54 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2026 and 2025
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025
(All amounts in the following table and the subsequent paragraphs, except Share, Bitcoin and price of Bitcoin amounts, are in thousands)
−Removed: Three Months Ended March 31,
−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,
+Added: Six Months Ended June 30,
+Added: Net realized and unrealized (loss) gain on investment in Bitcoin
+Added: Net (decrease) 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, 2026 was ($971,458), which includes a realized loss of ($75) on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized loss of ($15,323) on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($956,060).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $67,805.29 per Bitcoin as of March 31, 2026.
−Removed: Net decrease in net assets resulting from operations was ($972,865) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $1,407.
−Removed: Net assets decreased to $3,503,705 at March 31, 2026, a 17% decrease for the three-month period.
−Removed: The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the redemption of approximately 2,774 Bitcoin with a value of $208,679 from the Trust, and the withdrawal of approximately 18 Bitcoin to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 5,991 Bitcoin with a value of $441,297 to the Trust in connection with Share creations during the period.
−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/depreciation 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.
+Added: Net realized and unrealized loss on investment in Bitcoin for the three months ended June 30, 2026 was ($495,211), which includes a realized loss of ($159) on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized loss of ($20,193) on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($474,859).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $67,805.29 per Bitcoin as of March 31, 2026, to $58,745.18 per Bitcoin as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($496,630) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $1,419.
+Added: Net assets decreased to $3,188,712 at June 30, 2026, a 9% decrease for the three-month period.
+Added: The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the redemption of approximately 1,535 Bitcoin with a value of $101,777 from the Trust, and the withdrawal of approximately 20 Bitcoin to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 4,162 Bitcoin with a value of $283,414 to the Trust in connection with Share creations during the
+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/depreciation 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, the contribution of approximately 3,863 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 loss on investment in Bitcoin for the six months ended June 30, 2026 was ($1,466,669), which includes a realized loss of ($234) on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized loss of ($35,516) on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($1,430,919).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $58,745.18 per Bitcoin as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($1,469,495) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $2,826.
+Added: Net assets decreased to $3,188,712 at June 30, 2026, a 25% decrease for the six-month period.
The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the redemption of approximately 4,309 Bitcoin with a value of $310,456 from the Trust, and the withdrawal of approximately 38 Bitcoin to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 10,153 Bitcoin with a value of $724,711 to the Trust in connection with Share creations during the period.
+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/depreciation 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 8,897 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
13 unchanged sentences
Selected Operating Data
−Removed: As of March 31,
+Added: As of June 30,
Price of Bitcoin on principal market
9 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: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of both March 31, 2026 and 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, and Bullish.
−Removed: The Digital Asset Trading Platforms included in the Index as of April 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX, and OSL.
+Added: The Digital Asset Trading Platforms included in the Index as of June 30, 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, Bullish, and Bitfinex.
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.
The Trust reflects creations and redemptions and the Bitcoin for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the trade date, which is the business day an accepted creation or redemption order is placed by an Authorized Participant.
−Removed: Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and
−Removed: 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.
+Added: 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.
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, 2026.
+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, 2026.
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, 2026.
−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, 2026, 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, 2026.
+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, 2026, 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: Twelve months ended March 31, 2026
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2026
−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, 2026.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2026
+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, 2026.
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: Twelve months ended March 31, 2026
−Removed: July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2026
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2026
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
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 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+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 divided by the Trust’s NAV per Share from July 31, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
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.