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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 | |
---|---|---|---|---|---|---|---|---|
0.70 | 1.27% | 56.02 | 57.19 | 55.82 | 56.57 | 5,962,771 | 20:38:11 |
☒ | 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: | ||
N/A |
N/A |
N/A |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Page |
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1 | ||||||
1 | ||||||
PART I – FINANCIAL INFORMATION |
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Item 1. |
Financial Statements (Unaudited) | 2 | ||||
Statements of Assets and Liabilities at March 31, 2022 and December 31, 2021 | 2 | |||||
Schedules of Investment at March 31, 2022 and December 31, 2021 | 3 | |||||
Statements of Operations for the Three Months Ended March 31, 2022 and 2021 | 4 | |||||
Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 | 5 | |||||
Notes to the Unaudited Financial Statements | 6 | |||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 14 | ||||
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk | 19 | ||||
Item 4. |
Controls and Procedures | 19 | ||||
PART II – OTHER INFORMATION |
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Item 1. |
Legal Proceedings | 21 | ||||
Item 1A. |
Risk Factors | 21 | ||||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds | 21 | ||||
Item 3. |
Defaults Upon Senior Securities | 21 | ||||
Item 4. |
Mine Safety Disclosures | 21 | ||||
Item 5. |
Other Information | 21 | ||||
Item 6. |
Exhibits | 22 | ||||
23 | ||||||
27 |
March 31, 2022 |
December 31, 2021 |
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Assets: |
||||||||
Investment in Bitcoin, at fair value (cost $7,267,351 and $7,303,280 as of March 31, 2022 and December 31, 2021, respectively) |
$ | 29,255,830 | $ | 29,576,053 | ||||
Total assets |
$ | 29,255,830 | $ | 29,576,053 | ||||
Liabilities: |
||||||||
Sponsor’s Fee payable, related party |
$ | — | $ | — | ||||
Total liabilities |
— | — | ||||||
Net Assets |
$ | 29,255,830 | $ | 29,576,053 | ||||
Net Assets consist of: |
||||||||
Paid-in-capital |
$ | 7,513,961 | $ | 7,513,961 | ||||
Accumulated net investment loss |
(920,785 | ) | (789,760 | ) | ||||
Accumulated net realized gain on investment in Bitcoin |
674,175 | 579,079 | ||||||
Accumulated net unrealized appreciation on investment in Bitcoin |
21,988,479 | 22,272,773 | ||||||
$ | 29,255,830 | $ | 29,576,053 | |||||
Shares issued and outstanding, no par value (unlimited Shares authorized) |
692,370,100 | 692,370,100 | ||||||
Net asset value per Share |
$ | 42.25 | $ | 42.72 | ||||
March 31, 2022 |
Quantity of Bitcoin |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
Investment in Bitcoin |
641,637.82510544 | $ | 7,267,351 | $ | 29,255,830 | 100 | % | |||||||||
Net Assets |
$ | 7,267,351 | $ | 29,255,830 | 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, |
||||||||
2022 |
2021 |
|||||||
Investment income: |
||||||||
Investment income |
$ | — | $ | — | ||||
Expenses: |
||||||||
Sponsor’s Fee, related party |
131,025 | 144,300 | ||||||
Net investment loss |
(131,025 | ) | (144,300 | ) | ||||
Net realized and unrealized gain (loss) from: |
||||||||
Net realized gain on investment in Bitcoin |
95,096 | 109,934 | ||||||
Net change in unrealized appreciation (depreciation) on investment in Bitcoin |
(284,294 | ) | 18,773,060 | |||||
Net realized and unrealized gain (loss) on investment |
(189,198 | ) | 18,882,994 | |||||
Net increase (decrease) in net assets resulting from operations |
$ | (320,223 | ) | $ | 18,738,694 | |||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Increase (decrease) in net assets from operations: |
||||||||
Net investment loss |
$ | (131,025 | ) | $ | (144,300 | ) | ||
Net realized gain on investment in Bitcoin |
95,096 | 109,934 | ||||||
Net change in unrealized appreciation (depreciation) on investments in Bitcoin |
(284,294 | ) | 18,773,060 | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
(320,223 | ) | 18,738,694 | |||||
|
|
|
|
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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 |
(320,223 | ) | 20,643,921 | |||||
|
|
|
|
|||||
Net assets: |
||||||||
Beginning of period |
29,576,053 | 17,716,478 | ||||||
|
|
|
|
|||||
End of period |
$ | 29,255,830 | $ | 38,360,399 | ||||
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|
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Changes in Shares outstanding |
||||||||
Shares outstanding at beginning of period |
692,370,100 | 638,906,600 | ||||||
|
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|
|
|||||
Shares issued |
— | 53,463,500 | ||||||
|
|
|
|
|||||
Net increase in Shares |
— | 53,463,500 | ||||||
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|
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Shares outstanding at end of period |
692,370,100 | 692,370,100 | ||||||
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• | 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. |
Fair Value Measurement Using |
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(Amounts in thousands) |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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March 31, 2022 |
