**Grayscale Bitcoin Trust ETF (GBTC) Reports Annual Financial Performance**
Grayscale Bitcoin Trust ETF (GBTC) has released its 10-K filing, detailing the company's financial performance for the year ended December 31, 2025. The filing reveals a net realized and unrealized loss on investment in Bitcoin of $713 million, which includes a realized gain of $237 million on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $3.64 billion on the sale of Bitcoin to meet redemptions, and a net change in unrealized depreciation on investment in Bitcoin of $4.58 billion. The net decrease in net assets resulting from operations was $994 million, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $281 million.
Compared to the previous fiscal year, the company experienced a significant shift in financial performance. In 2024, GBTC reported a net realized and unrealized gain on investment in Bitcoin of $16.38 billion, driven by Bitcoin price appreciation. However, the 2025 results reflect a downturn, primarily due to Bitcoin price depreciation from $93,390.22 per Bitcoin as of December 31, 2024 to $87,549.41 per Bitcoin as of December 31, 2025. Net assets decreased to $14.50 billion at December 31, 2025, a 24% decrease for the year. The decrease in net assets resulted from the withdrawal of approximately 2,767 Bitcoin to pay the Sponsor’s Fee, the redemption of approximately 43,347 Bitcoin, with a value of $4.32 billion from the Trust, and the aforementioned Bitcoin price depreciation, partially offset by the contribution of approximately 6,306 Bitcoin, with a value of $629 million to the Trust in connection with Share creations during the year.
Strategic developments during the year included the addition of Anchorage Digital Bank N.A. as an additional custodian for the Trust's Bitcoin holdings, reflecting the Sponsor's ongoing risk management approach. The filing also notes the voluntary withdrawal of Grayscale Operating, LLC as a Co-Sponsor of the Trust, leaving Grayscale Investments Sponsors, LLC as the sole remaining Sponsor. The Trust continues to operate as a passive investment vehicle, aiming to reflect the value of Bitcoin held by the Trust, less expenses and liabilities.
Key operational developments included the redemption of 14.99 million shares during the three months ended December 31, 2025, at an average price of $78.78 per share. As of February 20, 2026, Digital Currency Group, Inc., the indirect parent company of the Sponsor, held less than 1% of the outstanding shares. The filing also highlights the Trust's reliance on third-party service providers, including the Custodian, Prime Broker, and Authorized Participants, emphasizing the importance of their operational stability and security measures. The number of shares outstanding as of February 20, 2026, was 199,600,100.
Looking ahead, the filing acknowledges the ongoing regulatory scrutiny of digital assets and the potential impact of future legislation and regulatory actions on the Trust and the value of the Shares. The Sponsor emphasizes its commitment to complying with applicable regulations and maintaining the Trust's operational integrity. The filing also notes the potential for future forks or clones of the Bitcoin Network, which could adversely affect the value of the Shares.
About Grayscale Bitcoin Trust ETF
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