4 unchanged sentences
Factors that could cause or contribute to these differences include, but are not limited to, those set forth under “Part II, Item 1A.
−Removed: Risk Factors” in this Quarterly Report or in “Part I.
+Added: Risk Factors” in this Quarterly Report or in “Part I, Item 1A.
Risk Factors” and “Forward-Looking Statements” or other sections of our Annual Report.
11 unchanged sentences
The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
+Added: The Trust is not managed like a business corporation or an active investment vehicle.
On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a wholly owned indirect subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”).
As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act.
−Removed: The Reorganization is not expected to have any material impact on the operations of the Trust.
+Added: The Reorganization has not had any material impact on the operations of the Trust.
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust (such contracts, the “Sponsor Contracts”) to GSIS, a Delaware limited liability company and a wholly owned direct subsidiary of GSO, whereby GSIS assumed all of the rights and obligations of GSO under the Sponsor Contracts.
2 unchanged sentences
GSIS shall be subject to the rights and obligations of a Sponsor under the Trust Agreement.
−Removed: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS shall be the sole remaining Sponsor of the Trust.
+Added: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS became the sole remaining Sponsor of the Trust.
Critical Accounting Policies and Estimates
32 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2025
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2025
(All amounts in the following table and the subsequent paragraphs, except Share, per Share, Bitcoin and price of Bitcoin amounts, are in thousands)
−Removed: Three Months Ended March 31, 2025
−Removed: Net realized and unrealized loss on investment in Bitcoin
−Removed: Net decrease in net assets resulting from operations
+Added: Three Months Ended June 30, 2025
+Added: Six Months Ended June 30, 2025
+Added: Net realized and unrealized gain on investment in Bitcoin
+Added: Net increase in net assets resulting from operations
Net assets (1)
1 unchanged sentence
GAAP based on the Digital Asset Market price of Bitcoin on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
−Removed: Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2025 was ($490,714), which includes a realized gain of $302 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $33,734 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of ($524,750).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $82,443.85 per Bitcoin as of March 31, 2025.
−Removed: Net decrease in net assets resulting from operations was ($492,112) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $1,398.
−Removed: Net assets decreased to $3,346,810 at March 31, 2025, a 6% decrease for the three-month period.
−Removed: The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the redemption of approximately 2,437 Bitcoin with a value of $212,091 from the Trust, and the withdrawal of approximately 15 Bitcoin to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 5,034 Bitcoin with a value of $500,979 to the Trust in connection with Share creations during the period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the three months ended June 30, 2025 was $1,063,381, which includes a realized gain of $382 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $10,187 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $1,052,812.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $82,443.85 per Bitcoin as of March 31, 2025, to $107,753.95 per Bitcoin as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $1,061,804 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $1,577.
+Added: Net assets increased to $4,743,906 at June 30, 2025, a 42% increase for the three-month period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 3,862 Bitcoin with a value of $376,602 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 416 Bitcoin with a value of $41,310 from the Trust, and the withdrawal of approximately 16 Bitcoin to pay the foregoing Sponsor’s Fee.
+Added: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2025 was $572,667, which includes a realized gain of $684 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $43,921 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation on investment in Bitcoin of $528,062.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $107,753.95 per Bitcoin as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $569,692 for the six months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $2,975.
+Added: Net assets increased to $4,743,906 at June 30, 2025, a 34% increase for the six-month period.
+Added: The increase in net assets resulted from the aforementioned Bitcoin price appreciation and the contribution of approximately 8,896 Bitcoin with a value of $877,581 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 2,853 Bitcoin with a value of $253,401 from the Trust, and the withdrawal of approximately 31 Bitcoin to pay the foregoing Sponsor’s Fee.
Cash Resources and Liquidity
10 unchanged sentences
In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: As a result, the only ordinary expense of the Trust during the period covered by this Quarterly Report was the Sponsor’s Fee.
+Added: As a result, the only ordinary expense of the Trust during the periods covered by this Quarterly Report was the Sponsor’s Fee.
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Selected Operating Data
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended
+Added: June 30, 2025
+Added: Six Months Ended June 30, 2025
(All Bitcoin balances are rounded to the nearest whole Bitcoin)
7 unchanged sentences
Closing balance
−Removed: As of March 31, 2025
+Added: As of June 30, 2025
Price of Bitcoin on principal market (1)
2 unchanged sentences
NAV per Share (3)
−Removed: (1) The Trust performed an assessment of the principal market at March 31, 2025, and identified the principal market as Coinbase.
−Removed: (2) As of March 31, 2025, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
+Added: (1) The Trust performed an assessment of the principal market at June 30, 2025, and identified the principal market as Crypto.com.
+Added: (2) As of June 30, 2025, the Principal Market NAV per Share was calculated using the fair value of Bitcoin based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
(3) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
1 unchanged sentence
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
−Removed: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2025 were Coinbase, Bitstamp, Kraken, LMAX Digital, Crypto.com, and Bullish.
+Added: On June 22, 2025, the Index Provider added Bitfinex to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and did not remove any Constituent Trading Platforms as part of its scheduled quarterly review.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2025 were Coinbase, Bitstamp, Kraken, LMAX Digital, Crypto.com, Bullish, and Bitfinex.
Business—Valuation of Bitcoin and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.
1 unchanged sentence
Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Bitcoin for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Bitcoin are delivered or removed from the Trust for settlement.
−Removed: As of March 31, 2025, the Trust had a net closing balance of 40,595.02889855 Bitcoin with a value of $3,345,114,413, based on the Index Price of $82,402.07 on March 31, 2025 (non-GAAP methodology).
−Removed: As of March 31, 2025, the total market value of the Trust’s Bitcoin was $3,346,810,473, based on the price of one Bitcoin in the principal market (Coinbase) of $82,443.85 on March 31, 2025.
+Added: As of June 30, 2025, the Trust had a net closing balance of 44,025.35564432 Bitcoin with a value of $4,745,342,078, based on the Index Price of $107,786.57 on June 30, 2025 (non-GAAP methodology).
+Added: As of June 30, 2025, the total market value of the Trust’s Bitcoin was $4,743,905,971, based on the price of a Bitcoin in the principal market (Crypto.com) of $107,753.95 on June 30, 2025.
Historical NAV and Bitcoin Prices
2 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The follow ing chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: The follow ing chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
For more information on the determination of the Trust’s NAV, see “Item 1.
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report.
−Removed: The following table illustrates the movements in the Index Price from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
−Removed: During such period, the Index Price has ranged from $53,461.36 to $106,734.51, with the straight average being $81,200.68 through March 31, 2025.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of March 31, 2025, individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: During such period, the Index Price has ranged from $53,461.36 to $111,226.68, with the straight average being $85,923.79 through June 30, 2025.
+Added: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of June 30, 2025, individually or as a group.
End of period
Last business day
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
−Removed: During such period, the price of Bitcoin has ranged from $53,469.64 to $106,726.24, with the straight average being $81,202.55 through March 31, 2025.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: During such period, the price of Bitcoin has ranged from $53,469.64 to $111,241.94, with the straight average being $85,925.34 through June 30, 2025.
Digital Asset Market Price
2 unchanged sentences
Last business day
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025 and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025 and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
BTC Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
BTC Premium/(Discount):
2 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.