54 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2026 and 2025
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025
(All amounts in the following table and the subsequent paragraphs, except Share, Bitcoin and price of Bitcoin amounts, are in thousands)
−Removed: Three Months Ended March 31,
−Removed: Net realized and unrealized loss on investment in Bitcoin
−Removed: Net decrease in net assets resulting from operations
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
+Added: Net realized and unrealized (loss) gain on investment in Bitcoin
+Added: Net (decrease) increase in net assets resulting from operations
Net assets (1)
1 unchanged sentence
GAAP based on the Digital Asset Market price of Bitcoin on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
−Removed: Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2026 was ($3,138,125), which includes a realized gain of $34,495 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $816,008 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($3,988,628).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $67,805.29 per Bitcoin as of March 31, 2026.
−Removed: Net decrease in net assets resulting from operations was ($3,183,109) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $44,984.
−Removed: Net assets decreased to $10,489,739 at March 31, 2026, a 28% decrease for the three-month period.
+Added: Net realized and unrealized loss on investment in Bitcoin for the three months ended June 30, 2026 was ($1,215,884), which includes a realized gain of $29,574 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $839,608 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($2,085,066).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $67,805.29 per Bitcoin as of March 31, 2026, to $58,745.18 per Bitcoin as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($1,255,577) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $39,693.
+Added: Net assets decreased to $8,136,546 at June 30, 2026, a 22% decrease for the three-month period.
The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 553 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 16,281 Bitcoin with a value of $1,136,936 from the Trust, partially offset by the contribution of approximately 636 Bitcoin with a value of $39,320 to the Trust in connection with Share creations during the period .
−Removed: Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2025 was ($2,130,572), which includes a realized gain of $57,881 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,029,931 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($3,218,384).
−Removed: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $82,443.85 per Bitcoin as of March 31, 2025.
−Removed: Net decrease in net assets resulting from operations was ($2,199,511) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $68,939.
−Removed: Net assets decreased to $15,948,122 at March 31, 2025, a 17% decrease for the three-month period.
−Removed: The decrease in net assets resulted from t he aforementioned Bitcoin price depreciation, the withdrawal of approximately 737 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 13,185 Bitcoin with a value of $1,227,181 from the Trust, partially offset by the contribution of approximately 1,965 Bitcoin with a value of $192,570 to the Trust in connection with Share creations during the period.
+Added: Net realized and unrealized gain on investment in Bitcoin for the three months ended June 30, 2025 was $4,789,536, which includes a realized gain of $58,324 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $743,166 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of $3,988,046.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $82,443.85 per Bitcoin as of March 31, 2025, to $107,753.95 per Bitcoin as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $4,720,199 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $69,337.
+Added: Net assets increased to $19,945,117 at June 30, 2025, a 25% increase for the three-month period.
+Added: The increase in net assets resulted from t he aforementioned Bitcoin price appreciation and the contribution of approximately 1,745 Bitcoin with a value of $165,628 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 704 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 9,384 Bitcoin with a value of $888,832 from the Trust.
+Added: Net realized and unrealized loss on investment in Bitcoin for the six months ended June 30, 2026 was ($4,354,009), which includes a realized gain of $64,069 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,655,616 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of ($6,073,694).
+Added: Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,549.41 per Bitcoin as of December 31, 2025, to $58,745.18 per Bitcoin as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($4,438,686) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Bitcoin, plus the Sponsor’s Fee of $84,677.
+Added: Net assets decreased to $8,136,546 at June 30, 2026, a 44% decrease for the six-month period.
+Added: The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the withdrawal of approximately 1,140 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 29,461 Bitcoin with a value of $2,185,553 from the Trust, partially offset by the contribution of approximately 3,515 Bitcoin with a value of $263,348 to the Trust in connection with Share creations during the period .
