What changed in this filing

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Item 1. Financial Statements

2024-08-09 compared with 2024-05-13 · 116 added, 85 removed, 303 unchanged (40% of the section changed)

4 unchanged sentences

Share amounts)

Investment in bitcoin, at fair value (cost $ 2,315,409 )

Investment in bitcoin, at fair value (cost $ 2,548,333 , and $ –, respectively)

Bitcoin sold receivable

Capital shares receivable

Bitcoin purchased payable

Capital shares payable

Sponsor’s fee payable

Other payable

Total liabilities

4 unchanged sentences

Net asset value per share

1 Amount rounds to less than $1,000.

See Note 1 to the Unaudited

Notes to Financial Statements.

rounds to less than $1,000.

See Note 1 to the Unaudited Notes to Financial Statements.

The accompanying notes are an integral part

4 unchanged sentences

and percentages)

March 31, 2024* (Unaudited)

June 30, 2024* (Unaudited)

Quantity of bitcoin

% of Net Assets

Investment in bitcoin

1 unchanged sentence

Liabilities in excess of other assets

* No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

The accompanying notes are an integral part

1 unchanged sentence

ARK 21SHARES BITCOIN ETF

STATEMENT OF OPERATIONS

STATEMENTS OF OPERATIONS

(Amounts in thousands)

June 30, 2024*

Sponsor’s fee

2 unchanged sentences

Net investment loss

Realized and unrealized gain (loss)

Net realized loss on investment in bitcoin

Net change in unrealized appreciation on investment in bitcoin

Net realized and unrealized gain

Net increase in net assets resulting from operations

* No comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

Realized and change in unrealized gain

Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

Net realized gain on investment in bitcoin sold for redemptions

Net change in unrealized appreciation (depreciation) on investment in bitcoin

Net realized and

change in unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

The accompanying notes are an integral part

1 unchanged sentence

ARK 21SHARES BITCOIN ETF

STATEMENT OF CHANGES IN NET ASSETS

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands, except change in Shares

4 unchanged sentences

Net investment loss

Net realized loss on investment in bitcoin

Net change in unrealized appreciation on investment in bitcoin

Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

Net realized gain on investment in bitcoin sold for redemptions

Net change in unrealized appreciation (depreciation) on investment in

Net assets, end of period

3 unchanged sentences

Net increase in Shares issued

* No comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

* No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

1 Amount rounds to less than $1,000.

See Note 1 to the Unaudited

Notes to Financial Statements.

See Note 1 to the Unaudited Notes to Financial Statements.

The accompanying notes are an integral part

of the Financial Statements.

Financial Statements (Unaudited)

21Shares Bitcoin ETF

to Financial Statements (Unaudited)

The ARK 21Shares Bitcoin ETF

6 unchanged sentences

The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly

owned subsidiary of Jura Pentium Inc., whose ultimate parent company is Amun Holdings Limited.

Coinbase Custody Trust Company, LLC (“Coinbase

Custody”) (the “Custodian”) is the custodian for the Trust and will hold all of the Trust’s bitcoin on the Trust’s

The transfer agent (the “Transfer Agent”) and the administrator for the Trust (the “Administrator”) is

Bank of New York Mellon.

owned subsidiary of Jura Pentium Inc., whose ultimate parent company is 21co Holdings Limited (formerly known as Amun Holdings Limited).

Coinbase Custody Trust Company, LLC (“Coinbase Custody”) (the “Custodian”) is the custodian for the Trust and

will hold all of the Trust’s bitcoin on the Trust’s behalf.

The transfer agent (the “Transfer Agent”) and the

administrator for the Trust (the “Administrator”) is Bank of New York Mellon.

The Trust is an exchange-traded

33 unchanged sentences

These Seed Creation Baskets were redeemed for cash on or about January 19, 2024.

The statement of assets

and liabilities and schedule of investments on March 31, 2024, and the statements of operations and changes in net assets for the

three months ended March 31, 2024, have been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the

Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial

position and results of operations for the three months ended March 31, 2024, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative of results for a full-year period.

The statements of assets and

liabilities and schedule of investments on June 30, 2024, and the statements of operations and changes in net assets for the three and

six months ended June 30, 2024, have been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor

of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results

of operations for the three and six months ended June 30, 2024, and for all interim periods presented have been made.

In addition, interim

period results are not necessarily indicative of results for a full-year period.

The fiscal year of the Trust

12 unchanged sentences

The preparation of the financial

statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and

liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable.

statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets

and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Actual results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable.

Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected

17 unchanged sentences

will select an exchange market as the Trust’s principal market.

The NAV and NAV per Share will be calculated using the fair value

of bitcoin based on the price provided by this exchange market, as of 4:00 p.m.

ET on the measurement date for GAAP purposes.

will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed

in a manner that could change the Trust’s determination of the principal market.

The net asset value (“NAV”) and NAV per Share will be

calculated using the fair value of bitcoin based on the price provided by this exchange market, as of 4:00 p.m.

ET on the measurement

date for GAAP purposes.

The Trust will update its principal market analysis periodically and as needed to the extent that events have

occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market.

Various inputs are used in

20 unchanged sentences

(Amounts in thousands)

March 31, 2024

June 30, 2024

Investment in bitcoin

* No comparative schedule has been provided as this the

Trust did not hold any bitcoin as of December 31, 2023.

comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

The cost basis of the investment

3 unchanged sentences

Investment Transactions

Trust considers investment transactions to be the receipt of bitcoin for Share creations and the delivery of bitcoin for Share redemptions

or for payment of expenses in bitcoin.

