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Item 9A. Controls and Procedures

2025-03-27 compared with 2024-03-29 · 603 added, 241 removed, 196 unchanged (81% of the section changed)

CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure

Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and

The Trust maintains disclosure controls and procedures that are designed

to ensure that information required to be disclosed in its 1934 Act reports is recorded, processed, summarized and reported within the

time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal

to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within

the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal

Executive Officer and Principal Financial Officer of the Sponsor to allow timely decisions regarding required disclosure.

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Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls

and procedures, as defined under 1934 Act Rule 13a-15(e).

and procedures, as defined under Exchange Act Rule 13a-15(e).

Based on this evaluation, the Principal Executive Officer and the Principal

Financial Officer of the Sponsor concluded that, as of December 31, 2024, the Trust’s disclosure controls and procedures were effective.

Management’s Report on Internal Control

over Financial Reporting;

Management’s Report on Internal Control over Financial Reporting;

Attestation Report of the Registered Public Accounting Firm

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OTHER INFORMATION

DISCLOSURE REGARDING

FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

DISCLOSURE REGARDING FOREIGN JURISDICTIONS

THAT PREVENT INSPECTIONS

Not applicable.

DIRECTORS, EXECUTIVE

OFFICERS, AND CORPORATE GOVERNANCE

DIRECTORS, EXECUTIVE OFFICERS, AND

CORPORATE GOVERNANCE

The Trust does not have any directors, officers or employees.

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commencing in

2022, and money services subsidiary, WisdomTree Digital Movement, Inc., commencing in 2023.

The Sponsor has a code of conduct (the “Code of Conduct”)

that applies to those personnel of the Sponsor whose regular functions or duties involve making, participating in, or obtaining information

regarding the purchase or sale of bitcoin by the Trust, and requires pre-clearance of transactions in bitcoin by such persons in excess

of certain de minimis amounts.

The Code of Conduct is available free of charge upon written request sent to the Sponsor at 250 West 34th Street,

3rd Floor, New York, NY 10119.

2022, money services subsidiary, WisdomTree Digital Movement, Inc., commencing in 2023, and limited purpose trust company subsidiary, WisdomTree Digital Trust Company, LLC., commencing in 2024.

The Sponsor has a code of conduct (the “Code of

Conduct”) that applies to those personnel of the Sponsor whose regular functions or duties involve making, participating in,

or obtaining information regarding the purchase or sale of bitcoin by the Trust, and requires pre-clearance of transactions in

bitcoin by such persons in excess of certain de minimis amounts.

The Code of Conduct is filed as Exhibit 14.1 to this Annual Report

on Form 10-K and is available free of charge upon written request sent to the Sponsor at 250 West 34th Street, 3rd Floor, New York,

The Trust has no employees, officers, or directors and is managed

by the Sponsor, which is a subsidiary of WisdomTree, Inc.

WisdomTree, Inc.

has adopted an Insider Trading policy, which applies to

all of its employees, its subsidiaries, and itself.

The Sponsor believes that its Insider Trading Policy is reasonably designed to

promote compliance with insider trading laws, rules and regulations with respect to the purchase, sale and/or other dispositions of

securities, including Shares of the Trust, as well as the applicable rules and regulations of the Exchange.

A copy of the Insider

Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

EXECUTIVE COMPENSATION

Trust has no employees, officers or directors and is managed by the Sponsor.

None of the directors or officers of the Sponsor receive

compensation from the Trust.

The Trust pays the Sponsor a Sponsor Fee of 0.25%.

The Sponsor Fee is calculated on a daily basis (accrued

at 1/365 , or 1/366 in a leap year, of the applicable percentage of the NAV on that day)

and paid on a monthly basis.

For a six-month period commencing on January 11, 2024 (the day the Shares were initially listed on the Exchange)

and ending on July 11, 2024, the Sponsor will waive the entire Sponsor Fee for the first $1.0 billion of the Trust’s assets.

Sponsor may, in its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.

the fiscal period ended December 31, 2023, no Sponsor Fee was incurred by the Trust because the Trust did not commence operations prior

to January 11, 2024.

SECURITY OWNERSHIP

OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Securities Authorized for Issuance under Equity

Compensation Plans

The Trust has no employees, officers or directors and is managed by

None of the directors or officers of the Sponsor receive compensation from the Trust.

The Trust pays the Sponsor a Sponsor

Fee of 0.25%.

The Sponsor Fee is calculated on a daily basis (accrued at 1/365, or 1/366 in a leap year, of the applicable percentage

of the NAV on that day) and paid on a monthly basis.

The Sponsor previously waived the entire Sponsor Fee on the first $1 billion of Trust

assets for the 6-month period commencing on the day the Trust’s Shares were initially listed on the Exchange.

Effective July 11,

2024, this waiver expired, and the Sponsor is no longer waiving the Sponsor Fee.

The Sponsor may, in its sole discretion and from time

to time, waive all or a portion of the Sponsor Fee for stated periods of time.

For the fiscal period ended December 31, 2024, the Trust

incurred Sponsor Fees of $290,625 of which $211,415 had been paid at December 31, 2024.

Sponsor Fees of $79,210 were unpaid at December

31, 2024 and are reported as a liability on the Statement of Assets and Liabilities.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL

OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Securities Authorized for Issuance under Equity Compensation Plans

Not applicable.

Security Ownership of Certain Beneficial Owners

and Management

Security Ownership of Certain Beneficial Owners and Management

The Trust has no officers or directors.

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by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

CERTAIN RELATIONSHIPS

AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

are dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably.

Although the Sponsor attempts

to monitor these conflicts, it is extremely difficult, if not impossible, for the Sponsor to ensure that these conflicts do not, in fact,

result in adverse consequences to the Trust.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,

AND DIRECTOR INDEPENDENCE

Shareholders are dependent on the good faith of the respective parties

subject to such conflicts to resolve them equitably.

Although the Sponsor attempts to monitor these conflicts, it is extremely difficult,

if not impossible, for the Sponsor to ensure that these conflicts do not, in fact, result in adverse consequences to the Trust.

The Sponsor asserts that Shareholders have, by subscribing for Shares,

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for a total of $2,500,000, resulting in total ownership of 50,000 Shares.

On December 16, 2024, 50,000 shares were sold for proceeds $5,637,003.

As of December 31, 2024, WisdomTree Inc.

did not own any outstanding Shares of the Trust.

Prime Execution Agent

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As a statutory trust, the Trust does not have a board of directors.

PRINCIPAL ACCOUNTANT

FEES AND SERVICES

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit and Non-Audit Fees

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All other fees

Approval of Independent Registered Public Accounting

Firm Services and Fees

Approval of Independent Registered Public Accounting Firm Services

The Sponsor approved the services provided by the Trust’s independent

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firm, including all engagement fees and terms.

EXHIBITS AND FINANCIAL

STATEMENT SCHEDULES

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements

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Form of Authorized Participant Agreement

Code of Conduct

Insider Trading Policies and Procedures

Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Report of Independent Registered Public Accounting Firm

Statement of Assets and Liabilities for the fiscal period December 22, 2023 through December 31, 2023*

Statement of Changes in Net Assets for the fiscal period December 22, 2023 through December 31, 2023*

Statement of Cash Flows for the fiscal period December 22, 2023 through December 31, 2023*

Statement of Assets and Liabilities for December 31, 2024 and December 31, 2023

Schedule of Investment as of December 31, 2024

Statement of Operations for the Year Ended December 31, 2024

Statement of Changes in Net Assets for the Year Ended December 31, 2024 and for the Fiscal Period December 22, 2023 through December 31, 2023

Statement of Cash Flows for the Year Ended December 31, 2024 and the fiscal period December 22, 2023 through December 31, 2023

Notes to Financial Statements

*Subsequent to December 31, 2023, on January 11, 2024, the Trust

began its investment operations and, therefore, does not have any reportable activity on the Statement of Operations for the fiscal period

ended December 31, 2023.

Report of Independent

Registered Public Accounting Firm

To the Shareholder and Sponsor of WisdomTree Bitcoin Fund

Opinion on the Financial Statement

We have audited the accompanying statement of

assets and liabilities of WisdomTree Bitcoin Fund (the “Fund”) as of December 31, 2023, the related statements of changes

in net assets and cash flows for the period from December 22, 2023 (date of seeding) to December 31, 2023, and the related notes (collectively

referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects,

the financial position of the Fund as of December 31, 2023, and the changes in its net assets and its cash flows for the period from December

22, 2023 (date of seeding) through December 31, 2023, in conformity with U.S.

Ernst & Young

One Manhattan West

New York City,

Report of Independent Registered

Public Accounting Firm

To the Shareholders and the

Trustee of WisdomTree Bitcoin Fund

Opinion on the Financial

We have audited the accompanying

statement of assets and liabilities of WisdomTree Bitcoin Fund (the “Trust”) as of December 31, 2024 and 2023, and the schedule

of investment as of December 31, 2024, the related statement of operations for the year ended December 31, 2024, and the related statements

of changes in net assets and cash flows for the period from December 22, 2023 (date of seeding) through December 31, 2023, and for the

year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion,

the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023,

the results of its operations for the year ended December 31, 2024, and the changes in its net assets and its cash flows for the period

from December 22, 2023 (date of seeding) through December 31, 2023, and for the year ended December 31, 2024, in conformity with U.S.

generally accepted accounting principles.

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These financial statements

are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements

based on our audit.

are the responsibility of the Trust's management.

Our responsibility is to express an opinion on the Trust’s financial statements

based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)

and are required to be independent with respect to the Fund in accordance with the U.S.

and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules

and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit

in accordance with the standards of the PCAOB.

We conducted our audits in

accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing

The Trust is not required to

have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting.

As part of our audits,

we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion

on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing

procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures

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financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall financial statements presentation.

We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more WisdomTree investment

companies since 2006.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for

We have served as the auditor

of one or more WisdomTree investment companies since 2006.

