What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-07 · 116 added, 100 removed, 447 unchanged (33% of the section changed)

2 unchanged sentences

Statements of Financial Condition

June 30, 2025 and December 31, 2024

September 30, 2025 and December 31, 2024

September 30,

Investments in Bitcoin, at value (cost $ 333,570,336 and $ 381,198,226 , respectively)

11 unchanged sentences

Schedule of Investments

June 30, 2025

September 30, 2025

% of Net Assets

13 unchanged sentences

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended June 30,

Six Months Ended June 30,

For the Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended September 30,

Nine Months Ended September 30,

Total Expenses

11 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

For the Three Months Ended September 30, 2025 and 2024

Total Shareholders'

Balance at March 31, 2025

Balance at June 30, 2025

Purchases of Shares

7 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2025

Balance at September 30, 2025

Total Shareholders'

Balance at March 31, 2024

Balance at June 30, 2024

Purchases of Shares

7 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

For the Nine Months Ended September 30, 2025 and 2024

Total Shareholders'

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Net Change in Shareholders' Equity

( 171,716,356

Balance at June 30, 2025

Balance at September 30, 2025

Total Shareholders'

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Net Investment Income (Loss)

Net Realized Gain (Loss) on Investments in Bitcoin

Net Change in Unrealized Gain (Loss) on Investments in Bitcoin

Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions

Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

Six Months Ended

For the Nine Months Ended September 30, 2025 and 2024

Nine Months Ended

September 30,

Cash flows from operating activities:

3 unchanged sentences

( 199,389,498

( 609,352,034

Proceeds from bitcoin sold to pay Sponsor Fee

21 unchanged sentences

Notes to Unaudited Financial Statement s

June 30, 2025

September 30, 2025

Note 1 – Organization

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The Trust’s NAV is an amount denominated in U.S.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025 and 2024.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S.

20 unchanged sentences

The Trust defines cash as cash held by the Cash Custodian (as defined below).

There were no cash equivalents held by the Trust as of June 30, 2025 and December 31, 2024 .

There were no cash equivalents held by the Trust as of September 30, 2025 and December 31, 2024 .

Investment Valuations

14 unchanged sentences

These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in Section G of this Note 2), litigation and indemnification expenses, judgments, transactional expenses, taxes and other expenses not expected to be incurred in the ordinary course of the Trust’s business.

The only expenses of the Trust during the three and six months ended June 30, 2025 and 2024 were the Sponsor Fee.

The only expenses of the Trust during the three and nine months ended September 30, 2025 and 2024 were the Sponsor Fee.

Federal Income Taxes

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or fall in its price, sometimes rapidly or unexpectedly.

By concentrating its investment strategy solely in bitcoin, any losses suffered as a result of a decrease in the value of bitcoin can be expected to reduce the value of an interest in the Trust proportionately and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

By concentrating its investment strategy solely in bitcoin, any losses suffered as a result of a decrease in the value of bitcoin can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

There is no assurance that bitcoin will maintain its long-term value in terms of purchasing power in the future.

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The Trust is not responsible for paying any costs associated with the transfer of bitcoin to or from the Trust in connection with paying the Sponsor Fee or in connection with creation and redemption transactions.

There were no waived Sponsor fees for the three and six months ended June 30, 2025, respectively.

The Sponsor waived fees of $ 271,217 and $ 452,718 for the three and six months ended June 30, 2024, respectively.

There were no waived Sponsor fees for the three and nine months ended September 30, 2025, respectively.

The Sponsor waived fees of $ 28,021 and $ 480,739 for the three and nine months ended September 30, 2024, respectively.

The Administrator

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Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2025 , the investments in this Trust were valued based on Level 1 inputs.

As of September 30, 2025 , the investments in this Trust were valued based on Level 1 inputs.

The levels assigned to the investment valuations may not be an indication of the risk or liquidity associated with investing in those investments.

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The Trust expects to purchase or sell bitcoin in connection with cash creation or redemption transactions, and may sell bitcoin to pay certain expenses, including the Sponsor Fee.

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and six months ended June 30, 2025.

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and nine months ended September 30, 2025.

Opening Balance as of 06/30/2025

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Ending Balance as of 09/30/2025

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and six months ended June 30, 2024 .

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and nine months ended September 30, 2024 .

