52 unchanged sentences
The Trust had no operations prior to January 11, 2024, other than matters relating to its organization and the registration of the Shares under the Securities Act of 1933 (the “1933 Act”).
−Removed: The Quarter Ended March 31, 2025
−Removed: The Trust’s net assets decreased from approximately $18.8 billion as of December 31, 2024 to $16.3 billion as of March 31, 2025.
−Removed: The change in the Trust’s net assets resulted from a decrease in outstanding Shares, which fell from 230,678,476 as of December 31, 2024 to 225,528,476 as of March 31, 2025.
−Removed: This was as a result of 31,600,000 Shares (1,264 Baskets) being created and 36,750,000 Shares (1,470 Baskets) being redeemed during the three months ended March 31, 2025, coupled with a decrease in the price of bitcoin, which fell 11.15% from $93,365.36 as of December 31, 2024 to $82,956.00 as of March 31, 2025.
−Removed: The Trust’s NAV per Share decreased 11.54% from $81.80 as of December 31, 2024, to $72.36 as of March 31, 2025.
−Removed: The Trust ’s NAV per Share of $92.97 at January 21, 2025, was the highest during the three months ended March 31, 2025, compared with a low of $68.74 at March 10, 2025.
−Removed: The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,556.08413894 as of December 31, 2024 to 196,932.77464322 on March 31, 2025.
−Removed: The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of bitcoin.
−Removed: The net decrease in net assets resulting from operations for the three months ended March 31, 2025, was $2.2 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of $2.0 billion and a net realized loss of $238.3 million from the sale of the investment in bitcoin for the redemption of Shares.
−Removed: The Quarter Ended March 31, 2024
−Removed: The Trust’s net assets increased from $40 as of December 31, 2023 to $10.2 billion as of March 31, 2024.
−Removed: The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 1 as of December 31, 2023 to 165,475,000 as of March 31, 2024 as a result of 165,500,000 Shares (6,620 Baskets) being created and 25,001 Shares (1 Basket) being redeemed during the quarter and an increase in the price of bitcoin, which rose 53.62% from $45,956.16 as of January 11, 2024 (inception) to $70,596.99 as of March 31, 2024.
−Removed: The Trust’s NAV per Share increased 54.75% from $40.00 as of December 31, 2023 to $61.90 as of March 28, 2024 (last business day).
−Removed: The Trust’s NAV per Share of $63.97 at March 13, 2024 was the highest during the quarter, compared with a low of $34.28 at January 23, 2024.
−Removed: During the quarter ended March 31, 2024, the quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from none as of December 31, 2023 to 144,704.48094252 as of March 31, 2024.
−Removed: The increase in quantity resulted from using cash proceeds received from creation transactions to purchase bitcoin.
−Removed: The net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $2.6 billion, resulting from an unrealized gain on investment in bitcoin of $2.6 billion and a net realized loss of $0.1 million from the sale of the investment in bitcoin for the redemption of Shares.
+Added: The Quarter Ended June 30, 2025
+Added: The Trust’s net assets increased from approximately $16.3 billion as of March 31, 2025 to $21.6 billion as of June 30, 2025.
+Added: The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 225,528,476 as of March 31, 2025 to 230,728,476 as of June 30, 2025.
+Added: This was as a result of 27,975,000 Shares (1,119 Baskets) being created and 22,775,000 Shares (911 Baskets) being redeemed during the three months ended June 30, 2025, coupled with an increase in the price of bitcoin, which rose 29.25% from $82,956.00 as of March 31, 2025 to $107,221.67 as of June 30, 2025.
+Added: The Trust’s NAV per Share increased 29.66% from $72.36 as of March 31, 2025, to $93.83 as of June 30, 2025.
+Added: The Trust ’s NAV per Share of $97.32 at May 22, 2025, was the highest during the three months ended June 30, 2025, compared with a low of $66.97 at April 08, 2025.
+Added: The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 196,933 as of March 31, 2025 to 201,347 on June 30, 2025.
+Added: The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase bitcoin.
+Added: The net increase in net assets resulting from operations for the three months ended June 30, 2025, was $4.8 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of $4.8 billion.
+Added: The Quarter Ended June 30, 2024
+Added: The Trust’s net assets increased from $10.2 billion on March 31, 2024 to $10.6 billion on June 30, 2024.
+Added: The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 165,475,000 on March 31, 2024 to 191,500,000 on June 30, 2024 as a result of 40,450,000 Shares (1,618 Baskets) being issued and 14,425,000 Shares (577 Baskets) being redeemed during the quarter offset by a decrease in the price of bitcoin, which fell 10.24% from $70,596.99 on March 31, 2024 to $63,369.30 on June 30, 2024.
+Added: The Trust’s NAV per Share decreased 14.89% from $61.90 on March 28, 2024 (last business day) to $52.68 on June 28, 2024 (last business day).
+Added: The Trust’s NAV per Share of $62.76 at April 08, 2024 was the highest during the quarter, compared with a low of $50.29 at May 01, 2024.
+Added: During the quarter ended June 30, 2024, the quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 144,704 on March 31, 2024 to 167,463 on June 30, 2024.
+Added: The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase bitcoin.
+Added: The net decrease in net assets resulting from operations for the quarter ended June 30, 2024 was $1.2 billion, resulting from a net unrealized depreciation of investment in bitcoin of $1.1 billion and a net realized loss of $118.1 million from the sale of the investment in bitcoin for the redemption of Shares.
+Added: The Six Months Ended June 30, 2025
+Added: The Trust’s net assets increased from approximately $18.8 billion as of December 31, 2024 to $21.6 billion as of June 30, 2025.
