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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Grayscale Bitcoin Trust BTC | AMEX:GBTC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.64 | 6.89% | 56.50 | 55.46 | 54.50 | 54.54 | 6,271,308 | 00:59:57 |
☒
|
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
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|||
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☐
|
|||
|
|
Emerging growth company
|
☒
|
Item No.
|
Item Caption
|
Page
|
|
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3
|
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|
3
|
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4
|
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4
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5
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|
6
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7
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|
8
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15
|
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20
|
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20
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20
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20
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20
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20
|
||||||
21
|
||||||
21
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||||||
21
|
||||||
21
|
||||||
26
|
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
|
||||
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
|
% | |||||||||
|
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 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
|
||||||
• | Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. |
• | Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. |
• | Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
|
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
|
$ |
—
|
||||||||
|
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
|
|||||
|
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
|
% | ||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
• |
First, the Trust reviews a list of Digital Asset Markets and excludes any Digital Asset Markets that are
non-accessible
to the Trust and the Authorized Participant. The Trust or the Authorized Participant does not have access to Digital Asset Exchanges that do not have a BitLicense and has access only to
non-
Digital Asset Exchange Markets that the Authorized Participant reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.
|
• | Second, the Trust sorts the remaining Digital Asset Markets from high to low by entity-specific and market-based volume and level of activity of Bitcoin traded on each Digital Asset Market in the trailing twelve months. |
• |
Third, the Trust then reviews
intra-day
pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
|
• |
Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and
Principal-to-Principal
Markets to determine its principal market. As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust’s principal market.
|
|
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 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
|
||||
(1) | The Trust performed an assessment of the principal market at March 31, 2020 and 2019, and identified the principal market as Coinbase Pro. |
(2) | As of March 31, 2020 and 2019 the NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase Pro, the Digital Asset Exchange that the Trust currently considers its principal market, as of 4:00 p.m., New York time, on the valuation date. |
(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 volume-weighted average price is derived from multiple Digital Asset Exchanges. See “Item 1. Business—Trust Objective and Key Operating Metrics” in the Trust’s Annual Report on Form
10-K
for a description of the Trust’s Digital Asset Holdings per Share. The Digital Asset Exchanges used to calculate the Index Price as of March 31, 2020 were Coinbase Pro, LMAX Digital, itBit, Kraken and Bitstamp. As of March 31, 2019, the Digital Asset Exchanges used to calculate the Index Price consisted of Coinbase Pro, Bittrex, Kraken, Bitstamp, and itBit.
|
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
|
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
|
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
|
a) |
Information has been previously included in the Trust’s Current Reports on Form
8-K
during the period covered by this report.
|
b) | Not applicable. |
c) | None. |
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
|
Exhibit Description
|
||
31.1*
|
||||
31.2*
|
||||
32.1*
|
||||
32.2*
|
||||
101.INS*
|
XBRL Instance Document
|
|||
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|||
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|||
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|||
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|||
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|||
104.1
|
Cover Page Interactive Data File—The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
|
* |
Pursuant to Rule 406T of Regulation
S-T,
these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
Grayscale Investments, LLCas Sponsor of Grayscale Bitcoin Trust (BTC)
|
||||
By:
|
/s/ Barry E. Silbert
|
|||
|
Name:
|
Barry E. Silbert
|
||
|
Title:
|
Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer)*
|
||
By:
|
/s/ Simcha Wurtzel
|
|||
|
Name:
|
Simcha Wurtzel
|
||
|
Title:
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Member of the Board of Directors and Vice President, Finance (Principal Financial Officer and Principal Accounting Officer)*
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* | The Registrant is a trust and the persons are signing in their capacities as officers or directors of Grayscale Investments, LLC, the Sponsor of the Registrant. |
1 Year Grayscale Bitcoin Trust ... Chart |
1 Month Grayscale Bitcoin Trust ... Chart |
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