Opening Balance as of 06/30/2024

Purchases at Cost

Proceeds from Sales to Pay Sponsor Fee

Proceeds from bitcoin sold for Redemptions

Change in Unrealized Appreciation (Depreciation)

Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee

Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions

2 unchanged sentences

Purchases at Cost

Proceeds from Sales to Pay Sponsor Fee

Proceeds from bitcoin sold for Redemptions

1 unchanged sentence

Change in Unrealized Appreciation (Depreciation)

Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee

Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions

2 unchanged sentences

The Trust will process all creations and redemptions of Shares in transactions with Authorized Participants.

When the Trust issues or redeems its Shares, it will do so only in Creation Baskets based on the quantity of bitcoin attributable to each Share of the

Trust (net of accrued but unpaid Sponsor fees and any accrued but unpaid expenses or liabilities).

When the Trust issues or redeems its Shares, it will do so only in Creation Baskets based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Sponsor fees and any accrued but unpaid expenses or liabilities).

Creation and redemption transactions take place in cash, but in the future, pending regulatory approval, the Trust may permit or require creation and redemption transactions to take place in-kind.

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Note 10 – Financial Highlights

The Trust is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2025, the three months ended June 30, 2024 and the period January 10, 2024 to June 30, 2024.

The Trust is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended September 30, 2025, the three months ended September 30, 2024 and the period January 10, 2024 to September 30, 2024.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

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Three Months Ended

Six Months Ended

For the Period January 10, 2024 (the effective date of the Trust's registration statement) to June

September 30,

Nine Months Ended

September 30,

For the Period January 10, 2024 (the effective date of the Trust's registration statement) to September,

Net Asset Value

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Not annualized for periods less than one year, if applicable.

(g) The net asset value total return from January 1, 2024 to June 30, 2024 was 150.68 %.

The market price total return from January

1, 2024 to June 30, 2024 was 139.76 %.

(g) The net asset value total return from January 1, 2024 to September 30, 2024 was 153.72 %.

The market price total return from January 1, 2024 to September 30, 2024 was 153.76 %.

M anagement’s Discussion and Analysis of Financial Condition and Results of Operations.

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The Trust offers Shares only to certain eligible financial institutions (“Authorized Participants”) in one or more blocks of 5,000 Shares (“Creation Baskets”) based on the quantity of bitcoin attributable to each Share of the Trust.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of June 30, 2025, and its results of operations for the three and six months ended June 30, 2025, the three months ended June 30, 2024, and the period January 11, 2024 to June 30, 2024.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025, the three months ended September 30, 2024, and the period January 11, 2024 to September 30, 2024.

It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.

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Operating Activities

Net cash flow provided by (used in) operating activities was $224.7 million and $(298.5) million during the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025, $89.0 million was paid to purchase bitcoin and $313.8 million was received from sales of bitcoin for redemptions.

During the six months ended June 30, 2024, $509.7 million was paid to purchase bitcoin and $211.2 million was received from sales of bitcoin for redemptions.

Net cash flow provided by (used in) operating activities was $119.5 million and $(375.8) million during the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, $199.4 million was paid to purchase bitcoin and $318.8 million was received from sales of bitcoin for redemptions.

During the nine months ended September 30, 2024, $609.4 million was paid to purchase bitcoin and $233.5 million was received from sales of bitcoin for redemptions.

Financing Activities

The Trust's net cash flow provided by (used in) financing activities was $(224.7) million and $298.4 million during the six months ended June 30, 2025 and 2024, respectively.

This included $89.0 million and $564.0 million from Shares purchased by Authorized Participants and $313.8 million and $265.6 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.

The Trust's net cash flow provided by (used in) financing activities was $(119.5) million and $375.7 million during the nine months ended September 30, 2025 and 2024, respectively.

This included $199.4 million and $663.6 million from Shares purchased by Authorized Participants and $318.9 million and $287.9 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.

Results of Operations

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, THREE MONTHS ENDED JUNE 30, 2024 AND THE

PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, THREE MONTHS ENDED SEPTEMBER 30, 2024 AND THE

PERIOD JANUARY 11, 2024 TO SEPTEMBER 30, 2024

The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Reference Rate (USD)”).

