| Fair Value of Investments in Digital Assets |
3. Fair Value of Investments in Digital Assets The Fund Components are held by the Custodian on behalf of the Fund and are carried at fair value. The following table represents the fair value of each Fund Component using the price provided at 4:00 p.m., New York time, by the relevant Digital Asset Trading Platform Market considered to be its principal market, as determined by the Fund:
|
|
|
|
|
|
|
|
|
|
|
Fund Component |
|
Principal Market |
|
March 31, 2026 |
|
|
June 30, 2025 |
|
Bitcoin |
|
Crypto.com |
|
$ |
67,805.29 |
|
|
$ |
107,753.95 |
|
Ether |
|
Crypto.com |
|
$ |
2,095.22 |
|
|
$ |
2,516.23 |
|
BNB |
|
Coinbase |
|
$ |
615.07 |
|
|
N/A |
|
XRP |
|
Coinbase |
|
$ |
1.34 |
|
|
$ |
2.32 |
|
SOL |
|
Coinbase |
|
$ |
82.60 |
|
|
$ |
157.80 |
|
ADA |
|
Coinbase |
|
N/A |
|
|
$ |
0.59 |
|
The following represents the changes in quantity of each Fund Component and their respective fair values:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Quantity |
|
|
Fair Value |
|
Bitcoin balance at June 30, 2024 |
|
|
5,990.49484890 |
|
|
$ |
370,987 |
|
Bitcoin contributed |
|
|
- |
|
|
|
- |
|
Net Bitcoin distributed from portfolio rebalancing |
|
|
(71.44609760 |
) |
|
|
(6,522 |
) |
Bitcoin distributed for Manager's Fee, related party |
|
|
(110.61384743 |
) |
|
|
(8,745 |
) |
Net change in unrealized appreciation/depreciation on investment in Bitcoin |
|
|
- |
|
|
|
110,127 |
|
Net realized gain on investment in Bitcoin |
|
|
- |
|
|
|
13,023 |
|
Bitcoin balance at March 31, 2025 |
|
|
5,808.43490387 |
|
|
$ |
478,870 |
|
|
|
|
|
|
|
|
Bitcoin balance at June 30, 2025 |
|
|
5,757.74321433 |
|
|
$ |
620,419 |
|
Bitcoin contributed |
|
|
971.33089253 |
|
|
|
90,892 |
|
Bitcoin redeemed |
|
|
(2,298.84799174 |
) |
|
|
(237,358 |
) |
Net Bitcoin distributed from portfolio rebalancing |
|
|
(222.57283957 |
) |
|
|
(19,098 |
) |
Bitcoin distributed for Manager’s Fee, related party |
|
|
(45.41631174 |
) |
|
|
(4,868 |
) |
Net change in unrealized appreciation/depreciation on investment in Bitcoin |
|
|
- |
|
|
|
(383,879 |
) |
Net realized gain on investment in Bitcoin sold for rebalancing |
|
|
- |
|
|
|
13,214 |
|
Net realized gain on investment in Bitcoin sold to pay expenses |
|
|
- |
|
|
|
4,135 |
|
Net realized gain on investment in Bitcoin sold for redemption of Shares |
|
|
- |
|
|
|
198,765 |
|
Bitcoin balance at March 31, 2026 |
|
|
4,162.23696381 |
|
|
$ |
282,222 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except Ether amounts) |
|
Quantity |
|
|
Fair Value |
|
Ether balance at June 30, 2024 |
|
|
36,577.59452337 |
|
|
$ |
125,205 |
|
Ether contributed |
|
|
- |
|
|
|
- |
|
Net Ether distributed from portfolio rebalancing |
|
|
(568.93132582 |
) |
|
|
(1,971 |
) |
Ether distributed for Manager's Fee, related party |
|
|
(673.63622212 |
) |
|
|
(1,923 |
) |
Net change in unrealized appreciation/depreciation on investment in Ether |
|
|
- |
|
|
|
(60,014 |
) |
Net realized gain on investment in Ether |
