What changed in this filing

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Item 1. Financial Statements

2025-11-14 compared with 2025-08-13 · 129 added, 118 removed, 397 unchanged (38% of the section changed)

Financial Statements (Unaudited)

ARK 21SHARES BITCOIN ETF

STATEMENTS OF ASSETS AND LIABILITIES

1 unchanged sentence

Share amounts)

September 30,

Investment in bitcoin, at fair value (cost $ 4,002,365 , and $ 3,077,870 , respectively)

Bitcoin sold receivable

Capital shares receivable

Bitcoin purchased payable

Capital shares payable

4 unchanged sentences

Paid-in-capital

Accumulated earnings (loss)

Accumulated earnings

Shares issued and outstanding, no par value, unlimited amount authorized

2 unchanged sentences

# On June 13, 2025, there was a 3-for-1 share split.

Historical shares outstanding and net asset

value per share have been adjusted to reflect the 3-for-1 share split on a retroactive basis.

The accompanying notes are an integral

part of the financial statements.

ARK 21SHARES BITCOIN ETF

shares outstanding and net asset value per share have been adjusted to reflect the 3-for-1 share split on a retroactive basis.

The accompanying notes are an integral part of the financial

SCHEDULES OF INVESTMENT

1 unchanged sentence

and percentages)

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

% of Net Assets

Investment in bitcoin

2 unchanged sentences

December 31, 2024

% of Net Assets

Investment in bitcoin

1 unchanged sentence

Liabilities in excess of other assets

The accompanying notes are an integral part

of the financial statements.

ARK 21SHARES BITCOIN ETF

The accompanying

notes are an integral part of the financial statements.

21Shares Bitcoin ETF

STATEMENTS OF OPERATIONS

(Amounts in thousands)

six months ended

September 30,

Total expenses

5 unchanged sentences

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

$ ( 409,214 )

Net realized and change in unrealized gain

Net increase in net assets resulting from operations

The accompanying notes are an integral part

of the financial statements.

ARK 21SHARES BITCOIN ETF

21Shares Bitcoin ETF

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands, except change in Shares issued

and redeemed)

three months ended

six months ended

(Amounts in thousands,

except change in Shares issued and redeemed)

September 30,

Net assets, beginning of period

3 unchanged sentences

( 5,046,202 )

( 1,566,520 )

Net investment loss

1 unchanged sentence

Net realized gain on investment in bitcoin sold for redemptions

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

Net change in unrealized depreciation on investment in bitcoin

Net assets, end of period

7 unchanged sentences

( 75,120,006 )#

Net increase (decrease) in Shares issued

Net increase (decrease) in Shares issued and outstanding

( 6,530,000 )

( 6,030,000 )

# As described further in “Note 1:

Organization,”

# On June 13, 2025, there was a 3-for-1 share split.

Historical shares outstanding and net asset value per share have been adjusted to

reflect the 3-for-1 share split on a retroactive basis.

shares outstanding and net asset value per share have been adjusted to reflect the 3-for-1 share split on a retroactive basis.

1 Amount rounds to less than $1,000.

2 unchanged sentences

of the financial statements.

21Shares Bitcoin ETF

to Financial Statements (Unaudited)

Financial Statements (Unaudited)

The ARK 21Shares Bitcoin ETF

35 unchanged sentences

On December 12, 2023, the

Sponsor, in its capacity as Seed Capital Investor, subject to conditions, purchased the initial Seed Creation Baskets comprising 2 Shares

Sponsor, in its capacity as Seed Capital Investor, subject to conditions, purchased the initial Seed Creation Baskets comprising two Shares

at a per-Share price of $ 50.00 , as described in “Seed Capital Investor.” Total proceeds to the Trust from the sale of these

9 unchanged sentences

On January 9, 2024, the Trust purchased 10 bitcoins with the proceeds of the Seed Creation Baskets by transacting with a

Bitcoin Counterparty to acquire bitcoin on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital

bitcoin counterparty, which is a designated third party who is not an Authorized Participant (as defined below) but who may be an affiliate

of an Authorized Participant and with whom the Sponsor has entered into an agreement on behalf of the Trust (a “Trading Counterparty”), to acquire bitcoin on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital

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

5 unchanged sentences

became effective at market open on June 16, 2025.

Following the Share Split, the Shares will continue to trade under the ticker symbol

Following the Share Split, the Shares continued to trade under the ticker symbol

“ARKB” under the same CUSIP, and the total net asset value (“NAV”) of the Trust did not change as a result of

the Share Split.

In addition, each Record Holder will continue to hold the same percentage of the Trust’s outstanding Shares as

held immediately prior to the Share Split, and the Share Split will not modify the rights or preferences of the Shares.

In addition, each Record Holder continued to hold the same percentage of the Trust’s outstanding Shares as

held immediately prior to the Share Split, and the Share Split did not modify the rights or preferences of the Shares.

The investment

objective, strategy, and underlying holdings of the Trust will remain unchanged.

objective, strategy, and underlying holdings of the Trust remained unchanged.

The statements of assets and

liabilities and schedule of investments on June 30, 2025, and the statements of operations and changes in net assets for the three and

six months ended June 30, 2025 and 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, 2025, and for all interim periods presented have been made.

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

liabilities and schedule of investments on September 30, 2025, and the statements of operations and changes in net assets for the three

and nine months ended September 30, 2025 and 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 nine months ended September 30, 2025, 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

62 unchanged sentences

(Amounts in thousands)

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Investment in bitcoin

3 unchanged sentences

Investment in bitcoin

The cost basis of the investment in bitcoin recorded

by the Trust for financial reporting purposes is the fair value of bitcoin at the time of purchase.

The cost basis recorded by the Trust

may differ from proceeds collected by the authorized participant from the sale of the corresponding Shares to investors.

The cost basis of the investment

in bitcoin recorded by the Trust for financial reporting purposes is the fair value of bitcoin at the time of purchase.

The cost basis

recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Investment Transactions

7 unchanged sentences

Calculation of NAV and NAV per Share

On each day other than when the Exchange is closed

for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

(Eastern Time), the NAV 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 using the index price.

The Trustee computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding

on the date the computation is made.

On each day other than when

the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

NAV 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 using the index price.

The Trustee computes the NAV per Share by dividing the NAV of the Trust by the

number of Shares outstanding on the date the computation is made.

Federal Income Taxes

10 unchanged sentences

If the Trust sells bitcoin (for example,

to pay fees or expenses), such a sale is a taxable event to Shareholders.

to pay fees or expenses), such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder

1 unchanged sentence

on such sale.

The Sponsor has reviewed the tax positions as of June 30, 2025, 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 September 30, 2025, and has determined that no provision for income

tax is required in the Trust’s financial statements.

Segment Reporting

11 unchanged sentences

Fair Value of Bitcoin

The following represents the changes in quantity

of bitcoin and the respective fair value on the six months ended June 30, 2025 (Unaudited) and 2024 (Unaudited):

The following represents the

changes in quantity of bitcoin and the respective fair value on the nine months ended September 30, 2025 (Unaudited) and 2024 (Unaudited):

(Amounts in thousands, except quantity of bitcoin)

Quantity of bitcoin

Beginning balance as of January 1, 2025

5 unchanged sentences

Change in unrealized appreciation/(depreciation) on investment in bitcoin

Ending balance as of June 30, 2025

Ending balance as of September 30, 2025

(Amounts in thousands, except quantity of bitcoin)

2 unchanged sentences

( 25,039.4041 )

( 1,569,089 )

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

1 unchanged sentence

Change in unrealized appreciation on investment in bitcoin

Ending balance as of June 30, 2024

The following represents the changes in quantity

of bitcoin and the respective fair value on the three months ended June 30, 2025 (Unaudited) and 2024 (Unaudited):

Ending balance as of September 30, 2024

The following represents the

changes in quantity of bitcoin and the respective fair value on the three months ended September 30, 2025 (Unaudited) and 2024 (Unaudited):

(Amounts in thousands, except quantity of bitcoin)

Beginning balance as of April 1, 2025

Beginning balance as of July 1, 2025

Bitcoin purchased

4 unchanged sentences

Change in unrealized appreciation/(depreciation) on investment in bitcoin

Ending balance as of June 30, 2025

Ending balance as of September 30, 2025

(Amounts in thousands, except quantity of bitcoin)

Beginning balance as of April 1, 2024

Beginning balance as of July 1, 2024

Bitcoin purchased

2 unchanged sentences

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

Change in unrealized appreciation/(depreciation) on investment in bitcoin

Ending balance as of September 30, 2024

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 agreed to waive the entire Sponsor fee for (i) a

nine-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 in February 2024, at which

time the waiver period ended.

Except for during periods during which the Spo nsor fee has been waived, the Sponsor fee accrues daily

and is payable in bitcoin weekly in arrears.

The Administrator calculates the Sponsor fee on a daily basis by applying a 0.21 %

annualized rate to the Trust’s total bitcoin holdings, and the amount of bitcoin payable in respect of each daily accrual is

determined by reference to the Index.

The Trust incurred Sponsor fees for the six-month periods ended June 30, 2025 and 2024 of

$ 4,811,499 and $ 2,183,099 net of Sponsor fees waived of $ 93,111 , respectively.

The accrued liability at June 30, 2025 and December

31, 2024 was $ 200,212 and $ 357,613 , respectively.

The Sponsor has agreed to pay all operating expenses (except for litigation

expenses and other extraordinary expenses) out of the Sponsor fee.

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 nine-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 in February 2024, at which time the waiver period ended.

Except for during

periods during which the Sponsor fee has been waived, the Sponsor fee accrues daily and is payable in bitcoin weekly in arrears.

The Administrator

calculates the Sponsor fee on a daily basis by applying a 0.21 % annualized rate to the Trust’s total bitcoin holdings, and the amount

of bitcoin payable in respect of each daily accrual is determined by reference to the Index.

The Trust incurred Sponsor fees for the nine-month

periods ended September 30, 2025 and 2024 of $ 7,583,835 and $ 3,784,619 net of Sponsor fees waived of $ 93,111 , respectively.

liability at September 30, 2025 and December 31, 2024 was $ 123,500 and $ 193,176 , respectively.

The Sponsor has agreed to

3 unchanged sentences

(ii) the fee payable to marketing agents for services provided to the Trust

(the “Marketing Fee”), (iii) fees to the Administrator, if any, (iv) fees to the bitcoin Custodians, (v) fees to the Transfer

(the “Marketing Fee”), (iii) fees to the Administrator, if any, (iv) fees to the Custodians, (v) fees to the Transfer

Agent, (vi) fees to the Trustee, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any

9 unchanged sentences

charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust

to protect the Trust or the interests of Shareholders, any indemnification of the bitcoin Custodians, Administrator or other agents, service

to protect the Trust or the interests of Shareholders, any indemnification of the Custodians, Administrator or other agents, service

providers or counter-parties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including

23 unchanged sentences

A bitcoin Trading Counterparty may be an affiliate of an Authorized Participant.

The Authorized Participants

deliver only cash to create Shares and receive only cash when redeeming Shares.

Further, Authorized Participants will not directly or

indirectly purchase, hold, deliver, or receive bitcoin as part of the creation or redemption process or otherwise direct the Trust or

a third-party with respect to purchasing, holding, delivering, or receiving bitcoin as part of the creation or redemption process.

The Authorized Participants may deliver cash or in-kind orders to create Shares and receive cash or in-kind orders when redeeming Shares.

The Trust creates Shares by

receiving bitcoin from a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is

responsible for selecting the third-party to deliver the bitcoin.

Further, the third-party will not be acting as an agent of the Authorized

receiving bitcoin from a bitcoin Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is

responsible for selecting the bitcoin Trading Counterparty to deliver the bitcoin.

Further, the bitcoin Trading Counterparty will not be acting as an agent of the Authorized

Participant with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect

to the delivery of the bitcoin to the Trust.

The Trust redeems Shares by delivering bitcoin to a third-party that is not the Authorized

Participant and the Trust—not the Authorized Participant—is responsible for selecting the third-party to receive the bitcoin.

Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from

The Trust redeems Shares by delivering bitcoin to a bitcoin Trading Counterparty that is not the Authorized

Participant and the Trust—not the Authorized Participant—is responsible for selecting the bitcoin Trading Counterparty to receive the bitcoin.

Further, the bitcoin Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from

the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the bitcoin from the Trust.

The third-party

The bitcoin Trading Counterparty

is unaffiliated with the Trust and the Sponsor.

September 30,

Activity in Capital Transactions:

10 unchanged sentences

# On June 13, 2025, the Share Split occurred.

Historical shares

outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.

Historical shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.

(Amounts in thousands)

September 30,

Shares issued

2 unchanged sentences

( 5,046,202 )

( 1,566,520 )

Net Change in Capital Transactions Issued and Redeemed

$ ( 259,094 )

$ ( 187,133 )

Bitcoin purchased payable

3 unchanged sentences

(Amounts in thousands)

September 30,

Bitcoin purchased payable

4 unchanged sentences

(Amounts in thousands)

September 30,

Bitcoin sold receivable

4 unchanged sentences

companies and external service providers.

As of June 30, 2025, the Sponsor

owned zero Shares of the Trust.

As of September 30, 2025,

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 each period presented)

Per Share Performance (for a Share

outstanding throughout each period presented)

three months ended

September 30,

three months ended

six months ended

September 30,

nine months ended

September 30,

nine months ended

September 30,

Net asset value per Share, beginning of period

11 unchanged sentences

(1) Calculated using average Shares outstanding.

(2) The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.

(3) 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) The amount shown for a share outstanding throughout the period

may not agree with the change in the aggregate gains and losses for such period because of the timing of sales and repurchases of the

Trust’s shares in relation to fluctuating market values for the Trust.

(3) 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.

(4) Annualized.

40 unchanged sentences

Subsequent Events

On July 29, 2025, the SEC issued 19b-4 orders permitting in-kind creations and redemptions by authorized participants for the Trust.

July 31, 2025, the amendment to the Trust's S-1 registration statement was declared effective.

As a result of these regulatory actions,

the Trust is authorized to create and redeem shares with authorized participants on an in-kind basis.

The Trust has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring

adjustment or additional disclosure in the financial statements other than the item noted above.

The Trust has evaluated all subsequent events through

the issuance of the financial statements and has noted no events requiring adjustment or additional disclosure in the financial statements.

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