0001838028 2025-01-01 2025-12-31 0001838028 2025-06-30 0001838028 2026-02-28 0001838028 2025-12-31 0001838028 2024-12-31 0001838028 2024-01-01 2024-12-31 0001838028 2023-12-31 0001838028 2025-10-01 2025-12-31 0001838028 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001838028 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001838028 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001838028 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001838028 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001838028 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001838028 2024-02-20 2024-02-20 0001838028 2024-02-21 2024-02-21 0001838028 us-gaap:ScenarioPlanMember 2024-03-12 2024-11-24 0001838028 us-gaap:ScenarioPlanMember 2024-11-25 2026-07-31 0001838028 us-gaap:ScenarioPlanMember 2026-07-30 2026-07-30 0001838028 us-gaap:ScenarioPlanMember 2026-07-31 2026-07-31 0001838028 us-gaap:ScenarioPlanMember 2026-08-01 2026-08-01 0001838028 hodl:SeedCapitalInvestorMember 2024-01-04 2024-01-04 0001838028 hodl:SeedCreationBasketsMember 2024-01-04 2024-01-04 0001838028 hodl:SeedCreationBasketsMember 2024-01-04 0001838028 hodl:SeedCapitalInvestorMember 2025-12-31 0001838028 hodl:SeedCapitalInvestorMember 2024-12-31 0001838028 hodl:VanEckSecuritiesCorporationMember srt:MaximumMember 2025-12-31 0001838028 2025-02-14 2025-02-14 0001838028 hodl:SecondaryMarketMember 2025-01-01 2025-12-31 0001838028 hodl:SecondaryMarketMember 2024-03-03 2024-03-03 0001838028 srt:MaximumMember 2025-01-01 2025-12-31 iso4217:USD shares iso4217:USD shares hodl:Bitcoin pure hodl:Segment true 2025-12-31 --12-31 2025 false 001-41908 VanEck Bitcoin ETF DE 85-6811021 666 Third Avenue 9th Floor New York NY 10017 212 293-2000 Shares HODL CboeBZX No No Yes Yes Non-accelerated Filer true true true 15 false false false 1568121495 59400000 Risk Management, Strategy and GovernanceThe Trust has no employees or internal information systems and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as the Bitcoin Custodian and Additional Bitcoin Custodian and other service providers to protect the Trust’s information from cybersecurity threats. VanEck has policies, standards, and procedures on information security (the “Cybersecurity Documents”). The Cybersecurity Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices. The Cybersecurity Documents outline the correct usage of elements and tasks on the networks/infrastructure to ensure safe operation, high availability, performance, and data accuracy.VanEck has adopted the National Institute of Standards and Technology’s (“NIST”) cybersecurity framework as its security outline. The program is reviewed annually. Using the NIST framework as a guide, VanEck’s cybersecurity program is organized around the following program domains:<table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Identify critical assets, data, systems and capabilities, cybersecurity strategy and governing elements, threats and cybersecurity risks</td></tr></table><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Protect assets (data, systems, networks, personnel, etc.) from external or internal malicious actors and failed practices</td></tr></table><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Detect anomalies and security events through environments monitoring, analysis, remediation, and reporting. Engage outside vendors to periodically test the network infrastructure and software applications against known vulnerabilities and to ensure the use of a best practice security program</td></tr></table><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Respond to incidents regardless of source or causality</td></tr></table><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Recover through planning, improvements and communications (external and internal)</td></tr></table><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">●</td><td>Conduct after-action evaluation to identify what went well, what did not go well and improve VanEck systems on the back of an issue</td></tr></table>VanEck employs third-party firms to assess its cybersecurity posture, conduct penetration testing, and forensic analysis.VanEck maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties and clients, as well as the systems of third parties that could significantly and adversely impact VanEck’s business in the event of a cybersecurity incident affecting those third-party systems. Third-party risks are included within VanEck’s NIST framework, and risk identification and mitigation are supported by VanEck’s cybersecurity program. VanEck also performs diligence on certain third parties and monitors cybersecurity threats and risks identified through such diligence. The Trust has no employees or internal information systems and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as the Bitcoin Custodian and Additional Bitcoin Custodian and other service providers to protect the Trust’s information from cybersecurity threats. true true Roles and ResponsibilitiesRoles and responsibilities for cybersecurity have been established first by VanEck’s cybersecurity policy and secondly by its connection to the governance structure of the firm and VanEck’s risk management committee (the “Risk Management Committee”), which is comprised of senior-level employees. Cybersecurity is closely aligned with not only risk management, but also with business continuity planning and response. In addition, the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated to the staff globally. Specifically, VanEck’s Chief Information Security Officer, reporting to the co-chair of the Risk Management Committee, is responsible for conducting the firm’s cybersecurity risk assessment, as well as providing regular staff educations with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded staff. VanEck’s Chief Administrative Officer and Chief Technology Officer, together with VanEck’s Chief Information Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident is shared by VanEck’s CEO and the General Counsel.Since our commencement of operations, we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors— Other Risks—Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.” Specifically, VanEck’s Chief Information Security Officer, reporting to the co-chair of the Risk Management Committee, is responsible for conducting the firm’s cybersecurity risk assessment, as well as providing regular staff educations with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded staff. true true VanEck’s Chief Administrative Officer and Chief Technology Officer, together with VanEck’s Chief Information Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident is shared by VanEck’s CEO and the General Counsel. false Since our commencement of operations, we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. false false false false true COHEN & COMPANY, LTD. Towson, Maryland

