v3.26.1
Fair Value of Bitcoin
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Bitcoin

3. Fair Value of Bitcoin

As of March 31, 2026, the Trust held a net closing balance of 37,600.7094 bitcoin with a total market value of $2,550,522,301 based on the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") price of $67,831.76 per bitcoin used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was 2,549,527,011 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $67,805.29, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the three-month period ended March 31, 2026:

 

 

Quantity of bitcoin

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2025

 

 

38,468.0468

 

 

$

3,367,647

 

Purchases

 

 

5,943.6428

 

 

 

489,551

 

In-Kind Creations

 

 

1,021.2405

 

 

 

69,010

 

Sales for the redemption of Shares

 

 

(7,502.4150

)

 

 

(586,928

)

In-Kind Redemptions

 

 

(309.5802

)

 

 

(20,958

)

Bitcoin transferred for Sponsor Fee

 

 

(20.2255

)

 

 

(1,605

)

Net realized gain (loss) on In-Kind Redemptions of bitcoin

 

 

—

 

 

 

8,810

 

Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee

 

 

—

 

 

 

812

 

Net realized gain (loss) on investment in bitcoin sold for redemptions

 

 

—

 

 

 

(31,390

)

Change in unrealized appreciation (depreciation) on investment in bitcoin

 

 

—

 

 

 

(745,422

)

Ending balance as of March 31, 2026

 

 

37,600.7094

 

 

$

2,549,527

 

 

Additions during the year primarily represent bitcoin purchased due to creations into the Trust and in-kind creations. Dispositions during the year represent bitcoin sold as a result of shareholder redemptions from the Trust and in-kind redemptions. In addition, bitcoin was transferred to pay the Sponsor Fee of the Trust. For the three months ended March 31, 2026, the Trust recognized net realized losses of $21,767,592, which represents the net of cumulative realized gains of $11,308,308 and cumulative realized losses of $33,075,900.

As of December 31, 2025, the Trust held a net closing balance of 38,468.0468 bitcoin with a total market value of $3,358,857,898 based on the CME CF Bitcoin Reference Rate - New York Variant (the "BRRNY") price of $87,315.53 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,367,646,692 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $87,544.00, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the year ended December 31, 2025:

 

 

Quantity of bitcoin

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2024

 

 

40,289.1335

 

 

$

3,762,723

 

Purchases

 

 

21,837.2036

 

 

 

2,290,437

 

In-Kind Creations

 

 

124.9948

 

 

 

10,884

 

Sales for the redemption of Shares

 

 

(23,701.7104

)

 

 

(2,351,927

)

Bitcoin transferred for Sponsor Fee

 

 

(81.5747

)

 

 

(8,220

)

Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee

 

 

—

 

 

 

5,019

 

Net realized gain (loss) on investment in bitcoin sold for redemptions

 

 

—

 

 

 

(42,062

)

Change in unrealized appreciation (depreciation) on investment in bitcoin

 

 

—

 

 

 

(299,207

)

Ending balance as of December 31, 2025

 

 

38,468.0468

 

 

$

3,367,647