CoinShares Bitcoin ETF 10-K

Item 9A. Controls and Procedures. Disclosure Controls and Procedures The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its 1934 Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial Officer of the Sponsor to allow timely decisions regarding required disclosure. Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under 1934 Act Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial Officer of the Sponsor concluded that, as of December 31, 2025, the Trust’s disclosure controls and procedures were effective. Management’s Annual Report on Internal Control Over Financial Reporting The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under 1934 Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2025. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025. 70 Changes in Internal Control over Financial Reporting There were no changes in the Trust’s internal control over financial reporting that occurred during the year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. Item 9B. Other Information. Not applicable . Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. 71 PART III Item 10. Directors, Executive Officers and Corporate Governance. The Sponsor The Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Sponsor is wholly-owned by a wholly owned subsidiary of CoinShares International Limited. Background and Principals Jean-Marie Mognetti, Principal Executive Officer Jean-Marie Mognetti is the CEO and Co-founder of CoinShares International Limited (“CoinShares”), a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. A wholly owned subsidiary of CoinShares is the parent company of the Sponsor. Mr. Mognetti holds a Masters in Mathematical Trading and Finance from Sir John Cass Business School. He is a seasoned commodity trader, having developed advanced expertise in areas such as quantitative analysis, risk management, and alpha generation. His skills extend to managing trading programs focused on macroeconomic commodities, notably cryptocurrencies. Before co-founding CoinShares in 2014, Mr. Mognetti served as a quantitative trader at Hermes Commodities Fund Managers. His role there was instrumental in establishing and implementing trading strategies based on rigorous quantitative risk management approaches. Charles Butler, Principal Financial Officer and Principal Accounting Officer Charles Butler trained with PricewaterhouseCoopers and is a fellow of the Institute of Chartered Accountants in England and Wales with more than 20 years of financial services experience. Charles's experience covers audit, accountancy, funds, trusts, and private wealth predominantly in the offshore financial services industry. Prior to joining CoinShares in September 2017, Charles was a Senior Debt Fund Manager at BNP Paribas in Jersey. At CoinShares Charles has responsibility for finance and tax matters, and is a director of a number of group companies. Family Relationships There are no family relationships among our executive officers. Indemnification The general fiduciary duties that would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent). 72 The Trust Agreement provides that the Trust shall indemnify, defend and hold harmless the Trustee (including in its individual capacity) and any of the officers, directors, employees and agents of the Trustee (the “Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights under the Trust Agreement), taxes and penalties of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the performance of the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated thereby; provided, however , that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor under the Trust Agreement; provided, however, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law and by the requirement for treatment of the Trust as a grantor trust for tax purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under the Trust Agreement. Under Delaware law, a beneficial owner of a statutory trust (such as a shareholder of the Trust) may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated beneficial owners (a “class action”) to recover damages for violations of fiduciary duties, or on behalf of a statutory trust (a “derivative action”) to recover damages from a third party where there has been a failure or refusal to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from the Sponsor where the losses result from a violation by the Sponsor of the anti-fraud provisions of the federal securities laws. The foregoing summary describing in general terms the remedies available to shareholders under federal law is based on statutes, rules and decisions as of the date of this Annual Report. As this is a rapidly developing and changing area of the law, shareholders who believe that they may have a legal cause of action against any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time. 73 Code of Ethics The Trust has not adopted a code of ethics (“Code of Ethics”) as it is not required to do so under applicable laws, rules and regulations. Insider Trading Policies and Procedures Because the Trust does not have directors, officers, or employees, it has not adopted insider trading policies and procedures governing the purchase, sale and/or disposition of Trust securities by such persons. Item 11. Executive Compensation. The Trust has no employees or directors and is managed by the Sponsor. None of the officers of the Trust, or the members or officers of the Sponsor receive compensation from the Trust. The Sponsor receives a Sponsor’s Fee from the Trust equal to a unified fee of 0.25% of the Trust’s Bitcoin Holdings. The Sponsor irrevocably waived the Sponsor’s Fee from January 11, 2024, until April 10, 2024. The Sponsor’s Fee accrued during the fiscal year ended December 31, 2024, was $1,263,370, of which $150,399 was waived. The Sponsor’s Fee accrued during the fiscal year ended December 31, 2025, was $1,618,079. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Not applicable. Item 13. Certain Relationships and Related Transactions, and Director Independence. See Item 11 above. Prior 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 thepurchase and sale of bitcoin. No orders for the purchase or sale of bitcoin were executed with CoinShares Capital Markets (Jersey) Limited on or sinceMarch 15, 2024, the date on which CoinShares Co. became a Co-Sponsor to 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 approximatevalue of $295 million. 74 Item 14. Principal Accounting Fees and Services. (1) to (4). Fees for services performed by Cohen & Company, Ltd. (“Cohen & Co”) for the years ended December 31, 2025 and 2024, were as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 Audit Fees $ 92,000 $ 27,000 Audit-Related Fees — 1,000 Tax Fees 15,000 — All Other Fees — — Total: $ 107,000 $ 28,000 (5) The Sponsor approved all of the services provided by Cohen & Co described above. The Sponsor pre-approves all audit and allowed non-audit services of the Trust’s independent registered public accounting firm, including all engagement fees and terms. 75 PART IV Item 15. Exhibits, Financial Statement Schedules. (a)(1) Financial Statements For a list of the financial statements included herein, see Index to the Financial Statements on page F-1 of this Annual Report on Form 10-K, incorporated into this Item by reference. (b)(1) Financial Statement Schedules No financial statement schedules are filed herewith because (i) such schedules are not required or (ii) the information required has been presented in the aforementioned financial statements. (c)(1) Exhibits The following documents (unless otherwise indicated) are filed herewith and made a part of this Annual Report: Exhibit No. Exhibit Description 3.1** Certificate of Trust, incorporated by reference to Exhibit 3.2 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 22, 2021 4.1** First Amended and Restated Trust Agreement, incorporated by reference to Exhibit 3.1 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023 4.2** First Amendment to the Amended and Restated Trust Agreement, incorporated by reference to Exhibit 3.3 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on March 15, 2024 4.3** Second Amendment to the First Amended and Restated Trust Agreement, incorporated by reference to Exhibit 4.4 of the Trust’s Current Report on Form 8-K (File No. 001-41909) filed on June 14, 2024 4.4** Third Amendment to the First Amended and Restated Trust Agreement, incorporated by reference to Exhibit 4.5 of the Trust’s Current Report on Form 8-K (File No. 001-41909) filed on July 25, 2025 4.5** Description of the Shares, incorporated by reference to Exhibit 4.3 of the Trust’s Annual Report on Form 10-K (File No. 001-41909) filed on March 27, 2024 10.1** Coinbase Prime Broker Agreement, incorporated by reference to Exhibit 10.1 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.2** Coinbase Custody Custodial Services Agreement (included as Exhibit A in Exhibit 10.1 ) 10.3** Coinbase Post-Trade Financing Agreement (included as Exhibit C in Exhibit 10.1 ) 10.4** Trust Administration Agreement, incorporated by reference to Exhibit 10.4 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.5** Transfer Agency and Services Agreement, incorporated by reference to Exhibit 10.5 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.6** Form of Authorized Participant Agreement, incorporated by reference to Exhibit 10.6 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023 76 10.7** Trust Accounting Agreement, incorporated by reference to Exhibit 10.7 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.8** Cash Custody Agreement, incorporated by reference to Exhibit 10.8 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.9** Marketing Agent Agreement, incorporated by reference to Exhibit 10.9 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023 10.10** Index License Agreement, incorporated by reference to Exhibit 10.10 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024 10.12** Sponsor Agreement, incorporated by reference to Exhibit 10.12 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023 10.13** BitGo Custodial Services Agreement, incorporated by reference to Exhibit 10.14 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on February 1, 2024 10.14** Co-Sponsor Agreement, incorporated by reference to Exhibit 10.15 of the Trust’s Registration Statement on Form S-1 (File No. 333-252344) filed on March 15, 2024 10.15** Komainu Custodial Services Agreement, incorporated by reference to Exhibit 10.16 of the Trust’s Current Report on Form 8-K (File No. 001-41909) filed on October 1, 2024 23.1* Consent of Independent Registered Accounting Firm 31.1* Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2* Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1* Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2* Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 97.1** Erroneously Awarded Incentive-Based Compensation Clawback Policy, incorporated by reference to Exhibit 97.1 of the Trust’s Annual Report on Form 10-K (File No. 001-41909) filed on March 27, 2024 101.INS* Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104* Cover Page Interactive Data File (embedded within the Inline XBRL document) * Filed herewith. ** Previously filed. 77 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned*, thereunto duly authorized . COINSHARES VALKYRIE BITCOIN FUND Date: March 10, 2026 By: /s/ Jean-Marie Mognetti Name: Jean-Marie Mognetti Title: Principal Executive Officer COINSHARES VALKYRIE BITCOIN FUND Date: March 10, 2026 By: /s/ Charles Butler Name: Charles Butler Title: Principal Financial Officer and Principal Accounting Officer * The Registrant is a trust and the persons are signing in their capacities as officers of CoinShares Co., the Sponsor of the Registrant. 78 CoinShares Bitcoin ETF FINANCIAL STATEMENTS Index Page Report of Independent Registered Public Accounting Firm F-2 Statements of Financial Condition at December 31, 2025 and 2024 F-3 Schedules of Investment at December 31, 2025 and 2024 F-4 Statements of Operations for the year ended December 31, 2025, and 2024 F-5 Statements of Changes in Net Assets for the year ended December 31, 2025, 2024, and the period December 21, 2023 (date of seed audit), through December 31, 2023 F-6 Notes to Financial Statements F-7 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Sponsor and Shareholders of CoinShares Bitcoin ETF Opinion on the Financial Statements We have audited the accompanying statements of financial condition, including the schedules of investment, of CoinShares Bitcoin ETF (the “Trust”) as of December 31, 2025 and December 31, 2024, the related statements of operations for the years then ended, statements of changes in net assets for the years then ended and for the period from December 21, 2023 (date of seed audit) through December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and December 31, 2024, the results of its operations for the years then ended, and changes in its net assets for the years then ended and for the period from December 21, 2023 (date of seed audit) through December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of cash and digital assets owned as of December 31, 2025 and December 31, 2024 by correspondence with the custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. We have served as the Trust’s auditor since 2023. /s/ COHEN & COMPANY, LTD. COHEN & COMPANY, LTD. Milwaukee, Wisconsin 925 March 10, 2026 F- 2 CoinShares Bitcoin ETF Statements of Financial Condition at December 31, 2025 and 2024 December 31, 2025 December 31, 2024 Assets Investments in bitcoin, at fair value (cost $ 427,528,143 and $ 563,456,383 at December 31, 2025, and December 31, 2024, respectively) $ 505,489,906 $ 826,306,338 Total assets $ 505,489,906 $ 826,306,338 Liabilities Sponsor fees payable $ 108,999 $ 190,348 Total liabilities $ 108,999 $ 190,348 Net assets $ 505,380,907 $ 826,115,990 Shares issued and outstanding, no par value, Unlimited shares authorized 20,425,000 31,260,000 Net asset value per Share $ 24.74 $ 26.43 The accompanying notes are an integral