1276429195

895843577

1382273990

1280450332

6790405

1389064395

1280450332

6790405

1382273990

1280450332

55900000

48500000

24.73

26.4

3253581

1323357

3253581

1323357

3253581

1259786

63571

-63571

84758748 34414287 0 10977

84758748

34425264

-278761960

384606755

-194003212

419032019

-194003212

418968448

-63571

84758748

34425264

-278761960

384606755

-194003212

418968448

776285157

1145143775

480458287

283761891

295826870

861381884

101823658

1280350332

1280450332

100000

1382273990

1280450332

15809.7

1276429195

1382273990

13716.83

895843577

1280450332

Note 1. Organization: VanEck Bitcoin ETF (the “Trust”), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the Trust (the “Shares”). The Shares are traded on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to reflect the performance of the price of bitcoin less the net operating expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company is the “Trustee” of the Trust.

Note 2. Significant Accounting Policies: <table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">A.</td> <td style="font: 10pt Times New Roman, Times, Serif">Basis of Preparation and Use of Estimates</td></tr> </table> The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies (“ASC Topic 946”), but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. <table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">B.</td> <td style="font: 10pt Times New Roman, Times, Serif">Cash </td></tr> </table> Cash, if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of December 31, 2025, and December 31, 2024, the Trust did not hold cash. <table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">C.</td> <td style="font: 10pt Times New Roman, Times, Serif">Investment Valuation</td></tr> </table> The Trust values its investment in bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust identifies and determines the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.The following is a summary of the fair value hierarchy as of December 31, 2025, and December 31, 2024: <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 36pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td></tr> </table> The following represents the changes in quantity of bitcoin and the respective fair value: <table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 36pt; background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2025</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid"> </td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">1,280,450,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,247.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,285,158</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,154.42)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(480,458,288)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(278,761,960)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">84,758,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">15,809.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,382,273,990</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2024(a)</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 36pt; "> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,130.29)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(283,712,958)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">384,606,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2024</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr></table> <table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">D.</td> <td style="font: 10pt Times New Roman, Times, Serif">Bitcoin</td></tr> </table> Bitcoin transactions are accounted for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC (the “Bitcoin Custodian”) and at Coinbase Custody Trust Company, LLC (the “Additional Bitcoin Custodian”, and collectively the “Bitcoin Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. <table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">E.</td> <td style="font: 10pt Times New Roman, Times, Serif">Calculation of Net Asset Value</td></tr> </table> The Trust’s net asset value (“NAV”) is calculated based on the Trust’s net asset holdings, as reconciled to the Bitcoin Custodians’ accounts, on a market approach determined on a daily basis using the MarketVectorTM Bitcoin Benchmark Rate price at 4:00 pm EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.<table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">F.</td> <td style="font: 10pt Times New Roman, Times, Serif">Federal Income Taxes</td></tr> </table> The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the periods presented and has determined that no provision for income tax is required in the Trust’s financial statements. <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 36pt">G.</td><td style="text-align: justify">Segment Reporting</td></tr></table> The Chief Financial Officer and Treasurer of the Sponsor acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust's financial statements.

<table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 36pt; font: 8pt Times New Roman, Times, Serif">C.</td> <td style="font: 10pt Times New Roman, Times, Serif">Investment Valuation</td></tr> </table>The Trust values its investment in bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.The Trust identifies and determines the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows:Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; andLevel 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.The following is a summary of the fair value hierarchy as of December 31, 2025, and December 31, 2024:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 36pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td></tr> </table>The following represents the changes in quantity of bitcoin and the respective fair value:<table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 36pt; background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2025</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid"> </td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">1,280,450,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,247.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,285,158</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,154.42)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(480,458,288)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(278,761,960)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">84,758,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">15,809.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,382,273,990</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2024(a)</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 36pt; "> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,130.29)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(283,712,958)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">384,606,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2024</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr></table>

The following is a summary of the fair value hierarchy as of December 31, 2025, and December 31, 2024: <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 36pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">—</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td><td style="width: 2%; border-bottom: Black 3px double"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 6%; border-bottom: Black 3px double; text-align: right">1,382,273,990</td><td style="width: 1%; border-bottom: Black 3px double; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1px">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; padding-bottom: 3px; padding-left: 10pt">Investment in bitcoin</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">—</td><td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,280,450,332</td><td style="border-bottom: Black 3px double; text-align: left"> </td></tr> </table>

1382273990

1280450332

The following represents the changes in quantity of bitcoin and the respective fair value: <table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 36pt; background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2025</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid"> </td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">1,280,450,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,247.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,285,158</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,154.42)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(480,458,288)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(278,761,960)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">84,758,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">15,809.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,382,273,990</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Beginning balance as of January 1, 2024(a)</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 36pt; "> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin purchased</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Bitcoin sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,130.29)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(283,712,958)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">384,606,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font: 10pt Times New Roman, Times, Serif,serif; text-align: left; text-indent: -7.2pt; padding-left: 7.2pt">Net realized gain on investment in bitcoin</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font: normal 10pt Times New Roman, Times, Serif,serif; text-indent: -7.2pt; padding-left: 7.2pt">Ending balance as of December 31, 2024</td><td> </td> <td style="text-align: left; border-bottom: Black 3px double"> </td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr></table>

13716.83

1280450332

7247.29

776285158

5154.42

480458288

-278761960

84758748

15809.7

1382273990

17847.12

1145131271

4130.29

283712958

384606755

34425264

13716.83

1280450332

<table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 36pt">G.</td><td style="text-align: justify">Segment Reporting</td></tr></table>The Chief Financial Officer and Treasurer of the Sponsor acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust's financial statements.

Note 3. Trust Expenses and Other Agreements The Trust pays the Sponsor a unified fee (the “Sponsor Fee”) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024, the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024, the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November 25, 2024 through July 31, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s assets exceed $2.5 billion prior to July 31, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20% of average daily net assets. After July 31, 2026, the Sponsor Fee will be 0.20% of average daily net assets. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin, which may be facilitated by one or more liquidity providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor. The Trustee fee is paid by the Sponsor and is not an expense of the Trust. The Trust holds its bitcoin at the Bitcoin Custodian and at the Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance (in the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust’s bitcoin account. State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian. 0.002 0.0025

