---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-002547"
form_type: "8-K"
ticker: "GBTC"
cik: "0001588489"
company_name: "Grayscale Bitcoin Trust ETF"
filed_at: "2024-01-05T23:59:59+00:00"
generated_at: "2026-06-07T03:06:31.449791+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Grayscale Bitcoin Trust enters new custodian agreement with Coinbase, effective upon NYSE Arca uplisting

## Summary
- New Custodian Agreement with Coinbase entities covers custodial and prime broker services for Trust's Bitcoin.
- Agreement effective only when GBTC shares begin trading on NYSE Arca as an exchange-traded product (Uplisting Date).
- Trust's Bitcoin held in segregated cold storage vaults; portion may be in hot storage for creation/redemption.
- Custodian liability capped at greater of $5M, 12-month fees, or value of Bitcoin involved; cold storage address cap of $100M.
- Prior custodian agreement with Coinbase Custody terminated on the Uplisting Date; updated risk factors filed.

## SEC filing metadata
- accession: 0000950170-24-002547
- form_type: 8-K
- ticker: GBTC
- cik: 0001588489
- company_name: Grayscale Bitcoin Trust ETF
- filed_at: 2024-01-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1588489/000095017024002547/0000950170-24-002547-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1588489/000095017024002547/gbtc-20231229.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-002547
- JSON: https://secwatch.observer/filing/0000950170-24-002547.json
- Plain text: https://secwatch.observer/filing/0000950170-24-002547.txt

## Key facts
- Material Agreements
  Grayscale Bitcoin Trust ETF entered into Custodian Agreement with Coinbase, Inc., Coinbase Custody Trust Company, LLC, and Coinbase Credit, Inc. (effective 2023-12-29).
  - Action: entry
  - Counterparty: Coinbase, Inc., Coinbase Custody Trust Company, LLC, and Coinbase Credit, Inc.
  - Effective: 2023-12-29
  source text: On December 29, 2023, Grayscale Bitcoin Trust (BTC) (the “Trust”), Grayscale Investments, LLC, the sponsor of the Trust (the “Sponsor”) and Coinbase, Inc., the prime broker of the Trust (“Coinbase” or the “Prime Broker”), on behalf of itself and as agent for Coinbase Custody Trust Company, LLC (“Coinbase Custody” or the “Custodian”) and Coinbase Credit, Inc. (“Coinbase Credit” and, collectively with Coinbase and Coinbase Custody, the “Coinbase Entities”), entered into the Coinbase Prime Broker Agreement, which includes the Coinbase Custodial Services Agreement attached thereto as Exhibit A (the “CSA”), the Coinbase Settlement and Transfer Agreement attached thereto as Exhibit B (the “STA”) and all other exhibits, addenda and supplements attached thereto (collectively with the CSA and STA, the “Custodian Agreement”) governing the Trust’s and the Sponsor’s use of the custodial and prime broker services provided by the Custodian and the Prime Broker.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1588489/000095017024002547/0000950170-24-002547-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.