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COMPARISON OF MARKET, NAV AND LUKKA PRIME REFERENCE RATE (USD)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 , THREE MONTHS ENDED JUNE 30, 2024 AND THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, THREE MONTHS ENDED SEPTEMBER 30, 2024 AND THE PERIOD JANUARY 11, 2024 TO SEPTEMBER 30, 2024

NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,

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POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.

FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2024

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Trust Share Price Performance

For the three months ended June 30, 2025, the Exchange market value of each Share increased from $82.25 per Share to $107.46 per Share.

The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows:

Shares traded at a low of $76.59 per Share (-6.88%) on April 8, 2025 and a high of $111.03 per Share (+34.99%) on May 22, 2025.

For the three months ended September 30, 2025, the Exchange market value of each Share increased from $107.46 per Share to $113.98 per Share.

The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows:

Shares traded at a low of $105.20 per Share (-2.10%) on July 1, 2025 and a high of $122.59 per Share (+14.08%) on August 13, 2025.

The total return for the Trust on a market value basis was +6.07%.

Bitcoin (BTC) bounced back in the second quarter of 2025, rallying over 30%.

The rebound was driven by strong investment demand with U.S.

spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence.

However, the inflows may have also been due to investors finding substitutes for gold as bitcoin is often described as “digital gold.” Regulatory progress also supported the rally, with the Digital Asset Market Clarity Act of 2025 (CLARITY Act), Guiding and Establishing National Innovation for U.S.

Stablecoins Act (GENIUS Act) and Anti-CDBC Surveillance State Act all making congressional progress, while Europe continued implementation of the Markets in Crypto Asset Regulation MiCA framework.

These regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.

For the three months ended June 30, 2024, the Exchange market value of each Share decreased from $70.98 per Share to $59.94 per Share.

The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows:

Shares traded at a low of $56.87 per Share (-19.88%) on May 1, 2024, and a high of $71.81 per Share (+1.17%) on April 8, 2024.

Bitcoin posted positive returns in the third quarter of 2025 as supportive regulatory developments such as the Digital Assets CLARITY Act, and the Anti-CDBC Surveillance State Act progressed, and the Guiding and Establishing National Innovation for U.S.

Stablecoins (GENIUS) Act was passed, which supported digital assets overall.

Bitcoin also benefited after President Trump signed an executive order in August that would permit retirement accounts to hold cryptocurrencies.

Persistent inflows into spot bitcoin exchange-traded products (“ETPs”) also continued to be a tailwind, even as other assets reacted to policy and geopolitical noise.

Finally, the broader macro backdrop lent support, with the restart of the Federal Reserve’s (the “Fed”) easing cycle supporting risk appetite.

While there was an increase in redemptions in August and September as several large bitcoin investors took profit near the record highs and shifted to alternatives like Ethereum, bitcoin recovered with seasonally higher demand ahead of October, historically bitcoin’s best performing month.

For the three months ended September 30, 2024, the Exchange market value of each Share increased from $59.94 per Share to

$63.44 per Share.

The Share price low and high for the three months ended September 30, 2024 and related change from the Share

price on June 30, 2024 was as follows:

Shares traded at a low of $53.47 per Share (-10.80%) on August 5, 2024 and a high of $68.30

per Share (+13.94%) on July 22, 2024.

The total return for the Trust on a market value basis was +5.84%.

After hitting its all-time-high price in March 2024, bitcoin was range-bound for most of the period between April 1, 2024, and

June 30, 2024, waiting for a catalyst to break out of the $55,000 - $70,000 range.

Many market participants were focused on the April

bitcoin halving, where the reward for “mining” bitcoin is cut in half.

In past halvings, on average, prices for bitcoin moved higher

before and after the event, but as this digital asset class matures, price moves may not follow historical trends.

Gains leading into the

halving may have also been exaggerated by the launch of the spot bitcoin ETPs, possibly tempering any move after the event.

Bitcoin posted positive performance in the third quarter of 2024.

The launch of spot Ethereum ETPs in July and the kickoff of

the Fed easing cycle in September 2024 fueled more bullish sentiment for cryptocurrencies.

Although bitcoin has been range-bound, it was generally trending lower since mid-March 2024 on growing economic concerns in the U.S.

and reduced risk appetite, however, Fed Chair Powell’s optimistic messaging on the economy provided some relief.

