Grayscale Bitcoin Trust ETF (GBTC) is a passive investment vehicle that holds Bitcoin on behalf of investors. The Trust's sole purpose is to give investors exposure to Bitcoin's price through a conventional brokerage account, without requiring them to directly buy, store, or secure Bitcoin themselves. Each Share represents a fractional ownership of the Trust's Bitcoin holdings — as of year-end 2025, approximately 0.0008 Bitcoin per Share. The Trust charges a Sponsor's Fee of 1.5% per year, calculated daily on the Trust's NAV and paid in Bitcoin, which is the Trust's only recurring expense. This fee accrues continuously, meaning the amount of Bitcoin represented by each Share gradually declines over time. The Sponsor, Grayscale Investments Sponsors, bears most ordinary operating costs out of this fee, including custody, administration, legal, and audit expenses. The Trust's fee income scales directly with Bitcoin's price — rising Bitcoin prices increase NAV and generate more dollar-denominated fee income for the Sponsor. Shares trade on NYSE Arca and are created or redeemed only in blocks of 10,000 Shares by a small group of Authorized Participants, currently including Jane Street, Virtu, Goldman Sachs, Macquarie Capital, and ABN AMRO. The Trust holds no leverage or derivatives and employs no active management. Bitcoin is held primarily in cold storage by custodian Coinbase Custody, with Anchorage Digital Bank serving as a secondary custodian added in 2025.