part of the financial statements. F- 3 CoinShares Bitcoin ETF Schedules of Investment December 31, 2025 Bitcoin Cost Fair Value % of Net Assets Investment in bitcoin 5,767 $ 427,528,143 $ 505,489,906 100.0 % Total investment $ 427,528,143 $ 505,489,906 100.0 % Other assets and liabilities, net ( 108,999 ) ( 0.0 )% (a) Net Assets $ 505,380,907 100.0 % December 31, 2024 Bitcoin Cost Fair Value % of Net Assets Investment in bitcoin 8,849 $ 563,456,383 $ 826,306,338 100.0 % Total investment $ 563,456,383 $ 826,306,338 100.0 % Other assets and liabilities, net ( 190,348 ) ( 0.0 )% (a) Net Assets $ 826,115,990 100.0 % (a) Represents less than 0.05 % of net assets. The accompanying notes are an integral part of the financial statements. F- 4 CoinShares Bitcoin ETF Statements of Operations For the years ended December 31, 2025 and 2024 For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 Expenses Sponsor fee (Note 4) $ 1,618,079 $ 1,263,370 Less: Sponsor fee waiver — ( 150,399 ) Total expenses 1,618,079 1,112,971 Net investment income (loss) ( 1,618,079 ) ( 1,112,971 ) Net realized and unrealized gain (loss) Net realized gain (loss) from: Bitcoin transferred to pay Sponsor fee 578,665 418,343 Bitcoin sold for the redemption of Shares 136,221,558 44,803,852 Net realized gain (loss) 136,800,223 45,222,195 Net change in unrealized gain (loss) on investment ( 184,888,192 ) 262,849,955 Net realized and change in unrealized gain (loss) on investment ( 48,087,969 ) 308,072,150 Net income (loss) $ ( 49,706,048 ) $ 306,959,179 Net income (loss) per share $ ( 2.20 ) $ 11.59 Weighted average number of shares outstanding 22,613,466 26,491,896 The accompanying notes are an integral part of the financial statements. F- 5 CoinShares Bitcoin ETF Statements of Changes in Net Assets For the years ended December 31, 2025 and 2024, and period ended December 31, 2023 For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 For the Period December 21, 2023 (date of seed audit) through December 31, 2023 (a) Net Assets – Opening Balance $ 826,115,990 $ — $ — Creations 112,626,368 632,095,951 — Redemptions ( 383,655,403 ) ( 112,939,140 ) — Net investment income (loss) ( 1,618,079 ) ( 1,112,971 ) — Net realized gain (loss) from investment 136,800,223 45,222,195 — Net change in unrealized gain (loss) on investment ( 184,888,192 ) 262,849,955 — Net Assets – Ending Balance $ 505,380,907 $ 826,115,990 $ — (a) The Trust had not commenced operations as of December 31, 2023. The accompanying notes are an integral part of the financial statements. F- 6 CoinShares Valkyrie Bitcoin Fund Notes to the Financial Statements December 31, 2025 1. Organization CoinShares Bitcoin ETF (the “Trust”), formerly known as 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 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. 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. 2. 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 Act of 2002; 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 The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. 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 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. F- 7 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. GAAP. (c) Indemnifications 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 Agreement. 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. The 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. (d) Federal Income Taxes The Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986, as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather, a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares. 3. 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. 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. 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; and Level 3 — Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. F- 8 The following table presents information about the Trust’s investments at fair value: December 31, 2025 Level 1 Level 2 Level 3 Total Bitcoin $ 505,489,906 $ — $ — $ 505,489,906 Total Investments $ 505,489,906 $ — $ — $ 505,489,906 December 31, 2024 Level 1 Level 2 Level 3 Total Bitcoin $ 826,306,338 $ — $ — $ 826,306,338 Total Investments $ 826,306,338 $ — $ — $ 826,306,338 There were no transfers between Level 1 and other Levels for the year ended December 31, 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. The Trust’s NAV per share is calculated by taking the Trust’s NAV divided by the total amount of Shares outstanding. The following represents the changes in quantity of bitcoin and the respective fair value: Bitcoin Fair Value Beginning Balance as of January 1, 2025 8,849 $ 826,306,338 Bitcoin purchased 1,089 112,563,883 Bitcoin