report on Form10-K for a description of the Trust’s Digital Asset Holdings per Share. |
Period | Average | High | Date | Low | Date | End of period | Last business day | |||||||||||||||||||||
Twelve months ended March 31, 2016 | $ | 311.86 | $ | 459.52 | 12/18/2015 | $ | 211.86 | 8/25/2015 | $ | 414.70 | $ | 414.70 | ||||||||||||||||
Twelve months ended March 31, 2017 | $ | 719.90 | $ | 1,279.00 | 3/6/2017 | $ | 416.00 | 4/1/2016 | $ | 1,056.48 | $ | 1,056.48 | ||||||||||||||||
Twelve months ended March 31, 2018 | $ | 6,242.51 | $ | 18,756.45 | 12/18/2017 | $ | 1,056.48 | 4/1/2017 | $ | 6,990.70 | $ | 7,580.80 | ||||||||||||||||
Twelve months ended March 31, 2019 | $ | 5,863.11 | $ | 9,650.29 | 5/4/2018 | $ | 3,228.07 | 12/14/2018 | $ | 4,088.08 | $ | 4,056.31 | ||||||||||||||||
Twelve months ended March 31, 2020 | $ | 8,441.28 | $ | 12,681.53 | 7/10/2019 | $ | 4,118.78 | 4/1/2019 | $ | 6,466.48 | $ | 6,466.48 | ||||||||||||||||
September 25, 2013 (the inception of the Trust’s operations) to March 31, 2020 | $ | 3,422.74 | $ | 18,756.45 | 12/18/2017 | $ | 117.03 | 10/3/2013 | $ | 6,466.48 | $ | 6,466.48 |
High | Low | |||||||||||||||||||||||||||
Period | Average | Index Price | Date | Index Price | Date | End of period | Last business day | |||||||||||||||||||||
Twelve months ended June 30, 2018 | $ | 7,750.46 | $ | 19,209.14 | 12/16/2017 | $ | 1,866.02 | 7/16/2017 | $ | 6,326.34 | $ | 5,879.92 | ||||||||||||||||
Twelve months ended June 30, 2019 | $ | 5,746.57 | $ | 13,838.57 | 6/26/2019 | $ | 3,164.99 | 12/14/2018 | $ | 11,226.21 | $ | 12,314.29 | ||||||||||||||||
Twelve months ended June 30, 2020 | $ | 8,812.42 | $ | 12,501.68 | 7/9/2019 | $ | 4,941.00 | 3/16/2020 | $ | 9,137.70 | $ | 9,137.70 | ||||||||||||||||
Twelve months ended June 30, 2021 | $ | 29,666.38 | $ | 63,472.70 | 4/15/2021 | $ | 9,032.59 | 7/5/2020 | $ | 34,759.99 | $ | 34,759.99 | ||||||||||||||||
Twelve months ended June 30, 2022 | $ | 42,951.63 | $ | 67,352.59 | 11/9/2021 | $ | 18,034.01 | 6/18/2022 | $ | 18,883.90 | $ | 18,883.90 | ||||||||||||||||
September 25, 2013 (the first Creation Basket of the Trust) to June 30, 2022 | $ | 11,080.70 | $ | 67,352.59 | 11/9/2021 | $ | 117.03 | 10/3/2013 | $ | 18,883.90 | $ | 18,883.90 |
High | Low | |||||||||||||||||||||||||||
Period | Average | Digital Asset Market Price | Date | Digital Asset Market Price | Date | End of period | Last business day | |||||||||||||||||||||
Twelve months ended June 30, 2018 | $ | 7,762.62 | $ | 19,433.21 | 12/16/2017 | $ | 1,854.27 | 7/16/2017 | $ | 6,323.24 | $ | 5,879.99 | ||||||||||||||||
Twelve months ended June 30, 2019 | $ | 5,746.81 | $ | 13,849.81 | 6/26/2019 | $ | 3,164.61 | 12/14/2018 | $ | 11,237.68 | $ | 12,323.00 | ||||||||||||||||
Twelve months ended June 30, 2020 | $ | 8,812.73 | $ | 12,514.00 | 7/9/2019 | $ | 4,950.39 | 3/16/2020 | $ | 9,134.09 | $ | 9,134.09 | ||||||||||||||||
Twelve months ended June 30, 2021 | $ | 29,667.40 | $ | 63,466.92 | 4/15/2021 | $ | 9,031.09 | 7/5/2020 | $ | 34,764.81 | $ | 34,764.81 | ||||||||||||||||
Twelve months ended June 30, 2022 | $ | 42,950.57 | $ | 67,371.70 | 11/9/2021 | $ | 18,026.58 | 6/18/2022 | $ | 18,895.01 | $ | 18,895.01 | ||||||||||||||||
