| Changes in Quantity of Bitcoin |
The following is a summary of the fair
value hierarchy as of December 31, 2025, and December 31, 2024:
| |
December 31, 2025 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets | |
| | |
| | |
| | |
| |
| |
Investment in bitcoin | |
$ | 1,382,273,990 | | |
$ | — | | |
$ | — | | |
$ | 1,382,273,990 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| |
December 31, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets | |
| | | |
| | | |
| | | |
| | |
| |
Investment in bitcoin | |
$ | 1,280,450,332 | | |
$ | — | | |
$ | — | | |
$ | 1,280,450,332 | |
|
| Changes in Quantity of Bitcoin and Fair Value |
The following represents the changes
in quantity of bitcoin and the respective fair value:
| |
| |
Bitcoin | | |
Fair Value | |
| |
Beginning balance as of January 1, 2025 | |
| 13,716.83 | | |
$ | 1,280,450,332 | |
| |
Bitcoin purchased | |
| 7,247.29 | | |
| 776,285,158 | |
| |
Bitcoin sold | |
| (5,154.42) | | |
| (480,458,288) | |
| |
Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (278,761,960) | |
| |
Net realized gain on investment in bitcoin | |
| — | | |
| 84,758,748 | |
| |
Ending balance as of December 31, 2025 | |
| 15,809.70 | | |
$ | 1,382,273,990 | |
| |
| |
Bitcoin | | |
Fair Value | |
| |
Beginning balance as of January 1, 2024(a) | |
| — | | |
$ | — | |
| |
Bitcoin purchased | |
| 17,847.12 | | |
| 1,145,131,271 | |
| |
Bitcoin sold | |
| (4,130.29) | | |
| (283,712,958) | |
| |
Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| 384,606,755 | |
| |
Net realized gain on investment in bitcoin | |
| — | | |
| 34,425,264 | |
| |
Ending balance as of December 31, 2024 | |
| 13,716.83 | | |
$ | 1,280,450,332 | |
| (a) | The Trust did not hold any bitcoin as of January 1, 2024. |
|