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

5. Creations and Redemptions of Shares

The Fund 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 tokens of each Fund Component to the Fund, or the distribution of tokens of each Fund Component by the Fund, plus cash representing the U.S. Dollar portion, if any. The amount of tokens of each Fund Component required for each Creation Basket or Redemption Basket is determined by dividing (x) the total amount of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of tokens of each Fund Component payable as the Manager’s Fee and the amount of tokens of such Fund Component payable as a portion of Additional Fund Expenses (as defined in Note 7), by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0003 Bitcoin, 0.0021 Ether, 1.0410 XRP, 0.0097 SOL, and 0.0023 BNB at March 31, 2026. Each Share represented approximately 0.0004 Bitcoin, 0.0022 Ether, 1.0632 XRP, 0.0094 SOL, and 0.6580 ADA at June 30, 2025. The decrease in the amount of Fund Components represented by each Share is primarily a result of the periodic withdrawal of Fund Components to pay the Manager’s Fee.

As of the date of this Quarterly Report, Authorized Participants may only submit orders to create or redeem Shares through transactions that are referred to as “cash orders”, as the agreements with Authorized Participants do not currently provide for in-kind creations and redemptions.

 

 

Three Months Ended
March 31,

 

 

Nine Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

 

170,000

 

 

 

-

 

 

 

2,710,000

 

 

 

-

 

Shares redeemed

 

 

(1,030,000

)

 

 

-

 

 

 

(6,400,000

)

 

 

-

 

Net Change in Number of Shares Issued and Redeemed

 

 

(860,000

)

 

 

-

 

 

 

(3,690,000

)

 

 

-

 

 

 

 

Three Months Ended
March 31,

 

 

Nine Months Ended March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

$

5,429

 

 

$

-

 

 

$

120,935

 

 

$

-

 

Shares redeemed

 

 

(41,016

)

 

 

-

 

 

 

(319,931

)

 

 

-

 

Net Change in Value of Shares Issued and Redeemed

 

$

(35,587

)

 

$

-

 

 

$

(198,996

)

 

$

-

 

The Fund Component receivables represents the value of the Fund Components covered by contractually binding orders for the creation of Shares where the digital assets have not yet been transferred to the Fund’s accounts. Generally, ownership of the Fund Components is transferred within no more than two business days of the trade date.

 

 

As of March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Bitcoin receivable

 

$

-

 

 

$

-

 

Ether receivable

 

 

-

 

 

 

-

 

BNB receivable

 

 

-

 

 

 

-

 

XRP receivable

 

 

-

 

 

 

-

 

SOL receivable

 

 

-

 

 

 

-

 

ADA receivable

 

 

-

 

 

 

-

 

Total

 

$

-

 

 

$

-

 

The Fund Component payables represents the value of the Fund Components covered by contractually binding orders for the redemption of Shares where the digital assets have not yet been transferred out of the Fund’s accounts. Generally, ownership of the Fund Components is transferred within no more than two business days of the trade date.

 

 

As of March 31,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Bitcoin payable

 

$

-

 

 

$

-

 

Ether payable

 

 

-

 

 

 

-

 

BNB payable

 

 

-

 

 

 

-

 

XRP payable

 

 

-

 

 

 

-

 

SOL payable

 

 

-

 

 

 

-

 

ADA payable

 

 

-

 

 

 

-

 

Total

 

$

-

 

 

$

-