What changed in this filing

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Item 1. Financial Statements

2025-08-13 compared with 2025-05-15 · 111 added, 75 removed, 286 unchanged (39% of the section changed)

1 unchanged sentence

Statements of Financial Condition

At March 31, 2025 (unaudited) and December

March 31, 2025 (unaudited)

At June 30, 2025 (unaudited) and December

June 30, 2025 (unaudited)

December 31, 2024

Investments in bitcoin, at fair value (cost $ 399,364,695 and $ 563,456,383 at March 31, 2025

and December 31, 2024, respectively)

Investments in bitcoin, at fair value (cost $ 414,519,532 and

$ 563,456,383 at June 30, 2025 and December 31, 2024, respectively)

$ 625,905,470

$ 826,306,338

Bitcoin sold receivable

$ 625,905,470

1 unchanged sentence

Sponsor fees payable

Redemptions payable

Total liabilities

5 unchanged sentences

part of the financial statements.

COINSHARES VALKYRIE BITCOIN FUND

COINSHARES BITCOIN ETF

Schedules of Investment

At March 31, 2025 (unaudited) and December

March 31, 2025 (Unaudited)

At June 30, 2025 (unaudited) and December

June 30, 2025 (Unaudited)

% of Net Assets

Investment in bitcoin

$ 414,519,532

$ 625,905,470

Total investment

$ 414,519,532

$ 625,905,470

Other assets and liabilities, net

December 31, 2024

$ 625,787,170

of Net Assets

Investment in bitcoin

$ 563,456,383

$ 826,306,338

Total investment

$ 563,456,383

$ 826,306,338

Other assets and liabilities, net

(a) Represents less

than 0.05 % of net assets.

$ 826,115,990

(a) Represents less than 0.05 % of net assets.

The accompanying notes are an integral

part of the financial statements.

COINSHARES VALKYRIE BITCOIN FUND

COINSHARES BITCOIN ETF

Unaudited Statements of Operations

the three months ended March 31, 2025 and March 31, 2024

the three and six months ended June 30, 2025 and June 30, 2024

Three Months Ended

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

Three Months Ended

March 31, 2024 (Unaudited)

June 30, 2024 (Unaudited)

Six Months Ended

June 30, 2025 (Unaudited)

Six Months Ended

June 30, 2024 (Unaudited)

Sponsor fee (Note 4)

6 unchanged sentences

( 82,428,503 )

( 51,464,017 )

Net realized and change in unrealized gain (loss) on investment

2 unchanged sentences

$ 141,141,457

$ ( 69,741,963 )

Net income (loss) per share

2 unchanged sentences

part of the financial statements.

COINSHARES VALKYRIE BITCOIN FUND

COINSHARES BITCOIN ETF

Unaudited Statements of Changes in Net

the three months ended March 31, 2025 and March 31, 2024

the three and six months ended June 30, 2025 and June 30, 2024

Three Months Ended

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

Three Months Ended

March 31, 2024 (Unaudited)

June 30, 2024 (Unaudited)

Six Months Ended

June 30, 2025 (Unaudited)

Six Months Ended

June 30, 2024 (Unaudited)

Net Assets – Opening Balance

1 unchanged sentence

$ 543,197,988

$ 826,115,990

( 38,869,007 )

( 45,629,069 )

( 325,566,996 )

( 45,702,507 )

Net investment income (loss)

2 unchanged sentences

( 82,428,503 )

( 51,464,017 )

Net Assets – Closing Balance

1 unchanged sentence

$ 518,313,439

$ 625,787,170

$ 518,313,439

The accompanying notes are an integral

part of the financial statements.

COINSHARES VALKYRIE BITCOIN FUND

COINSHARES BITCOIN ETF

Notes to the Financial Statements (Unaudited)

CoinShares Valkyrie Bitcoin Fund (the “Trust”),

was organized as a Delaware statutory trust on January 20, 2021.

The fiscal year for the Trust is December 31 st .

trustee is CSC Delaware Trust Company (the “Trustee”).

On June 14, 2024, CoinShares Co., a Delaware corporation (the

“Sponsor”), succeeded Valkyrie Digital Assets LLC, a Delaware limited liability company (the “Initial Sponsor”),

as the sponsor of the Trust.

The Sponsor is responsible for the day-to-day administration of the Trust.

The Trust is governed by

the provisions of the Trust Agreement, as amended (the “Trust Agreement”), executed by the Initial Sponsor and the

The Trust is an exchange-traded fund that issues common shares of beneficial interest (“Shares”) representing

units of fractional undivided beneficial interests in its net assets.

CoinShares Bitcoin ETF (the “Trust”),

formerly CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory trust on January 20, 2021.

The fiscal year for

the Trust is December 31 st .

The trustee is CSC Delaware Trust Company (the “Trustee”).

On June 14, 2024,

CoinShares Co., a Delaware corporation (the “Sponsor”), succeeded Valkyrie Digital Assets LLC, a Delaware limited liability

company (the “Initial Sponsor”), as the sponsor of the Trust.

The Sponsor is responsible for the day-to-day administration

of the Trust.

The Trust is governed by the provisions of the First Amended and Restated Trust Agreement, as amended (the “Trust

Agreement”), executed by the Initial Sponsor and the Trustee.

