| Fair Value of Bitcoin |
3. Fair Value of Bitcoin Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of March 31, 2026 and December 31, 2025, the Trust held 154,703.84755988 and 165,591.49612215 Bitcoin, respectively. The Trust determined the fair value per Bitcoin to be $67,805.29 and $87,549.41 on March 31, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Crypto.com). The following represents the changes in quantity of Bitcoin and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
205,398.85921873 |
|
|
$ |
19,182,244 |
|
Bitcoin contributed |
|
|
1,965.72939387 |
|
|
|
192,570 |
|
Bitcoin redeemed |
|
|
(13,185.34046936 |
) |
|
|
(1,227,181 |
) |
Bitcoin distributed for Sponsor’s Fee, related party |
|
|
(737.01795515 |
) |
|
|
(68,939 |
) |
Net change in unrealized appreciation/depreciation on investment in Bitcoin |
|
|
- |
|
|
|
(3,218,384 |
) |
Net realized gain on investment in Bitcoin sold to pay expenses |
|
|
- |
|
|
|
57,881 |
|
Net realized gain on investment in Bitcoin sold for redemption of Shares |
|
|
- |
|
|
|
1,029,931 |
|
Balance at March 31, 2025 |
|
|
193,442.23018809 |
|
|
$ |
15,948,122 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
|
165,591.49612215 |
|
|
$ |
14,497,437 |
|
Bitcoin contributed |
|
|
2,878.48165699 |
|
|
|
224,028 |
|
Bitcoin redeemed |
|
|
(13,179.89148033 |
) |
|
|
(1,048,617 |
) |
Bitcoin distributed for Sponsor’s Fee, related party |
|
|
(586.23873893 |
) |
|
|
(44,984 |
) |
Net change in unrealized appreciation/depreciation on investment in Bitcoin |
|
|
- |
|
|
|
(3,988,628 |
) |
Net realized gain on investment in Bitcoin sold to pay expenses |
|
|
- |
|
|
|
34,495 |
|
Net realized gain on investment in Bitcoin sold for redemption of Shares |
|
|
- |
|
|
|
816,008 |
|
Balance at March 31, 2026 |
|
|
154,703.84755988 |
|
|
$ |
10,489,739 |
|
|