GBTC Grayscale Bitcoin Trust ETF

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________

 

FORM 8-K

____________________________

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 9, 2025

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Grayscale Bitcoin Trust ETF

(Exact name of Registrant as Specified in Its Charter)

____________________________

 

Delaware	001-41906	46-7019388
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer  Identification No.)

 

c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut		06902
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 212 668-1427

 

N/A
(Former Name or Former Address, if Changed Since Last Report)

____________________________

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Grayscale Bitcoin Trust ETF Shares		GBTC		NYSE Arca, Inc.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On April 9, 2025, Grayscale Investments Sponsors, LLC (together with its affiliates as the context may require, “Grayscale”), the sponsor of the registrant, announced that GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, has approved the appointment of Diana Zhang to serve as the new Chief Operating Officer of Grayscale Operating, LLC, effective May 6, 2025. Ms. Zhang will succeed Hugh Ross, the current Chief Operating Officer of Grayscale Operating, LLC, who has decided to step down from his position and is expected to remain with Grayscale to assist with the transition of his responsibilities until his departure on or prior to May 31, 2025.

 

For more than a decade, Ms. Zhang held multiple executive roles at Bridgewater Associates, a globally recognized asset management firm, including as a Deputy to the co-CEO and as COO of Investment Research. Most recently, Ms. Zhang was the COO of BlockTower Capital, a leading institutional investment firm focused on digital and traditional asset classes. Ms. Zhang also co-founded NeighborShare, a technology-driven nonprofit that helps families through pivotal moments of need of $400 or less that would otherwise go unmet.   

 

A copy of Grayscale’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

Item 9.01.   Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release, dated April 9, 2025, of Grayscale
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			Grayscale Investments Sponsors, LLC as Sponsor of Grayscale Bitcoin Trust ETF
Date:	April 9, 2025	By:	/s/ Edward McGee
			Edward McGee Chief Financial Officer*

 

* The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

 

 

Exhibit 99.1

  

 

Grayscale Investments Appoints Diana Zhang as Chief Operating Officer 

 

Veteran asset management executive joins world’s largest crypto-focused asset management platform to support the firm’s growth trajectory 

 

STAMFORD, CT, April 9, 2025 -- Grayscale Investments, the world’s largest crypto-focused asset management platform, today announced the appointment of Diana Zhang as Chief Operating Officer, effective Tuesday, May 6. In this role, Zhang will report to CEO Peter Mintzberg. Zhang succeeds Hugh Ross, who has served as Grayscale’s COO since 2021.

 

A veteran asset management executive with 18+ years of experience holding leadership positions at prominent asset management firms, Zhang has a proven ability to shape and execute strategy, run company-wide operations, drive business development, and cultivate teams. For more than a decade, Zhang held multiple executive roles at Bridgewater Associates, a globally recognized asset management firm, including as a Deputy to the co-CEO and as COO of Investment Research. Most recently, Zhang was the COO of BlockTower Capital, a leading institutional investment firm focused on digital and traditional asset classes.  Zhang also co-founded NeighborShare, a technology-driven nonprofit that helps families through pivotal moments of need of $400 or less that would otherwise go unmet.

 

“Diana is a rare talent, bringing a combination of relevant experience, track record, and vision to Grayscale from some of the leading asset management and investing firms, including those specializing in cryptocurrency and blockchain-related assets,” said Grayscale Chief Executive Officer Peter Mintzberg. “Diana will serve as a strategic partner to our entire team, helping us expand our institutional-caliber partnerships with our clients and fulfill our mission as the largest crypto-focused asset management platform.”

 

“I am thrilled to join Grayscale,” said Diana Zhang. “This is an exciting time for the crypto asset management industry, and Grayscale is well-positioned for continued success. I look forward to working with the talented team to drive innovation, deliver exceptional value to our clients, and set the standard for excellence and pioneering leadership in the market.”

 

“We are grateful to Hugh for all his contributions to Grayscale, which have been instrumental in positioning us for success,” continued Mintzberg. “During his tenure, we created and launched innovative investment products for the digital economy, including the first digital asset exchange-traded products in the industry. Hugh will provide valuable support during the transition period and, I’m confident, will make a meaningful impact wherever he decides to apply his talents and experience next.”

“I am proud of the foundational work Grayscale has accomplished thus far, and I am grateful for the opportunity to have served as its COO for the last four years,” said Hugh Ross. “One of the things that attracted me to the crypto asset management space was navigating the challenges associated with an ever-evolving landscape. As I move on to new opportunities, I am confident that the team will continue to drive the company’s mission forward and achieve great success.”

 

Over the last decade, Grayscale has launched a suite of more than thirty crypto investment products enabling access to the crypto asset class in a familiar, transparent wrapper, while serving as an educational resource to the investing public, working with policymakers and regulators to bring crypto assets further into the regulatory perimeter, and growing the firm’s business capabilities and best-in-class team. 

 

About Grayscale Investments 

 
Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.  

 

Media Contact

press@grayscale.com

 

 

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Cover	Apr. 09, 2025
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Apr. 09, 2025
Entity File Number	001-41906
Entity Registrant Name	Grayscale Bitcoin Trust ETF
Entity Central Index Key	0001588489
Entity Tax Identification Number	46-7019388
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	c/o Grayscale Investments Sponsors, LLC
Entity Address, Address Line Two	290 Harbor Drive, 4th Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	212
Local Phone Number	668-1427
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Grayscale Bitcoin Trust ETF Shares
Trading Symbol	GBTC
Security Exchange Name	NYSEArca
Entity Emerging Growth Company	false

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