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Assets |
||||||||||||||||
Investment in Bitcoin |
$ | 29,255,830 | $ | 29,255,830 | $ | — | $ | — | ||||||||
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Fair Value Measurement Using |
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(Amounts in thousands) | Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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December 31, 2021 |
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Assets |
||||||||||||||||
Investment in Bitcoin |
$ | 29,576,053 | $ | — | $ | 29,576,053 | $ | — | ||||||||
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|
|
|
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|
|
(Amounts in thousands, except Bitcoin amounts) | Bitcoin |
Fair Value |
||||||
Beginning balance as of January 1, 2021 |
607,039.48515191 | $ | 17,716,478 | |||||
|
|
|
|
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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 | ||||||
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|
|
|
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Ending balance as of December 31, 2021 |
644,809.96863835 | $ | 29,576,053 | |||||
|
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|
|
(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 |
(3,172.14353291 | ) | (131,025 | ) | ||||
Net change in unrealized depreciation on investment in Bitcoin |
— | (284,294 | ) | |||||
Net realized gain on investment in Bitcoin |
— | 95,096 | ||||||
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|
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Ending balance as of March 31, 2022 |
641,637.82510544 | $ | 29,255,830 | |||||
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Three Months Ended March 31, |
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2022 |
2021 |
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Per Share Data: |
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Net asset value, beginning of period |
$ | 42.72 | $ | 27.73 | ||||
Net increase (decrease) in net assets from investment operations: |
||||||||
Net investment loss |
(0.19 | ) | (0.21 | ) | ||||
Net realized and unrealized gain (loss) |
(0.28 | ) | 27.88 | |||||
Net increase (decrease) in net assets resulting from operations |
(0.47 | ) | 27.67 | |||||
Net asset value, end of period |
$ | 42.25 | $ | 55.40 | ||||
Total return |
(1.10 | )% | 99.78 | % | ||||
Ratios to average net assets: |
||||||||
Net investment loss |
(2.00 | )% | (2.00 | )% | ||||
Expenses |
(2.00 | )% | (2.00 | )% | ||||
• | 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(s). 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 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 volume, 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 |
Three Months Ended March 31, |
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2022 |
2021 |
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Net realized and unrealized gain (loss) on investment in Bitcoin |
$ | (189,198 | ) | $ | 18,882,994 | |||
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Net increase (decrease) in net assets resulting from operations |
$ | (320,223 | ) | $ | 18,738,694 | |||
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Net assets |
$ | 29,255,830 | $ | 38,360,399 | ||||
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Three months ended March 31, |
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2022 |
2021 |
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(All Bitcoin balances are rounded to the nearest whole Bitcoin) Bitcoins: |
||||||||
Opening Balance |
644,810 | 607,039 | ||||||
Creations |
— | 50,739 | ||||||
Sponsor’s Fee, related party |
(3,172 | ) | (3,178 | ) | ||||
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Closing balance |
641,638 | 654,600 | ||||||
Accrued but unpaid Sponsor’s Fee, related party |
— | — | ||||||
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|
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Net closing balance |
641,638 | 654,600 | ||||||
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Number of Shares: |
||||||||
Opening balance |
692,370,100 | 638,906,600 | ||||||
Creations |
— | 53,463,500 | ||||||
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Closing Balance |
692,370,100 | 692,370,100 | ||||||
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As of March 31, |
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2022 |
2021 |
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Price of Bitcoin on principal market (1) |
$ | 45,595.55 | $ | 58,601.27 | ||||
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NAV per Share (2) |
$ | 42.25 | $ | 55.40 | ||||
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Index Price (3) |
$ | 45,625.48 | $ | 58,592.37 | ||||
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Digital Asset Holdings per Share (3) |
$ | 42.28 | $ | 55.40 | ||||
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(1) | The Trust performed an assessment of the principal market at March 31, 2022 and 2021, and identified the principal market as Coinbase Pro. |
