CoinShares Bitcoin ETF 10-K

Item 8. Financial Statements and Supplementary Data. CoinShares Bitcoin ETF Statements of Operations (Unaudited) The following tables show the Trust’s quarterly financial information for 2025 and 2024. 3 Months Ended December 31, 2025 Unaudited 3 Months Ended September 30, 2025 Unaudited 3 Months Ended June 30, 2025 Unaudited 3 Months Ended March 31, 2025 Unaudited Expenses Sponsor fee $ 368,758 $ 424,972 $ 363,796 $ 460,553 Total expenses before waiver 368,758 424,972 363,796 460,553 Less: Sponsor fee waiver — — — — Total expenses 368,758 424,972 363,796 460,553 Net investment income (loss) (368,758 ) (424,972 ) (363,796 ) (460,553 ) Net realized and unrealized gain (loss) Net realized gain (loss) from: Bitcoin transferred to pay Sponsor fee 103,800 155,969 105,238 213,658 Bitcoin sold for the redemption of Shares 11,301,335 8,422,115 11,033,890 105,464,218 Net realized Gain (loss) 11,405,135 8,578,084 11,139,128 105,677,876 Net change in unrealized gain (loss) on investment (168,598,710 ) 35,174,535 130,366,125 (181,830,142 ) Net realized and change in unrealized gain (loss) on investment (157,193,575 ) 43,752,619 141,505,253 (76,152,266 ) Net income (loss) $ (157,562,333 ) $ 43,327,647 $ 141,141,457 $ (76,612,819 ) Net income (loss) per share $ (7.62 ) $ 2.08 $ 6.73 $ (2.73 ) Weighted average number of shares outstanding 20,676,739 20,875,761 20,971,758 28,018,556 3 Months Ended December 31, 2024 Unaudited 3 Months Ended September 30, 2024 Unaudited 3 Months Ended June 30, 2024 Unaudited 3 Months Ended March 31, 2024 Unaudited Expenses Sponsor fee $ 471,767 $ 344,255 $ 333,163 $ 114,185 Total expenses before waiver 471,767 344,255 333,163 114,185 Less: Sponsor fee waiver 6,468 — (42,682 ) (114,185 ) Total expenses 478,235 344,255 290,481 — Net investment income (loss) (478,235 ) (344,255 ) (290,481 ) — Net realized and unrealized gain (loss) Net realized gain (loss) from: Bitcoin transferred to pay Sponsor fee 232,956 95,659 89,728 — Bitcoin sold for the redemption of Shares 30,017,550 1,899,009 12,887,293 — Net realized gain (loss) 30,250,506 1,994,668 12,977,021 — Net change in unrealized gain (loss) on investment 243,622,740 10,981,879 (82,428,503 ) 90,673,839 Net realized and change in unrealized gain (loss) on investment 273,873,246 12,976,547 (69,451,482 ) 90,673,839 Net income (loss) $ 273,395,011 $ 12,632,292 $ (69,741,963 ) $ 90,673,839 Net income (loss) per share $ 8.47 $ 0.41 $ (2.43 ) $ 7.40 Weighted average number of shares outstanding 32,259,076 31,007,989 28,752,088 12,253,642 69 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.