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STATEMENT OF CASH FLOWS $ in Thousands | 5 Months Ended
--- | ---
Dec. 31, 2024 USD ($)
Cash used in operating activities |  |
Net decrease in net assets resulting from operations | $ 978,367 | [1]
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |
Purchases of Bitcoin | (1,271,933) | [1],[2]
Proceeds from Bitcoin sold to pay redemptions | 456,306 | [1],[2]
Proceeds from Bitcoin sold to pay expenses | 1,637 | [1]
Net realized (gain) loss | (90,927) | [1]
Net change in unrealized (appreciation) depreciation | (889,077) | [3],[4]
Change in operating assets and liabilities: |  |
Sponsor's Fee payable | 0 | [1]
Net cash used in operating activities | (815,627) | [1]
Cash provided by financing activities |  |
Proceeds from issuance of capital shares | 1,271,933 | [1],[2]
Payments for capital shares redeemed | (456,306) | [1],[2]
Net cash provided by financing activities | 815,627 | [1]
Cash |  |
Net increase in cash | 0 | [1]
Cash, beginning of period | 0 | [1]
Cash, end of period | 0 | [1]
Supplemental disclosure of noncash operating activities |  |
Transfer of Bitcoin to pay for Sponsor's Fee | 1,637 | [1]
Supplemental disclosure of noncash financing activities |  |
Transfer of Bitcoin from Initial Distribution | $ 1,756,821 | [1],[5]
[1] | No comparative financial statements have been provided as the Trust’s operations commenced on July 31, 2024. Prior to the commencement of operations on July 31, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
[2] | The proceeds collected by an Authorized Participant from the sale of Shares and the payments for Shares redeemed by an Authorized Participant do not correlate with the amounts in the Statement of Operations and the Statement of Changes in Net Assets for the period due to creations and redemptions occurring at the Index Price as defined in the Trust Agreement.
[3] | No comparative financial statements have been provided as the Trust’s operations commenced on July 31, 2024. Prior to the commencement of operations on July 31, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
[4] | No comparative financial statements have been provided as the Trust’s operations commenced on July 31, 2024. Prior to the commencement of operations on July 31, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
[5] | 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 ETF, completed on July 31, 2024, as discussed in Note 4.

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