sold for the redemption of Shares ( 4,154 ) ( 383,592,918 ) Bitcoin transferred to pay the Sponsor fee ( 17 ) ( 1,699,428 ) Net Change in unrealized appreciation (depreciation) from investment in bitcoin — ( 184,888,192 ) Net Realized gain on investments in bitcoin — 136,800,223 Ending balance as of December 31, 2025 5,767 $ 505,489,906 Bitcoin Fair Value Beginning Balance as of January 1, 2024 (a) — $ — Bitcoin purchased 10,386 632,012,875 Bitcoin sold for the redemption of Shares ( 1,523 ) ( 112,856,064 ) Bitcoin transferred to pay Sponsor fee ( 14 ) ( 922,623 ) Net change in unrealized appreciation (depreciation) from investment in bitcoin — 262,849,955 Net realized gain on investments in bitcoin — 45,222,195 Ending balance as of December 31, 2024 8,849 $ 826,306,338 (a) The Trust did not hold bitcoin as of or prior to January 1, 2024 4. 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. F- 9 U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. 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. U.S. Bank N.A., a subsidiary of U.S. Bancorp 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. 5. 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”). The Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing basis from 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 the Sponsor. Activity in the number and value of Shares created and redeemed for the year ended December 31, 2025 and 2024, are as follows: Number of Shares Value of Shares December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Creations 3,855,000 36,635,000 $ 112,626,368 $ 632,095,951 Redemptions ( 14,690,000 ) ( 5,375,000 ) $ ( 383,655,403 ) $ ( 112,939,140 ) Net change in Shares created and redeemed ( 10,835,000 ) 31,260,000 $ ( 271,029,035 ) $ 519,156,811 6. Investment Transactions For the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows: Purchases Sales December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 $ 112,563,883 $ 632,012,875 $ 385,292,346 $ 113,778,687 7. 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 year ended December 31, 2024, the Trust incurred $ 1,263,370 in Sponsor Fees, of which, $ 150,399 was waived by the Initial Sponsor. For the year ended December 31, 2025, the Trust incurred $ 1,618,079 in Sponsor Fees. F- 10 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 of $ 13.00 . Delivery of these Shares was made on January 11, 2024. Total proceeds to the Trust from the sale of these Shares 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 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. Prior 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. 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. As of December 31, 2025, affiliates of the Sponsor owned 18,140,000 Shares of the Trust. 8. Commitments and Contingencies In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. 9. Segment Reporting The Principal Accounting Officer of the Sponsor performs the functions of the Trust’s Chief Operating Decision Maker (“CODM”). The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with its prospectus dated July 25, 2025 (the “Prospectus”). The Trust operates as a single operating and reporting segment pursuant to its investment objective. The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks, among other items. The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust's financial statements. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements. 10. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the years ended December 31, 2025, and the period from January 10, 2024 (the initial share purchase date), through December 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. F- 11 Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December 31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024. Year Ended December 31, 2025 Period Ended December 31, 2024 Net Asset Value Net Asset Value per Share, beginning of period $ 26.43 $ 13.00 Net investment income (loss) ( 0.07 ) ( 0.04 ) Net realized and change in unrealized Gain (loss) ( 1.62 ) 13.47 Net income (loss) ( 1.69 ) 13.43 Net asset value per Share, end of period $ 24.74 $ 26.43 Market Value per Share, beginning of period $ 26.45 $ 13.00 Market Value per Share, end of period $ 24.73 $ 26.45 Ratio to average net assets Net investment income (loss) ( 0.25 )% ( 0.22 )% (1) Gross expenses 0.25 % 0.25 % (1) Net expenses 0.25 % 0.22 % (1)(3) Total return, at net asset value ( 6.39 )% 103.31 % (2) Total return, at market value ( 6.50 )% 103.46 % (2) (1) Annualized (2) Not annualized (3) Includes voluntary reimbursement of sponsor fees of 0.03 % 11. Subsequent Events 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 during the period. F- 12