v3.26.1
Fair Value of Bitcoin
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Bitcoin

3. Fair Value of Bitcoin

As of June 30, 2026, the Trust held a net closing balance of 36,207.6919 bitcoin with a total market value of $2,121,966,631 based on the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") price of $58,605.41 per bitcoin used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,125,990,030 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Coinbase) of $58,716.53, 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 six-month period ended June 30, 2026:

 

 

Quantity of bitcoin

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2025

 

 

38,468.0468

 

 

$

3,367,647

 

Purchases

 

 

7,610.7077

 

 

 

613,156

 

In-Kind Creations

 

 

1,770.6288

 

 

 

127,362

 

Sales for the redemption of Shares

 

 

(10,157.5133

)

 

 

(782,370

)

In-Kind Redemptions

 

 

(1,444.3602

)

 

 

(102,536

)

Bitcoin transferred for Sponsor Fee

 

 

(39.8179

)

 

 

(3,025

)

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

 

 

—

 

 

 

45,336

 

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

 

 

—

 

 

 

1,455

 

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

 

 

—

 

 

 

(35,191

)

Change in unrealized appreciation (depreciation) from investment in bitcoin

 

 

—

 

 

 

(1,105,844

)

Ending balance as of June 30, 2026

 

 

36,207.6919

 

 

$

2,125,990

 

 

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 six months ended June 30, 2026, the Trust recognized net realized gains of $11,599,398, which represents the net of cumulative realized gains of $50,827,151 and cumulative realized losses of $39,227,753.

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) from investment in bitcoin transferred to pay Sponsor Fee

 

 

—

 

 

 

5,019

 

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

 

 

—

 

 

 

(42,062

)

Change in unrealized appreciation (depreciation) from investment in bitcoin

 

 

—

 

 

 

(299,207

)

Ending balance as of December 31, 2025

 

 

38,468.0468

 

 

$

3,367,647