(2) | As of March 31, 2022 and 2021, 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 price is derived from multiple Digital Asset Exchanges. See “Item 1. Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” 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, 2022 and 2021 were Coinbase Pro, Bitstamp, Kraken, and LMAX Digital. |
High |
Low |
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Period |
Average |
Index Price |
Date |
Index Price |
Date |
End of period |
Last business day |
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Twelve months ended March 31, 2018 |
$ | 6,293.77 | $ | 19,209.14 | 12/16/2017 | $ | 1,079.29 | 4/1/2017 | $ | 7,057.32 | $ | 6,821.15 | ||||||||||||||||
Twelve months ended March 31, 2019 |
$ | 5,865.47 | $ | 9,830.06 | 5/5/2018 | $ | 3,164.99 | 12/14/2018 | $ | 4,095.82 | $ | 4,078.69 | ||||||||||||||||
Twelve months ended March 31, 2020 |
$ | 8,471.60 | $ | 13,838.57 | 6/26/2019 | $ | 4,132.14 | 4/1/2019 | $ | 6,471.60 | $ | 6,471.60 | ||||||||||||||||
Twelve months ended March 31, 2021 |
$ | 20,225.08 | $ | 61,593.93 | 3/13/2021 | $ | 6,212.24 | 4/1/2020 | $ | 58,592.37 | $ | 58,592.37 | ||||||||||||||||
Twelve months ended March 31, 2022 |
$ | 45,450.47 | $ | 67,352.59 | 11/9/2021 | $ | 29,789.20 | 7/20/2021 | $ | 45,625.48 | $ | 45,625.48 | ||||||||||||||||
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September 25, 2013 (the first Creation Basket of the Trust) to March 31, 2022 |
$ | 10,454.70 | $ | 67,352.59 | 11/9/2021 | $ | 117.03 | 10/3/2013 | $ | 45,625.48 | $ | 45,625.48 |
High |
Low |
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Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of period |
Last business day |
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Twelve months ended March 31, 2018 |
$ | 6,307.72 | $ | 19,433.21 | 12/16/2017 | $ | 1,082.07 | 4/1/2017 | $ | 7,055.00 | $ | 6,820.01 | ||||||||||||||||
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 | ||||||||||||||||
Twelve months ended March 31, 2021 |
$ | 20,226.28 | $ | 61,607.76 | 3/13/2021 | $ | 6,214.99 | 4/1/2020 | $ | 58,601.27 | $ | 58,601.27 | ||||||||||||||||
Twelve months ended March 31, 2022 |
$ | 46,449.98 | $ | 67,371.70 | 11/9/2021 | $ | 29,785.71 | 7/20/2021 | $ | 45,595.55 | $ | 45,595.55 | ||||||||||||||||
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September 25, 2013 (the first Creation Basket of the Trust) to March 31, 2022 |
$ | 10,456.25 | $ | 67,371.70 | 11/9/2021 | $ | 110.83 | 10/2/2013 | $ | 45,595.55 | $ | 45,595.55 |
Period |
(a) Total Number of Shares of GBTC Purchased |
(b) Average Price Paid per Share of GBTC |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1 |
(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 1 |
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(in millions) |
||||||||||||||||
January 1, 2022 – January 31, 2022 |
1,865,000 | $ | 26.30 | 1,865,000 | $ | 531.5 | ||||||||||
February 1, 2022 – February 28, 2022 |
1,100,000 | 27.36 | 1,100,000 | 501.4 | ||||||||||||
March 1, 2022 – March 31, 2022 |
1,945,000 | 26.50 | 1,945,000 | 449.9 | ||||||||||||
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Total |
4,910,000 | $ | 26.62 | 4,910,000 | $ | 449.9 |
(1) | On March 10, 2021, the Board of the Sponsor (“the Board”) approved the purchase by DCG, the parent company of the Sponsor, of up to $250 million worth of Shares of the Trust. Subsequently, DCG authorized such purchase. On April 30, 2021, the Board approved the purchase by DCG of up to $750 million worth of Shares of the Trust. This increased DCG’s prior authorization to purchase up to $250 million worth of Shares by $500 million. On October 20, 2021, the Board approved the purchase by DCG of up to $1 billion worth of Shares of the Trust. Subsequently, DCG authorized such purchase. This increased DCG’s prior authorization to purchase up to $750 million worth of Shares by $250 million. On March 2, 2022, the Board approved the purchase by DCG, the parent company of the Sponsor, of up to an aggregate total of $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX: GDLC), Grayscale Ethereum Trust (ETH) (OTCQX: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM). This increased DCG’s prior authorization to purchase up to $1 billion worth of Shares by up to a maximum of $200 million. Subsequently, DCG authorized such purchase. The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time. From March 10, 2021 through May 2, 2022, DCG has purchased a total of $750.1 million worth of Shares of the Trust. |
* | 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, LLC as Sponsor of Grayscale Bitcoin Trust (BTC) | ||
By: | /s/ Michael Sonnenshein | |
Name: Michael Sonnenshein | ||
Member of the Board of Directors and Chief Executive Officer | ||
Title: (Principal Executive Officer)* | ||
By: | /s/ Edward McGee | |
Name: Edward McGee | ||
Chief Financial Officer | ||
Title: (Principal Financial Officer and Principal Accounting Officer)* |
* | 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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