Ernst & Young LLP

New York, New York

March 26, 2025

Assets and Liabilities

WisdomTree Bitcoin Fund

Statements of Assets and Liabilities

December 31, 2024 and December 31, 2023

December 31, 2024

December 31, 2023

Investment in bitcoin, at cost

$ 233,035,069

Investment in bitcoin, at fair value (Note 2)

Sponsor fee payable (Note 3)

Total Liabilities

COMMITMENTS AND CONTINGENCIES (NOTE 4)

$ 360,517,232

Net Assets consist of:

Capital Stock at

$ 50.00 per share

Value Per Share – unlimited shares authorized $ 0.0001 par value (based on 1,000 shares outstanding)

Notes to Financial Statements.

Capital Stock

$ 232,041,248

Total distributable earnings (loss)

$ 360,517,232

Outstanding beneficial interest shares of $ 0.0001 par value (unlimited number of shares authorized)

Net Asset Value Per Share

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

WisdomTree Bitcoin Fund

Statement of Changes in Net Assets

For the fiscal period December 22, 2023 through

Schedule of Investment

December 31, 2024

DIGITAL ASSETS – 100.0 %

$ 360,596,442

TOTAL INVESTMENT IN BITCOIN

$ 233,035,069 )

Liabilities in excess of Other Assets – ( 0.0 )%

NET ASSETS – 100.0 %

$ 360,517,232

Non-income producing.

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the

inputs used in valuing the Trust’s investments (See Note 2 – Investment Valuation):

Investment in bitcoin

Digital Assets

$ 360,596,442

Total Investment in bitcoin

$ 360,596,442

December 31, 2023*

As of December 31, 2023 the WisdomTree Bitcoin Fund did not hold any investments in bitcoin.

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

WisdomTree Bitcoin Fund

Statement of Operations †

December 31, 2024

INVESTMENT INCOME:

Total investment income

Sponsor fee (Note 3)

Total expenses

Expense waiver (Note 3)

Net investment loss

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT:

Net realized gain from investment in bitcoin sold to pay Sponsor Fee

Net realized gain from investment in bitcoin sold for redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

Net realized and unrealized gain on investment in bitcoin

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ 128,475,984

No comparative Statement of Operations is shown as of December of the prior year since the WisdomTree Bitcoin Fund commenced investment operations on January 11, 2024.

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

WisdomTree Bitcoin Fund

Statements of Changes in Net Assets

For the Year Ended

December 31, 2024

For the Fiscal Period

December 22, 2023

through December 31,

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

SHARE TRANSACTIONS:

proceeds from sale of shares

INCREASE IN NET ASSETS

CREATED AND REDEEMED:

outstanding, beginning of period

outstanding, end period

Notes to Financial Statements.

Net investment loss

$ ( 290,625 )

Net realized gain on investment in bitcoin sold to pay Sponsor fee

Net realized gain on investment in bitcoin sold for net redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

Total increase in net assets resulting from operations

CAPITAL SHARE TRANSACTIONS:

Net proceeds from sale of shares

Cost of shares redeemed

( 13,573,826 )

Net increase in net assets resulting from capital share transactions

Net Increase in Net Assets

Beginning of period

End of period

$ 360,517,232

SHARES CREATED AND REDEEMED

Shares outstanding, beginning of period

Shares created

Shares redeemed

Shares outstanding, end of period

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

WisdomTree Bitcoin Fund

Statement of Cash Flows

For the fi scal period December 22, 2023

Statements of Cash Flows

For the Year Ended

December 31, 2024

For the Fiscal Period

December 22, 2023

through December 31,

FLOWS FROM OPERATING ACTIVITIES:

Cash provided by (used for) operating activities

CASH FLOW FROM FINANCING

from shares issued

cash provided by (used for) financing activities

increase in cash

Cash at beginning

Cash at end of

Cash Flows from Operating Activities:

Net increase in net assets resulting from operations

$ 128,475,984

ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH (USED FOR) OPERATING ACTIVITIES:

Purchases of bitcoin

( 241,768,512 )

Proceeds from bitcoin sold for net redemption of Shares

Proceeds from bitcoin sold to pay Sponsor fee

Net realized gain on investment in bitcoin

( 1,205,236 )

Net change in unrealized appreciation from investment in bitcoin

( 127,561,373 )

Changes in assets and liabilities:

Increase in Sponsor fee payable, net

Net cash used for operating activities

( 232,041,248 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Net proceeds from the sale of shares

Cost of shares redeemed

( 13,573,826 )

Net cash provided by financing activities

Net increase (decrease) in cash

Cash at beginning of period

Cash at end of period

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

WisdomTree Bitcoin Fund

Notes to Financial Statements

Notes to Financial

Bitcoin Fund (the “ Trust ”) is a Delaware statutory trust organized

on March 8, 2021 under Delaware law pursuant to the Delaware Statutory Trust Act and Fund Agreement (the “ Trust Agreement”).

The Fund’s investment objective is to gain exposure to the price of bitcoin, less expenses and liabilities of the Trust’s

an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that will be listed on the Cboe BZX

Exchange, Inc.

(the “Exchange”) and will trade under the ticker symbol “BTCW.”

Digital Commodity Services, LLC (the “Sponsor”) serves as sponsor of the Trust .

