Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
(a)
On January 10, 2024, Valkyrie Funds LLC, an affiliate of the Sponsor, purchased 40,000 Shares at a per-Share price of $13.00 (the “Seed Shares”) in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act. Delivery of the Seed Shares was made on January 11, 2024. Total proceeds to the Trust from the sale of the Seed Shares was $520,000.
(b)
The original registration statement on Form S-1 registering an indeterminate amount of common shares of beneficial interest, or “Shares,” of the Valkyrie Bitcoin Fund (File No. 333-252344) was declared effective on January 10, 2024. From January 10, 2024 (the commencement of the offering) through March 31, 2024, 27,080,000 Shares of the Trust were sold at an aggregate offering price of $ 452,597,587. The offering proceeds were invested in bitcoin in accordance with the Trust’s investment objective stated in the prospectus.
(c)
In connection with redemptions of baskets held by an Authorized Participant, BRRR redeemed 1 basket (comprising 5,000 Shares) during the three months ended March 31, 2024 at a price per Share of $14.69. The following table provides information about BRRR’s redemptions by Authorized Participants during the three months ended March 31, 2024:
Calendar Month
Number
of Shares
Redeemed
Average
Price
Paid per
Share
January 2024
0
$ 0.00
February 2024
1
14.69
March 2024
0
0.00
Total
1
$ 14.69
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not Applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.