| The following table summarizes the Trust’s investments at fair value: |
The following table summarizes the Trust’s
investments at fair value:
| June 30, 2026 (Unaudited) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Bitcoin | |
$ | 342,431,656 | | |
$ | — | | |
$ | — | | |
$ | 342,431,656 | |
| Total Investments | |
$ | 342,431,656 | | |
$ | — | | |
$ | — | | |
$ | 342,431,656 | |
| | |
| | | |
| | | |
| | | |
| | |
| December 31, 2025 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Bitcoin | |
$ | 505,489,906 | | |
$ | — | | |
$ | — | | |
$ | 505,489,906 | |
| Total Investments | |
$ | 505,489,906 | | |
$ | — | | |
$ | — | | |
$ | 505,489,906 | |
|
| The following summarizes activity in bitcoin |
The following summarizes activity in bitcoin for
the three months ended June 30, 2026 and 2025:
| | |
| | |
| |
| Three Months Ended June 30, 2026 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of March 31, 2026 | |
| 6,303 | | |
$ | 429,823,599 | |
| Bitcoin purchased | |
| 110 | | |
| 8,253,016 | |
| Bitcoin sold for the redemption of Shares | |
| (545 | ) | |
| (40,952,055 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (287,295 | ) |
| Net Change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (57,019,947 | ) |
| Net Realized gain (loss) on investments in bitcoin | |
| — | | |
| 2,614,338 | |
| Ending balance as of June 30, 2026 | |
| 5,864 | | |
$ | 342,431,656 | |
| | |
| | | |
| | |
| Three Months Ended June 30, 2025 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of March 31, 2025 | |
| 5,784 | | |
$ | 480,384,508 | |
| Bitcoin purchased | |
| 465 | | |
| 43,111,468 | |
| Bitcoin sold for the redemption of Shares | |
| (393 | ) | |
| (38,853,551 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (242,208 | ) |
| Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| 130,366,125 | |
| Net realized gain (loss) on investments in bitcoin | |
| — | | |
| 11,139,128 | |
| Ending balance as of June 30, 2025 | |
| 5,854 | | |
$ | 625,905,470 | |
The following summarizes activity in bitcoin for the six months ended
June 30, 2026 and 2025:
| Six Months Ended June 30, 2026 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of December 31, 2025 | |
| 5,767 | | |
$ | 505,489,906 | |
| Bitcoin purchased | |
| 819 | | |
| 65,700,401 | |
| Bitcoin sold for the redemption of Shares | |
| (714 | ) | |
| (53,357,576 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (594,693 | ) |
| Net Change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (177,737,232 | ) |
| Net Realized gain (loss) on investments in bitcoin | |
| — | | |
| 2,930,850 | |
| Ending balance as of June 30, 2026 | |
| 5,864 | | |
$ | 342,431,656 | |
| | |
| | | |
| | |
| Six Months Ended June 30, 2025 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of December 31, 2024 | |
| 8,849 | | |
$ | 826,306,338 | |
| Bitcoin purchased | |
| 638 | | |
| 60,654,997 | |
| Bitcoin sold for the redemption of Shares | |
| (3,624 | ) | |
| (325,524,564 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (884,288 | ) |
| Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (51,464,017 | ) |
| Net realized gain (loss) on investments in bitcoin | |
| — | | |
| 116,817,004 | |
| Ending balance as of June 30, 2025 | |
| 5,854 | | |
$ | 625,905,470 | |
|