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<p id="xdx_80F_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z5ffFF80Yg45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Organization CoinShares Bitcoin ETF (the “Trust”) was organized as a Delaware statutory trust on January 20, 2021. The fiscal year for the Trust is December 31st. CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”). CoinShares Co., a Delaware corporation, is the sponsor of the Trust (the “Sponsor”). The Sponsor is responsible for the day-to-day administration of the Trust. The Trust is governed by the provisions of the First Amended and Restated Trust Agreement, as amended (the “Trust Agreement”), executed by the Sponsor and the Trustee. The Trust is an exchange traded fund that issues common shares of beneficial interest (“Shares”) representing units of fractional undivided beneficial interests in its net assets. There are an unlimited number of authorized shares. The investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the CME CF Bitcoin Reference Rate - New York Variant (the “Index”), less the Trust’s liabilities and expenses. In seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major bitcoin spot exchanges. The offering of the Trust’s Shares is registered with the Securities and Exchange Commission (“SEC”) in accordance with the Securities Act of 1933.

2. Basis of Presentation and Summary of Significant Accounting Policies The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Trust will cease to be an “emerging growth company” upon the earliest of (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering. For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the SEC determines otherwise. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). <div id="xdx_84F_eus-gaap--UseOfEstimates_z5wxap38n6s3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Use of Estimates</td></tr></table> The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. <div id="xdx_84F_eus-gaap--InvestmentPolicyTextBlock_z0D6j5WPqjOj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Investment Transactions</td></tr></table> The Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are recorded on a trade date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized occurred. The Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust’s financial statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. <div id="xdx_84F_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zziIs3DZSQcb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(c)</td><td style="text-align: justify">Indemnifications</td></tr></table> The Sponsor and its affiliates (each a “Covered Person”) will be indemnified by the Trust and held harmless against any loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered Person’s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with the provisions of the Trust Agreement. The Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful misconduct, bad faith or gross negligence of such indemnified person. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty. <div id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_znM9SfWmylF2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(d)</td><td style="text-align: justify">Federal Income Taxes</td></tr></table> The Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986, as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather, a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares. <div id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zcwz36hWpq1k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(e)</td><td style="text-align: justify">Recent Accounting Pronouncements</td></tr></table> The Sponsor has evaluated recently issued accounting pronouncements and does not believe any such pronouncements will have a material impact on the Trust’s financial statements.

<div id="xdx_84F_eus-gaap--UseOfEstimates_z5wxap38n6s3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Use of Estimates</td></tr></table> The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

<div id="xdx_84F_eus-gaap--InvestmentPolicyTextBlock_z0D6j5WPqjOj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Investment Transactions</td></tr></table> The Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are recorded on a trade date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized occurred. The Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust’s financial statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.

<div id="xdx_84F_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zziIs3DZSQcb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(c)</td><td style="text-align: justify">Indemnifications</td></tr></table> The Sponsor and its affiliates (each a “Covered Person”) will be indemnified by the Trust and held harmless against any loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered Person’s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with the provisions of the Trust Agreement. The Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful misconduct, bad faith or gross negligence of such indemnified person. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

<div id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_znM9SfWmylF2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(d)</td><td style="text-align: justify">Federal Income Taxes</td></tr></table> The Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986, as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather, a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares.

<div id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zcwz36hWpq1k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(e)</td><td style="text-align: justify">Recent Accounting Pronouncements</td></tr></table> The Sponsor has evaluated recently issued accounting pronouncements and does not believe any such pronouncements will have a material impact on the Trust’s financial statements.

