Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
The following tables show the Trust’s quarterly financial information for 2025 and 2024.
Three Months Ended (Unaudited)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Expenses
Sponsor’s fees
$
33,043,551
$
38,686,944
$
53,295,322
$
49,716,089
Sponsor’s fees waived
(178,082
)
—
—
—
Total expenses
32,865,469
38,686,944
53,295,322
49,716,089
Net investment loss
(32,865,469
)
(38,686,944
)
(53,295,322
)
(49,716,089
)
Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Bitcoin sold to pay expenses
8,440,558
7,687,519
14,927,710
10,929,283
Bitcoin sold for the redemption of Shares
624,399,288
254,383,671
444,379,757
787,481,485
Bitcoin paid for the in-kind redemptions of Shares
—
—
—
490,798,039
Net realized gain
632,839,846
262,071,190
459,307,467
1,289,208,807
Net change in unrealized appreciation/depreciation on investment in bitcoin
(7,057,849,155
)
14,244,730,958
4,271,556,131
(22,895,988,405
)
Net realized and unrealized gain (loss)
(6,425,009,309
)
14,506,802,148
4,730,863,598
(21,606,779,598
)
Net increase (decrease) in net assets resulting from operations
$
(6,457,874,778
)
$
14,468,115,204
$
4,677,568,276
$
(21,656,495,687
)
Net increase (decrease) in net assets per Share
$
(6.41
)
$
13.08
$
3.59
$
(15.60
)
Three Months Ended (Unaudited)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Expenses
Sponsor’s fees
$
4,211,219
$
11,510,364
$
13,122,598
$
24,612,913
Sponsor’s fees waived
(1,074,550
)
(1,616,120
)
(1,633,880
)
(1,633,879
)
Total expenses
3,136,669
9,894,244
11,488,718
22,979,034
Net investment loss
(3,136,669
)
(9,894,244
)
(11,488,718
)
(22,979,034
)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Bitcoin sold to pay expenses
100,525
1,354,605
(562,447
)
17,919,200
Bitcoin sold for the redemption of Shares
—
872,888
(86,430
)
102,965,312
Net realized gain (loss)
100,525
2,227,493
(648,877
)
120,884,512
Net change in unrealized appreciation/depreciation on investment in bitcoin
3,806,745,993
(2,102,796,450
)
119,089,128
12,334,032,271
Net realized and unrealized gain (loss)
3,806,846,518
(2,100,568,957
)
118,440,251
12,454,916,783
Net increase (decrease) in net assets resulting from operations
$
3,803,709,849
$
(2,110,463,201
)
$
106,951,533
$
12,431,937,749
Net increase (decrease) in net assets per Share
$
19.07
$
(4.25
)
$
0.18
$
15.33
See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There have been no changes in accountants and no disagreements with accountants during the year ended December 31, 2025.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.