Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
The Trust is passively managed. The Trust does not utilize leverage, long-term debt, derivatives or any similar arrangements in seeking to meet its investment objectives or pay its expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust to foreign currency related market risk. The NAV of the Trust will change as fluctuations occur in the market price of the Trust’s bitcoin holdings. The price of bitcoin is volatile, and market movements of bitcoin are difficult to predict. For details of Trust's NAV changes as a result of fluctuations in the market price of the Trust’s bitcoin holdings refer to " Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Analysis of Price Movements ".
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