3. Investment Valuation and Calculation of Net Asset Value (“NAV”) FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”), or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 — Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. <p id="xdx_899_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z6xJqcimuKUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the Trust’s investments at fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">June 30, 2026 (Unaudited)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-bottom: 1pt">Bitcoin</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_903_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zrauIw0eXF19" title="Bitcoin">342,431,656</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_903_eus-gaap--CryptoAssetFairValue_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zWs5xagDSJDl" title="Bitcoin">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_907_eus-gaap--CryptoAssetFairValue_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zs4puOcrgWa3" title="Bitcoin">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">342,431,656</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342,431,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342,431,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1XHEY5Tdg68" title="Bitcoin">505,489,906</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zTdu5CMhll0j" title="Bitcoin">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_z7fbBQdPDGQk" title="Bitcoin">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">505,489,906</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">505,489,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zd7TP7GtArA9" title="Bitcoin">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">505,489,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There were no transfers between Level 1 and other Levels for the six months ended June 30, 2026, or for the year ended December 31, 2025. The Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described above. The Trust’s NAV is calculated by subtracting all accrued fees, expenses and other liabilities from the fair value of its bitcoin and other assets. The Trust’s NAV per share is calculated by taking the Trust’s NAV divided by the total amount of Shares outstanding. The following summarizes activity in bitcoin for the three months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Three Months Ended June 30, 2026</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-weight: bold; text-align: justify">Beginning Balance as of March 31, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zepl1CQarTwd" style="width: 10%; text-align: right" title="Beginning balance">6,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zzgqfXzXghxg" style="width: 10%; text-align: right" title="Beginning balance, fair value">429,823,599</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zHjMwmozsxZ5" style="text-align: right" title="Bitcoin purchased">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CryptoAssetPurchase_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zsNJSfc9nQ6l" style="text-align: right" title="Bitcoin purchased, fair value">8,253,016</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z6tAIyk4OAp3" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(545</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetSale_iN_di_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z4BcuARl99F1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(40,952,055</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zZcG7ElDS7B2" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetPaymentForService_iN_di_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zPyRb1LTnWI7" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(287,295</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--UnrealizedGainLossOnInvestments_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zP2FYQgswN4e" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(57,019,947</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net Realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--RealizedInvestmentGainsLosses_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zoiXCsDk9Ey2" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">2,614,338</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_znyP9H0MbExf" style="text-align: right" title="Ending balance">5,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iE_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zn9BChCuuOI1" style="text-align: right" title="Ending balance, fair value">342,431,656</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Three Months Ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Beginning Balance as of March 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Tx6uueRQWl" style="text-align: right" title="Beginning balance">5,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iS_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zsHYZCtiqP2" style="text-align: right" title="Beginning balance, fair value">480,384,508</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zAeYzm3gdum9" style="text-align: right" title="Bitcoin purchased">465</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetPurchase_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zSwqyO14QpWi" style="text-align: right" title="Bitcoin purchased, fair value">43,111,468</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zgsmHhheKgS3" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(393</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetSale_iN_di_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z0xYbqFwXNN9" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(38,853,551</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zhvZAPx6ISKh" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zJvlq2pC9ijb" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(242,208</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnInvestments_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Ny4jLsnhh1" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">130,366,125</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--RealizedInvestmentGainsLosses_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zmq6swjvEfHa" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">11,139,128</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zsf1poYSuRSj" style="text-align: right" title="Ending balance">5,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iE_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zeYE421GUtGg" style="text-align: right" title="Ending balance, fair value">625,905,470</td><td style="text-align: left"> </td></tr> </table> The following summarizes activity in bitcoin for the six months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Six Months Ended June 30, 2026</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-weight: bold; text-align: justify">Beginning Balance as of December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zxGjCVkuNg66" style="width: 10%; text-align: right" title="Beginning balance">5,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z85mRdR41vi7" style="width: 10%; text-align: right" title="Beginning balance, fair value">505,489,906</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zA4UgpwL1BX5" style="text-align: right" title="Bitcoin purchased">819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetPurchase_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zY7tALJHHPnd" style="text-align: right" title="Bitcoin purchased, fair value">65,700,401</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zopYZfCRO5F9" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(714</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetSale_iN_di_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z6J2ZPIRoT65" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(53,357,576</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zmsLen0vqPV5" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetPaymentForService_iN_di_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zbqMSuqVdAyk" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(594,693</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--UnrealizedGainLossOnInvestments_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zysl3Yxylvl9" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(177,737,232</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net Realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--RealizedInvestmentGainsLosses_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zSqjVVJ5JEBa" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">2,930,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zjMiHpjw7A2d" style="text-align: right" title="Ending balance">5,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--CryptoAssetFairValue_iE_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zYv8mt3MJeke" style="text-align: right" title="Ending balance, fair value">342,431,656</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Six Months Ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Beginning Balance as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zGhHiRCxxNY" style="text-align: right" title="Beginning balance">8,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zkdLUwVnJNN1" style="text-align: right" title="Beginning balance, fair value">826,306,338</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Aa4vooj3Ld" style="text-align: right" title="Bitcoin purchased">638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetPurchase_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zAUCaPoi9lH" style="text-align: right" title="Bitcoin purchased, fair value">60,654,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zBufZoebipqh" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(3,624</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetSale_iN_di_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zp3ANcuDuI6a" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(325,524,564</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zw1WICIqAXne" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zgH8mFEdyZM4" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(884,288</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z9xnZpOwSAtj" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(51,464,017</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zQvwyb1ZKop" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">116,817,004</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zVprs6oCaP5g" style="text-align: right" title="Ending balance">5,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zeFkRWuksQO4" style="text-align: right" title="Ending balance, fair value">625,905,470</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_899_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z6xJqcimuKUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the Trust’s investments at fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">June 30, 2026 (Unaudited)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-bottom: 1pt">Bitcoin</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_903_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zrauIw0eXF19" title="Bitcoin">342,431,656</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_903_eus-gaap--CryptoAssetFairValue_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zWs5xagDSJDl" title="Bitcoin">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_907_eus-gaap--CryptoAssetFairValue_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zs4puOcrgWa3" title="Bitcoin">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">342,431,656</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342,431,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342,431,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1XHEY5Tdg68" title="Bitcoin">505,489,906</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zTdu5CMhll0j" title="Bitcoin">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_z7fbBQdPDGQk" title="Bitcoin">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">505,489,906</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">505,489,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zd7TP7GtArA9" title="Bitcoin">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">505,489,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

