| Schedule of Changes in Quantity and the Fair Value of Bitcoin |
The following represents the changes in quantity and the fair value of bitcoin during the six months ended June 30, 2026 (Unaudited) and 2025 (Unaudited): | (Amounts in thousands, except quantity of bitcoin) | | Quantity of
bitcoin | | | Fair Value | | | Beginning balance as of January 1, 2026 | | | 37,769.3458 | | | $ | 3,305,394 | | | Bitcoin purchased for contributions | | | 19,166.5663 | | | | 1,413,921 | | | Bitcoin sold for redemptions | | | (24,721.0841 | ) | | | (1,838,427 | ) | | Bitcoin sold to pay expenses | | | (36.6000 | ) | | | (2,631 | ) | | Net realized loss on investment in bitcoin sold to pay Sponsor Fee | | | – | | | | (547 | ) | | Net realized loss on investment in bitcoin sold for redemptions | | | – | | | | (314,085 | ) | | Net change in unrealized depreciation on investment in bitcoin | | | – | | | | (674,311 | ) | | Ending balance as of June 30, 2026 | | | 32,178.2280 | | | $ | 1,889,314 | | | (Amounts in thousands, except quantity of bitcoin) | | Quantity of
bitcoin | | | Fair Value | | | Beginning balance as of January 1, 2025 | | | 46,607.1028 | | | $ | 4,352,648 | | | Bitcoin purchased for contributions | | | 34,265.2508 | | | | 3,289,625 | | | Bitcoin sold for redemptions | | | (34,097.5269 | ) | | | (3,217,535 | ) | | Bitcoin sold to pay expenses | | | (52.0000 | ) | | | (5,051 | ) | | Net realized gain on investment in bitcoin sold to pay Sponsor Fee | | | – | | | | 1,129 | | | Net realized gain on investment in bitcoin sold for redemptions | | | – | | | | 661,158 | | | Net change in unrealized depreciation on investment in bitcoin | | | – | | | | (47,364 | ) | | Ending balance as of June 30, 2025 | | | 46,722.8267 | | | $ | 5,034,610 | | The following represents the changes in quantity and the fair value of bitcoin during the three months ended June 30, 2026 (Unaudited) and 2025 (Unaudited): | (Amounts in thousands, except quantity of bitcoin) | | Quantity of
bitcoin | | | Fair Value | | | Beginning balance as of April 1, 2026 | | | 35,246.5837 | | | $ | 2,388,764 | | | Bitcoin purchased for contributions | | | 12,534.4152 | | | | 908,351 | | | Bitcoin sold for redemptions | | | (15,584.3819 | ) | | | (1,133,046 | ) | | Bitcoin sold to pay expenses | | | (18.3890 | ) | | | (1,307 | ) | | Net realized loss on investment in bitcoin sold to pay Sponsor Fee | | | – | | | | (287 | ) | | Net realized loss on investment in bitcoin sold for redemptions | | | – | | | | (185,186 | ) | | Net change in unrealized depreciation on investment in bitcoin | | | – | | | | (87,975 | ) | | Ending balance as of June 30, 2026 | | | 32,178.2280 | | | $ | 1,889,314 | | | (Amounts in thousands, except quantity of bitcoin) | | Quantity of
bitcoin | | | Fair Value | | | Beginning balance as of April 1, 2025 | | | 47,501.0671 | | | $ | 3,916,212 | | | Bitcoin purchased for contributions | | | 16,447.0743 | | | | 1,596,465 | | | Bitcoin sold for redemptions | | | (17,193.3147 | ) | | | (1,675,052 | ) | | Bitcoin sold to pay expenses | | | (32.0000 | ) | | | (3,119 | ) | | Net realized gain on investment in bitcoin sold to pay Sponsor Fee | | | – | | | | 593 | | | Net realized gain on investment in bitcoin sold for redemptions | | | – | | | | 339,579 | | | Net change in unrealized appreciation on investment in bitcoin | | | – | | | | 859,932 | | | Ending balance as of June 30, 2025 | | | 46,722.8267 | | | $ | 5,034,610 | |
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