Another influencing factor was market expectations for a potential second term as president by former President Trump, especially prior to Vice President Harris joining the presidential race in August.

In this respect, former President Trump was generally viewed as more “pro-crypto” and could potentially seek relaxed regulations and more innovation-focused projects.

Trust Share Net Asset Performance

For the three months ended June 30, 2025, the NAV of each Share increased from $82.30 per Share to $107.50 per Share.

Rising prices for bitcoin during the three months ended June 30, 2025 contributed to an overall 30.70% increase in the level of the Benchmark.

For the three months ended September 30, 2025, the NAV of each Share increased from $107.50 per Share to $114.05 per Share.

Rising prices for bitcoin during the three months ended September 30, 2025 contributed to an overall 6.17% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +6.09%.

Net income (loss) for the three months ended June 30, 2025 was $126.4 million, primarily resulting from net realized gain (loss) of $12.3 million, net change in unrealized gain (loss) of $114.4 million and net operating expenses of $0.3 million.

For the three months ended June 30, 2024, the NAV of each Share decreased from $70.84 per Share to $59.95 per Share.

Falling prices for bitcoin during the three months ended June 30, 2024 contributed to an overall 12.81% decrease in the level of the Benchmark.

Net income (loss) for the three months ended September 30, 2025 was $35.5 million, primarily resulting from net realized gain (loss) of $(0.3) million, net change in unrealized gain (loss) of $36.1 million and net operating expenses of $0.4 million.

For the three months ended September 30, 2024, the NAV of each Share increased from $59.95 per Share to $63.43 per Share.

Rising price for bitcoin during the three months ended September 30, 2024 contributed to an overall 2.48% increase in the level of the

The total return for the Trust on a NAV basis was +5.81%.

Net income (loss) for the three months ended June 30, 2024 was $(49.1) million, primarily resulting from net realized gain (loss) of $(3.1) million and net change in unrealized gain (loss) of $(46.0) million.

FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

Net income (loss) for the three months ended September 30, 2024 was $4.1 million, primarily resulting from net realized gain (loss) of $(3.9) million, net change in unrealized gain (loss) of $8.3 million and net operating expenses of $0.3 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO SEPTEMBER 30, 2024

Trust Share Price Performance

For the six months ended June 30, 2025, the Exchange market value of each Share increased from $93.22 per Share to $107.46 per Share.

The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $76.59 per Share (-17.84%) on April 8, 2025 and a high of $111.03 per Share (+19.11%) on May 22, 2025.

The total return for the Trust on a market value basis was +15.27%.

Bitcoin (BTC) had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor confidence, triggering a downturn in U.S.

stock markets.

This led to sharp outflows from spot bitcoin ETPs, the largest since the launch in January 2024.

The ByBit hack also added pressure on digital assets, though bitcoin held up better than Ethereum.

Despite this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided support.

In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk appetite improved with most U.S.

tariffs stalled and emerging trade deal headlines provided optimism.

Congressional progress for three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CDBC Surveillance State Act) also provided a boost for the asset class overall.

For the period January 11, 2024 to June 30, 2024, the Exchange market value of each Share increased from $46.30 per Share to $59.94 per Share.

The Share price low and high for the period ended June 30, 2024 and related change from the Share price on January 11, 2024 was as follows:

Shares traded at a low of $39.11 per Share (-15.54%) on January 23, 2024, and a high of $73.57 per Share (+58.90%) on March 13, 2024.

For the nine months ended September 30, 2025, the Exchange market value of each Share increased from $93.22 per Share to $113.98 per Share.

The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $76.59 per Share (-17.84%) on April 8, 2025 and a high of $122.59 per Share (+31.51%) on August 13, 2025.

The total return for the Trust on a market value basis was +22.27%.

For the period January 11, 2024, through June 30, 2024, bitcoin’s spot price increased approximately 30%, leading to equivalent gains for the Trust.

The bitcoin rally was driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, improving macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 bitcoin halving event.

While in past halvings, on average, bitcoin rallied both before and after the event, the upward move before this recent halving may have been exaggerated by the launch of the spot bitcoin ETPs, leading to limited upside following the event.

Bitcoin posted strong gains in the first three quarters of 2025.

