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Fair Value of Bitcoin
 2 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Bitcoin

3. Fair Value of Bitcoin

Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of September 30, 2024 the Trust held 33,752.36277471 Bitcoin. The Trust determined the fair value per Bitcoin to be $63,464.76 on September 30, 2024, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

The following represents the changes in quantity of Bitcoin and the respective fair value:

 

(Amounts in thousands, except Bitcoin amounts)

 

Quantity

 

 

Fair Value

 

Balance at July 31, 2024 (the commencement of the Trust’s operations)

 

 

-

 

 

$

-

 

Bitcoin contributed

 

 

7,236.17059767

 

 

 

443,672

 

Bitcoin contributed from Initial Distribution(1)

 

 

26,935.83753443

 

 

 

1,756,821

 

Bitcoin redeemed

 

 

(411.48744542

)

 

 

(23,283

)

Bitcoin distributed for Sponsor’s Fee, related party

 

 

(8.15791197

)

 

 

(491

)

Net change in unrealized depreciation on investment in Bitcoin

 

 

-

 

 

 

(31,309

)

Net realized loss on investment in Bitcoin sold to pay expenses

 

 

-

 

 

 

(35

)

Net realized loss on investment in Bitcoin sold for redemption of Shares

 

 

-

 

 

 

(3,289

)

Balance at September 30, 2024

 

 

33,752.36277471

 

 

$

2,142,086

 
(1)
Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million from Grayscale Bitcoin Trust (BTC), completed on July 31, 2024, as discussed in Note 4.