v3.26.1
Creations and Redemptions of Shares
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Creations and Redemptions of Shares

4. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of Bitcoin to the Trust or the distribution of Bitcoin by the Trust. The amount of Bitcoin required for each Creation Basket or Redemption Basket is determined by dividing (x) the amount of Bitcoin owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of Bitcoin representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0004 of one Bitcoin at both March 31, 2026 and December 31, 2025.

As of the date of this Quarterly Report, Authorized Participants may submit orders to create or redeem Shares through transactions that are referred to as “cash orders” or “in-kind orders,” in accordance with the agreements with Authorized Participants.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:

 

 

 

 

 

 

Shares issued

 

 

13,540,000

 

 

 

11,360,000

 

Shares redeemed

 

 

(6,270,000

)

 

 

(5,500,000

)

Net Change in Number of Shares Issued and Redeemed

 

 

7,270,000

 

 

 

5,860,000

 

 

 

 

Three Months Ended March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

Shares issued

 

$

441,297

 

 

$

500,979

 

Shares redeemed

 

 

(208,679

)

 

 

(212,091

)

Net Change in Value of Shares Issued and Redeemed

 

$

232,618

 

 

$

288,888

 

Bitcoin receivable represents the value of Bitcoin covered by contractually binding orders for the creation of Shares where the Bitcoin has not yet been transferred to the Trust’s account. Generally, ownership of the Bitcoin is transferred within no more than two business days of the trade date.

 

 

As of March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Bitcoin receivable

 

$

-

 

 

$

-

 

Bitcoin payable represents the value of Bitcoin covered by contractually binding orders for the redemption of Shares where the Bitcoin has not yet been transferred out of the Trust’s account. Generally, ownership of the Bitcoin is transferred within no more than two business days of the trade date.

 

 

As of March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Bitcoin payable

 

$

-

 

 

$

-