3 unchanged sentences
(Amounts in 000’s of US$, except for share and per share data)
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
−Removed: Investment in bitcoin , at fair value (cost $ 11,459,737 and $ 11,468,257 as of June 30, 2025 and December 31, 2024, respectively)
+Added: Investment in bitcoin , at fair value (cost $ 11,751,741 and $ 11,468,257 as of September 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) 230,728,476 and 230,678,476 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
+Added: Shares, no par value ( unlimited shares authorized) 233,678,476 and 230,678,476 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
Paid-in-capital
1 unchanged sentence
Total Net Assets
−Removed: 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)
+Added: Net Asset Value per share ( 233,678,476 and 230,678,476 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)
Values shown as $— in the Statements of Assets and Liabilities may reflect amounts less than $500.
3 unchanged sentences
(Amounts in 000’s of US$)
−Removed: Three Months Ended June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Investment Income:
14 unchanged sentences
(Amounts in 000’s of US$, except for shares)
−Removed: Three Months Ended June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Net Increase (Decrease) in Net Assets Resulting from Operations:
22 unchanged sentences
(Amounts in 000’s of US$)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash Flows from Operating Activities:
16 unchanged sentences
Cash, End of the Period
+Added: Supplemental Information and Non-Cash Financing Activities
+Added: Bitcoin received for the issuance of capital shares
Values shown as $— in the Statements of Cash Flows may reflect amounts less than $500.
2 unchanged sentences
Schedules of Investment
−Removed: June 30, 2025
+Added: September 30, 2025
(Amounts in 000’s of US$, except for quantity of bitcoin and percentages)
31 unchanged sentences
Prior to January 11, 2024, the Trust had no operations other than matters relating to the sale and issuance of one Share of the Trust to an affiliate at a per-Share price of $ 40 (the “Seed Share”) on November 30, 2023 .
−Removed: On January 9, 2024, the Seed Share was redeemed for cash and the Seed Capital Investor purchased 500,000 Shares at a per-Share price of $ 40 (the “Seed Baskets”).
+Added: On January 9, 2024, the Seed Share was redeemed for cash and FMR Capital, Inc.
+Added: (the "Seed Capital Investor") , an affiliate of the Sponsor, purchased 500,000 Shares at a per-Share price of $ 40 (the “Seed Baskets”).
Total proceeds to the Trust from the sale of the Seed Baskets were $ 20,000,000 .
55 unchanged sentences
Open tax years are those years that are open for examination by the relevant income taxing authority.
−Removed: As of June 30, 2025 , the 2024 and 2023 tax years remain open for examination.
+Added: As of September 30, 2025 , the 2024 and 2023 tax years remain open for examination.
There were no examinations in progress at period end.
46 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 June 30, 2025 and December 31, 2024:
−Removed: June 30, 2025
+Added: The following table presents information about the Trust’s assets measured at fair value as o f September 30, 2025 and December 31, 2024:
+Added: September 30, 2025
(Amounts are in 000’s)
9 unchanged sentences
The number of outstanding Shares is expected to increase and decrease from time to time as a result of the issuance and redemption of Baskets.
−Removed: The issuance and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash represented by the Trust’s NAV of the Baskets being issued or redeemed.
−Removed: The total amount of cash required for the issuance or redemption of Baskets will be based on the combined net assets represented by the number of Baskets being issued or redeemed.
+Added: The issuance and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of bitcoin or cash represented by the Trust’s NAV of the Baskets being issued or redeemed.
+Added: The total amount of bitcoin or cash required for the issuance or redemption of Baskets will be based on the combined net assets represented by the number of Baskets being issued or redeemed.
Shares represent fractional undivided beneficial interests in and ownership of the Trust.
13 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 six months ended June 30, 2025 and the period January 11, 2024 (commencement of operations) through June 30, 2024.
+Added: The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the nine months ended September 30, 2025 and the period January 11, 2024 (commencement of operations) through September 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: Six Months Ended June 30, 2025
−Removed: For the period January 11, 2024 (commencement of operations) through June 30, 2024
+Added: Nine Months Ended September 30, 2025
+Added: For the Period January 11, 2024 (Commencement of Operations) Through September 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 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.
+Added: In preparation of the financial statements, management has evaluated the events and transactions subsequent to September 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.