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Item 1. Financial Statements

2025-11-13 compared with 2025-08-13 · 224 added, 263 removed, 134 unchanged (78% of the section changed)

Financial Statements (unaudited)

Statements of Financial Condition

At June 30, 2025 (unaudited) and December

June 30, 2025 (unaudited)

of Financial Condition

September 30, 2025 (unaudited) and December 31, 2024

September 30, 2025 (unaudited)

December 31, 2024

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

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

Investments in bitcoin, at fair value (cost $ 436,028,789 and $ 563,456,383 at September 30, 2025 and December 31, 2024, respectively)

$ 682,589,262

8 unchanged sentences

Net asset value per Share

The accompanying notes are an integral

part of the financial statements.

COINSHARES BITCOIN ETF

Schedules of Investment

At June 30, 2025 (unaudited) and December

June 30, 2025 (Unaudited)

accompanying notes are an integral part of the financial statements.

of Investment

September 30, 2025 (unaudited) and December 31, 2024

September 30, 2025 (Unaudited)

% of Net Assets

7 unchanged sentences

$ 682,460,646

December 31, 2024

% of Net Assets

7 unchanged sentences

$ 826,115,990

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

The accompanying notes are an integral

part of the financial statements.

COINSHARES BITCOIN ETF

Unaudited Statements of Operations

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

(a) Represents less

than 0.05 % of net assets.

accompanying notes are an integral part of the financial statements.

Statements of Operations

the three and nine months ended September 30, 2025 and September 30, 2024

Three Months Ended

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Three Months Ended

June 30, 2024 (Unaudited)

Six Months Ended

June 30, 2025 (Unaudited)

Six Months Ended

June 30, 2024 (Unaudited)

September 30, 2024 (Unaudited)

Nine Months Ended

September 30, 2025 (Unaudited)

Nine Months Ended

September 30, 2024 (Unaudited)

Sponsor fee (Note 4)

2 unchanged sentences

Net investment income (loss)

( 1,249,321 )

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

2 unchanged sentences

( 16,289,482 )

( 51,464,017 )

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

( 69,451,482 )

Net income (loss)

$ 107,856,285

$ ( 69,741,963 )

Net income (loss) per share

Weighted average number of shares outstanding

The accompanying notes are an integral

part of the financial statements.

COINSHARES BITCOIN ETF

Unaudited Statements of Changes in Net

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

accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

the three and nine months ended September 30, 2025 and September 30, 2024

Three Months Ended

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Three Months Ended

June 30, 2024 (Unaudited)

Six Months Ended

June 30, 2025 (Unaudited)

Six Months Ended

June 30, 2024 (Unaudited)

September 30, 2024 (Unaudited)

Nine Months Ended

September 30, 2025 (Unaudited)

Nine Months Ended

September 30, 2024 (Unaudited)

Net Assets – Opening Balance

7 unchanged sentences

Net investment income (loss)

( 1,249,321 )

Net realized gain (loss) from investment

1 unchanged sentence

( 16,289,482 )

( 51,464,017 )

Net Assets – Closing Balance

3 unchanged sentences

$ 569,655,239

The accompanying notes are an integral

part of the financial statements.

COINSHARES BITCOIN ETF

Notes to the Financial Statements (Unaudited)

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.

accompanying notes are an integral part of the financial statements.

to the Financial Statements (Unaudited)

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

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.

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 Sponsor and the Trustee.

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.

The investment objective of the Trust is

for the Shares to reflect the performance of the value of a bitcoin as represented by the CME CF Bitcoin Reference Rate - New York

Variant (the “Index”), less the Trust’s liabilities and expenses.

In seeking to achieve its investment objective,

the Trust holds bitcoin and values its Shares daily based on the value of bitcoin as reflected by the Index, which is an independently

calculated value based on an aggregation of executed trade flow of major bitcoin spot exchanges.

The offering of the Trust’s Shares

is registered with the Securities and Exchange Commission (“SEC”) in accordance with the Securities Act of 1933.

Basis of Presentation and Summary of

Significant Accounting Policies

The Trust qualifies as an investment company

solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial

Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment

Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act

of 1940, as amended.

The Trust is an “emerging growth

company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).

The Trust will cease

to be an “emerging growth company” upon the earliest of (i) it having $1.235 billion or more in annual revenues, (ii)

at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible

debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

For as long as the Trust is an emerging

growth company, unlike other public companies, it will not be required to provide an auditor’s attestation report on management’s

assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley

or comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the SEC determines otherwise.