After experiencing losses in the first quarter due to economic concerns and a dip in sentiment that led to significant outflows from crypto ETPs, as well as the ByBit hack that temporarily fueled security concerns in crypto, bitcoin rebounded in the second and third quarters.

Recovering sentiment, strong institutional demand and ETP inflows, as well as supportive regulatory developments such as the adoption of the GENIUS Act, additional progress in the Senate for the draft CLARITY Act, and the Anti-CDBC Surveillance Act, and the signing of the executive order permitting crypto in retirement accounts were tailwinds for digital assets overall.

The commencement of Fed rate easing and the lead up to the U.S.

government shutdown also contributed to a supportive backdrop for bitcoin demand.

For the period January 11, 2024 (commencement of trading) to September 30, 2024, the Exchange market value of each Share

increased from $46.30 per Share to $63.44 per Share.

The Share price low and high for the period ended September 30, 2024 and

related change from the Share price on January 11, 2024 was as follows:

Shares traded at a low of $39.11 per Share (-15.54%) on

January 23, 2024 and a high of $73.57 per Share (+58.90%) on March 13, 2024.

The total return for the Trust on a market value basis

For the period January 11, 2024 through September 30, 2024, bitcoin’s spot price rallied over 35%, leading to strong gains for the Trust.

The rally was initially driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, improving

macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 bitcoin halving event, which has

historically provided upside potential for bitcoin.

However, after hitting a record high at the time in March 2024 of $73,000, bitcoin prices trended lower in a range for the balance of the period, waiting for a catalyst to break out.

The third quarter was a positive quarter for bitcoin as the kickoff of the Fed easing cycle and market expectations for a potential second term as president by former President Trump fueled the bullish sentiment around cryptocurrencies.

The launch of spot Ethereum ETPs in July 2024 may have also been a supportive catalyst.

Trust Share Net Asset Performance

For the six months ended June 30, 2025, the NAV of each Share increased from $93.28 per Share to $107.50 per Share.

Rising price for bitcoin during the six months ended June 30, 2025 contributed to an overall 15.38% increase in the level of the Benchmark.

For the nine months ended September 30, 2025, the NAV of each Share increased from $93.28 per Share to $114.05 per Share.

Rising price for bitcoin during the nine months ended September 30, 2025 contributed to an overall 22.50% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +22.27%.

Net income (loss) for the six months ended June 30, 2025 was $53.0 million, primarily resulting from net realized gain (loss) of $73.3 million, net change in unrealized gain (loss) of $(19.5) million and net operating expenses of $0.7 million.

For the period January 11, 2024 to June 30, 2024, the NAV of each Share increased from $46.29 per Share to $59.95 per Share.

Rising prices for bitcoin during the period ended June 30, 2024 contributed to an overall 33.79% increase in the level of the Benchmark.

Net income (loss) for the nine months ended September 30, 2025 was $88.5 million, primarily resulting from net realized gain (loss) of $73.0 million, net change in unrealized gain (loss) of $16.6 million and net operating expenses of $1.1 million.

For the period January 11, 2024 (commencement of trading) to September 30, 2024, the NAV of each Share increased from

$46.29 per Share to $63.43 per Share.

Rising prices for bitcoin during the period ended September 30, 2024 contributed to an overall

36.75% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +37.03%.

Net income (loss) for the six months ended June 30, 2024 was $136.7 million, primarily resulting from net realized gain (loss) of $34.0 million and net change in unrealized gain (loss) of $102.8 million.

Net income (loss) for the nine months ended September 30, 2024 was $140.8 million, primarily resulting from net realized gain

(loss) of $30.0 million, net change in unrealized gain (loss) of $111.1 million and net operating expenses of $0.3 million.

Critical Accounting Estimates

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A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin,” above.

In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Part II, Item 7 – “Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in the Annual Report on Form 10-K for the period ended December 31, 2024.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust's financial condition, used in the preparation of these financial statements.

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Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Sponsor, including Brian Hartigan, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Trust carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Brian Hartigan, the Principal Executive Officer of the Sponsor, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, concluded that the Trust's disclosure controls and procedures were effective to provide reasonable assurance that information the Trust is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to provide reasonable assurance that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

OTHER INFORMATION

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.

What changed 10-Q

Item 1. Financial Statements