Grayscale Bitcoin Mini Trust ETF reported significant financial performance for the quarter ending June 30, 2025, with net assets reaching $4.74 billion, a 34% increase from $3.55 billion at the end of the previous fiscal period. The Trust's net increase in net assets resulting from operations was $1.06 billion for the three months ended June 30, 2025, driven by a net realized and unrealized gain on investments in Bitcoin of $1.06 billion. This gain was primarily attributed to the appreciation of Bitcoin prices, which rose from $82,443.85 per Bitcoin at the end of March 2025 to $107,753.95 by June 30, 2025.
In terms of operational metrics, the Trust saw a notable increase in shares outstanding, with 99,409,963 shares as of June 30, 2025, compared to 85,769,963 shares at the end of December 2024. During the second quarter, the Trust issued 8.72 million shares while redeeming 940,000 shares, resulting in a net increase of 7.78 million shares. The Trust's investment in Bitcoin also increased, with a total of 44,025 Bitcoin held as of June 30, 2025, up from 38,012 Bitcoin at the end of the previous year.
Strategically, the Trust underwent a corporate reorganization on January 1, 2025, merging Grayscale Investments, LLC into Grayscale Operating, LLC, which continued as the surviving entity. This reorganization did not materially impact the Trust's operations. The Trust also transitioned its principal market for Bitcoin valuation from Coinbase to Crypto.com as of June 30, 2025, reflecting a strategic adjustment in response to market conditions.
The Trust's financial statements indicate that it incurred a Sponsor's Fee of $1.58 million for the three months ended June 30, 2025, and $2.98 million for the six months ended June 30, 2025. The Trust's operational model remains passive, focusing solely on holding Bitcoin and issuing shares in exchange for Bitcoin deposits. The management anticipates that the Trust will continue to operate without significant cash balances, as it primarily engages in Bitcoin transactions for share creations and redemptions.
Looking ahead, the Trust's management remains cautious about market volatility and the regulatory landscape surrounding digital assets. The Trust's performance is closely tied to Bitcoin price fluctuations, and any regulatory changes could impact its operations. The management emphasizes that while the Trust aims to provide investors with exposure to Bitcoin, it does not engage in active trading or leverage, maintaining a straightforward investment strategy focused on Bitcoin holdings.
About Grayscale Bitcoin Mini Trust ETF
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