1 unchanged sentence
Statements of Financial Condition
−Removed: At March 31, 2026 (unaudited) and December 31,
−Removed: March 31, 2026 (unaudited)
+Added: At June 30, 2026 (unaudited) and December 31,
+Added: June 30, 2026 (unaudited)
December 31, 2025
−Removed: Investments in bitcoin, at fair value (cost $ 472,579,121 and $ 427,528,143 at March 31, 2026 and December 31, 2025, respectively)
+Added: Investments in bitcoin, at fair value (cost $ 442,207,125 and $ 427,528,143 at June 30, 2026 and December 31, 2025, respectively)
$ 342,431,656
12 unchanged sentences
Schedules of Investment
−Removed: At March 31, 2026 (unaudited) and December 31,
−Removed: March 31, 2026 (Unaudited)
+Added: At June 30, 2026 (unaudited) and December 31,
+Added: June 30, 2026 (Unaudited)
% of Net Assets
22 unchanged sentences
Unaudited Statements of Operations
−Removed: three months ended March 31, 2026 and March 31, 2025
−Removed: Three Months Ended
−Removed: March 31, 2026 (Unaudited)
−Removed: Three Months Ended
−Removed: March 31, 2025 (Unaudited)
+Added: three and six months ended June 30, 2026 and June 30, 2025
+Added: June 30, 2026 (Unaudited)
+Added: June 30, 2025 (Unaudited)
+Added: Six Months Ended
+Added: June 30, 2026 (Unaudited)
+Added: Six Months Ended
+Added: June 30, 2025 (Unaudited)
Sponsor fee (Note 4)
9 unchanged sentences
( 177,737,232 )
+Added: ( 51,464,017 )
Net realized and change in unrealized gain (loss)
4 unchanged sentences
$ 141,141,457
+Added: $ ( 175,369,710 )
Net income (loss) per share
4 unchanged sentences
Unaudited Statements of Changes in Net Assets
−Removed: three months ended March 31, 2026 and March 31, 2025
+Added: three and six months ended June 30, 2026 and June 30, 2025
Three Months Ended
−Removed: March 31, 2026 (Unaudited)
+Added: June 30, 2026 (Unaudited)
Three Months Ended
−Removed: March 31, 2025 (Unaudited)
+Added: June 30, 2025 (Unaudited)
+Added: Six Months Ended
+Added: June 30, 2026 (Unaudited)
+Added: Six Months Ended
+Added: June 30, 2025 (Unaudited)
Net Assets – Opening Balance
3 unchanged sentences
$ 826,115,990
+Added: ( 40,955,337 )
+Added: ( 38,869,007 )
+Added: ( 53,365,208 )
+Added: ( 325,566,996 )
Net investment income (loss)
3 unchanged sentences
( 177,737,232 )
+Added: ( 51,464,017 )
Net Assets – Closing Balance
1 unchanged sentence
$ 625,787,170
+Added: $ 342,354,115
+Added: $ 625,787,170
The accompanying notes are an integral part
45 unchanged sentences
have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
+Added: (a) Use of Estimates
The preparation of the
3 unchanged sentences
differ from those estimates.
−Removed: (b) Investment
+Added: (b) Investment Transactions
The Trust purchases bitcoin
8 unchanged sentences
The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial
−Removed: statements in accordance with U.S.
+Added: statements in accordance with GAAP.
(c) Indemnifications
15 unchanged sentences
arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.
+Added: (d) Federal Income Taxes
The Sponsor intends to take the position that
6 unchanged sentences
will “flow through” to each beneficial owner of Shares.
+Added: (e) Recent Accounting Pronouncements
+Added: The Sponsor has evaluated recently issued accounting
+Added: pronouncements and does not believe any such pronouncements will have a material impact on the Trust’s financial statements.
Investment Valuation and Calculation of Net
22 unchanged sentences
are derived principally from or corroborated by observable market data by correlation or other means;
−Removed: Level 3 — Inputs that are unobservable
−Removed: for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.
+Added: Level 3 — Inputs that are unobservable for
+Added: 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:
−Removed: March 31, 2026 (Unaudited)
+Added: June 30, 2026 (Unaudited)
$ 342,431,656
9 unchanged sentences
$ 505,489,906
−Removed: There were no transfers between Level 1 and other Levels for the three months ended March 31, 2026, or for the year ended
+Added: There were no transfers between Level 1 and other Levels for the six months ended June 30, 2026, or for the year ended
December 31, 2025.
5 unchanged sentences
is calculated by taking the Trust’s NAV divided by the total amount of Shares outstanding.