September 25, 2013 (the first Creation Basket of the Trust) to June 30, 2022 | $ | 11,082.11 | $ | 67,371.70 | 11/9/2021 | $ | 110.83 | 10/2/2013 | $ | 18,895.01 | $ | 18,895.01 |
Period | Average | High | Date | Low | Date | End of period | Last business day | |||||||||||||||||||||
Twelve months ended March 31, 2016 | $ | 311.91 | $ | 469.00 | 11/4/2015 | $ | 216.24 | 8/24/2015 | $ | 416.43 | $ | 416.43 | ||||||||||||||||
Twelve months ended March 31, 2017 | $ | 721.53 | $ | 1,290.01 | 3/10/2017 | $ | 415.59 | 4/1/2016 | $ | 1,084.70 | $ | 1,084.70 | ||||||||||||||||
Twelve months ended March 31, 2018 | $ | 6,307.72 | $ | 19,433.21 | 12/16/2017 | $ | 1,082.07 | 4/1/2017 | $ | 7,055.00 | $ | 7,337.16 | ||||||||||||||||
Twelve months ended March 31, 2019 | $ | 5,865.26 | $ | 9,815.55 | 5/5/2018 | $ | 3,164.61 | 12/14/2018 | $ | 4,094.99 | $ | 4,078.82 | ||||||||||||||||
Twelve months ended March 31, 2020 | $ | 8,472.15 | $ | 13,849.81 | 6/26/2019 | $ | 4,133.74 | 4/1/2019 | $ | 6,474.20 | $ | 6,474.20 | ||||||||||||||||
September 25, 2013 (the inception of the Trust’s operations) to March 31, 2020 | $ | 3,437.86 | $ | 19,433.21 | 12/16/2017 | $ | 110.83 | 10/2/2013 | $ | 6,474.20 | $ | 6,474.20 |
The following chart sets out the historical premium and discount for the Shares as reported by OTCQX and the Trust’s Digital Asset Holdings per Share. GBTC Premium/(Discount): GBTC Share Price vs. Digital Asset Holdings per Share (%) Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds Purchases of equity securities by the issuer and affiliated purchasers —The following table summarizes the Share purchase activity for the three months ended June 30, 2022:
None. Item 4. Mine Safety Disclosures Item 5. Other Information None. 19
20 “ Actual Exchange Rate “ Additional Trust Expenses “ Administrator “ Administrator Fee “ Agent “ Authorized Participant “ Basket “ Basket Amount one-hundred-millionth of one Bitcoin “ Bitcoin BTC “ Bitcoin Network end-user-to-end-user “ or Bitcoin Blockchain “ Creation Basket “ Custodial Services “ Custodian “ Custodian Agreement 21 “ Custodian Fee “ DCG “ Digital Asset Account “ Digital Asset Exchange bid-ask trading. The largest Digital Asset Exchanges are online and typically trade on a24-hour basis, publishing transaction price and volume data.“ Digital Asset Exchange Market “ Digital Asset Holdings “ Digital Asset Holdings Fee Basis Amount “ Digital Asset Market “Principal-to-Principal “ DSTA “ DTC “ Exchange Act “ GAAP “ Genesis “ Genesis Global Holdco, LLC and subsidiaries “ Incidental Rights “ Index “ Index License Agreement “ Index Price “ Index Provider “ Investment Advisers Act “ Investment Company Act 22 “ Investor “ IR Virtual Currency “ IRS “ Marketing Fee “ NAV “ OTCQX “ Participant Agreement “ SEC “ Secondary Market “ Securities Act “ Shares “ Share Split 91-for-1 “ Sponsor “ Sponsor-paid Expenses “ Sponsor’s Fee provided “ Transfer Agent “ Transfer Agent Fee “ Trust “ Trust Agreement 23 “ Trustee “ U.S. “ U.S. dollar $ 24 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.
Date:
25 |