4 unchanged sentences
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
−Removed: The Trust did not declare any cash distributions to Shareholders during the period from October 27, 2023 to December 31, 2023 and the fiscal year ended December 31, 2024.
+Added: The Trust did not declare any cash distributions to Shareholders during the fiscal years ended December 31, 2025 and 2024.
The Trust has no obligation to make periodic distributions to Shareholders.
16 unchanged sentences
These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.
−Removed: Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.
+Added: Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions;
+Added: however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.
Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.
1 unchanged sentence
The Trust is a Delaware statutory trust.
−Removed: The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among the Sponsor, the Trustee and the Delaware Trustee, as amended by Amendment No.
−Removed: 1 thereto, with effect from August 8, 2024.
+Added: The Trust does not have any officers, directors, or employees, and is administered by the Third Amended and Restated Trust Agreement dated as of June 27, 2025, among the Sponsor, the Trustee and the Delaware Trustee.
The Trust issues Shares representing fractional undivided beneficial interests in its net assets.
10 unchanged sentences
For purposes of making these calculations, a Business Day means any day other than a day when NASDAQ is closed for regular trading.
−Removed: CF Benchmarks Index is calculated as of 4:00 p.m.
+Added: The CF Benchmarks Index is calculated as of 4:00 p.m.
The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK BMR.
2 unchanged sentences
In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: For the period covered by this report, the Trust did not incur any Sponsor’s Fee.
+Added: As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.
The Trust’s only source of liquidity is its sales of bitcoin.
9 unchanged sentences
The Year Ended December 31, 2025
+Added: The Trust’s net asset value increased from $51,519,566,547 at December 31, 2024 to $67,401,155,244 at December 31, 2025, a 30.83% increase.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 970,440,000 Shares at December 31, 2024 to 1,358,680,000 Shares at December 31, 2025, a consequence of 623,640,000 Shares (15,591 Baskets) being created and 235,400,000 Shares (5,885 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value was partially offset by a decrease in the price of bitcoin, which fell 6.32% from $93,365.36 at December 31, 2024 to $87,463.03 at December 31, 2025.
+Added: The 6.55% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $53.09 at December 31, 2024 to $49.61 at December 31, 2025 is directly related to the 6.32% decrease in the price of bitcoin.
+Added: The Financial Statement NAV decreased slightly more than the price of bitcoin on a percentage basis due to the net Sponsor’s Fee, which was $174,563,824 for the year, or 0.25% of the Trust’s average weighted assets of $69,896,349,409 during the year.
+Added: The NAV of $71.32 on October 6, 2025 was the highest during the year, compared with a low during the year of $43.60 on April 8, 2025.
+Added: Net decrease in net assets resulting from operations for the year ended December 31, 2025 was $8,968,686,985, resulting from an unrealized loss on investment in bitcoin of $11,437,550,471 and a net investment loss of $174,563,824, partially offset by a net realized gain of $41,985,070 from bitcoin sold to pay expenses, a net realized gain of $2,110,644,201 from bitcoin sold for the redemption of Shares and a net realized gain of $490,798,039 from bitcoin paid for the in-kind redemptions of Shares.
+Added: Other than the net Sponsor’s Fee of $174,563,824, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2024
The Trust’s net asset value grew from $100,000 at December 31, 2023 to $51,519,566,547 at December 31, 2024.
1 unchanged sentence
The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 112.78% from the Trust’s first bitcoin purchase at $43,878.41 on January 5, 2024 to $93,365.36 at December 31, 2024.
−Removed: The 112.36% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.00 at December 31, 2023 to $53.09 at December 31, 2024 is directly related to the 112.78% increase in the price of bitcoin.
+Added: The 112.36% increase in the Financial Statement NAV from $25.00 at December 31, 2023 to $53.09 at December 31, 2024 is directly related to the 112.78% increase in the price of bitcoin.
The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s Fee, which was $47,498,665 for the period, or 0.22% of the Trust’s average weighted assets of $21,516,137,559 during the period.
The NAV of $60.57 on December 17, 2024 was the highest during the period, compared with a low during the period of $22.36 on January 23, 2024.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $14,232,135,930, resulting from an unrealized gain on investment in bitcoin of $14,157,070,942, a net realized gain of $18,811,883 from bitcoin sold to pay expenses and a net realized gain of $103,751,770 from bitcoin sold for the redemption of Shares, partially offset by a net investment loss of $47,498,665.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $14,232,135,930, resulting from a net realized gain of $18,811,883 from bitcoin sold to pay expenses, a net realized gain of $103,751,770 from bitcoin sold for the redemption of Shares and an unrealized gain on investment in bitcoin of $14,157,070,942, partially offset by a net investment loss of $47,498,665.
Other than the net Sponsor’s Fee of $47,498,665, the Trust had no expenses during the period.
2 unchanged sentences
On January 5, 2024, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the Seed Creation Baskets, comprising of 400,000 Shares at a per-Share price of $25.00.
−Removed: Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000.
+Added: Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10 million.
On January 5, 2024, the Trust purchased 227.90250 bitcoin with the proceeds of the Seed Creation Baskets using the Prime Execution Agent.
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.