Grayscale Bitcoin Trust is a passive investment vehicle that holds Bitcoin and issues fractional shares to provide investors with cryptocurrency exposure without direct ownership or custody responsibilities. The Trust generates revenue by charging shareholders an annual sponsor fee of 1.5% of net assets, which covers custodian fees, transfer agent services, regulatory compliance costs, and other ordinary operating expenses; the sponsor assumes responsibility for these costs in exchange for the fee. Shares trade on public exchanges and are created and redeemed through authorized broker-dealers, enabling individual and institutional investors to gain Bitcoin price exposure while professional custodians maintain the digital assets and a dedicated transfer agent manages shareholder accounting.