|
|
- |
|
|
|
3,272 |
|
Ether balance at March 31, 2025 |
|
|
35,335.02697543 |
|
|
$ |
64,569 |
|
|
|
|
|
|
|
|
Ether balance at June 30, 2025 |
|
|
35,007.73089383 |
|
|
$ |
88,088 |
|
Ether contributed |
|
|
5,881.77941317 |
|
|
|
18,554 |
|
Ether redeemed |
|
|
(13,934.67015328 |
) |
|
|
(51,305 |
) |
Net Ether distributed from portfolio rebalancing |
|
|
(1,536.05859680 |
) |
|
|
(4,364 |
) |
Ether distributed for Manager’s Fee, related party |
|
|
(275.50452740 |
) |
|
|
(999 |
) |
Net change in unrealized appreciation/depreciation on investment in Ether |
|
|
- |
|
|
|
(43,323 |
) |
Net realized gain on investment in Ether sold for rebalancing |
|
|
- |
|
|
|
2,936 |
|
Net realized gain on investment in Ether sold to pay expenses |
|
|
- |
|
|
|
827 |
|
Net realized gain on investment in Ether sold for redemption of Shares |
|
|
- |
|
|
|
42,267 |
|
Ether balance at March 31, 2026 |
|
|
25,143.27702952 |
|
|
$ |
52,681 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except BNB amounts) |
|
Quantity |
|
|
Fair Value |
|
BNB balance at June 30, 2025 |
|
|
- |
|
|
$ |
- |
|
BNB contributed |
|
|
394.76007745 |
|
|
|
251 |
|
BNB redeeemd |
|
|
(534.31174458 |
) |
|
|
(350 |
) |
BNB contributed from portfolio rebalancing |
|
|
28,432.04456228 |
|
|
|
24,458 |
|
BNB distributed for Manager’s Fee, related party |
|
|
(26.35018201 |
) |
|
|
(17 |
) |
Net change in unrealized appreciation/depreciation on investment in BNB |
|
|
- |
|
|
|
(6,841 |
) |
Net realized loss on investment in BNB sold to pay expenses |
|
|
|
|
|
(6 |
) |
Net realized loss on investment in BNB sold for redemption of Shares |
|
|
- |
|
|
|
(110 |
) |
BNB balance at March 31, 2026 |
|
|
28,266.14271314 |
|
|
$ |
17,385 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except XRP amounts) |
|
Quantity |
|
|
Fair Value |
|
XRP balance at June 30, 2024 |
|
|
16,719,307.919340 |
|
|
$ |
7,917 |
|
XRP contributed |
|
|
- |
|
|
|
- |
|
Net XRP contributed from portfolio rebalancing |
|
|
421,022.077510 |
|
|
|
322 |
|
XRP distributed for Manager's Fee, related party |
|
|
(316,090.677749 |
) |
|
|
(462 |
) |
Net change in unrealized appreciation/depreciation on investment in XRP |
|
|
- |
|
|
|
27,110 |
|
Net realized gain on investment in XRP |
|
|
- |
|
|
|
276 |
|
XRP balance at March 31, 2025 |
|
|
16,824,239.31910100 |
|
|
$ |
35,163 |
|
|
|
|
|
|
|
|
XRP balance at June 30, 2025 |
|
|
16,870,769.902426 |
|
|
$ |
39,140 |
|
XRP contributed |
|
|
2,920,226.882813 |
|
|
|
6,485 |
|
XRP redeemed |
|
|
(6,868,178.924188 |
) |
|
|
(16,980 |
) |
Net XRP contributed from portfolio rebalancing |
|
|
(110,755.761849 |
) |
|
|
219 |
|
XRP distributed for Manager’s Fee, related party |
|
|
(135,021.664018 |
) |
|
|
(360 |
) |
Net change in unrealized appreciation/depreciation on investment in XRP |
|
|
- |
|
|
|
(24,084 |
) |
Net realized gain on investment in XRP sold for rebalancing |
|
|
- |
|
|
|
379 |
|
Net realized gain on investment in XRP sold to pay expenses |
|
|
- |
|
|
|
265 |
|
