Grayscale Bitcoin Mini Trust ETF Net Assets Soar 53.8% to $5.46B

TL;DR

**BTC is crushing it, riding the Bitcoin wave with massive asset growth and strong investor demand.**

AI Summary

Grayscale Bitcoin Mini Trust ETF (BTC) reported a significant increase in net assets, reaching $5,461,121 thousand as of September 30, 2025, up from $3,550,034 thousand at December 31, 2024, representing a 53.8% increase. This growth was primarily driven by a net increase in net assets from operations of $855,200 thousand for the nine months ended September 30, 2025, a stark contrast to a net decrease of $35,124 thousand for the period from July 31, 2024, to September 30, 2024. The Trust experienced a substantial net change in unrealized appreciation on investment in Bitcoin of $791,573 thousand for the nine months ended September 30, 2025, compared to a depreciation of $31,309 thousand in the prior comparable period. Shares issued increased by 30,000,000 for the nine months ended September 30, 2025, bringing total outstanding shares to 107,829,963, up from 85,769,963 at December 31, 2024. The Principal Market NAV per Share rose to $50.65 from $41.39. The Sponsor's Fee, a related party expense, increased to $4,971 thousand for the nine months ended September 30, 2025, from $491 thousand in the prior period.

Why It Matters

This significant growth in net assets and NAV per share for the Grayscale Bitcoin Mini Trust ETF indicates strong investor interest and positive market sentiment towards Bitcoin, especially within the ETF structure. For investors, this suggests increasing mainstream adoption and liquidity for Bitcoin exposure, potentially reducing volatility compared to direct crypto holdings. The competitive landscape for Bitcoin ETFs is intensifying, and BTC's performance highlights its ability to attract capital. This trend could further legitimize crypto assets in traditional finance, impacting how financial institutions and retail investors allocate capital, and potentially driving innovation in crypto-backed financial products.

Risk Assessment

Risk Level: medium — The Trust's performance is entirely dependent on the price of Bitcoin, as evidenced by the $791,573 thousand net change in unrealized appreciation for the nine months ended September 30, 2025, which could easily reverse. While the Trust has diversified its custodians by adding Anchorage Digital Bank N.A. on August 8, 2025, alongside Coinbase, Inc., this only mitigates, but does not eliminate, the inherent risks associated with digital asset custody and market volatility.

Analyst Insight

Investors should consider BTC as a vehicle for Bitcoin exposure, acknowledging its direct correlation to Bitcoin's price movements. Given the substantial unrealized appreciation, investors should monitor Bitcoin's market trends closely and be prepared for potential price reversals. Diversifying custodians with Anchorage Digital Bank N.A. is a positive step, but investors should still evaluate the overall security and regulatory landscape of crypto assets.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

N/A

total Assets

$5.46B

total Debt

$0

net Income

$855.2M

eps

N/A

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• $5.46B — Total assets (Increased from $3.55B at December 31, 2024, representing a 53.8% growth)
• $855.2M — Net increase in net assets from operations (For the nine months ended September 30, 2025, compared to a $35.1M decrease in the prior comparable period)
• $791.57M — Net change in unrealized appreciation on investment in Bitcoin (For the nine months ended September 30, 2025, indicating significant Bitcoin price appreciation)
• 107.83M — Shares issued and outstanding (As of September 30, 2025, up from 85.77M at December 31, 2024)
• $50.65 — Principal Market NAV per Share (As of September 30, 2025, up from $41.39 at December 31, 2024)
• $4.97M — Sponsor's Fee (For the nine months ended September 30, 2025, an increase from $491 thousand in the prior period)
• 47,736.24 — Quantity of Bitcoin held (As of September 30, 2025, up from 38,012.91 at December 31, 2024)
• $1.76B — Initial Distribution of Bitcoin (Value of 26,935.83753443 Bitcoin from Grayscale Bitcoin Trust ETF on July 31, 2024)

Key Players & Entities

• Grayscale Bitcoin Mini Trust ETF (company) — Registrant and subject of the 10-Q filing
• Grayscale Investments Sponsors, LLC (company) — Sole remaining sponsor of the Trust after May 3, 2025
• NYSE Arca, Inc. (company) — Exchange where BTC shares are listed and traded
• Securities and Exchange Commission (regulator) — Approved the 19b-4 application for BTC listing
• Coinbase, Inc. (company) — Prime broker of the Trust
• Anchorage Digital Bank N.A. (company) — New custodial services provider for the Trust as of August 8, 2025
• The Bank of New York Mellon (company) — Transfer Agent and Administrator for the Trust
• Digital Currency Group, Inc. (company) — Parent company of the Sponsor

