v3.26.1
Creation and Redemption of Shares
 6 Months Ended
Jun. 30, 2026
Creation and Redemption of Shares [Abstract]  
Creation and Redemption of Shares
5. Creation and Redemption of Shares

 

The Trust creates and redeems Shares on a continuous basis but only in one or more Creation Baskets (other than in the case of the Initial Seed Shares) consisting of 5,000 Shares or multiples thereof at the NAV on the date of the creation or redemption. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

 

Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “Bitcoin Counterparty”), to (i) purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting bitcoin amount in the Trust’s accounts with the Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to an Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by such Authorized Participant’s designee of, bitcoin to the Trust’s accounts with a Custodian in exchange for Shares.

 

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct a Custodian to transfer bitcoin to a Bitcoin Counterparty, who will sell the bitcoin to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through a Custodian, will deliver bitcoin to the Authorized Participant, or its designee in exchange for Shares.

 

    Three Months
Ended
June 30,
2026		     Three Months
Ended
June 30,
2025		     Six Months
Ended
June 30,
2026		     Six Months
Ended
June 30,
2025		  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Activity in Capital Shares:                        
Shares issued     37,780,000       49,470,000       57,760,000       103,035,000  
Shares redeemed     (46,975,000 )     (51,715,000 )     (74,500,000 )     (102,535,000 )
Net Change in Capital Shares     (9,195,000 )     (2,245,000 )     (16,740,000 )     500,000  

 

(Amounts in thousands)   Three Months
Ended
June 30,
2026		     Three Months
Ended
June 30,
2025		     Six Months
Ended
June 30,
2026		     Six Months
Ended
June 30,
2025		  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Activity in Capital Transactions:                        
Contributions for Shares issued   $ 908,351     $ 1,596,484     $ 1,413,921     $ 3,289,644  
Distributions for Shares redeemed     (1,133,046 )     (1,675,241 )     (1,838,427 )     (3,217,683 )
Net Change in Capital Transactions   $ (224,695 )   $ (78,757 )   $ (424,506 )   $ 71,961  

 

Bitcoin purchased payable represents the quantity of bitcoin purchased for the creation of Shares where the bitcoin has not yet settled. Generally, bitcoin is transferred within two Business Days of the trade date.

 

(Amounts in thousands)     June 30,
2026		       December 31,
2025		  
      (Unaudited)          
Bitcoin purchased payable   $ –     $ –  

 

Bitcoin sold receivable represents the quantity of bitcoin sold for the redemption of Shares where the bitcoin has not yet been settled. Generally, bitcoin is transferred within two Business Days of the trade date.

 

(Amounts in thousands)   June 30,
2026		     December 31,
2025		  
    (Unaudited)        
Bitcoin sold receivable   $ –     $ 76,534