What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-12 compared with 2026-05-12 · 63 added, 44 removed, 182 unchanged (37% of the section changed)

4 unchanged sentences

statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with generally accepted

accounting principles in the United States (“U.S.

accounting principles in the United States (“GAAP”).

This Quarterly Report contains “forward-looking

62 unchanged sentences

There are an unlimited number of authorized Shares.

The Trust’s inception of operation was January

The Trust had no operations prior to January 11, 2024, other than matters relating to its organization and the registration

of the Shares under the Securities Act of 1933, as amended (the “1933 Act”).

The offering of the Trust’s Shares is registered

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

Shares of the Trust trade on Nasdaq under the

ticker symbol BRRR.

The Trust’s inception

of operation was January 11, 2024.

The Trust had no operations prior to January 11, 2024, other than matters relating to its organization

and the registration of the Shares under the Securities Act of 1933, as amended (the “1933 Act”).

The offering of the Trust’s

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

Shares of the Trust trade

on Nasdaq under the ticker symbol BRRR.

The Sponsor maintains a

35 unchanged sentences

Results of Operations

The Three Months Ended March 31, 2026 and 2025

The Trust’s net asset value decreased from

$505,380,907 at December 31, 2025, to $429,730,949 at March 31, 2026.

The change in the Trust’s net assets resulted from an increase

in outstanding Shares, which rose from 20,425,000 at December 31, 2025, to 22,335,000 at March 31, 2026, as a result of 2,510,000 Shares

(502 Baskets) being created and 600,000 Shares (120 Baskets) being redeemed during the quarter, and a decrease in the value of bitcoin,

which depreciated 22.2% from $87,650 at December 31, 2025, to $68,198 at March 31, 2026.

The Three Months Ended June 30, 2026 and 2025

The Trust’s net asset

value decreased from $429,730,949 at March 31, 2026, to $342,354,115 at June 30, 2026.

The change in the Trust’s net assets resulted

from a decrease in outstanding Shares, which fell from 22,335,000 at March 31, 2026, to 20,795,000 at June 30, 2026, as a result of 390,000

Shares (78 Baskets) being created and 1,930,000 Shares (386 Baskets) being redeemed during the quarter, and a decrease in the value

of bitcoin, which depreciated 14.4% from $68,198 at March 31, 2026, to $58,391 at June 30, 2026.

The net asset value per Share decreased

22.2% from $24.74 at December 31, 2025, to $19.24 at March 31, 2026.

14.4% from $19.24 at March 31, 2026, to $16.46 at June 30, 2026.

The net asset value per Share

of $27.53 at January 14, 2026 was the highest during the quarter, compared with a low of $18.03 at February 5, 2026.

decrease in net assets from operations for the quarter ended March 31, 2026 was $ 120,689,754 , resulting

from a decrease in unrealized gain on the Trust’s bitcoin investment of $ 120,717,285, realized

gains on the disposition of bitcoin of $ 316,512 and Sponsor Fees incurred of $ 288,981 .

net asset value decreased from $826,115,990 at December 31, 2024, to $480,386,204 at March 31, 2025.

The change in the Trust’s net

assets resulted from a decrease in outstanding Shares, which fell from 31,260,000 at December 31, 2024, to 20,450,000 at March 31, 2025,

as a result of 610,000 Shares (122 Baskets) being created and 11,420,000 Shares (2,284 Baskets) being redeemed during the quarter, and

a decrease in the value of bitcoin, which depreciated 11.1% from $93,381 at December 31, 2024, to $83,057 at March 31, 2025.

The net asset

value per Share decreased 11.1% from $26.43 at December 31, 2024 to $23.49 at March 31, 2025.

The net asset

value per Share of $30.17 at January 21, 2025 was the highest during the quarter, compared with a low of $22.21 at March 10, 2025.

in net assets from operations for the quarter ended March 31, 2025 was $76,612,819, resulting from a decrease in unrealized gain on the

Trust’s bitcoin investment of $181,830,142, realized gains on the disposition of bitcoin of $105,677,876, and Sponsor Fees incurred

of $23.10 at May 11, 2026 was the highest during the quarter, compared with a low of $16.46 at June 30, 2026.

