Grayscale Bitcoin Trust (BTC) Reports Accountant Change

TL;DR

GBTC changed its accountant, standard procedure.

AI Summary

Grayscale Bitcoin Trust (BTC) filed an 8-K on March 6, 2024, reporting changes in its certifying accountant. The filing indicates a change in the independent registered public accounting firm for the period ending March 1, 2024. This is a routine administrative filing related to accounting oversight.

Why It Matters

Changes in a company's auditor can sometimes signal underlying issues or a shift in financial reporting strategy, though this filing appears administrative.

Risk Assessment

Risk Level: low — This filing is a routine administrative disclosure regarding a change in the company's auditor and does not appear to involve significant financial or operational changes.

Key Players & Entities

• Grayscale Bitcoin Trust (BTC) (company) — Registrant
• 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 (location) — Principal Executive Offices
• March 1, 2024 (date) — Date of earliest event reported
• March 6, 2024 (date) — Date of Report

FAQ

Filing Documents

• gbtc-20240301.htm (8-K) — 47KB
• gbtc-ex16_1.htm (EX-16.1) — 5KB
• 0000950170-24-027118.txt ( ) — 167KB
• gbtc-20240301.xsd (EX-101.SCH) — 26KB
• gbtc-20240301_htm.xml (XML) — 5KB

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant. (a) Dismissal of Previous Independent Registered Public Accounting Firm On March 1, 2024, the Audit Committee of the Board of Directors of Grayscale Investments, LLC, the sponsor (the "Sponsor") of Grayscale Bitcoin Trust (BTC) (the "Trust"), approved the dismissal of the current independent registered public accounting firm of the Trust, Marcum LLP ("Marcum"), effective March 1, 2024. Marcum's responsibilities as the Trust's independent registered public accounting firm ceased upon completion of the audit engagement for the Trust's financial statements for the fiscal year ending December 31, 2023. The reports of Marcum on the financial statements of the Trust for the years ending December 31, 2023 and 2022 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. In connection with the audits of the years ending December 31, 2023 and 2022 and the subsequent interim period from January 1, 2024 through March 1, 2024, there have been no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K promulgated under the Exchange Act ("Regulation S-K") and the related instructions thereto) with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference thereto in their report on the financial statements for such years. The Sponsor has furnished to Marcum the statements made in this Item 4.01. Attached as Exhibit 16.1 to this Form 8-K is Marcum's letter to the Securities and Exchange Commission (the "SEC"), dated March 6, 2024, regarding these statements. (b) Appointment of New Independent Registered Public Accounting Firm On March 1, 2024, the Audit Committee of the Board of Directors of the Sponsor approved the engagement of KPMG LLP ("K

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 16.1 Letter, dated March 6, 2024 from Marcum LLP to the SEC, regarding change in certifying accountant of the Trust. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Grayscale Investments, LLC as Sponsor of Grayscale Bitcoin Trust (BTC) Date: March 6, 2024 By: /s/ Michael Sonnenshein Michael Sonnenshein Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR