Three months ended (unaudited)

For the
Year Ended

March 31,
2025

June 30,

2025

September 30,
2025

December 31,
2025

INVESTMENT INCOME:

Total investment income

$

-

$

-

$

-

$

-

$

-

EXPENSES:

Sponsor Fee

$

204,357

$

95,918

$

113,409

$

101,717

$

515,401

Total expenses

204,357

95,918

113,409

101,717

515,401

Net investment loss

(204,357

)

(95,918

)

(113,409

)

(101,717

)

(515,401

)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT:

Net realized gain from investment in bitcoin sold to pay Sponsor Fee

82,185

35,251

46,950

39,327

203,713

Net realized gain from investment in bitcoin sold for net redemption of Shares

50,761,410

5,477,209

-

1,811,980

58,050,599

Net increase (decrease) in unrealized appreciation on investment in bitcoin

(90,966,656

)

31,742,090

10,775,996

(45,959,789

)

(94,408,359

)

Net realized and unrealized gain (loss) on investment in bitcoin

(40,123,061

)

37,254,550

10,822,946

(44,108,482

)

(36,154,047

)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

(40,327,418

)

$

37,158,632

$

10,709,537

$

(44,210,199

)

$

(36,669,448

)