1 unchanged sentence
Market Information
−Removed: The Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the approval of NYSE Arca’s application under Rule 19b-4 of the Exchange Act.
−Removed: As of the date of this Annual Report, Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital (USA) Inc., ABN AMRO Clearing USA LLC and Goldman Sachs & Co.
−Removed: LLC have agreed to act as Authorized Participants.
−Removed: The Shares are listed on NYSE Arca under the ticker symbol “BTC.”
+Added: The Shares commenced trading on NYSE Arca on July 31, 2024 under the ticker symbol “BTC.”
Holders of Record
−Removed: As of December 31, 2024, there were approximately 35 holders of record.
−Removed: This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on NYSE Arca, but not its direct participants.
−Removed: Therefore, this number does not include the individual holders who have bought Shares on NYSE Arca or transferred their eligible Shares to their brokerage accounts.
+Added: As of December 31, 2025, there were approximately 30 DTC participating shareholders of record of the Trust.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
+Added: The Trust made no distributions to shareholders during the period from July 31, 2024 to December 31, 2024 and the year ended December 31, 2025.
+Added: The Trust has no obligation to make periodic distributions to shareholders .
Recent Sales of Unregistered Shares
1 unchanged sentence
Purchases of Equity Securities
−Removed: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed approximately 1,150 Baskets (11,496,057 Shares) during the three months ended December 31, 2024:
+Added: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets from Authorized Participants during the three months ended December 31, 2025, the Trust redeemed the following Shares:
Total Number of Shares of BTC Redeemed
5 unchanged sentences
The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
−Removed: (2) Share amounts have been retroactively adjusted to reflect the 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.
−Removed: (3) Includes 6,057 Shares redeemed as a fraction of a Basket in connection with the Reverse Share Split.
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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.