342431656

505489906

The following summarizes activity in bitcoin for the three months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Three Months Ended June 30, 2026</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-weight: bold; text-align: justify">Beginning Balance as of March 31, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zepl1CQarTwd" style="width: 10%; text-align: right" title="Beginning balance">6,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zzgqfXzXghxg" style="width: 10%; text-align: right" title="Beginning balance, fair value">429,823,599</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zHjMwmozsxZ5" style="text-align: right" title="Bitcoin purchased">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CryptoAssetPurchase_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zsNJSfc9nQ6l" style="text-align: right" title="Bitcoin purchased, fair value">8,253,016</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z6tAIyk4OAp3" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(545</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetSale_iN_di_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z4BcuARl99F1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(40,952,055</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zZcG7ElDS7B2" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetPaymentForService_iN_di_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zPyRb1LTnWI7" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(287,295</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--UnrealizedGainLossOnInvestments_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zP2FYQgswN4e" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(57,019,947</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net Realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--RealizedInvestmentGainsLosses_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zoiXCsDk9Ey2" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">2,614,338</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_znyP9H0MbExf" style="text-align: right" title="Ending balance">5,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iE_c20260401__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zn9BChCuuOI1" style="text-align: right" title="Ending balance, fair value">342,431,656</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Three Months Ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Beginning Balance as of March 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Tx6uueRQWl" style="text-align: right" title="Beginning balance">5,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iS_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zsHYZCtiqP2" style="text-align: right" title="Beginning balance, fair value">480,384,508</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zAeYzm3gdum9" style="text-align: right" title="Bitcoin purchased">465</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetPurchase_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zSwqyO14QpWi" style="text-align: right" title="Bitcoin purchased, fair value">43,111,468</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zgsmHhheKgS3" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(393</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetSale_iN_di_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z0xYbqFwXNN9" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(38,853,551</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zhvZAPx6ISKh" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zJvlq2pC9ijb" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(242,208</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnInvestments_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Ny4jLsnhh1" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">130,366,125</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--RealizedInvestmentGainsLosses_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zmq6swjvEfHa" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">11,139,128</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zsf1poYSuRSj" style="text-align: right" title="Ending balance">5,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iE_c20250401__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zeYE421GUtGg" style="text-align: right" title="Ending balance, fair value">625,905,470</td><td style="text-align: left"> </td></tr> </table> The following summarizes activity in bitcoin for the six months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Six Months Ended June 30, 2026</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-weight: bold; text-align: justify">Beginning Balance as of December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zxGjCVkuNg66" style="width: 10%; text-align: right" title="Beginning balance">5,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z85mRdR41vi7" style="width: 10%; text-align: right" title="Beginning balance, fair value">505,489,906</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zA4UgpwL1BX5" style="text-align: right" title="Bitcoin purchased">819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetPurchase_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zY7tALJHHPnd" style="text-align: right" title="Bitcoin purchased, fair value">65,700,401</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zopYZfCRO5F9" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(714</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetSale_iN_di_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z6J2ZPIRoT65" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(53,357,576</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zmsLen0vqPV5" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetPaymentForService_iN_di_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zbqMSuqVdAyk" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(594,693</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--UnrealizedGainLossOnInvestments_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zysl3Yxylvl9" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(177,737,232</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net Realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--RealizedInvestmentGainsLosses_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zSqjVVJ5JEBa" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">2,930,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zjMiHpjw7A2d" style="text-align: right" title="Ending balance">5,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--CryptoAssetFairValue_iE_c20260101__20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zYv8mt3MJeke" style="text-align: right" title="Ending balance, fair value">342,431,656</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Six Months Ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Beginning Balance as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zGhHiRCxxNY" style="text-align: right" title="Beginning balance">8,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zkdLUwVnJNN1" style="text-align: right" title="Beginning balance, fair value">826,306,338</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z2Aa4vooj3Ld" style="text-align: right" title="Bitcoin purchased">638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetPurchase_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zAUCaPoi9lH" style="text-align: right" title="Bitcoin purchased, fair value">60,654,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Bitcoin sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zBufZoebipqh" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(3,624</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetSale_iN_di_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zp3ANcuDuI6a" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(325,524,564</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Bitcoin transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zw1WICIqAXne" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zgH8mFEdyZM4" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(884,288</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_z9xnZpOwSAtj" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(51,464,017</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net realized gain (loss) on investments in bitcoin</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zQvwyb1ZKop" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain (loss) on investments in bitcoin">116,817,004</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Ending balance as of June 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zVprs6oCaP5g" style="text-align: right" title="Ending balance">5,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20250101__20250630__srt--CryptoAssetAxis__custom--BitcoinMember_zeFkRWuksQO4" style="text-align: right" title="Ending balance, fair value">625,905,470</td><td style="text-align: left"> </td></tr> </table>

6303

429823599

110

8253016

545

40952055

287295

-57019947

2614338

5864

342431656

5784

480384508

465

43111468

393

38853551

242208

130366125

11139128

5854

625905470

5767

505489906

819

65700401

714

53357576

594693

-177737232

2930850

5864

342431656

8849

826306338

638

60654997

3624

325524564

884288

-51464017

116817004

5854

625905470

4. Trust Expenses The Trust pays to the Sponsor a Sponsor fee (the “Sponsor Fee”) in accordance with the Trust Agreement. The Sponsor Fee accrues daily by applying an annual rate of 0.25% to the Trust’s bitcoin holdings. The Sponsor Fee is paid in bitcoins at such times as determined in the Sponsor’s sole discretion. The Trust is not responsible for paying any fees or costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee. The Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing Agent fee, the Administrator fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust’s website. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Trust’s fund accountant, fund administrator and the transfer agent of the Trust, pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a subsidiary of U.S. Bancorp and parent company of Fund Services, serves as the Trust’s cash custodian pursuant to a custody agreement. Paralel Distributors LLC (the “Marketing Agent”) serves as the Trust’s marketing agent pursuant to a marketing agent agreement. Coinbase Custody Trust Company, LLC, BitGo Trust Company, Inc., and Komainu (Jersey) Limited (the “Custodians”) are custodians of the Trust. 0.0025