FAQ

Risk Factors

• Bitcoin Price Volatility [high — market]: The Trust's net assets are primarily composed of Bitcoin. The value of Bitcoin is highly volatile and subject to rapid and substantial price fluctuations. For the nine months ended September 30, 2025, the Trust experienced a net change in unrealized appreciation of $791,573 thousand, a significant reversal from a depreciation of $31,309 thousand in the prior comparable period, highlighting this volatility.
• Regulatory Uncertainty [high — regulatory]: The regulatory landscape for digital assets, including Bitcoin, is evolving and uncertain. Changes in regulations could impact the Trust's ability to operate, the value of its Bitcoin holdings, or the demand for its shares. The Trust's operations are subject to various U.S. federal and state laws and regulations.
• Custody and Security Risks [high — operational]: The Trust holds Bitcoin through a custodian. Risks associated with the custody of digital assets, including potential security breaches, loss of private keys, or insolvency of the custodian, could result in the loss of the Trust's Bitcoin holdings. The Trust's investment is 100% in Bitcoin.
• Sponsor Fee Impact [medium — financial]: The Sponsor's Fee, a related party expense, increased significantly to $4,971 thousand for the nine months ended September 30, 2025, from $491 thousand in the prior comparable period. While this fee is a percentage of assets, its absolute increase reflects the growth in net assets, but it directly reduces the Trust's net assets.
• Creation/Redemption Mechanism [medium — market]: The Trust's ability to issue and redeem shares is crucial for maintaining the correlation between its share price and the NAV of its Bitcoin holdings. Disruptions or inefficiencies in this process, particularly if it involves in-kind transfers of Bitcoin, could lead to premiums or discounts.

Industry Context

The digital asset investment landscape is rapidly evolving, with increasing institutional interest in Bitcoin ETFs. Grayscale Bitcoin Mini Trust ETF operates within this dynamic environment, competing with other digital asset investment vehicles. The growth in net assets and Bitcoin holdings suggests a favorable market sentiment towards Bitcoin as an asset class.

Regulatory Implications

The evolving regulatory framework for digital assets presents ongoing risks. Any adverse regulatory changes could impact the Trust's operations, the value of its Bitcoin holdings, and investor confidence. Compliance with existing and future regulations is critical for the Trust's continued operation.

What Investors Should Do

1. Monitor Bitcoin price volatility closely, as it is the primary driver of the Trust's performance and a significant risk factor.
2. Evaluate the impact of the increasing Sponsor's Fee on overall returns, especially as the Trust's assets grow.
3. Stay informed about regulatory developments concerning digital assets and their potential impact on Bitcoin ETFs.
4. Assess the Trust's NAV per Share relative to its market price to understand potential premiums or discounts.
5. Consider the Trust's increasing share count and its implications for future NAV per Share dilution or concentration.

Key Dates

• 2025-09-30: Reporting Period End — Represents the end of the nine-month period for which financial results are reported, showing significant growth in net assets and Bitcoin holdings.
• 2025-09-30: Principal Market NAV per Share — Reached $50.65, up from $41.39 at December 31, 2024, indicating strong performance driven by Bitcoin price appreciation.
• 2025-09-30: Shares Outstanding — Totaled 107,829,963 shares, an increase from 85,769,963 at December 31, 2024, reflecting share issuances.
• 2024-12-31: Prior Period End — Benchmark for comparison, showing net assets of $3,550,034 thousand and 38,012.91 Bitcoin.
• 2024-07-31: Commencement of Trust's Operations — Marks the beginning of the Trust's operational reporting period, with initial Bitcoin distribution valued at $1.76B.

Glossary

Net Assets

The total value of a company's assets minus its liabilities. For the Trust, this represents the value of its Bitcoin holdings minus any liabilities. (Key indicator of the Trust's overall value and performance, which grew by 53.8% to $5.46B.)

Principal Market NAV per Share

The Net Asset Value (NAV) per share calculated based on the principal market for the Trust's shares. It represents the market value of the Trust's underlying assets divided by the number of outstanding shares. (Indicates the per-share value of the Trust's Bitcoin holdings, which increased to $50.65.)

Unrealized Appreciation (Depreciation)

The increase or decrease in the value of an asset that has not yet been sold. For the Trust, this refers to the change in the market value of its Bitcoin holdings. (A major driver of the Trust's performance, showing a significant gain of $791.57M for the nine months ended September 30, 2025.)

Sponsor's Fee

A fee paid to the entity that sponsors and manages the Trust. This is a related party transaction. (An expense that reduces the Trust's net assets. It increased to $4.97M for the nine months ended September 30, 2025.)

