v3.25.2
Fair Value of Bitcoin
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Bitcoin

3. Fair Value of Bitcoin

Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of June 30, 2025 and December 31, 2024, the Trust held 44,025.35564432 and 38,012.91129948 Bitcoin, respectively. The Trust determined the fair value per Bitcoin to be $107,753.95 on June 30, 2025, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Crypto.com). The Trust determined the fair value per Bitcoin to be $93,390.22 on December 31, 2024, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

Historically, the Trust considered Coinbase to be its principal market. The Trust performed an assessment of the principal market at June 30, 2025 and identified a change in the principal market from Coinbase to Crypto.com. The change in principal market was effective June 30, 2025.

The following represents the changes in quantity of Bitcoin and the respective fair value:

(Amounts in thousands, except Bitcoin amounts)

 

Quantity

 

 

Fair Value

 

Balance at July 31, 2024 (the Commencement of the Trust’s Operations)

 

 

-

 

 

$

-

 

Bitcoin contributed

 

 

16,606.04896843

 

 

 

1,275,420

 

Bitcoin contributed from Initial Distribution(1)

 

 

26,935.83753443

 

 

 

1,756,821

 

Bitcoin redeemed

 

 

(5,507.21831323

)

 

 

(460,574

)

Bitcoin distributed for Sponsor’s Fee, related party

 

 

(21.75689015

)

 

 

(1,637

)

Net change in unrealized appreciation on investment in Bitcoin

 

 

-

 

 

 

889,077

 

Net realized gain on investment in Bitcoin sold to pay expenses

 

 

-

 

 

 

204

 

Net realized gain on investment in Bitcoin sold for redemption of Shares

 

 

-

 

 

 

90,723

 

Balance at December 31, 2024

 

 

38,012.91129948

 

 

$

3,550,034

 

Bitcoin contributed

 

 

8,896.76657772

 

 

 

877,581

 

Bitcoin redeemed

 

 

(2,853.39293888

)

 

 

(253,401

)

Bitcoin distributed for Sponsor’s Fee, related party

 

 

(30.92929400

)

 

 

(2,975

)

Net change in unrealized appreciation on investment in Bitcoin

 

 

-

 

 

 

528,062

 

Net realized gain on investment in Bitcoin sold to pay expenses

 

 

-

 

 

 

684

 

Net realized gain on investment in Bitcoin sold for redemption of Shares

 

 

-

 

 

 

43,921

 

Balance at June 30, 2025

 

 

44,025.35564432

 

 

$

4,743,906

 
(1)
Represents the impact of the Initial Distribution of 26,935.83753443 Bitcoin, with a value of approximately $1,756.8 million from Grayscale Bitcoin Trust ETF, completed on July 31, 2024, as discussed in Note 4.