5. Creation and Redemption of Creation Units The Trust issues Shares on an ongoing basis, but only in one or more blocks of 5,000 Shares (a “Basket”). The Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing basis from authorized participants. Authorized participants are the only persons that may place orders to create and redeem Baskets. Authorized participants must be (1) registered broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants. Authorized participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets. In addition, an authorized participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs, transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the bitcoin being purchased or sold in connection with such order (the “Execution Charges”, and collectively with the Transfer Agent Fee, the “Transaction Fees”). The Transaction Fees may be reduced, increased or otherwise changed by the Sponsor. Activity in the number and value of Shares created and redeemed for the three months ended June 30, 2026 and 2025 is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">390,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,645,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,258,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">43,128,516</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,930,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,390,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(40,955,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(38,869,007</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in Shares created and redeemed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,540,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">255,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,696,878</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,259,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Activity in the number and value of Shares created and redeemed for the six months ended June 30, 2026 and 2025 is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,900,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,255,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,708,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,709,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,810,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(53,365,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(325,566,996</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in Shares created and redeemed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">370,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,555,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,342,918</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(264,857,458</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

5000

Activity in the number and value of Shares created and redeemed for the three months ended June 30, 2026 and 2025 is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">390,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,645,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,258,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">43,128,516</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,930,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,390,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(40,955,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(38,869,007</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in Shares created and redeemed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,540,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">255,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(32,696,878</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,259,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Activity in the number and value of Shares created and redeemed for the six months ended June 30, 2026 and 2025 is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,900,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,255,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,708,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,709,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,810,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(53,365,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(325,566,996</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in Shares created and redeemed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">370,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,555,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,342,918</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(264,857,458</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

390000

1645000

8258459

43128516

1930000

1390000

40955337

38869007

-1540000

255000

-32696878

4259509

2900000

2255000

65708126

60709538

2530000

12810000

53365208

325566996

370000

-10555000

12342918

-264857458

6. Investment Transactions For the six months ended June 30, 2026 and 2025, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Purchases</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Sales</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--PaymentsToAcquireInvestments_c20260101__20260630_ztmt0eIUoxzd" style="width: 23%; text-align: right" title="Purchases">65,700,401</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--PaymentsToAcquireInvestments_c20250101__20250630_zqDRk3C7b2Rj" style="width: 22%; text-align: right" title="Purchases">60,654,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20260101__20260630_zNaCPGP8sOsg" style="width: 22%; text-align: right" title="Sales">53,952,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20250630_zK65Q8wQlSZc" style="width: 22%; text-align: right" title="Sales">326,408,852</td><td style="width: 1%; text-align: left"> </td></tr> </table>

For the six months ended June 30, 2026 and 2025, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Purchases</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Sales</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--PaymentsToAcquireInvestments_c20260101__20260630_ztmt0eIUoxzd" style="width: 23%; text-align: right" title="Purchases">65,700,401</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--PaymentsToAcquireInvestments_c20250101__20250630_zqDRk3C7b2Rj" style="width: 22%; text-align: right" title="Purchases">60,654,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20260101__20260630_zNaCPGP8sOsg" style="width: 22%; text-align: right" title="Sales">53,952,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20250630_zK65Q8wQlSZc" style="width: 22%; text-align: right" title="Sales">326,408,852</td><td style="width: 1%; text-align: left"> </td></tr> </table>

65700401

60654997

53952269

326408852

7. Related Party Transactions Certain officers of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities. For the six months ended June 30, 2025, the Trust incurred $824,349 in Sponsor Fees. For the six months ended June 30, 2026, the Trust incurred $563,328 in Sponsor Fees. As of June 30, 2026, affiliates of the Sponsor owned 18,140,000 Shares of the Trust.

