8-K
filed January 9, 2024, 6:59 PM ET
ticker GBTC
CIK 0001588489
other material
confidence high
sentiment neutral
materiality 0.70
Grayscale Bitcoin Trust shareholders approve fee reduction to 1.5% and trust amendments for ETF conversion
Grayscale Bitcoin Trust ETF
- Sponsor fee cut from 2% to 1.5%, effective upon listing on NYSE Arca.
- Proposal 1 (daily fee accrual) approved by 98.5% of outstanding shares.
- Proposal 2 (omnibus accounts for creation/redemption) approved by 96.8% of shares.
- Sixth Amended and Restated Trust Agreement executed on Jan 9, 2024; Amendment No. 1 reduces sponsor fee.
- Legal opinion on share validity filed as Exhibit 5.1, incorporated into S-3 registration statement.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Grayscale Bitcoin Trust ETF amended Amendment No. 1 to the Sixth Amended and Restated Declaration of Trust and Trust Agreement with Grayscale Investments, LLC; Delaware Trust Company (effective 2024-01-09).
- Action
- amendment
- Counterparty
- Grayscale Investments, LLC; Delaware Trust Company
- Effective
- 2024-01-09
Exact text from the filing
In addition, on January 9, 2024, the Sponsor and the Trustee entered into Amendment No. 1 to the Sixth Amended and Restated Declaration of Trust and Trust Agreement in order to reduce the Sponsor’s Fee (as defined in the Sixth A&R Trust Agreement) to 1.5%, effective as of the day the shares of the Trust (the “Shares”) first list and trade on NYSE Arca, Inc.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Grayscale Bitcoin Trust ETF amended Sixth Amended and Restated Declaration of Trust and Trust Agreement with Grayscale Investments, LLC; Delaware Trust Company (effective 2024-01-09).
- Action
- amendment
- Counterparty
- Grayscale Investments, LLC; Delaware Trust Company
- Effective
- 2024-01-09
Exact text from the filing
On January 9, 2024, following approval of the Proposals (as defined below), Grayscale Investments, LLC, the sponsor (the “Sponsor”) of Grayscale Bitcoin Trust (BTC) (the “Trust”), and Delaware Trust Company, the trustee (the “Trustee”) of the Trust, entered into the Sixth Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 9, 2024 (the “Sixth A&R Trust Agreement”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Grayscale Bitcoin Trust ETF shareholders approved Amendments to the Trust Agreement permitting a portion of the Trust Estate to be held in one or more omnibus accounts to facilitate creation and redemption of shares at the 2024-01-07 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2024-01-07
Exact text from the filing
Proposal 2: The proposal to approve amendments to the Trust Agreement permitting a portion of the Trust Estate (as defined in the Trust Agreement) to be held from time to time in one or more omnibus accounts in order to facilitate the creation and redemption of shares of the Trust (“Proposal 2” and, together with Proposal 1, the “Proposals”), was approved based on the following votes: For Against Abstain 79,600,573 22,049,221 5,575,122
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Grayscale Bitcoin Trust ETF shareholders approved Amendments to the Trust Agreement providing that the Sponsor’s Fee be payable to the Sponsor daily in arrears at the 2024-01-07 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2024-01-07
Exact text from the filing
Proposal 1: The proposal to approve amendments to the Trust Agreement providing that the Sponsor’s Fee (as defined in the Trust Agreement) be payable to the Sponsor daily in arrears (“Proposal 1”) was approved based on the following votes: For Against Abstain 90,826,322 10,362,247 6,036,347
View on SEC.gov
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