8-K
filed March 18, 2024, 7:59 PM ET
ticker GBTC
CIK 0001588489
other material
confidence high
sentiment neutral
materiality 0.75
Grayscale Bitcoin Trust adopts cash-only creation/redemption; shareholders approve
Grayscale Bitcoin Trust ETF
- Shareholders holding 99.5% of shares approved amendment to trust agreement for cash-based creation/redemption, effective March 15, 2024.
- New Seventh A&R Trust Agreement and Amendment No. 1 enable Cash Orders (Variable Fee or Actual Execution) pending in-kind regulatory approval.
- Basket size set at 10,000 shares, requiring 8.9191357 BTC as of March 15, 2024; Basket NAV calculated daily.
- Variable Fee Cash Orders shift price risk to liquidity provider; Actual Execution Cash Orders shift risk to authorized participant.
- Cash-only model may affect arbitrage mechanism and trading premiums/discounts until in-kind approval obtained.
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 Seventh Amended and Restated Declaration of Trust and Trust Agreement with Delaware Trust Company (effective 2024-03-15).
- Action
- amendment
- Counterparty
- Delaware Trust Company
- Effective
- 2024-03-15
Exact text from the filing
on March 15, 2024 the Sponsor and the Trustee entered into Amendment No. 1 to the Seventh Amended and Restated Declaration of Trust and Trust Agreement (the “Amendment No. 1”) in order to provide that any cash held by the Trust pursuant to the alternative procedures for creation and redemption of Shares set forth in the Seventh A&R Trust Agreement, as amended from time to time (the “Alternative Procedures”) may be held in a single non-interest bearing account to be used for both creations and redemptions of Shares.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Grayscale Bitcoin Trust ETF amended Seventh Amended and Restated Declaration of Trust and Trust Agreement with Delaware Trust Company (effective 2024-03-15).
- Action
- amendment
- Counterparty
- Delaware Trust Company
- Effective
- 2024-03-15
Exact text from the filing
On March 15, 2024, following approval of the Proposal (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 Seventh Amended and Restated Declaration of Trust and Trust Agreement, dated as of March 15, 2024 (the “Seventh A&R Trust Agreement”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
Grayscale Bitcoin Trust ETF shareholders approved Approve amendments to the Trust Agreement providing alternative procedures for the creation and redemption of Baskets at the 2024-03-14 meeting.
- Outcome
- passed
- Meeting
- 2024-03-14
Exact text from the filing
The proposal to approve amendments to the Trust Agreement providing the Trust with alternative procedures for the creation and redemption of Baskets (as defined in the Trust Agreement) (the “Proposal”) was approved based on the following votes: For Against Abstain 64,452,495 2,520,003 1,123,997
View on SEC.gov
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