Grayscale Bitcoin Mini Trust ETF (ticker: BTC) is a passively managed ETF that holds Bitcoin as its sole asset. The Trust's purpose is to give retail and institutional investors exposure to Bitcoin's price through a conventional brokerage account, without the complexity of directly buying, storing, or securing Bitcoin. Each share represents a fractional ownership of the Trust's Bitcoin holdings. Investors buy and sell shares on NYSE Arca like any stock or ETF. The Trust does not trade actively, use leverage, or hold derivatives. The Trust is sponsored by Grayscale Investments Sponsors, an indirect subsidiary of Digital Currency Group. Grayscale charges a Sponsor's Fee of 0.15% per year of net assets, accrued daily and paid in Bitcoin — the Trust's sole recurring expense and the only source of revenue for the sponsor. The fee accrues in Bitcoin, so the amount of Bitcoin per share gradually decreases over time. The sponsor pays essentially all operating costs out of this fee, including custody fees to Coinbase Custody and Anchorage Digital Bank, transfer agent fees, index licensing, and legal and audit costs. The key drivers of sponsor revenue are Bitcoin's price and total AUM. Shares are created and redeemed only in blocks of 10,000 shares through authorized participants, including Jane Street Capital, Virtu Americas, and Goldman Sachs, via in-kind or cash orders, keeping share prices closely aligned with NAV.