Cost

The original price paid for an asset. For the Trust, it's the purchase price of the Bitcoin held. (Provides a basis for calculating realized and unrealized gains/losses. The cost of Bitcoin was $3.78B as of September 30, 2025.)

Year-Over-Year Comparison

Compared to the period ending December 31, 2024, the Grayscale Bitcoin Mini Trust ETF has shown substantial growth. Total assets surged by 53.8% to $5.46 billion, driven by a significant net increase in net assets from operations of $855.2 million, a stark turnaround from a net decrease in the prior period. The Trust also benefited from a substantial net change in unrealized appreciation on its Bitcoin investment, amounting to $791.57 million, compared to a depreciation in the prior period. The number of outstanding shares increased by over 22 million, and the NAV per Share rose to $50.65 from $41.39.

Filing Documents

• btc-20250930.htm (10-Q) — 1428KB
• btc-ex31_1.htm (EX-31.1) — 25KB
• btc-ex31_2.htm (EX-31.2) — 25KB
• btc-ex32_1.htm (EX-32.1) — 9KB
• btc-ex32_2.htm (EX-32.2) — 9KB
• img260721315_0.jpg (GRAPHIC) — 1212KB
• img260721315_1.jpg (GRAPHIC) — 475KB
• img260721315_2.jpg (GRAPHIC) — 453KB
• 0001193125-25-266856.txt ( ) — 10095KB
• btc-20250930.xsd (EX-101.SCH) — 565KB
• btc-20250930_htm.xml (XML) — 883KB

Forward-Looking Statements

Forward-Looking Statements 3 Industry and Market Data 3

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Statements of Assets and Liabilities at September 30, 2025 and December 31, 2024 4 Schedules of Investment at September 30, 2025 and December 31, 2024 5 Statements of Operations for the Three and Nine Months Ended September 30, 2025 and the Period from July 31, 2024 (the Commencement of the Trust's Operations) to September 30, 2024 6 Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and the Period from April 29, 2024 (Date of Seeding) to September 30, 2024 7 Statements of Cash Flows for the Nine Months Ended September 30, 2025 and the Period from April 29, 2024 (Date of Seeding) to September 30, 2024 8 Notes to the Unaudited Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 GLOSSARY OF DEFINED TERMS 32

SIGNATURES

SIGNATURES 38 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Grayscale Bitcoin Mini Trust ETF (the "Trust"). Statements preceded by, followed by or that include words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust's operations, the plans of Grayscale Operating, LLC ("GSO"), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC ("GSIS"), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and the sole remaining sponsor thereafter (each of GSO and GSIS, the "Sponsor," as the context may require, and GSO and GSIS, together, the "Co-Sponsors"), and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in "Part I, Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 3

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION: Item1. Financial Statements (Unaudited) GRAYSCALE BITCOIN MINI TRUST ETF STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (Amounts in thousands, except Share and per Share amounts) September 30, 2025 December 31, 2024 Assets: Investment in Bitcoin, at fair value (cost $ 3,780,471 and $ 2,660,957 as of September 30, 2025 and December 31, 2024, respectively) $ 5,461,121 $ 3,550,034 Total assets $ 5,461,121 $ 3,550,034 Liabilities: Sponsor's Fee payable, related party $ - $ - Total liabilities - - Net assets $ 5,461,121 $ 3,550,034 Shares issued and outstanding, no par value (unlimited Shares authorized) 107,829,963 85,769,963 Principal Market NAV per Share $ 50.65 $ 41.39 See accompanying notes to the unaudited financial statements. 4 GRAYSCALE BITCOIN MINI TRUST ETF SCHEDULES OF INVESTMENT (UNAUDITED) (Amounts in thousands, except quantity of Bitcoin and percentages) September 30, 2025 Quantity of Bitcoin Cost Fair Value % of Net Assets Investment in Bitcoin 47,736.24179635 $ 3,780,471 $ 5,461,121 100 % Total Investment $ 3,780,471 $ 5,461,121 100 % Net assets $ 5,461,121 100 % December 31, 2024 Quantity of Bitcoin Cost Fair Value % of Net Assets Investment in Bitcoin 38,012.91129948 $ 2,660,957 $ 3,550,034 100 % Total Investment $ 2,660,957 $ 3,550,034 100 % Net assets $ 3,550,034 100 % See accompanying notes to the unaudited financial statements. 5 GRAYSCALE BITCOIN MINI TRUST ETF STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands) Three Months Ended September 30, 2025 For the Period from July 31, 2024 (the Commencement of the Trust's Operations) to September 30, 2024 Nine Months Ended September 30, 2025 For the Period from July 31, 2024 (the Commencement of the Trust's Operations) to September 30, 2024 Investment income: