35 unchanged sentences
of Operations for the Year Ended December 31, 2025
+Added: Ended December 31, 2025
+Added: Trust’s net asset value decreased from $826,115,990 at December 31, 2024 to $505,380,907 at December 31, 2025.
+Added: in the Trust’s net assets resulted from an change in outstanding Shares, which decreased from 31,260,000 at December 31,
+Added: 2024, to 20,425,000 at December 31, 2025, as a result of 3,855,000 Shares (771 Baskets) being created and 14,690,000 Shares (2,938
+Added: Baskets) being redeemed during the year, and a decrease in the value of bitcoin, which depreciated 6.14% from $93,381 at
+Added: December 31, 2024 to $87,650 at December 31, 2025.
+Added: net asset value per Share decreased 6.38% from $26.43 at December 31, 2024 to $24.74 at December 31, 2025.
+Added: net asset value per Share of $35.50 at October 6, 2025, was the highest during the year, compared with a low of $21.70 at April
+Added: decrease in net assets from operations for the year ended December 31, 2025, was $49,706,048, resulting from an decrease in unrealized
+Added: gain on the Trust’s bitcoin investment of $184,888,192, realized gains on the disposition of bitcoin of $136,800,223, and
+Added: Sponsor Fees incurred of $1,618,079.
+Added: Ended December 31, 2024
Trust’s net asset value increased from $0 at December 31, 2023, to $826,115,990 at December 31, 2024.
2 unchanged sentences
at December 31, 2024, as a result of 36,635,000 Shares (7,327 Baskets) being created and 5,373,000 Shares (1,075 Baskets) being
−Removed: redeemed during the year, and an increase in the value of bitcoin, which appreciated 103.7% from $45,853 at January
−Removed: 10, 2024 (the initial share purchase date) to $93,381 at December 31, 2024.
−Removed: net asset value per Share increased 103.3% from $13.00 at January 10, 2024 (the initial
−Removed: share purchase date) to $26.43 at December 31, 2024.
−Removed: net asset value per Share of $30.15 at December 17, 2024 was the highest during the quarter, compared with a low of $11.12 at
−Removed: January 23, 2024.
+Added: redeemed during the year, and an increase in the value of bitcoin, which appreciated 103.7% from $45,853 at January 10, 2024 (the
+Added: initial share purchase date) to $93,381 at December 31, 2024.
+Added: net asset value per Share increased 103.3% from $13.00 at January 10, 2024 (the initial share purchase date) to $26.43 at December
+Added: net asset value per Share of $30.15 at December 17, 2024 was the highest during the year, compared with a low of $11.12 at January
increase in net assets from operations for the year ended December 31, 2024 was $306,959,179, resulting from an increase in unrealized
13 unchanged sentences
The Sponsor Fee accrues
−Removed: at an annual rate of 0.25% of the Trust’s Bitcoin Holdings.
−Removed: As a result, the only ordinary expense of the Trust is the Sponsor
−Removed: The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes
−Removed: to its liquidity needs.
+Added: at a unified annual rate of 0.25% of the Trust’s Bitcoin Holdings.
+Added: As a result, the only ordinary expense of the Trust is
+Added: the Sponsor Fee.
+Added: The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material
+Added: changes to its liquidity needs.
Balance Sheet Arrangements and Contractual Obligations
66 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.