−Removed: Market for Registrant’s Common Equity, Related
−Removed: Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: Market Information
−Removed: Units are distributed by
−Removed: the Sponsor through sales in private placement transactions exempt from the registration requirements of the Securities Act pursuant
−Removed: to Rule 506(c) thereunder.
−Removed: The Units are quoted on OTC Markets Group Inc.’s OTCQX® Best Marketplace (“OTCQX”)
−Removed: under the ticker symbol “OBTC.” Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up,
−Removed: mark-down or commission and may not necessarily represent actual transactions.
−Removed: Units quoted on the OTCQX either were sold originally
−Removed: to investors “unrestricted” in a limited offering pursuant to Rule 504 under the Securities Act, or have become unrestricted
−Removed: in accordance with Rule 144 under the Securities Act.
−Removed: The market price of the Units on the OTCQX has experienced significant premiums
−Removed: and discounts to NAV.
−Removed: Holders of Record
−Removed: As of December 31, 2022,
−Removed: there were approximately 47 holders of record.
−Removed: This includes Cede & Co.
−Removed: as nominee for DTC for the Units traded on OTCQX.
−Removed: Therefore, this number does not include the individual holders who have bought Units on OTCQX or transferred their eligible Units
−Removed: to their brokerage accounts.
−Removed: Because most of the Trust’s Units are held by brokers and other institutions on behalf of unitholders,
−Removed: we are unable to estimate the total number of unitholders represented by these record holders.
−Removed: Recent Sales of Unregistered Shares
−Removed: There were no sales of unregistered Units for
−Removed: the fiscal year ended December 31, 2022.
−Removed: Repurchases of Equity Securities
−Removed: Not applicable.
+Added: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
+Added: December 19, 2025, the Shares commenced trading on The Nasdaq Stock Market LLC under the ticker symbol “OBTC”.
+Added: of March 27, 2026, there were approximately 34 shareholders of record of the Trust.
+Added: Because all of the Trust’s Shares are held
+Added: by brokers and other institutions or intermediaries on behalf of shareholders, we are unable to estimate the total number of shareholders
+Added: represented by these record holders.
+Added: Trust has no record of paying cash dividends and has no intention to pay cash dividends in the foreseeable future.
+Added: Sales of Unregistered Shares;
+Added: Use of Proceeds From Registered Securities
+Added: the Trust did not redeem Shares directly from its Shareholders, the Trust redeemed Baskets from Authorized Participants during the three
+Added: months ended December 31, 2025 as follows:
+Added: Period of Redemption
+Added: Average Price
+Added: October 1, 2025 to October 31, 2025
+Added: November 1, 2025 to November 30, 2025
+Added: December 1, 2025 to December 31, 2025
+Added: Trust seeks to use substantially all of the proceeds of the offering of Shares to make investments in Bitcoin in a manner consistent
+Added: with the Trust’s investment objective.
+Added: of Equity Securities by the Issuers and Affiliated Purchaser
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.