The Sponsor arranges for the creation of the Trust and is responsible

for the ongoing registration of the Shares for public offering in the United States and the listing of Shares on the Exchange.

will develop and administer a marketing plan for the Trust and prepare

marketing materials regarding the Shares, in each case in conjunction with Foreside Fund Services, LLC (the “Marketing Agent”).

The sponsor will select the service providers, negotiate the applicable agreements and fees and monitors the performance of the Trust .

Trust Company acts as the trustee of the Trust for the purpose of creating

a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (“DSTA”).

The Trustee is appointed to serve

as the trustee of the Trust in the State of Delaware for the sole purpose

of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one fund with a principal place of business

in the State of Delaware.

Trust had no operations through December 31, 2023 other than matters

relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of 1,000

common shares of beneficial interest on December 22, 2023.

from the issuance of these shares were held in cash as presented on the Trust’s Statement

of Assets and Liabilities.

the ordinary course of operation, the Trust will sell or redeem its Shares,

in blocks of 5,000 Shares (a “Basket”) based on the quantity of bitcoin attributable to each Share of the Trust (net

of accrued but unpaid expenses and liabilities).

For a subscription of Shares, the subscription shall be in the amount of cash needed

to purchase the amount of bitcoin represented by the Basket being created, in each case as calculated by State Street Bank and Trust Company

(“State Street”) the Trust’s administrator (the “ Trust

Administrator” or the “Cash Custodian”).

For a redemption of

Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be sold and the cash proceeds distributed.

Financial firms

that are authorized to purchase or redeem Shares with the Trust (known

as “Authorized Participants”) will deliver cash to the Trust’s account

with the Cash Custodian in exchange for Shares when they purchase Shares, and will receive cash (from the Cash Custodian), when they redeem

Shares with the Trust .

Shares initially comprising the same Basket but

offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors,

including the supply and demand for Shares, the value of the Trust’s assets,

and market conditions at the time of a transaction.

the normal course of business, the Trust may enter into contracts that

contain a variety of representations or that provide indemnification for certain liabilities.

The Trust’s maximum

exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that

have not yet occurred.

However, the Trust has not had prior claims or

losses pursuant to these contracts and believes such exposure to be remote.

Notes to Financial

Statements (continued)

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant

accounting policies consistently followed by the Trust in the preparation of its financial statement.

The financial statement has been

prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

an investment company for GAAP purposes and follows the specialized accounting and reporting guidance in the Financial Accounting Standards

Board (“FASB”) Accounting Standards Codification (“ASC” or “Codification”) Topic 946, Financial Services—Investment

Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws

are also sources of authoritative GAAP for SEC registrants.

Indemnifications - The Trust Agreement

provides that the Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a “Sponsor

Indemnified Party”) will be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the

Trust Agreement without fraud, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection

with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement.

maximum exposure under these arrangements cannot be known;

however, the Trust expects any risk of loss to be remote.

Use of Estimates

- The preparation of financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period.

Actual results

could differ from those estimates.

Taxes - The Trust is classified

as a “grantor trust” for United States federal income tax purposes.

As a result, the Trust itself will not be subject to United

States federal income tax.

December 31, 2024

WisdomTree Bitcoin Fund (the “Trust”)

is a Delaware statutory trust organized on March 8, 2021 under Delaware law pursuant to the Delaware Statutory Trust Act (the “DTSA”)

and the Second Amended and Restated Trust Agreement (the “Trust Agreement”).

The Trust’s investment objective is to

gain exposure to the price of bitcoin, less expenses and liabilities of the Trust’s operations.

The Trust is an exchange-traded

fund that issues common shares of beneficial interest (the “Shares”) that are listed on the Cboe BZX Exchange, Inc.

(the “Exchange”)

and trade under the ticker symbol “BTCW”.

WisdomTree Digital Commodity Services, LLC (the

“Sponsor”) serves as sponsor of the Trust.

The Sponsor arranged for the creation of the Trust and is responsible for the ongoing

registration of the Shares for public offering in the United States and the listing of Shares on the Exchange.

The Sponsor will develop

and administer a marketing plan for the Trust and prepare marketing materials regarding the Shares, in each case in conjunction with Foreside

Fund Services, LLC (the “Marketing Agent”).

The Sponsor selects the service providers, negotiates the applicable agreements

and fees and monitors the performance of the Trust.

Delaware Trust Company (the “Trustee”)

acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the DSTA.

The Trustee is appointed

to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of

the DSTA that the Trust have at least one Trustee with a principal place of business in the State of Delaware.

Prior to December 31, 2023, the Trust had no

operations other than matters relating to its organization and registration under Securities Act of 1933, as amended (the

WisdomTree, Inc., the parent of the Sponsor, purchased (i) $50,000 in Shares at a price per Share of $50 on

December 22, 2023, and (ii) $2,450,000 in Shares at a price per Share of $50 on January 8, 2024, for a total of $2,500,000.

December 16, 2024, WisdomTree, Inc.

sold 50,000 shares of the Trust for proceeds $5,637,003.

As of December 31, 2024, WisdomTree

did not own any outstanding Shares of the Trust.