Net realized gain on investment in XRP sold for redemption of Shares |
|
|
- |
|
|
|
11,973 |
|
XRP balance at March 31, 2026 |
|
|
12,677,040.435184 |
|
|
$ |
17,037 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except SOL amounts) |
|
Quantity |
|
|
Fair Value |
|
SOL balance at June 30, 2024 |
|
|
135,348.78720949 |
|
|
$ |
19,574 |
|
SOL contributed |
|
|
- |
|
|
|
- |
|
Net SOL contributed from portfolio rebalancing |
|
|
7,967.88108110 |
|
|
|
1,296 |
|
SOL distributed for Manager's Fee, related party |
|
|
(2,629.68580533 |
) |
|
|
(458 |
) |
Net change in unrealized appreciation/depreciation on investment in SOL |
|
|
- |
|
|
|
(2,929 |
) |
Net realized gain on investment in SOL |
|
|
- |
|
|
|
135 |
|
SOL balance at March 31, 2025 |
|
|
140,686.98248526 |
|
|
$ |
17,618 |
|
|
|
|
|
|
|
|
SOL balance at June 30, 2025 |
|
|
148,399.95605973 |
|
|
$ |
23,417 |
|
SOL contributed |
|
|
26,705.34689249 |
|
|
|
3,919 |
|
SOL redeemed |
|
|
(62,653.62035952 |
) |
|
|
(11,292 |
) |
Net SOL contributed from portfolio rebalancing |
|
|
6,646.14548444 |
|
|
|
1,340 |
|
SOL distributed for Manager’s Fee, related party |
|
|
(1,221.16269358 |
) |
|
|
(210 |
) |
Net change in unrealized appreciation/depreciation on investment in SOL |
|
|
- |
|
|
|
(10,756 |
) |
Net realized loss on investment in SOL sold for rebalancing |
|
|
- |
|
|
|
(37 |
) |
Net realized gain on investment in SOL sold to pay expenses |
|
|
- |
|
|
|
56 |
|
Net realized gain on investment in SOL sold for redemption of Shares |
|
|
- |
|
|
|
3,299 |
|
SOL balance at March 31, 2026 |
|
|
117,876.66538356 |
|
|
$ |
9,736 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ADA amounts) |
|
Quantity |
|
|
Fair Value |
|
ADA balance at June 30, 2024 |
|
|
- |
|
|
$ |
- |
|
ADA contributed |
|
|
- |
|
|
|
- |
|
Net ADA contributed from portfolio rebalancing |
|
|
10,539,970.763711 |
|
|
|
11,707 |
|
ADA distributed for Manager's Fee, related party |
|
|
(62,622.055000 |
) |
|
|
(52 |
) |
Net change in unrealized appreciation/depreciation on investment in ADA |
|
|
- |
|
|
|
(4,868 |
) |
Net realized gain on investment in ADA |
|
|
- |
|
|
|
80 |
|
ADA balance at March 31, 2025 |
|
|
10,477,348.70871100 |
|
|
$ |
6,867 |
|
|
|
|
|
|
|
|
ADA balance at June 30, 2025 |
|
|
10,440,402.251514 |
|
|
$ |
6,158 |
|
ADA contributed |
|
|
1,671,370.544544 |
|
|
|
834 |
|
ADA redeemed |
|
|
(4,047,532.126307 |
) |
|
|
(2,646 |
) |
Net ADA distributed from portfolio rebalancing |
|
|
(7,988,687.039545 |
) |
|
|
(2,555 |
) |
ADA distributed for Manager’s Fee, related party |
|
|
(75,553.630206 |
) |
|
|
(55 |
) |
Net change in unrealized appreciation/depreciation on investment in ADA |
|
|
- |
|
|
|
5,524 |
|
Net realized loss on investment in ADA sold for rebalancing |
|
|
- |
|
|
|
(5,468 |
) |
Net realized loss on investment in ADA sold to pay expenses |
|
|
- |
|
|
|
(28 |
) |
Net realized loss on investment in ADA sold for redemption of Shares |
|
|
- |
|
|
|
(1,764 |
) |
ADA balance at March 31, 2026 |
|
|
- |
|
|
|
- |
|
|