In Q4 of fiscal 2025, the quarter ended Dec 31, 2025, Grayscale Bitcoin Trust ETF generated $1.0 billion of cash from operations, down 24.0% from the same quarter a year earlier. The company returned $1.2 billion in share buybacks to shareholders.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the same quarter a year earlier.
| Line |
Q4 FY2025
Dec 31, 2025
|
Q3 FY2025
Sep 30, 2025
|
Q2 FY2025
Jun 30, 2025
|
Q1 FY2025
Mar 31, 2025
|
Q4 FY2024
Dec 31, 2024
|
Q3 FY2024 YTD
Sep 30, 2024
|
|---|---|---|---|---|---|---|
| Operating | ||||||
| Operating cash flow |
1,048
-24.0%
|
889
-95.6%
|
723
|
1,039
|
1,380
|
20,107
|
| Financing | ||||||
| Stock buybacks |
1,181
-31.4%
|
1,024
-95.0%
|
885
|
1,236
|
1,722
|
20,547
|
| Financing cash flow |
-1,048
+24.0%
|
-889
+95.6%
|
-723
|
-1,039
|
-1,380
|
-20,107
|
| Change in cash | ||||||
| Net change in cash |
0
|
0
|
0
|
0
|
0
|
0
|
| Shareholder returns | ||||||
| Returned to shareholders |
1,181
|
1,024
|
885
|
1,236
|
1,722
|
20,547
|
| Ratios | ||||||
| Cash conversion |
—
|
0.77x
|
0.15x
|
—
|
0.21x
|
2.11x
|
How these figures are calculated
Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Commodity Contracts Brokers & Dealers (SIC 6221)
- Listed as
- GBTC (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Stamford, CT
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1588489
- Former names
- Grayscale Bitcoin Trust (BTC) (until Nov 1, 2024); Bitcoin Investment Trust (until Dec 21, 2018)
Other Commodity Contracts Brokers & Dealers companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.