<span item_type="fundamental" item_id="063e7e76bc9d1442d6d36bedbde9fa84" counter_id="ST/US/GBTC" env="prod"></span><span item_type="announcement" item_id="645112034673760385" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 0.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -44.98 M.</p><p></p><p>Grayscale Bitcoin Trust ETF operates as a single operating segment, focusing on its passive investment objective to reflect the value of Bitcoin held by the Trust, less expenses and liabilities <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1588489/000119312526206329/gbtc-20260331.htm"></span>.</p><h4>Net Assets</h4><p>Net assets for Grayscale Bitcoin Trust ETF were $10,489,739 thousand as of March 31, 2026, reflecting a 28% decrease from $14,497,437 thousand on December 31, 2025 . As of March 31, 2025, net assets stood at $15,948,122 thousand .</p><h4>Net Decrease in Net Assets from Operations</h4><p>The net decrease in net assets resulting from operations was - $3,183,109 thousand for the three months ended March 31, 2026 , compared to - $2,199,511 thousand for the three months ended March 31, 2025 .</p><h4>Net Realized and Unrealized Loss on Investment in Bitcoin</h4><p>For the three months ended March 31, 2026, the net realized and unrealized loss on investment in Bitcoin was - $3,138,125 thousand . This included a realized gain of $34,495 thousand from Bitcoin transferred to pay the Sponsor’s Fee, a realized gain of $816,008 thousand from Bitcoin sold for redemptions, and a net change in unrealized appreciation/depreciation of - $3,988,628 thousand . This loss was primarily due to Bitcoin price depreciation from $87,549.41 per Bitcoin on December 31, 2025, to $67,805.29 per Bitcoin on March 31, 2026 .</p><p>For the three months ended March 31, 2025, the net realized and unrealized loss was - $2,130,572 thousand , comprising a realized gain of $57,881 thousand from Bitcoin transferred for the Sponsor’s Fee, a realized gain of $1,029,931 thousand from Bitcoin sold for redemptions, and a net change in unrealized appreciation/depreciation of - $3,218,384 thousand . This loss was mainly due to Bitcoin price depreciation from $93,390.22 per Bitcoin on December 31, 2024, to $82,443.85 per Bitcoin on March 31, 2025 .</p><h4>Sponsor’s Fee</h4><p>The Sponsor’s Fee incurred was $44,984 thousand for the three months ended March 31, 2026 , decreasing from $68,939 thousand for the same period in 2025 .</p><h4>Bitcoin Holdings and Transactions</h4><p>As of March 31, 2026, Grayscale Bitcoin Trust ETF held 154,703.84755988 Bitcoin, with a fair value of $10,489,739 thousand . This is a decrease from 165,591.49612215 Bitcoin held on December 31, 2025, which had a fair value of $14,497,437 thousand .</p><p>During the three months ended March 31, 2026, approximately 586 Bitcoin were withdrawn for the Sponsor’s Fee, 13,180 Bitcoin (valued at $1,048,617 thousand) were redeemed, and 2,878 Bitcoin (valued at $224,028 thousand) were contributed through Share creations . For the same period in 2025, approximately 737 Bitcoin were withdrawn for the Sponsor’s Fee, 13,185 Bitcoin (valued at $1,227,181 thousand) were redeemed, and 1,965 Bitcoin (valued at $192,570 thousand) were contributed through Share creations .</p><h4>Shares Outstanding and Transactions</h4><p>Shares outstanding at March 31, 2026, were 198,720,100, representing a net decrease of 13,200,000 Shares from the beginning of the period, with 3,690,000 Shares issued and 16,890,000 Shares redeemed . At March 31, 2025, shares outstanding were 244,780,100, a net decrease of 14,170,000 Shares from the beginning of that period, with 2,480,000 Shares issued and 16,650,000 Shares redeemed .</p><h4>Per Share Data</h4><p>Principal Market NAV per Share was $52.79 at March 31, 2026, down from $68.41 at the beginning of the period . For March 31, 2025, it was $65.15, down from $74.08 at the beginning of that period . The total return for the three months ended March 31, 2026, was -22.83%, compared to -12.05% for the same period in 2025 . Net investment loss and expenses as ratios to average net assets were both -1.50% for both periods .</p><h4>Cash Flow and Liquidity Outlook</h4><p>The Trust does not intend to hold cash, except for facilitating creation and redemption cash orders, and anticipates its cash balance to be zero at the end of each reporting period . The Sponsor is not aware of any trends, demands, conditions, or events likely to materially change the Trust’s liquidity needs .</p>

Grayscale Bitcoin Trust BTC - ETF | 10-Q: FY2026 Q1 Revenue: USD 0