−Removed: The following represents the changes in quantity
−Removed: of bitcoin and the respective fair value:
−Removed: Beginning Balance as of January 1, 2026
+Added: The following summarizes activity in bitcoin for
+Added: the three months ended June 30, 2026 and 2025:
+Added: Three Months Ended June 30, 2026
+Added: Beginning Balance as of March 31, 2026
$ 429,823,599
6 unchanged sentences
Net Realized gain (loss) on investments in bitcoin
−Removed: Ending balance as of March 31, 2026
+Added: Ending balance as of June 30, 2026
$ 342,431,656
−Removed: Beginning Balance as of January 1, 2025
+Added: Three Months Ended June 30, 2025
+Added: Beginning Balance as of March 31, 2025
$ 480,384,508
4 unchanged sentences
Net change in unrealized appreciation (depreciation) from investment in bitcoin
+Added: Net realized gain (loss) on investments in bitcoin
+Added: Ending balance as of June 30, 2025
$ 625,905,470
+Added: The following summarizes activity in bitcoin for the six months ended
+Added: June 30, 2026 and 2025:
+Added: Six Months Ended June 30, 2026
+Added: Beginning Balance as of December 31, 2025
+Added: $ 505,489,906
+Added: Bitcoin purchased
+Added: Bitcoin sold for the redemption of Shares
+Added: ( 53,357,576 )
+Added: Bitcoin transferred to pay the Sponsor fee
+Added: Net Change in unrealized appreciation (depreciation) from investment in bitcoin
+Added: ( 177,737,232 )
Net Realized gain (loss) on investments in bitcoin
−Removed: Ending balance as of March 31, 2025
+Added: Ending balance as of June 30, 2026
$ 342,431,656
+Added: Six Months Ended June 30, 2025
+Added: Beginning Balance as of December 31, 2024
+Added: $ 826,306,338
+Added: Bitcoin purchased
+Added: Bitcoin sold for the redemption of Shares
+Added: ( 325,524,564 )
+Added: Bitcoin transferred to pay the Sponsor fee
+Added: Net change in unrealized appreciation (depreciation) from investment in bitcoin
+Added: ( 51,464,017 )
+Added: Net realized gain (loss) on investments in bitcoin
+Added: Ending balance as of June 30, 2025
+Added: $ 625,905,470
Trust Expenses
37 unchanged sentences
to engage in securities transactions as described below, and (2) Depository Trust Company participants.
−Removed: Authorized participants
−Removed: pay the transfer agent a fee for each order they place to create or redeem one or more Baskets.
−Removed: In addition, an authorized participant
−Removed: is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs, transfers fees,
−Removed: 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
−Removed: purchased or sold in connection with such order (the “Execution Charges”, and collectively with the Transfer Agent Fee, the
−Removed: “Transaction Fees”).
−Removed: The Transaction Fees may be reduced, increased or otherwise changed by the Sponsor.
+Added: participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets.
+Added: In addition, an
+Added: authorized participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and
+Added: brokerage costs, transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of
+Added: the market related to the bitcoin being purchased or sold in connection with such order (the “Execution Charges”, and
+Added: collectively with the Transfer Agent Fee, the “Transaction Fees”).
+Added: The Transaction Fees may be reduced, increased or
+Added: otherwise changed by the Sponsor.
Activity in the number and value of Shares
−Removed: created and redeemed for the three months ended March 31, 2026 and 2025 are as follows:
+Added: created and redeemed for the three months ended June 30, 2026 and 2025 is as follows:
Number of Shares
Value of Shares
−Removed: March 31, 2026
−Removed: March 31, 2025
−Removed: March 31, 2026
−Removed: March 31, 2025
+Added: June 30, 2026
+Added: June 30, 2025
+Added: June 30, 2026
+Added: June 30, 2025
( 1,930,000 )
1 unchanged sentence
$ ( 40,955,337 )
+Added: $ ( 38,869,007 )
Net change in Shares created and redeemed
1 unchanged sentence
$ ( 32,696,878 )
+Added: Activity in the number and value of Shares
+Added: created and redeemed for the six months ended June 30, 2026 and 2025 is as follows:
+Added: Number of Shares
+Added: Value of Shares
+Added: June 30, 2026
+Added: June 30, 2025
+Added: June 30, 2026
+Added: June 30, 2025
+Added: ( 2,530,000 )
+Added: ( 12,810,000 )
+Added: $ ( 53,365,208 )
+Added: $ ( 325,566,996 )
+Added: Net change in Shares created and redeemed
+Added: ( 10,555,000 )
+Added: $ ( 264,857,458 )
Investment Transactions
−Removed: For the three months ended March 31, 2026 and
+Added: For the six months ended June 30, 2026 and 2025,
the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:
−Removed: March 31, 2026
−Removed: March 31, 2025
−Removed: March 31, 2026
−Removed: March 31, 2025
+Added: June 30, 2026
+Added: June 30, 2025
+Added: June 30, 2026
+Added: June 30, 2025
$ 326,408,852
2 unchanged sentences
Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.
−Removed: For the three months ended March 31, 2025, the
−Removed: Trust incurred $ 460,553 in Sponsor Fees.
−Removed: For the three months ended March 31, 2026, the Trust
+Added: For the six months ended June 30, 2025, the Trust
incurred $ 824,349 in Sponsor Fees.
−Removed: As of March 31, 2026,
+Added: For the six months ended June 30, 2026, the Trust incurred $ 563,328 in Sponsor Fees.
+Added: As of June 30, 2026,
affiliates of the Sponsor owned 18,140,000 Shares of the Trust.
19 unchanged sentences
The Trust is presenting the following financial
−Removed: highlights related to investment performance and operations of a Share outstanding for the three months ended March 31, 2026 and 2025,
+Added: highlights related to investment performance and operations of a Share outstanding for the three and six months ended June 30, 2026 and
2025, respectively.
−Removed: 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
−Removed: is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period.
−Removed: An individual investor’s return
−Removed: and ratios may vary based on the timing of capital transactions.
+Added: The total return at NAV is based on the change in NAV of a Share during the period and the total return at market
+Added: value is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period.
+Added: An individual investor’s
+Added: return and ratios may vary based on the timing of capital transactions.
Financial Highlights (Unaudited)
−Removed: For the three months ended March 31, 2026 and
+Added: For the three and six months ended June 30, 2026
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025 (unaudited)
+Added: June 30, 2025 (unaudited)
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025 (unaudited)
Net Asset Value
19 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.