On January 10, 2024, the Trust’s registration statement relating to the

continuous public offering of its Shares was declared effective by the U.S.

Securities and Exchange Commission (the

“SEC”) and the Trust commenced trading on the Exchange on January 11, 2024.

On November 25, 2024, the Trust transitioned its

administration, accounting, transfer agency, and cash custody service provider relationship from State Street Bank and Trust Company to

The Bank of New York Mellon ("BNY").

BNY serves as cash custodian, administrator, fund accountant, and transfer agent for the

Trust (the “Trust Administrator” or the “Cash Custodian”).

In the ordinary course of operation, the Trust

will sell or redeem its Shares, in blocks of 5,000 Shares (a “Basket”) based on the quantity of bitcoin attributable to each

Share of the Trust (net of accrued but unpaid expenses and liabilities).

For a subscription of Shares, the subscription shall be in the

amount of cash needed to purchase the amount of bitcoin represented by the Basket being created, in each case as calculated by the Trust

Administrator.

For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be sold and the cash

proceeds distributed.

Financial firms that are authorized to purchase or redeem Shares with the Trust (known as “Authorized Participants”)

will deliver cash to the Trust’s account with the Cash Custodian in exchange for Shares when they purchase Shares and will receive

cash (from the Cash Custodian), when they redeem Shares with the Trust.

Shares initially comprising the same Basket but sold by the Authorized

Participants to the public at different times may have different offering prices, which depend on various factors, including the supply

and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting

policies consistently followed by the Trust in the preparation of its financial statements.

The financial statements have been prepared

in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in the opinion of

management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial

The Trust is an investment company for GAAP purposes and follows the specialized accounting and reporting guidance in the

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC” or “Codification”)

Topic 946, Financial Services-Investment Companies.

Rules and interpretive releases of the SEC under authority of federal laws are also

sources of authoritative GAAP for SEC registrants.

Cash & Cash Equivalents –

Cash, if any, includes non-interest bearing, non-restricted cash maintained with the Cash Custodian.

Investment Transactions and Revenue Recognition –

The Trust records its investment transactions in bitcoin on a trade date basis and changes in fair value are reflected as net change in

unrealized appreciation or depreciation on investment in bitcoin.

Realized gains and losses on the Trust’s investment transactions

in bitcoin are calculated using the average cost method.

Use of Estimates – The preparation

of financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported

amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the

reported amounts of increases and decreases in the net assets from operations during the reporting period.

Actual results could differ

from those estimates.

Investment Valuation – The Trust’s

investment in bitcoin is recorded on the financial statements at fair value in accordance with FASB ASC Topic 820, “Fair Value Measurements

and Disclosures” (“ASC 820”).

Fair value is defined as the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the measurement date.

A fair value measurement assumes that

the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or,

in the absence of a principal market, in the most advantageous market for the asset or liability.

ASC 820 defines “principal market”

as the market with the greatest volume and level of activity for the asset or liability.

The determination of the principal market (and,

as a result, the market participants in the principal market) is made from the perspective of the reporting entity.

ASC 820 defines “most

advantageous market” as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that

would be paid to transfer the liability, after taking into account transaction costs and transportation costs.

Based on the foregoing,

the Trust has determined its principal market for GAAP reporting for its bitcoin investment to be the bitcoin platform operated by Coinbase,

and utilizes an exchange-traded price from that principal market as of 11:59:59 p.m.

Eastern Standard Time on the financial statement

measurement date.

ASC 820 has established a three-tier hierarchy

of inputs to be used when determining fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market

participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a

particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation

Inputs may be observable or unobservable.

Observable inputs reflect the assumptions market participants would use in pricing

the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity.

inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or

Unobservable inputs are based on the best information available in the circumstances.

The three-tier hierarchy of inputs is

summarized in the three broad levels listed below:

– quoted prices in active markets for identical assets or liabilities

– other significant observable inputs (inputs other than quoted prices included within Level 1 that are observable for the asset

or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices

for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are

observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation

or other means)

– significant unobservable inputs (including the Trust’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuation are

not necessarily an indication of the risk associated with investing in those investments.

The summary of fair valuations according to the

inputs used in valuing the Trust’s assets as of the measurement date is included in a “Fair Valuation Summary” supplementary

table in the Schedule of Investment.

For the year ended December 31, 2024, there were

no transfers into or out of Level 3 of the fair value hierarchy.

Income Taxes – The Trust is

classified as a “grantor trust” for United States federal income tax purposes.

As a result, the Trust itself will not be subject

to United States federal income tax.

Instead, the Trust’s income and expenses will “flow through” to the shareholders.

Consequently,

each sale of bitcoin by the Trust would constitute a taxable event to shareholders.

ORGANIZATION AND OFFERING COSTS

investment operations commence, the Trust will pay the Sponsor a fee (the

“Sponsor Fee”) in accordance with the Trust agreement and as set forth in the Prospectus.

The Sponsor fee shall be included

in the Trust agreement and/or Prospectus prior to the commencement of trading of Shares on the listing exchange.

The Sponsor Fee is calculated

on a daily basis (accrued at 1/365 , or 1/366 in a leap year, of the applicable percentage

of the net asset value (the “NAV”) on that day) and paid on a monthly basis.

The Sponsor Fee will accrue and be payable in

The Trust’s only ordinary recurring expense is expected

to be the Sponsor Fee.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume the marketing and the following administrative

expenses of the Trust :

the fees of the Trustee, the Trust Administrator,

Trust Accountant, Transfer Agent, and Marketing Agent, the Custodians’

Consequently, each sale of bitcoin by the Trust would constitute a taxable event to shareholders.

The Sponsor evaluates tax positions

taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine

whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions not deemed

to meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax years.

has analyzed applicable tax laws and regulations and their application to the Trust as of December 31, 2024 and does not believe that

there are any uncertain tax positions that require recognition of a tax liability.

Open tax years are those years that are open for examination

by the relevant income taxing authority.

As of December 31, 2024, the 2023 and 2024 tax years remain open for examination.

no examinations in progress at period end.

EXPENSES, ORGANIZATION AND OFFERING COSTS

The Trust pays the Sponsor a fee (the “Sponsor

Fee”) in accordance with the Trust agreement and as set forth in the Prospectus.

The Sponsor fee is 0.25 % per annum of

the Trust’s average daily net asset value.

The Sponsor Fee will accrue daily and be payable monthly in U.S.

only ordinary recurring expense is expected to be the Sponsor Fee.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to

assume the marketing and the following administrative expenses of the Trust:

the fees of the Trustee, the Trust Administrator, Fund Accountant,

Transfer Agent, the Marketing Agent, Coinbase Custody Trust Company LLC (the “Bitcoin Custodian”), the Cash Custodian’s

Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and ordinary

legal fees and expenses.

The Sponsor will pay the costs of the Trust’s organization

and the initial sale of the Shares.

There is no cap on the amount of these Sponsor paid expenses.

For a six-month period

commencing on the day the Trust is initially listed on the Cboe BZX Exchange, Inc., the Sponsor will waive the entire Sponsor Fee for

the first $1.0 billion of the Trust’s assets.

Notes to Financial

Statements (concluded)

Trust may incur certain non-recurring expenses that are not assumed by

the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing charges or

fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or

any other service provider) on behalf of the Trust to protect the Trust or

the interests of Shareholders, any indemnification of the Cash Custodian, Coinbase Custody Trust Company LLC (“Bitcoin Custodian”),

Trust Administrator or other agents, service providers or counterparties

of the Trust and extraordinary legal fees and expenses, including any

legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters related to the Trust .

the Trust does not have any income, it will need to sell bitcoin to cover

the Sponsor’s Fee and expenses not assumed by the Sponsor, if any.

The Trust may

also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor.

source of funds to cover those liabilities will be sales of bitcoin held by the Trust .

Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust ,

the Trust will still need to sell bitcoin to pay the Sponsor’s Fee.

The result of these sales is a decrease in the amount of bitcoin represented by each Share.

cover the Sponsor’s Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or

its delegate) to convert bitcoin into U.S.

dollars at the price available through Coinbase, Inc.

(“Coinbase Inc.” or the “Prime

Broker”, which is an affiliate of the Bitcoin Custodian).

The number of bitcoins represented by a Share will decline each time the

Trust pays the Sponsor’s Fee or

any Trust expenses not assumed by the Sponsor by transferring or selling

The Trust is responsible for paying any costs associated with

the transfer of bitcoin to the Sponsor or the sale of bitcoin.

However, under the terms of each Authorized Participant Agreement,

the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of bitcoin

incurred in connection with the fulfillment of a creation and redemption order.

of December 31, 2023 , WisdomTree, Inc.

shares or 100 % of the outstanding Shares of the Trust .

is the parent company of the Sponsor.

On January 11, 2024,

the Trust was declared effective by the U.S.

Securities and Exchange Commission (SEC), was listed for secondary market trading on the

Cboe BZX Exchange, Inc., and the Trust began investment operations of investing in bitcoin.

Effective February 2,

2024, the Sponsor Fee and related fee waiver were reduced from 0.30 % to 0.25 % per annum.

The Sponsor paid the costs of the Trust’s organization and the initial sale of the Shares.

cap on the amount of these Sponsor paid expenses.

For the period that commenced on January 11, 2024

through July 11, 2024, the Sponsor waived the Sponsor Fee for the first $1.0 billion of the Trust’s assets.

close of business on July 11, 2024, the waiver expired and was not renewed.

For the year ended December 31, 2024, the Sponsor waived $ 75,748

The Trust may incur certain non-recurring expenses

that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions,

financing charges or fees, bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed

by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders (including,

for example, in connection with any fork of the Bitcoin blockchain), any indemnification of the Cash Custodian, Bitcoin Custodian, Trust

Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any

legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Trust does not have any income and will need

to sell bitcoin at the price available through Coinbase Inc.

(the “Prime Execution Agent”) to cover the Sponsor’s Fee

and expenses not assumed by the Sponsor, if any.

The Trust is responsible for paying any costs associated with the transfer of bitcoin

to the Sponsor or the sale of bitcoin.

Under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible

for any brokerage or transaction costs associated with the sale or transfer of bitcoin incurred in connection with the fulfillment of

a creation and redemption order.

Brokerage or transaction costs associated with the sale or transfer of bitcoin are recorded by the Trust

as a reduction of realized gain or an increase in realized loss from investment in bitcoin on the Statement of Operations.

Reimbursements

of brokerage or transaction costs by an Authorized Participant are included in the capital share transactions activity shown on the Statements

of Changes in Net Assets as an increase to “Net proceeds from sale of shares” or a decrease to “Cost

of shares redeemed” .

The Trust may also be subject to other liabilities (for example, as a result of litigation) that have also

not been assumed by the Sponsor.

To cover the Sponsor’s Fee and expenses

not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to convert bitcoin into U.S.

the price available through the Prime Execution Agent.

The number of bitcoins represented by a Share will decline each time the Trust

pays the Sponsor fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins.

COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Trust may

enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities.

maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have

not yet occurred.

However, the Trust has not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.

RELATED PARTIES

As of December 31, 2023, WisdomTree, Inc.

owned 1,000 shares

or 100 % of the outstanding Shares of the Trust.

As of December 31, 2024, WisdomTree, Inc.

did no t hold any shares of the Trust.

INDEMNIFICATION

The Trust Agreement provides that the Sponsor

and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a “Sponsor Indemnified Party”)

will be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the Trust Agreement without fraud,

bad faith or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of

its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement.

maximum exposure under these arrangements is unknown;

however, the Trust expects any risk of loss to be remote.

CONCENTRATION RISK

Unlike other funds that may invest in diversified

assets, the Trust’s investment strategy is concentrated in a single asset class:

This concentration maximizes the degree

of the Trust’s exposure to a variety of market risks associated with bitcoin.

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.

DIGITAL ASSET RISK

The Trust invests substantially all of its assets

Bitcoin is a digital asset ( i.e., a cryptocurrency) whose ownership and behavior are determined by participants

in an online, peer-to-peer network that connects computers that run publicly accessible, or “open source”, software that follows

the rules and procedures governing the bitcoin network.

Bitcoin is a relatively new asset class and is subject to unique and substantial

risks, and historically, has been subject to significant price volatility.

The price of bitcoin could drop precipitously (including to

These factors and events could have a significant negative impact on the Trust.

CREATIONS AND REDEMPTION OF SHARES

The Sponsor has the power and authority, without

action or approval by the shareholders, to cause the Trust to issue Shares from time to time as it deems necessary and desirable, but

only in one or more baskets (“Baskets”) of 5,000 shares based on the quantity of bitcoin attributable to each Share of the

Trust (net of accrued but unpaid expenses and liabilities).

The number of Shares authorized is unlimited.

From time to time, the Sponsor

may cause the Trust to divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial

interests in the Trust, or in any way affecting the rights, of the shareholders, without action or approval by the shareholders.

The ownership

of Shares are recorded on the books of the Trust and/or a transfer agent (or similar agent) for the Trust.

No certificates certifying

the ownership of Shares are issued except as the Sponsor may otherwise determine from time to time.

The Sponsor may make such rules as

it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters.

The record books of the Trust

as kept by the Trust, or by a transfer agent (or similar agent), as the case may be, are conclusive as to the identity of the shareholders

and as to the number of Shares held time to time by each.

“Authorized Participants” are the

only persons that may place orders to create or redeem Baskets.

Each Authorized Participant must (i) be a registered broker-dealer or

other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer

to engage in securities transactions, (ii) be a participant in The Depository Trust Company, and (iii) have entered into an Authorized

Participant Agreement with the Trust.

The total deposit of cash required to create each

Basket includes the cash equivalent of an amount of bitcoin that is in the same proportion to the total net assets of the Trust.

to calculate the amount of cash necessary for a creation Basket, the Trust administrator multiplies the NAV per share by the number of

Shares in a creation Basket (5,000).

Each night, the Sponsor or Trust administrator publish the amount of cash that will be required in

exchange for each creation Basket the next business day.

To the extent there is a difference between the price actually paid by the Trust

to acquire a Creation Basket worth of bitcoin in the creation process compared to the cash value of the Creation Basket ( i.e .,

if there is a difference between the amount paid by the Execution Agent on behalf of the Trust to purchase the requisite amount of bitcoin

and the valuation of bitcoin as part of the Trust’s NAV calculation), that difference will also be charged to the creating Authorized

Participant in the form of a variable fee.

For a redemption of Baskets, the Authorized Participant

will be required to submit a redemption order by an early order cutoff time (the “Redemption Early Order Cutoff Time”).

Redemption Early Order Cutoff Time is 6:00 p.m.

ET on the Business Day prior to the trade date.

On the date of the Redemption Early Order

Cutoff Time, the Trust may choose, in its sole discretion, to enter into a transaction with a bitcoin trading counterparty or the Prime

Execution Agent, to sell bitcoin in exchange for cash.

Also on the date of the Redemption Order Early Cutoff, the Trust instructs the

Bitcoin Custodian to prepare to move the associated bitcoin from the Trust’s Vault Balance with the Bitcoin Custodian to the Trust’s

Trading Balance with the Prime Execution Agent.

For settlement of a redemption, the Authorized Participant delivers the necessary Shares

to the Trust, a bitcoin trading counterparty or the Prime Execution Agent, as applicable, delivers the cash to the Trust associated with

the Trust’s sale of bitcoin, the Trustee delivers bitcoin to the bitcoin trading counterparty’s account at the Prime Execution

Agent or directly to the Prime Execution Agent, as applicable, and the Trust delivers cash to the Authorized Participant.

the Trust has not been able to successfully execute and complete settlement of a bitcoin transaction by the settlement date, the Authorized

Participant will be given the option to (1) cancel the redemption order, or (2) accept that the Trust will continue to attempt to complete

the execution, which will delay the settlement date.

With respect to a redemption order, between the Trust and the Authorized Participant,

the Authorized Participant will be responsible for the dollar cost of the difference between the bitcoin price utilized in calculating

the NAV on the trade date and the price realized in selling the bitcoin to raise the cash needed for the cash redemption order to the

extent the price realized in selling the bitcoin is lower than the bitcoin price utilized in the NAV.

To the extent the price realized

is selling the bitcoin is higher than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of

any such difference.

NAV per Share for purposes of facilitating creations

and redemptions of the Trust is computed each business day using the CME CF Bitcoin Reference Rate – New York Variant (the “Reference

Rate”) as of 4:00 p.m.

Eastern Time to value the Trust’s investment in bitcoin.

The methodology of the Reference Rate used

to value bitcoin for purposes of calculating NAV per Share may not be deemed consistent with GAAP and may be different from the value

of bitcoin used in the Trust’s GAAP financial statements.

Creation and redemption transactions of Shares

of the Trust are shown in the Statements of Changes in Net Assets.

SEGMENT REPORTING

The Trust adopted FASB Accounting Standards Update

2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

The Trust operates

in one segment.

The segment derives its revenues from Trust investments made in accordance with the defined investment strategy

of the Trust, as prescribed in the Trust’s prospectus.

The accounting policies are the same as those described in Note 2 - summary

of significant accounting policies.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer of the

The CODM monitors the operating results of the Trust.

The financial information the CODM leverages to assess the segment's

performance and to make decisions for the Trust's single segment, is consistent with that presented within the Trust's financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards

Update (“ASU”) No.

2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure

of Crypto Assets” (“ASU 2023-08”).

ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair

value, and changes in fair value must be recorded in net income in each reporting period.

In addition, entities are required to provide

additional disclosures about the holdings of certain crypto assets.

ASU 2023-08 is effective for annual and interim reporting periods

beginning after December 15, 2024.

Early adoption is permitted for both interim and annual financial statements that have not yet been

issued or made available for issuance.

The Trust is currently evaluating the impact the adoption of this new accounting standard update

will have on its financial statements and related disclosures but does not expect it will have a material impact on the Trust’s

financial statements as the requirements of ASU 2023-08 generally align with the accounting requirements under ASC Topic 946.

FINANCIAL HIGHLIGHTS 1

Selected data for a share of beneficial interest

outstanding throughout each period is presented below:

Schedule of financial highlight

For the Year Ended

December 31, 2024

Net asset value, beginning of period

Investment operations:

Net investment loss

Net realized and unrealized gain

Total from investment operations

Net asset value, end of period

TOTAL RETURN 2

RATIOS/SUPPLEMENTAL DATA:

Net assets, end of period (000’s omitted)

Ratios to average net assets of:

Expenses, net of expense waivers 3

Expenses, prior to expense waivers 3

Net investment loss 3

1 No comparative Financial Highlights information is shown as of December of the prior year since the WisdomTree Bitcoin Fund commenced

investment operations on January 11, 2024.

2 Total return calculated for a period of less than one year is not annualized.

For the period in which the Sponsor waived its fee,

the total return would have been lower if such fee had not been waived (Note 3).

3 Annualized.

Quarterly Statement of Operations

Schedule of quarterly statement of operations

For the period

2024 * through

Three months ended

For the period

2024 * through

June 30, 2024

September 30,

INVESTMENT INCOME:

Total investment income

Total expenses

Expense waiver (Note 3)

Net investment loss

NET REALIZED AND UNREALIZED GAIN ON INVESTMENT:

Net realized gain on investment in bitcoin sold to pay Sponsor fee

Net realized gain on investment in bitcoin sold for net redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

( 10,216,376 )

Net realized and unrealized gain (loss) on investment in bitcoin

( 10,047,960 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 10,047,960 )

$ 110,040,724

$ 128,475,984

Commencement of operations date January 11, 2024.

The commencement of operations date is considered to be the date the WisdomTree Bitcoin Fund began trading in the secondary market.

SUBSEQUENT EVENTS

The Sponsor has evaluated all subsequent transactions

and events through the date on which these financial statements were issued and has determined that no additional items require disclosure

in these financial statements.

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-K

Item 9A. Controls and Procedures