The following is a summary of significant

accounting policies consistently followed by the Trust in the preparation of financial statements.

The financial statements have

been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

(a) Use of Estimates

investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the

CME CF Bitcoin Reference Rate - New York Variant (the “Index”), less the Trust’s liabilities and expenses.

seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin

as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major

bitcoin spot exchanges.

offering of the Trust’s Shares is registered with the Securities and Exchange Commission (“SEC”) in accordance

with the Securities Act of 1933.

Basis of Presentation and Summary of Significant Accounting Policies

Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting

and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic

946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, as an investment

company under the Investment Company Act of 1940, as amended.

Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS

The Trust will cease to be an “emerging growth company” upon the earliest of (i) it having $1.235 billion

or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing

more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the

fifth anniversary of its initial public offering.

as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to provide an auditor’s

attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting

pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002;

or comply with any new audit rules adopted by the PCAOB after April

5, 2012, unless the SEC determines otherwise.

following is a summary of significant accounting policies consistently followed by the Trust in the preparation of financial statements.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of

America (“GAAP”).

Use of Estimates

preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect

1 unchanged sentence

Actual results could differ from those estimates.

(b) Investment Transactions

The Trust purchases

bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares.

Transactions are recorded on a trade-date

Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification

basis and are recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized occurred.

The Trust utilizes an exchange traded price

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.

The Sponsor and

its affiliates (each a “Covered Person”) will be indemnified by the Trust and held harmless against any loss, judgment,

liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered Person’s

activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of the Trust Agreement

on the part of such indemnified party arising out of or in connection with the performance of its obligations under the Trust Agreement

and under each other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including, without

limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with the provisions of the Trust

The Trustee and

any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor and held

harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable fees and

expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any time against

such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation, operation

or termination of the Trust or the transactions contemplated therein;

provided, however, that neither the Trust nor the Sponsor

shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful misconduct,

bad faith or gross negligence of such indemnified person.

maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot

be predicted with any certainty.

(d) Federal Income Taxes

Investment Transactions

Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares.

Transactions are

recorded on a trade-date basis.

Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined

on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred

or the changes in unrealized occurred.

Trust utilizes an exchange traded price 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.

Indemnifications

Sponsor and its affiliates (each a “Covered Person”) will be indemnified by the Trust and held harmless against any

loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered

Person’s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of

the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations

under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the

Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with

the provisions of the Trust Agreement.

Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor

and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable

fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any

time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,

operation or termination of the Trust or the transactions contemplated therein;

provided, however, that neither the Trust nor

the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful

misconduct, bad faith or gross negligence of such indemnified person.

Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,

which cannot be predicted with any certainty.

Federal Income Taxes

Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,

5 unchanged sentences

owner of Shares.

Investment Valuation and Calculation

of Net Asset Value (“NAV”)

FASB Accounting Standards Codification

Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair

value and expanded disclosures about fair value adjustments.

GAAP defines fair value as the price the

Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the

measurement date.

Investment Valuation and Calculation of Net Asset Value (“NAV”)

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value,

a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction

between market participants at the measurement date.

The Trust’s policy is to value its investments at fair value.

Various inputs are used in determining

the fair value of assets and liabilities.

Inputs may be based on independent market data (“observable inputs”), or

they may be internally developed (“unobservable inputs”).

These inputs are categorized into a disclosure hierarchy

consisting of three broad levels for financial reporting purposes.

The level of a value determined for an asset or liability within

the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety.

inputs are used in determining the fair value of assets and liabilities.

Inputs may be based on independent market data (“observable

inputs”), or they may be internally developed (“unobservable inputs”).

These inputs are categorized into a disclosure

hierarchy consisting of three broad levels for financial reporting purposes.

The level of a value determined for an asset or liability

within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in

its entirety.

The three levels of the fair value hierarchy are as follows:

Level 1 — Unadjusted quoted prices

in active markets for identical assets or liabilities.

Level 2 — Inputs other than quoted

prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices

for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability

and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 — Inputs that are unobservable

for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following table summarizes the Trust’s

investments at fair value:

June 30, 2025 (Unaudited)

1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly

or indirectly, including quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that

are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data

by correlation or other means;

3 — Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining

the fair value of investments.

following table summarizes the Trust’s investments at fair value:

September 30, 2025 (Unaudited)

$ 682,589,262

5 unchanged sentences

$ 826,306,338

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.

The Trust fair values investments for financial

statement purposes, categorizing those investments using the hierarchy as described above.

The Trust’s NAV is calculated by

subtracting all accrued fees, expenses and other liabilities from the fair value of its bitcoin and other assets.

NAV per share is calculated by taking the Trust’s NAV divided by the total amount of Shares outstanding.

There were no transfers between Level 1 and other Levels for the nine months ended September

30, 2025, or for the year ended December 31, 2024.

Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described

Trust’s NAV is calculated by subtracting all accrued fees, expenses and other liabilities from the fair value of its bitcoin

and other assets.

The Trust’s NAV per share is calculated by taking the Trust’s NAV divided by the total amount of

Shares outstanding.

Trust Expenses

The Trust pays

to the Sponsor a Sponsor fee (the “Sponsor Fee”) in accordance with the Trust Agreement.

The Sponsor Fee accrues daily

by applying an annual rate of 0.25 % to the Trust’s bitcoin holdings.

The Sponsor Fee is paid in bitcoins at such times

as determined in the Sponsor’s sole discretion.

The Trust is not responsible for paying any fees or costs associated with

the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee.

The Sponsor is

obligated to assume and pay the following fees and expenses of the Trust:

the Marketing Agent fee, the Administrator fee, the Custodian

fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the licensing fees related

to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit

fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares

with the SEC, printing and mailing costs and costs of maintaining the Trust’s website.

Services, LLC, doing business as U.S.

Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S.

serves as the Trust’s fund accountant, fund administrator and the transfer agent of the Trust, pursuant to certain fund accounting

servicing, fund administration servicing and transfer agent servicing agreements.

Bank N.A., a subsidiary of U.S.

and parent company of Fund Services, serves as the Trust’s cash custodian pursuant to a custody agreement.

Paralel Distributors

LLC (the “Marketing Agent”) serves as the Trust’s marketing agent pursuant to a marketing agent agreement.

Coinbase Custody Trust Company, LLC, BitGo

Trust Company, Inc., and Komainu (Jersey) Limited (the “Custodians”) are custodians of the Trust.

Trust pays to the Sponsor a Sponsor fee (the “Sponsor Fee”) in accordance with the Trust Agreement.

The Sponsor Fee

accrues daily by applying an annual rate of 0.25 % to the Trust’s bitcoin holdings.

The Sponsor Fee is paid in bitcoins at

such times as determined in the Sponsor’s sole discretion.

The Trust is not responsible for paying any fees or costs associated

with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee.

Sponsor is obligated to assume and pay the following fees and expenses of the Trust:

the Marketing Agent fee, the Administrator

fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the

licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing,

legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration

of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust’s website.

Bancorp Fund Services, LLC, doing business as U.S.

Bank Global Fund Services (“Fund Services”), an indirect subsidiary

Bancorp, serves as the Trust’s fund accountant, fund administrator and the transfer agent of the Trust, pursuant

to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements.

subsidiary of U.S.

Bancorp and parent company of Fund Services, serves as the Trust’s cash custodian pursuant to a custody

Distributors LLC (the “Marketing Agent”) serves as the Trust’s marketing agent pursuant to a marketing agent

Custody Trust Company, LLC, BitGo Trust Company, Inc., and Komainu (Jersey) Limited

(the “Custodians”) are custodians of the Trust.

Creation and Redemption of Creation Units

The Trust issues

Shares on an ongoing basis, but only in one or more blocks of 5,000 Shares (a “Basket”).

Trust issues Shares on an ongoing basis, but only in one or more blocks of 5,000 Shares (a “Basket”).

The Trust issues

1 unchanged sentence

Authorized Participants.

Authorized participants

are the only persons that may place orders to create and redeem Baskets.

Authorized participants must be (1) registered broker-dealers

or other securities market participants, such as banks or other financial institutions, that are not required to register as broker-dealers

to engage in securities transactions as described below, and (2) Depository Trust Company participants.

Authorized participants

pay the transfer agent a fee for each order they place to create or redeem one or more Baskets.

In addition, an authorized participant

is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs, transfers

fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to

the bitcoin being purchased or sold in connection with such order (the “Execution Charges”, and collectively with the

Transfer Agent Fee, the “Transaction Fees”).

The Transaction Fees may be reduced, increased or otherwise changed by

Activity in the number and value of

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

participants are the only persons that may place orders to create and redeem Baskets.

Authorized participants must be (1) registered

broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to

register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants.

participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets.

In addition, an authorized

participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs,

transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market

related to the bitcoin being purchased or sold in connection with such order (the “Execution Charges”, and collectively

with the Transfer Agent Fee, the “Transaction Fees”).

The Transaction Fees may be reduced, increased or otherwise

changed by the Sponsor.

in the number and value of Shares created and redeemed for the nine months ended September 30, 2025 and 2024 are as follows:

Number of Shares

Value of Shares

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

$ 590,573,402

8 unchanged sentences

Investment Transactions

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:

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

the nine months ended September 30, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

$ 590,496,202

1 unchanged sentence

Related Party Transactions

Certain officers

of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.

The Initial Sponsor

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

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,

2024, Valkyrie Funds LLC, at such time an affiliate of the Initial Sponsor, purchased 40,000 Shares at a per-Share price

officers of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.

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

For the nine months ended September 30, 2024, the Trust incurred $ 791,603 in Sponsor

Fees, of which, $ 156,867 was waived by the Initial Sponsor.

For the nine months ended September 30, 2025, the Trust incurred $ 1,249,321

in Sponsor Fees.

January 10, 2024, Valkyrie Funds LLC, at such time an affiliate of the Initial Sponsor, purchased 40,000 Shares at a per-Share

price of $ 13 .00.

Delivery of these Shares was made on January 11, 2024.

1 unchanged sentence

was $ 520,000 .

On March 15, 2024,

the Trust entered into an agreement with CoinShares Co., a Delaware corporation, to act as Co-Sponsor of the Trust in an advisory

Effective June 14, 2024 (the “Effective Date”), the Initial Sponsor

withdrew as Co-Sponsor to the Trust.

Pursuant to Section 6.9 of the Trust Agreement, on the Effective Date of the Initial Sponsor’s

withdrawal as Co-Sponsor to the Trust, CoinShares Co.

automatically and without further action by the Co-Sponsor, Trustee

or the Shareholders (as defined in the Trust Agreement) became the successor Sponsor and has all the powers, rights, duties and

obligations of the Sponsor under the Trust Agreement.

Prior to CoinShares

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 Capital Markets (Jersey) Limited fulfilled orders from

the Trust for the purchase and sale of bitcoin.

No orders for the purchase or sale of bitcoin were executed with CoinShares Capital

Markets (Jersey) Limited on or since March 15, 2024, the date on which CoinShares Co.

March 15, 2024, the Trust entered into an agreement with CoinShares Co., a Delaware corporation, to act as Co-Sponsor of the Trust

in an advisory capacity.

Effective June 14, 2024 (the “Effective Date”), the

Initial Sponsor withdrew as Co-Sponsor to the Trust.

Pursuant to Section 6.9 of the Trust Agreement, on the Effective Date of

the Initial Sponsor’s withdrawal as Co-Sponsor to the Trust, CoinShares Co.

automatically and without further action

by the Co-Sponsor, Trustee or the Shareholders (as defined in the Trust Agreement) became the successor Sponsor and has all the

powers, rights, duties and obligations of the Sponsor under the Trust Agreement.

to CoinShares Co.

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 Capital Markets (Jersey) Limited fulfilled

orders from the Trust for the purchase and sale of bitcoin.

No orders for the purchase or sale of bitcoin were executed with CoinShares

Capital Markets (Jersey) Limited on or since March 15, 2024, the date on which CoinShares Co.

became a Co-Sponsor to the Trust.

the period that CoinShares Capital Markets (Jersey) Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares Capital

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

As of June 30,

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

During the period that CoinShares Capital Markets (Jersey) Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares

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

of September 30, 2025, affiliates of the Sponsor owned 18,140,000 Shares of the Trust.

Commitments and Contingencies

7 unchanged sentences

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.

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 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 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

June 30, 2025

Three Months Ended

June 30, 2024 (unaudited)

Six Months Ended

June 30, 2025 (unaudited)

June 30, 2024 (unaudited)

Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding

for the three and nine months ended September 30, 2025, the three months ended September 30, 2024, and the period from January

10, 2024 (the initial share purchase date) through September 30, 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 (Unaudited)

the three and nine months ended September 30, 2025, the three months ended September 30, 2024 and the period January 10, 2024

through September 30, 2024:

September 30, 2025

September 30, 2024 (unaudited)

September 30, 2025 (unaudited)

September 30, 2024 (unaudited)

Net Asset Value

13 unchanged sentences

(1) Annualized

(2) Not annualized

(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

voluntary reimbursement of sponsor fees of 0.05 % for the period ended September 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 other events requiring adjustment or additional disclosure

in the financial statements other than the item noted above.

Sponsor 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.

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