Fri, Aug 2, 12:35 PM (88 days ago)
Grayscale Bitcoin Trust (BTC) reported a significant decrease in net assets from $26.35 billion at the end of 2023 to $17.08 billion as of June 30, 2024, driven by Bitcoin price depreciation and redemptions. The Trust's investment in Bitcoin fell from 619,526 to 275,735 Bitcoins. For Q2 2024, the Trust recorded a net realized and unrealized loss of $2.85 billion, primarily due to Bitcoin price drops from $71,026.32 to $61,929.29. Despite a realized gain of $3.36 billion from Bitcoin sales to meet redemptions and pay expenses, the Trust faced an overall net decrease of $2.92 billion in net assets from operations. The Trust's Sponsor's Fee was reduced from 2.0% to 1.5% effective January 2024. Significant redemptions and a pro rata distribution of shares in a new Bitcoin Mini Trust impacted the Trust’s operations. The Trust’s NAV per share increased from $38.06 to $54.99 over the six-month period, reflecting Bitcoin's price appreciation despite the overall decrease in net assets.