Grayscale Bitcoin Trust ETF Enters New Prime Broker Agreement and Terminates Previous Agreements

Summary

On October 3, 2025, Grayscale Investments Sponsors, LLC, on behalf of Grayscale Bitcoin Trust ETF (the 'Trust'), and Coinbase, Inc., as prime broker, entered into a new Coinbase Prime Broker Agreement, effective October 3, 2025, governing the Trust's use of custodial and prime broker services. This new agreement includes the Coinbase Custody Custodial Services Agreement and the Coinbase Settlement and Transfer Agreement. Simultaneously, the Trust and its sponsor terminated the previous prime broker agreement dated December 29, 2023. Additionally, on October 9, 2025, the Trust entered into a new Fund Administration and Accounting Agreement with BNY Mellon Asset Servicing, effective October 9, 2025, replacing the previous fund administration and accounting agreement dated February 26, 2024. The new agreements are qualified in their entirety by reference to their full texts, filed as exhibits to this report.