4 unchanged sentences
You should not place undue reliance on any forward-looking statements.
−Removed: Except as expressly required by the Federal securities laws, the Trust and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
+Added: Except as expressly required by the Federal securities laws, the Trust and the Sponsor undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
Overview/Introduction
49 unchanged sentences
LLC and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
+Added: Operating Activities
+Added: Net cash flow provided by (used in) operating activities was $111.1 million and $(321.5) million during the year ended December 31, 2025 and 2024, respectively.
+Added: During the year ended December 31, 2025, $268.1 million was paid to purchase bitcoin and $379.1 million was received from sales of bitcoin for redemptions.
+Added: During the year ended December 31, 2024, $670.5 million was paid to purchase bitcoin and $349.1 million was received from sales of bitcoin for redemptions.
+Added: Financing Activities
+Added: The Trust’s net cash flow provided by (used in) financing activities was $(111.1) million and $321.4 million during the year ended December 31, 2025 and 2024, respectively.
+Added: This included $268.1 million and $724.8 million from Shares purchased by Authorized Participants and $379.1 million and $403.5 million from Shares redeemed by Authorized Participants during the year ended December 31, 2025 and 2024, respectively.
Results of Operations
−Removed: FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
+Added: FOR THE YEAR ENDED DECEMBER 31, 2025 AND PERIOD JANUARY 11, 2024 TO DECEMBER 31, 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 Bitcoin Reference Rate (USD)”).
2 unchanged sentences
COMPARISON OF MARKET, NAV AND LUKKA PRIME BITCOIN REFERENCE RATE (USD)
−Removed: FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
+Added: FOR THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
+Added: NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
+Added: FOR THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD JANUARY 10, 2024 TO DECEMBER 31, 2024
Trust Share Price Performance
+Added: For the year ended December 31, 2025, the Exchange market value of each Share decreased from $93.22 per Share to $87.20 per Share.
+Added: The Share price low and high for the year ended December 31, 2025 and related change from the Share price on December 31, 2024 was as follows:
+Added: Shares traded at a low of $76.59 per Share (-17.84%) on April 8, 2025, and a high of $125.18 per Share (+34.28%) on October 6, 2025.
+Added: The total return for the Trust on a market value basis was -6.46%.
+Added: Bitcoin (BTC) ended 2025 in negative territory despite strong gains during the second and third quarters.
+Added: After a weak first quarter—driven by macroeconomic worries, deteriorating sentiment, heavy outflows from crypto ETPs, and a confidence shock following the ByBit hack—BTC staged a robust recovery mid‑year.
+Added: Improving risk appetite, renewed institutional demand, accelerating ETP inflows, and a series of supportive U.S.
+Added: policy developments—including progress on the CLARITY Act, GENIUS Act, Anti‑CBDC Surveillance Act, and an executive order permitting crypto in retirement accounts—collectively served as meaningful tailwinds for digital assets.
+Added: Additional support came from the initiation of Federal Reserve rate cuts and rising uncertainty around the potential U.S.
+Added: government shutdown, which bolstered interest in alternative assets like BTC.
+Added: However, the fourth quarter fully reversed these gains.
+Added: A broad risk‑off environment took hold as hawkish Federal Reserve signals emerged ahead of the December rate cut, compounded by the actual U.S.
+Added: government shutdown, widespread forced liquidations of leveraged positions, and technical breakdowns as BTC failed to hold key support levels.
+Added: Market sentiment deteriorated sharply and U.S.
+Added: spot crypto ETPs posted record outflows in November, as the Crypto Fear & Greed Index plunged into “extreme fear.”
For the period January 11, 2024 (commencement of trading) to December 31, 2024, the Exchange market value of each Share increased from $46.30 per Share to $93.22 per Share.
1 unchanged sentence
Shares traded at a low of $39.11 per Share (-15.53%) on January 23, 2024, and a high of $106.49 per Share (+130.00%) on December 17, 2024.
−Removed: The total return for the Trust on a market value basis was +101.34%.
+Added: The total return for the Trust on a market value
+Added: basis was +101.34%.
For the period January 11, 2024, through December 31, 2024, bitcoin’s (BTC) spot price rallied 103%, leading to strong gains for the Trust.
6 unchanged sentences
Trust Share Net Asset Performance
+Added: For the Year Ended December 31, 2025, the NAV of each Share decreased from $93.28 per Share to $87.22 per Share.
+Added: The falling price for bitcoin during the period ended December 31, 2025 contributed to an overall 6.26% decrease in the level of the Benchmark.
+Added: The total return for the Trust on a NAV basis was -6.50%.
+Added: Net income (loss) for the period ended December 31, 2025 was $(72.3) million, primarily resulting from net realized gain (loss) of $62.4 million, net change in unrealized gain (loss) of $(133.2) million and net operating expenses of $1.5 million.
For the period January 11, 2024 (commencement of trading) to December 31, 2024, the NAV of each Share increased from $46.29 per Share to $93.28 per Share.
9 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.