The decrease in net assets

from operations for the quarter ended June 30, 2026 was $54,679,956, resulting from a decrease in unrealized gain on the Trust’s

bitcoin investment of $57,019,947, realized gains on the disposition of bitcoin of $2,614,338 and Sponsor Fees incurred of $274,347.

The Trust’s net asset

value increased from $480,386,204 at March 31, 2025, to $ 625,787,170 at June 30, 2025.

change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 20,450,000 at March 31, 2025,

to 20,705,000 at June 30, 2025, as a result of 1,645,000 Shares being created and 1,390,000 Shares being redeemed during the quarter,

and an increase in the value of bitcoin, which appreciated 28.7% from $83,057 at March 31, 2025, to $106,930 at June 30, 2025.

asset value per Share increased 28.7% from $23.49 at March 31, 2025, to $30.22 at June 30, 2025.

The net asset value per Share

of $31.54 at May 22, 2025 was the highest during the quarter, compared with a low of $21.70 at April 8, 2025.

The increase in net assets

from operations for the three months ended June 30, 2025 was $141,141,457, resulting from an increase in unrealized gain on the Trust’s

bitcoin investment of $130,366,125, realized gains on the disposition of bitcoin of $11,139,128, and Sponsor Fees incurred of $363,796.

The Six Months Ended June 30, 2026 and 2025

The Trust’s net asset

value decreased from $505,380,907 at December 31, 2025, to $342,354,115 at June 30, 2026.

The change in the Trust’s net assets resulted

from a decrease in the value of bitcoin, which depreciated 33.4% from $87,650 at December 31, 2025, to $58,391 at June 30, 2026, partially

offset by an increase in outstanding Shares from 20,425,000 at December 31, 2025, to 20,795,000 at June 30, 2026.

The net asset value

per Share decreased 33.5% from $24.74 at December 31, 2025, to $16.46 at June 30, 2026.

The decrease in net assets from operations for

the six months ended June 30, 2026 was $175,369,710, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment

of $177,737,232, realized gains on the disposition of bitcoin of $2,930,850 and Sponsor Fees incurred of $563,328.

The Trust’s net asset value decreased from

$826,115,990 at December 31, 2024, to $ 625,787,170 at June 30, 2025.

The change in the Trust’s

net assets resulted from a decrease in outstanding Shares, which fell from 31,260,000 at December 31, 2024, to 20,705,000 at June 30,

2025, and an increase in the value of bitcoin, which appreciated 14.5% from $93,381 at December 31, 2024, to $106,930 at June 30, 2025.

The net asset value per Share increased 14.3% from $26.43 at December 31, 2024, to $30.22 at June 30, 2025.

The increase in net assets from operations for

the six months ended June 30, 2025 was $64,528,638, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment

of $51,464,017, realized gains on the disposition of bitcoin of $116,817,004, and Sponsor Fees incurred of $824,349.

Cash Resources and Liquidity

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Principal Market and Fair Value Determination

Trust’s periodic financial statements may not utilize the net asset value of the Trust determined by reference to the Index to

the extent the methodology used to calculate the Index is deemed not to be consistent with GAAP.

The Trust’s periodic

financial statements will be prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting

Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilize an

exchange-traded price from the Trust’s principal market for bitcoin on the Trust’s financial statement measurement date.

The Sponsor will determine at its sole discretion the valuation sources and policies used to prepare the Trust’s financial

statements in accordance with GAAP.

Under GAAP, such a price is expected to be deemed a Level 1 input in accordance with the ASC

Topic 820 because it is expected to be a quoted price in active markets for identical assets or liabilities.

The Sponsor will

determine at its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in

accordance with U.S.

periodic financial statements may not utilize the net asset value of the Trust determined by reference to the Index to the extent the

methodology used to calculate the Index is deemed not to be consistent with GAAP.

The Trust’s periodic financial statements will

be prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 820,

“Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilize an exchange-traded price from the Trust’s

principal market for bitcoin on the Trust’s financial statement measurement date.

Under GAAP, such a price is expected to be deemed

a Level 1 input in accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for identical assets

or liabilities.

The Sponsor will determine at its sole discretion the valuation sources and policies used to prepare the Trust’s

financial statements in accordance with GAAP.

which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes

41 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis