3 unchanged sentences
(Amounts in 000’s of US$, except for share and per share data)
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
−Removed: Investment in bitcoin , at fair value (cost $ 10,975,920 and $ 11,468,257 at March 31, 2025 and December 31, 2024, respectively)
+Added: Investment in bitcoin , at fair value (cost $ 11,459,737 and $ 11,468,257 as of June 30, 2025 and December 31, 2024, respectively)
Receivables from issuance of capital shares
3 unchanged sentences
Commitments and Contingencies (Note 6)
−Removed: Shares, no par value ( unlimited shares authorized) 225,528,476 and 230,678,476 share(s) issued and outstanding at March 31, 2025 and December 31, 2024 respectively
+Added: Shares, no par value ( unlimited shares authorized) 230,728,476 and 230,678,476 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
Paid-in-capital
1 unchanged sentence
Total Net Assets
−Removed: Net Asset Value per share ( 225,528,476 and 230,678,476 share(s) issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)
+Added: Net Asset Value per share ( 230,728,476 and 230,678,476 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)
Values shown as $— in the Statements of Assets and Liabilities may reflect amounts less than $500.
2 unchanged sentences
Statements of Operations
−Removed: Three Months Ended March 31,
(Amounts in 000’s of US$)
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Investment Income:
13 unchanged sentences
Statements of Changes in Net Assets
−Removed: Three Months Ended March 31,
(Amounts in 000’s of US$, except for shares)
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Net Increase (Decrease) in Net Assets Resulting from Operations:
21 unchanged sentences
Statements of Cash Flows
−Removed: Three Months Ended March 31,
(Amounts in 000’s of US$)
+Added: Six Months Ended June 30,
Cash Flows from Operating Activities:
20 unchanged sentences
Schedules of Investment
−Removed: March 31, 2025
+Added: June 30, 2025
(Amounts in 000’s of US$, except for quantity of bitcoin and percentages)
3 unchanged sentences
Investment in bitcoin
−Removed: 196,932.77464322
Total Investment in bitcoin
8 unchanged sentences
Investment in bitcoin
−Removed: 201,556.08413894
Total Investment in bitcoin
11 unchanged sentences
CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”).
−Removed: The Trust will operate pursuant to a Second Amended and Restated Trust Agreement (the “Trust Agreement”).
+Added: The Trust will operate pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”).
The Trust is passively managed.
17 unchanged sentences
In the opinion of the Trust, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of financial statements for the periods presented.
−Removed: The statement of assets and liabilities as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
+Added: These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.
Use of Estimates
40 unchanged sentences
Open tax years are those years that are open for examination by the relevant income taxing authority.
−Removed: As of March 31, 2025, the 2024 and 2023 tax years remain open for examination.
+Added: As of June 30, 2025 , the 2024 and 2023 tax years remain open for examination.
There were no examinations in progress at period end.
5 unchanged sentences
2023-08, “ Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60):
−Removed: Accounting for and Disclosure of Crypto Assets ” (“ASU 2023-08”) became effective in this interim reporting period.
+Added: Accounting for and Disclosure of Crypto Assets ” (“ASU 2023-08”) became effective for annual and interim reporting periods beginning after December 15, 2024 .
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.
38 unchanged sentences
The Trust’s assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 2.
−Removed: The following table presents information about the Trust’s assets measured at fair value as o f March 31, 2025 and December 31, 2024:
−Removed: March 31, 2025
+Added: The following table presents information about the Trust’s assets measured at fair value as o f June 30, 2025 and December 31, 2024:
+Added: June 30, 2025
(Amounts are in 000’s)
26 unchanged sentences
Financial Highlights
−Removed: The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended March 31, 2025 and the period January 11, 2024 (commencement of operations) through March 31, 2024.
+Added: The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the six months ended June 30, 2025 and the period January 11, 2024 (commencement of operations) through June 30, 2024.
The total return, at net asset value is based on the change in NAV of a Share during the period and the total return, at market value is based on the change in market value of a Share on the Exchange during the period.
An individual investor’s return and ratios may vary based on the timing of capital transactions.
−Removed: Three Months Ended March 31, 2025
−Removed: For the period January 11, 2024 (commencement of operations) through March 31, 2024
+Added: Six Months Ended June 30, 2025
+Added: For the period January 11, 2024 (commencement of operations) through June 30, 2024
Per Share Activity
16 unchanged sentences
Subsequent Events
−Removed: In preparation of the financial statements, management has evaluated the events and transactions subsequent to March 31, 2025 , and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements.
+Added: In preparation of the financial statements, management has evaluated the events and transactions subsequent to June 30, 2025, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s 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.