---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-032813"
form_type: "8-K"
ticker: "GBTC"
cik: "0001588489"
company_name: "Grayscale Bitcoin Trust ETF"
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T15:10:45.764806+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 adopts cash-only creation/redemption; shareholders approve

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-032813
- form_type: 8-K
- ticker: GBTC
- cik: 0001588489
- company_name: Grayscale Bitcoin Trust ETF
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1588489/000095017024032813/0000950170-24-032813-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1588489/000095017024032813/gbtc-20240314.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-032813
- JSON: https://secwatch.observer/filing/0000950170-24-032813.json
- Plain text: https://secwatch.observer/filing/0000950170-24-032813.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1588489/000095017024032813/0000950170-24-032813-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1588489/000095017024032813/0000950170-24-032813-index.htm
- Shareholder Votes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1588489/000095017024032813/0000950170-24-032813-index.htm

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