Your approach seems reasonable and given that the results/process you obtained/employed match the steps (see below) provided in the GBTC Grantor Trust letter, your gain/loss and basis adjustments should be accurate.
Step 1: Identify the shareholder’s pro rata ownership of Bitcoin.
Step 2: Calculate the Bitcoin paid out from Shareholder XYZ’s account during 2022 to pay expenses
Step 3: Calculate Shareholder’s cost basis in Bitcoin paid out from Shareholder’s account
Step 4: Calculate Shareholder’s gain or loss on Bitcoin payout for each lot purchased
Step 5: Calculate Shareholder’s investment expenses
Step 6: Calculate Shareholder’s Adjusted Bitcoin Held and Cost Basis
@Sunny007
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