The Trust records its investments transactions on a trade date basis and changes in fair value

are reflected as net change in unrealized appreciation or depreciation on investments.

Realized gains and losses are calculated using

the specific identification method.

Realized gains and losses are recognized in connection with transactions including settling obligations

for the Sponsor’s Fee in bitcoin.

The Trust considers investment

transactions to be the receipt of bitcoin for Share creations and the delivery of bitcoin for Share redemptions or for payment of expenses

The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change

in unrealized appreciation or depreciation on investments.

Realized gains and losses are calculated using the specific identification

Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s

Fee in bitcoin.

Calculation of Net Asset Value (NAV)

and NAV per Share

On each business day, as soon

as practicable after 4:00 p.m.

(Eastern Time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses

and other liabilities of the Trust from the fair value of the bitcoin and other assets held by the Trust.

The Trustee computes the net

asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is

On each day other than a Saturday

or Sunday, or a day on which Cboe BZX Exchange is closed for regular trading (a “Business Day”), as soon as practicable after

(Eastern Time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities

of the Trust from the fair value of the bitcoin and other assets held by the Trust.

The Trustee computes the net asset value per Share

by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Federal Income Taxes

14 unchanged sentences

on such sale.

The Sponsor has reviewed the tax positions as of March 31, 2024, and has determined that no provision for income tax is

required in the Trust’s financial statements.

The Sponsor has reviewed the tax positions as of June 30, 2024, and has determined that no provision for income tax is required

in the Trust’s financial statements.

Recently Issued Accounting Pronouncement

16 unchanged sentences

The following represents the changes in quantity

of bitcoin and the respective fair value on March 31, 2024*:

of bitcoin and the respective fair value on June 30, 2024 *:

(Amounts in thousands, except Quantity of bitcoin)

2 unchanged sentences

Bitcoin purchased

Net realized loss on investment in bitcoin

Change in unrealized appreciation (depreciation) on investment in bitcoin

Ending balance as of March 31, 2024*

* No comparative table has been provided as this is the

first fiscal year of the Trust’s operations.

Trust Expenses

The Trust pays the unitary

Sponsor Fee of 0.21 % of the Trust’s bitcoin holdings.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services

performed under the Trust Agreement.

The Sponsor is waiving the entire Sponsor Fee for (i) a six-month period which commenced on January

11, 2024 (the day the Trust’s Shares were initially listed on the Exchange), or (ii) the first $ 1 billion of Trust assets, whichever

( 11,933.3010

Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

Net realized gain on investment in bitcoin sold for redemptions

Change in unrealized appreciation on investment in bitcoin

Ending balance as of June 30, 2024*

* No prior year comparative period presented as this is the first

fiscal year of the Trust’s operations.

The Trust pays the unitary Sponsor Fee of 0.21 % of the Trust’s

bitcoin holdings.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement.

The Sponsor agreed to waive the entire Sponsor Fee for (i) a six-month period which commenced on January 11, 2024 (the day the Trust's

Shares were initially listed on the Exchange), or (ii) the first $ 1 billion of Trust assets, whichever came first.

The Trust assets exceeded

$ 1 billion prior to the end of the six month period, at which time the waiver period ended.

The Sponsor has agreed to

55 unchanged sentences

is unaffiliated with the Trust and the Sponsor.

Activity in Capital Transactions Issued and Redeemed:

Shares issued

Shares redeemed

( 11,930,000 )

( 11,940,000 )

Net Change in Capital Transactions Issued and Redeemed

(Amounts in thousands)

Activity in Capital Transactions Issued and Redeemed:

Shares issued

Shares redeemed

Net Change in Capital Transactions Issued and Redeemed

prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Bitcoin purchased payable

represents the quantity of bitcoin purchased for the creation of Shares where the bitcoin has not yet settled.

Generally, bitcoin is transferred within two business days of the trade date.

(Amounts in thousands)

Bitcoin purchased payable

prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Bitcoin sold receivable represents

the quantity of bitcoin sold for the redemption of Shares where the bitcoin has not yet been settled.

Generally, bitcoin is transferred within two business days of the trade date.

(Amounts in thousands)

Bitcoin sold receivable

prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Related Parties

3 unchanged sentences

companies and external service providers.

As of March 31, 2024, the

Sponsor owned zero Shares of the Trust.

As of June 30, 2024, the Sponsor

owned zero Shares of the Trust.

The Sponsor arranged for the

2 unchanged sentences

Financial Highlights*

Per Share Performance (for a Share outstanding throughout the period

Per Share Performance (for a Share

outstanding throughout the periods presented)

Net asset value per Share, beginning of period

Net investment loss on

investment in bitcoin 1

Net realized and unrealized gain on investment in

Net investment loss on investment in bitcoin (1)

Net realized and change in

unrealized gain (loss) on investment in bitcoin

Net change in net assets from operations

4 unchanged sentences

Gross expenses

* No comparative financial statements have been provided as

this is the first fiscal year of the Trust’s operations.

* No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.

1 Calculated using average Shares outstanding.

2 Total return is calculated based on the change in value

during the period and is not annualized.

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on

the timing of contributions to and withdrawals from the Trust.

2 Total return is calculated based on the change in value during the period and is not annualized.

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.

3 Annualized.

36 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements