Valuation |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Fair Value Disclosures [Abstract] | |
| Valuation | NOTE 3 - VALUATION The Trust’s investments in crypto assets are valued at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust follows the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements” (ASC Topic 820) and utilizes an exchange-traded price from the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for each crypto asset as of 11:59 p.m. Eastern Time on the Trust’s financial statement measurement date. The Administrator has engaged a third-party vendor to obtain the exchange traded price for each crypto asset from its respective principal market which is determined based on its consideration of several exchange characteristics, including volume and frequency of trades. Cash equivalents are valued at the close of NYSE and reported at fair value. Other assets and liabilities, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. The Sponsor has delegated to the Administrator the responsibility to ensure that the crypto assets are appropriately priced at fair value in accordance with GAAP, based on pricing sources selected by the Sponsor. Various valuation techniques and inputs are used to determine the fair value of crypto assets. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust can access at the reporting date Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability or inputs derived principally from or corroborated by observable market data by correlation or other means ) Level 3 – inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of the asset or liability Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the asset or liability. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the asset or liability. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, each crypto asset is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the crypto asset. Input levels are not necessarily an indication of the risk or liquidity associated with each crypto asset at that level but rather the degree of judgment used in determining those values. As of June 30, 2026, the Trust had no holdings other than cash received from the sale and issuance of initial seed shares. |