secwatch.observer — SEC 8-K summary
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Issuer:     Grayscale Bitcoin Trust ETF (GBTC)
CIK:        0001588489
Form:       8-K
Filed at:   2024-01-05T23:59:59+00:00
Accession:  0000950170-24-002547
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1588489/000095017024002547/0000950170-24-002547-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1588489/000095017024002547/gbtc-20231229.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-002547

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