---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-054580"
form_type: "8-K"
ticker: "GBTC"
cik: "0001588489"
company_name: "Grayscale Bitcoin Trust ETF"
filed_at: "2024-05-07T23:59:59+00:00"
generated_at: "2026-06-02T18:30:23.119109+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

# Grayscale Bitcoin Trust amends trust agreement to clarify NAV calculation for in-kind dividends

## Summary
- On May 7, 2024, Sponsor Grayscale Investments and Trustee CSC Delaware entered Amendment No. 2 to the Seventh A&R Trust Agreement.
- Amendment clarifies NAV calculation to reflect reduction in net assets from declared in-kind dividends that create a binding distribution obligation.
- Sponsor determined the amendment does not materially adversely affect shareholder interests; no shareholder consent required.
- Exhibit 99.1 provides updated NAV valuation methodology superseding prior description in the 2023 10-K.
- NAV calculation now explicitly subtracts Bitcoin payable for in-kind dividends, pending redemptions, and accrued fees.

## SEC filing metadata
- accession: 0000950170-24-054580
- form_type: 8-K
- ticker: GBTC
- cik: 0001588489
- company_name: Grayscale Bitcoin Trust ETF
- filed_at: 2024-05-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1588489/000095017024054580/0000950170-24-054580-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1588489/000095017024054580/gbtc-20240507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-054580
- JSON: https://secwatch.observer/filing/0000950170-24-054580.json
- Plain text: https://secwatch.observer/filing/0000950170-24-054580.txt

## Key facts
- Material Agreements
  Grayscale Bitcoin Trust ETF amended Amendment No. 2 with CSC Delaware Trust Company (effective 2024-05-07).
  - Action: amendment
  - Counterparty: CSC Delaware Trust Company
  - Effective: 2024-05-07
  source text: On May 7, 2024, Grayscale Investments, LLC, the sponsor (the “Sponsor”) of Grayscale Bitcoin Trust (BTC) (the “Trust”), and CSC Delaware Trust Company, the trustee (the “Trustee”) of the Trust, entered into Amendment No. 2 ( “Amendment No. 2”) to the Seventh Amended and Restated Declaration of Trust and Trust Agreement, dated as of March 15, 2024, as amended by Amendment No. 1 thereto dated as of March 15, 2024 (the “Seventh A&R Trust Agreement”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1588489/000095017024054580/0000950170-24-054580-index.htm

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