Grayscale Bitcoin Trust ETF has reported significant financial performance for the second quarter of 2025, with net assets increasing to $19.95 billion, a 25% rise from $19.18 billion at the end of the previous fiscal period. The Trust's net increase in net assets resulting from operations for the three months ended June 30, 2025, was $4.72 million, compared to a net decrease of $2.92 million in the same period last year. This improvement is attributed to a net realized and unrealized gain on investments in Bitcoin amounting to $4.79 billion, driven by a price appreciation of Bitcoin from $82,443.85 to $107,753.95 during the quarter.
In terms of operational metrics, the Trust's Bitcoin holdings decreased from 205,398.86 Bitcoin at the end of 2024 to 185,098.71 Bitcoin by June 30, 2025. The Trust issued 2.21 million shares during the second quarter, while 11.89 million shares were redeemed, resulting in a net decrease of 9.68 million shares outstanding, bringing the total to 235.1 million shares. The Principal Market NAV per Share rose to $84.84, up from $74.08 at the end of the previous fiscal period, reflecting a total return of 30.22% for the quarter.
Strategically, the Trust underwent a significant reorganization on January 1, 2025, merging Grayscale Investments, LLC into Grayscale Operating, LLC, which now serves as the sole sponsor. This change is expected to streamline operations and enhance the Trust's management structure. Additionally, the Trust's shares began trading on NYSE Arca on January 11, 2024, following the approval of its registration statement, which has improved the liquidity and marketability of its shares.
The filing also highlights the Trust's ongoing commitment to transparency and compliance, as it has filed all required reports under the Securities Exchange Act of 1934 and has been subject to these filing requirements for the past 90 days. The Trust has maintained its status as a large accelerated filer and has submitted all necessary interactive data files electronically. Looking ahead, the Trust anticipates continued growth in net assets and operational efficiency, contingent on market conditions and Bitcoin price fluctuations, which remain volatile and subject to various risks.
About Grayscale Bitcoin Trust ETF
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