1500000000

2500000000

0.002 0.002

Note 4. Related Parties(a) The Sponsor is considered to be a related party to the Trust. MarketVector Indexes GmbH is the index sponsor and index administrator for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck. Van Eck Securities Corporation, a marketing agent to the Trust, is a wholly-owned subsidiary of VanEck. VanEck was the initial seed investor (“Seed Capital Investor”) on December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 5,800,000 Shares at a per-Share price of $12.50. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the Trust receiving 1,640.92 bitcoin. As of December 31, 2025 and December 31, 2024, the Seed Capital Investor’s ownership in the Trust represents approximately 6% and 9%, respectively, of net assets.VanEck is a minority interest holder in the parent company of the Bitcoin Custodian, representing less than 1% of its equity. <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(a)</td><td>Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.</td></tr></table>

8000

5800000

12.5

72500000

1640.92

0.06

0.09

0.01

Note 5. Capital Share Transactions Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought and sold throughout the trading day like other publicly traded securities. The Trust continuously offers the Shares in baskets consisting of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting of 50,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed). The Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. The authorized participants deliver cash or bitcoin to create baskets and receive cash or bitcoin when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor. For a redemption in cash, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized participant. For an “in-kind” subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant’s designee of, bitcoin to the Trust’s account with the Bitcoin Custodian or Additional Bitcoin Custodian in exchange for Shares when they purchase Shares. For an “in-kind” redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the Bitcoin Custodian or the Additional Bitcoin Custodian, will deliver bitcoin to such authorized participants, or a designee thereof, in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s Bitcoin Custodians to facilitate settlement of the Shares and bitcoin. Share and capital activity is as follows: <table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="14" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2025(a)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2024(a)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font-style: normal">Beginning of year</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">48,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">861,481,884</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">8,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">100,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shares issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,625,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,285,157</td><td style="text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right">63,100,000</td><td style="font-weight: normal; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145,143,775</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Shares redeemed</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(18,225,000)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(480,458,287)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(14,608,000)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(283,761,891)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: normal; padding-bottom: 3px">End of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">55,900,000</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,157,308,754</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="font-weight: normal; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: normal; text-align: left"> </td><td style="border-bottom: Black 3px double; font-weight: normal; text-align: right">48,500,000</td><td style="padding-bottom: 3px; font-weight: normal; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">861,481,884</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(a)</td><td>Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td></tr></table>

25000

50000

Share and capital activity is as follows: <table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="14" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2025(a)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2024(a)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font-style: normal">Beginning of year</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">48,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">861,481,884</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">8,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">100,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shares issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,625,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,285,157</td><td style="text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right">63,100,000</td><td style="font-weight: normal; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145,143,775</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Shares redeemed</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(18,225,000)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(480,458,287)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(14,608,000)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(283,761,891)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: normal; padding-bottom: 3px">End of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">55,900,000</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,157,308,754</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="font-weight: normal; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: normal; text-align: left"> </td><td style="border-bottom: Black 3px double; font-weight: normal; text-align: right">48,500,000</td><td style="padding-bottom: 3px; font-weight: normal; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">861,481,884</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(a)</td><td>Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td></tr></table>

48500000

861481884

8000

100000

25625000

776285157

63100000

1145143775

18225000

480458287

14608000

283761891

55900000

1157308754

48500000

861481884

Note 6. Commitments and Contingent Liabilities In the normal course of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk of loss under these arrangements to be remote.

Note 7. Concentration Risk Substantially all of the Trust’s assets are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number of factors. Accordingly, a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the value of bitcoin include high volatility, which could have a negative impact on the performance of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development or acceptance of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the Shares may decline over time. Bitcoin with a fair value of $1,382,273,990 and $1,280,450,332 were held by the Bitcoin Custodians at December 31, 2025 and December 31, 2024, respectively. Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate. The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading activity of the Trust.