+Added: The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 230,678,476 as of December 31, 2024 to 230,728,476 as of June 30, 2025.
+Added: This was as a result of 59,575,000 Shares (2,383 Baskets) being created and 59,525,000 Shares (2,381 Baskets) being redeemed during the six months ended June 30, 2025, coupled with an increase in the price of bitcoin, which rose 14.84% from $93,365.36 as of December 31, 2024 to $107,221.67 as of June 30, 2025.
+Added: The Trust’s NAV per Share increased 14.70% from $81.80 as of December 31, 2024, to $93.83 as of June 30, 2025.
+Added: The Trust ’s NAV per Share of $97.32 at May 22, 2025, was the highest during the six months ended June 30, 2025, compared with a low of $66.97 at April 08, 2025.
+Added: The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,556 as of December 31, 2024 to 201,347 on June 30, 2025.
+Added: The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to sales of bitcoin exceeding bitcoin purchased using proceeds from issuances of Shares.
+Added: The net increase in net assets resulting from operations for the six months ended June 30, 2025, was $2.5 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of $2.8 billion and a net realized loss of approximately $0.3 billion from the sale of the investment in bitcoin for the redemption of Shares.
+Added: The Period Ended June 30, 2024
+Added: The Trust’s net assets increased from $40 on December 31, 2023 to $10.6 billion on June 30, 2024.
+Added: The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 1 on December 31, 2023 to 191,500,000 on June 30, 2024 as a result of 205,950,000 Shares (8,238 Baskets) being issued and 14,450,001 Shares (578 Baskets) being redeemed during the period January 11, 2024 (inception) through June 30, 2024 and an increase in the price of bitcoin, which rose 37.89% from $45,956.16 on January 11, 2024 (inception) to $63,369.30 on June 30, 2024.
+Added: The Trust’s NAV per Share increased 31.71% from $40.00 on December 31, 2023 to $52.68 on June 28, 2024 (last business day).
+Added: The Trust’s NAV per Share of $63.97 at March 13, 2024 was the highest during the period, compared with a low of $34.28 at January 23, 2024.
+Added: During the period ended June 30, 2024, the quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 0 on December 31, 2023 to 167,463 on June 30, 2024.
+Added: The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase bitcoin.
+Added: The net increase in net assets resulting from operations for the period ended June 30, 2024 was $1.4 billion, resulting from an unrealized gain on investment in bitcoin of $1.5 billion and a net realized loss of $118.2 million from the sale of the investment in bitcoin for the redemption of Shares.
Cash Resources and Liquidity
11 unchanged sentences
Selected Operating Data
−Removed: March 31, 2025
+Added: June 30, 2025
Price of bitcoin on principal market (1)
NAV per Share (2)
−Removed: (1) The Trust performed an assessment of the principal market at 11:59:59 p.m., EST, on March 31, 2025.
−Removed: (2) The NAV per Share was calculated using the fair value of bitcoin based on the principal market price at 11:59:59 p.m., EST, on March 31, 2025.
−Removed: March 31, 2025
−Removed: (Last Business Day)
+Added: (1) The Trust performed an assessment of the principal market at 11:59:59 p.m., EST, on June 30, 2025.
+Added: (2) The NAV per Share was calculated using the fair value of bitcoin based on the principal market price at 11:59:59 p.m., EST, on June 30, 2025.
+Added: June 30, 2025
Index price (3)
4 unchanged sentences
The bitcoin spot markets included in the Index as of the last business day of the period were Bitstamp, Coinbase, Crypto.com, Gemini, Kraken, and LMAX Digital.
−Removed: As of 4:00 p.m., EST, on the last business day of the quarter ended March 31, 2025, the Trust’s total value of bitcoin based on the Index Price (non-GAAP methodology) was $16,321,985,295 and the total market value of the Trust’s bitcoin based on the price of a bitcoin at 4:00 p.m., EST, in the principal market was $16,236,126,544.
+Added: As of 4:00 p.m., EST, on the last business day of the quarter ended June 30, 2025, the Trust’s total value of bitcoin based on the Index Price (non-GAAP methodology) was $21,652,633,696 and the total market value of the Trust’s bitcoin based on the price of a bitcoin at 4:00 p.m., EST, in the principal market was $21,695,913,191.
December 31, 2024
4 unchanged sentences
December 31, 2024
−Removed: (Last Business Day)
Index price (3)
9 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the three months ended March 31, 2025.
−Removed: During the three months ended March 31, 2025, the Index Price has ranged from $78,724.00 on March 10, 2025, to $106,443.00 on January 21, 2025.
+Added: The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the six months ended June 30, 2025.
+Added: During the six months ended June 30, 2025, the Index Price has ranged from $76,713.07 on April 08, 2025, to $111,519.00 on May 22, 2025.
The Sponsor has not observed a material difference between the Index Price and average prices from the constituent bitcoin spot markets individually or as a group.
−Removed: During the three months ended March 31, 2025, the 11:59:59 p.m.
−Removed: EST market price of bitcoin, as reported on the Trust’s principal market, has ranged from $79,488.02 on March 10, 2025, to $105,579.98 on January 21, 2025.
+Added: During the six months ended June 30, 2025, the 11:59:59 p.m.
+Added: EST market price of bitcoin, as reported on the Trust’s principal market, has ranged from $75,009.00 on April 08, 2025, to $111,782.13 on May 21, 2025.
Shares trade in the secondary market on the Exchange.
1 unchanged sentence
The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin.
−Removed: The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the three months ended March 31, 2025.
+Added: The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the six months ended June 30, 2025.
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.