The Trust is an exchange-traded fund that issues common shares

of beneficial interest (“Shares”) representing units of fractional undivided beneficial interests in its net assets.

There are an unlimited number of authorized shares.

40 unchanged sentences

from the principal market for bitcoin as of 4:00 p.m.

ET on the Trust’s financial statement measurement date to value the

bitcoin held by the Trust.

The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the

Trust’s financial statements in accordance with U.S.

ET on the Trust’s financial statement measurement date to

value the bitcoin held by the Trust.

The Sponsor determines in its sole discretion the valuation sources and policies used to prepare

the Trust’s financial statements in accordance with U.S.

53 unchanged sentences

investments at fair value:

March 31, 2025

June 30, 2025 (Unaudited)

$ 625,905,470

5 unchanged sentences

$ 826,306,338

There were no transfers between Level 1 and other Levels for the three months ended March 31, 2025, or for the year

There were no transfers between Level 1 and other Levels for the six months ended June 30, 2025, or for the year

ended December 31, 2024.

50 unchanged sentences

Activity in the number and value of

Shares created and redeemed for the three months ended March 31, 2025 and 2024 are as follows:

Shares created and redeemed for the six months ended June 30, 2025 and 2024 are as follows:

Number of Shares

Value of Shares

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

$ 543,084,070

1 unchanged sentence

( 2,495,000 )

$ ( 325,566,996 )

$ ( 45,702,507 )

Net change in Shares created and redeemed

3 unchanged sentences

Investment Transactions

For the three months ended March 31, 2025

For the six months ended June 30, 2025

and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

$ 543,007,288

5 unchanged sentences

agreed to waive Sponsor fees for the first three months of the Trust’s operations, through April 10, 2024.

For the three

months ended March 31, 2024, the Trust incurred $ 114,185 in Sponsor Fees, of which, $ 114,185 was waived by the Initial

For the three months ended March 31, 2025, the Trust incurred $ 460,553 in Sponsor Fees.

For the six months

ended June 30, 2024, the Trust incurred $ 447,348 in Sponsor Fees, of which, $ 156,867 was waived by the Initial Sponsor.

For the six months ended June 30, 2025, the Trust incurred $ 824,349 in Sponsor Fees.

On January 10,

13 unchanged sentences

Prior to CoinShares

assuming the role of Co-Sponsor and Sponsor, CoinShares Captial Markets (Jersey) Limited, an affiliate of the Sponsor, served

assuming the role of Co-Sponsor and Sponsor, CoinShares Capital Markets (Jersey) Limited, an affiliate of the Sponsor, served

as a Bitcoin Trading Counterparty of the Trust.

In such role, CoinShares Captial Markets (Jersey) Limited fulfilled orders from

In such role, CoinShares Capital Markets (Jersey) Limited fulfilled orders from

the Trust for the purchase and sale of bitcoin.

4 unchanged sentences

Markets (Jersey) Limited fulfilled purchase orders with an approximate value of $ 295 million.

As of March 31,

2025, affiliates of the Sponsor own 18,140,000 Shares of the Trust.

As of June 30,

2025, affiliates of the Sponsor owned 18,140,000 Shares of the Trust.

Commitments and Contingencies

5 unchanged sentences

Segment Reporting

Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance

and allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment

since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM’) and is responsible for assessing

performance and allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single

operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM

assesses performance.

The financial information provided to and reviewed by the CODM is presented within the Trust’s

financial statements.

Financial Highlights

The Trust is presenting the following financial

highlights related to investment performance and operations of a Share outstanding for the three months ended March 31, 2025 and

the period from January 10, 2024 (the initial share purchase date) through March 31, 2024.

The total return at NAV is based on

the change in NAV of a Share during the period and the total return at market value is based on the change in market value of a

Share on the Nasdaq Stock Market, LLC during the period.

An individual investor’s return and ratios may vary based on the

timing of capital transactions.

highlights related to investment performance and operations of a Share outstanding for the three and six months ended June 30,

2025, the three months ended June 30, 2024, and the period from January 10, 2024 (the initial share purchase date) through June

The total return at NAV is based on the change in NAV of a Share during the period and the total return at market value

is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period.

An individual investor’s

return and ratios may vary based on the timing of capital transactions.

Financial Highlights (Unaudited)

For the three months ended March 31, 2025

and the period January 10, 2024 through March 31, 2024

For the three and six months ended June

30, 2025, the three months ended June 30, 2024 and the period January 10, 2024 through June 30, 2024:

Three Months Ended

March 31, 2025

March 31, 2024

June 30, 2025

Three Months Ended

June 30, 2024 (unaudited)

Six Months Ended

June 30, 2025 (unaudited)

June 30, 2024 (unaudited)

Net Asset Value

14 unchanged sentences

(2) Not annualized

(3) Includes voluntary reimbursement of sponsor fees of 0.25 % for the period ended March 31, 2024

(3) Includes voluntary reimbursement of sponsor fees of 0.03 % for

the three months ended June 30, 2024 and 0.09 % for the period ended June 30, 2024

Subsequent Events

On July 25, 2025, the Trust's name was

changed from CoinShares Valkyrie Bitcoin Trust to CoinShares Bitcoin ETF.

The Sponsor 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.

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.

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