1382273990

1280450332

Note 8. Financial Highlights(a) The financial highlights summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net assets for the years below. An individual investor's return and ratios may vary based on the timing of capital transactions: <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="6" style="text-align: center; white-space: nowrap;">Year Ended December 31,</td><td style="white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2025</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 80%; padding-left: 10pt; text-indent: -10pt">Net asset value per share, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">26.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">12.50</td><td style="width: 1%; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">From investment operations:</td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Net investment loss(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00 </td><td style="text-align: left; white-space: nowrap;">(c) </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 20pt">Net realized gain and change in unrealized appreciation (depreciation) from investments in bitcoin(d)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1.67)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13.90</td><td style="padding-bottom: 1px; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 40pt; text-indent: -10pt">Net increase (decrease) resulting from operations</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1.67)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13.90</td><td style="padding-bottom: 1px; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Net asset value per share, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">24.73</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">26.40</td><td style="text-align: left; padding-bottom: 3px; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Total return(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.33)%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111.20%</td><td style="text-align: left; white-space: nowrap;"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Ratios to average net assets</td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Expenses before fee waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Expenses after fee waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.01)% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> </table> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 18pt; font-size: 8pt; text-align: left; vertical-align: top">(a)</td> <td style="font-size: 8pt; text-align: left">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(b)</td> <td style="font-size: 8pt; text-align: left">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(c)</td> <td style="font-size: 8pt; text-align: left">Amount rounds to less than $0.005.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(d)</td> <td style="font-size: 8pt; text-align: left">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(e)</td> <td style="font-size: 8pt; text-align: left">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(f)</td> <td style="font-size: 8pt; text-align: left">Annualized.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(g)</td> <td style="font-size: 8pt; text-align: left">Calculated based upon daily average net assets from January 10, 2024 (Date of Effectiveness) to December 31, 2024.</td></tr> </table>

The financial highlights summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net assets for the years below. An individual investor's return and ratios may vary based on the timing of capital transactions: <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="6" style="text-align: center; white-space: nowrap;">Year Ended December 31,</td><td style="white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2025</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 80%; padding-left: 10pt; text-indent: -10pt">Net asset value per share, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">26.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">12.50</td><td style="width: 1%; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">From investment operations:</td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Net investment loss(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00 </td><td style="text-align: left; white-space: nowrap;">(c) </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 20pt">Net realized gain and change in unrealized appreciation (depreciation) from investments in bitcoin(d)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1.67)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13.90</td><td style="padding-bottom: 1px; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 40pt; text-indent: -10pt">Net increase (decrease) resulting from operations</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1.67)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13.90</td><td style="padding-bottom: 1px; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Net asset value per share, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">24.73</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">26.40</td><td style="text-align: left; padding-bottom: 3px; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Total return(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.33)%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111.20%</td><td style="text-align: left; white-space: nowrap;"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Ratios to average net assets</td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif"> </td> <td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Microsoft Sans Serif, Helvetica, Sans-Serif; text-align: left; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Expenses before fee waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Expenses after fee waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 30pt; text-indent: -10pt">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.01)% </td><td style="text-align: left; white-space: nowrap;">(f)(g) </td></tr> </table> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 18pt; font-size: 8pt; text-align: left; vertical-align: top">(a)</td> <td style="font-size: 8pt; text-align: left">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(b)</td> <td style="font-size: 8pt; text-align: left">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(c)</td> <td style="font-size: 8pt; text-align: left">Amount rounds to less than $0.005.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(d)</td> <td style="font-size: 8pt; text-align: left">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(e)</td> <td style="font-size: 8pt; text-align: left">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(f)</td> <td style="font-size: 8pt; text-align: left">Annualized.</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; vertical-align: top">(g)</td> <td style="font-size: 8pt; text-align: left">Calculated based upon daily average net assets from January 10, 2024 (Date of Effectiveness) to December 31, 2024.</td></tr> </table>

26.4

12.5

-1.67 13.9

-1.67

13.9

24.73

26.4

-0.0633

1.112

0.002

0.0001

-0.0001

0.005

Note 9. Subsequent Event Review The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure in the financial statements.

10-K/A

Unlimited

0001838028 false FY The Trust did not hold any bitcoin as of January 1, 2024. Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025. Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025. On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split. Net investment loss per share has been calculated based upon an average of daily shares outstanding. Amount rounds to less than $0.005. The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust. Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust. Annualized. Calculated based upon daily average net assets from January 10, 2024 (Date of Effectiveness) to December 31, 2024.