+Added: Net realized and unrealized gain on investment in Bitcoin for the six months ended June 30, 2025 was $2,658,964, which includes a realized gain of $116,205 on the transfer of Bitcoin to pay the Sponsor’s Fee, a realized gain of $1,773,097 on the sale of Bitcoin to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Bitcoin of $769,662.
+Added: Net realized and unrealized gain on investment in Bitcoin for the period was driven by Bitcoin price appreciation from $93,390.22 per Bitcoin as of December 31, 2024, to $107,753.95 per Bitcoin as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $2,520,688 for the six months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Bitcoin, less the Sponsor’s Fee of $138,276.
+Added: Net assets increased to $19,945,117 at June 30, 2025, a 4% increase for the six -month period.
+Added: in net assets resulted from t he aforementioned Bitcoin price appreciation and the contribution of approximately 3,710 Bitcoin with a value of $358,198 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 1,441 Bitcoin to pay the foregoing Sponsor’s Fee, and the redemption of approximately 22,569 Bitcoin with a value of $2,116,013 from the Trust.
Cash Resources and Liquidity
13 unchanged sentences
Selected Operating Data
−Removed: As of March 31,
+Added: As of June 30,
Price of Bitcoin on principal market
9 unchanged sentences
The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
−Removed: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of both March 31, 2026 and 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, and Bullish.
−Removed: The Digital Asset Trading Platforms included in the Index as of April 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX, and OSL.
+Added: The Digital Asset Trading Platforms included in the Index as of June 30, 2025 were Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital, Crypto.com, Bitfinex and Bullish.
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
5 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 Trust’s performance prior to January 11, 2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program.
+Added: The Trust’s performance prior to January 11, 2024 is based on market-determined prices on OTC Markets and on the Trust’s performance without an ongoing share creation and redemption program.
Prior to January 11, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program.
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Hence, the Trust’s performance for periods prior to January 11, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to January 11, 2024.
−Removed: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) from September 25, 2013 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Share Split for periods prior to January 26, 2018) from September 25, 2013 (the commencement of the Trust’s operations) to June 30, 2026.
For more information on the determination of the Trust’s NAV, see “Item 1.
Business—Overview of the Bitcoin Industry and Market—Bitcoin Value—The Index and the Index Price” in our Annual Report.
−Removed: The following table illustrates the movements in the Index Price from April 1, 2021 to March 31, 2026.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of March 31, 2026, individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 1, 2021 to June 30, 2026.
+Added: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of June 30, 2026, individually or as a group.
End of period
Last business day
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: Twelve months ended March 31, 2024
−Removed: Twelve months ended March 31, 2025
−Removed: Twelve months ended March 31, 2026
−Removed: April 1, 2021 to March 31, 2026
−Removed: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from April 1, 2021 to March 31, 2026.
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: Twelve months ended June 30, 2024
+Added: Twelve months ended June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 1, 2021 to June 30, 2026
+Added: The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Trust’s principal market, from July 1, 2021 to June 30, 2026.
Digital Asset Market Price
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Last business day
−Removed: Twelve months ended March 31, 2022
−Removed: Twelve months ended March 31, 2023
−Removed: Twelve months ended March 31, 2024
−Removed: Twelve months ended March 31, 2025
−Removed: Twelve months ended March 31, 2026
−Removed: April 1, 2021 to March 31, 2026
−Removed: The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.
+Added: Twelve months ended June 30, 2022
+Added: Twelve months ended June 30, 2023
+Added: Twelve months ended June 30, 2024
+Added: Twelve months ended June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 1, 2021 to June 30, 2026
+Added: The following chart sets out the historical closing prices for the Shares as reported by OTC Markets and the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.
GBTC Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from January 11, 2024 to March 31, 2026.
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from January 11, 2024 to June 30, 2026.
GBTC Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Trust’s NAV per Share from May 4, 2015 to January 10, 2024.
GBTC Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) (%)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from January 11, 2024 to March 31, 2026.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from January 11, 2024 to June 30, 2026.
GBTC Premium/(Discount):
2 unchanged sentences
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.