824349

563328

18140000

8. Commitments and Contingencies In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote.

9. Segment Reporting The Principal Accounting Officer of the Sponsor performs the functions of the Trust’s Chief Operating Decision Maker (“CODM”). The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its prospectus dated July 25, 2025 (the “Prospectus”). The Trust operates as a single operating and reporting segment pursuant to its investment objective. The Trust’s Prospectus describes the Trust’s fees, investment objective, and principal risks, among other items. The Trust’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust’s financial statements. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

10. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended June 30, 2026 and 2025, respectively. The total return at NAV is based on the change in NAV of a Share during the period and the total return at market value is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. Financial Highlights (Unaudited) For the three and six months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_zmYu3lg8vyTf" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2026 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_z4V66t6zUK6j" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2025 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zQXGvCWBuz3c" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2026 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_z8ZXJLfEPcs3" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2025 (unaudited)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zHDQS7qzMby7" style="vertical-align: bottom"> <td>Net Asset Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zbmI56NDzxyd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 48%">Net Asset Value per Share, beginning of period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26.43</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maNetIncLoss_zG4KXKLxLwHj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Net investment income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.01</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zCAiSywFNG7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Net realized and change in unrealized Gain (loss)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.77</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.75</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8.25</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.82</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_iT_pid_uUSDPShares_mtNetIncLoss_z1syA9sgPsZb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Net income (loss)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.78</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.73</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8.28</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.79</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zIKZnlsPICW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Net asset value per Share, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.46</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.22</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.46</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.22</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zulBWQ7m68n2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Market Value per Share, beginning of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19.13</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24.73</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zlhfJ1PZwS7c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Market Value per Share, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zH5J27KzJY9b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ratio to average net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pii_dp_zvEPyEGF7axa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment income (loss)(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zBBZUJcMvol3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Gross expenses(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_i01_pii_dp_zs8VWU93Ty2f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Net expenses(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyTotalReturn_i01_pii_dp_zq1Wc9kTK2Gb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total return, at net asset value(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(14.45</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28.65</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(33.47</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">14.34</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total return, at market value(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20260401__20260630_fKDIp_zZOcOsNXoJO6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">(13.49</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20250401__20250630_fKDIp_zIsH4RHD788e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">30.77</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20260101__20260630_fKDIp_zQIfGrGtCtX1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">(33.08</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20250101__20250630_fKDIp_zrUQMPszAw39" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">15.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 49.5pt"></td><td style="width: 18pt">(1)</td><td id="xdx_F13_zj5k7KOsBQW2" style="text-align: justify">Annualized</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 49.5pt"></td><td style="width: 18pt">(2)</td><td id="xdx_F14_zP3klXW4VvTi" style="text-align: justify">Not annualized</td></tr></table>

Financial Highlights (Unaudited) For the three and six months ended June 30, 2026 and 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_zmYu3lg8vyTf" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2026 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_z4V66t6zUK6j" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2025 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zQXGvCWBuz3c" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2026 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_z8ZXJLfEPcs3" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2025 (unaudited)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zHDQS7qzMby7" style="vertical-align: bottom"> <td>Net Asset Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zbmI56NDzxyd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 48%">Net Asset Value per Share, beginning of period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26.43</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maNetIncLoss_zG4KXKLxLwHj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Net investment income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.01</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zCAiSywFNG7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Net realized and change in unrealized Gain (loss)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.77</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.75</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8.25</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.82</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_iT_pid_uUSDPShares_mtNetIncLoss_z1syA9sgPsZb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Net income (loss)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.78</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.73</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8.28</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.79</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zIKZnlsPICW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Net asset value per Share, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.46</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.22</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.46</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.22</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zulBWQ7m68n2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Market Value per Share, beginning of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19.13</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24.73</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zlhfJ1PZwS7c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Market Value per Share, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zH5J27KzJY9b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ratio to average net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pii_dp_zvEPyEGF7axa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment income (loss)(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zBBZUJcMvol3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Gross expenses(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_i01_pii_dp_zs8VWU93Ty2f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Net expenses(1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.25</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyTotalReturn_i01_pii_dp_zq1Wc9kTK2Gb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total return, at net asset value(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(14.45</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28.65</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(33.47</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">14.34</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total return, at market value(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20260401__20260630_fKDIp_zZOcOsNXoJO6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">(13.49</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20250401__20250630_fKDIp_zIsH4RHD788e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">30.77</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20260101__20260630_fKDIp_zQIfGrGtCtX1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">(33.08</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_c20250101__20250630_fKDIp_zrUQMPszAw39" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return, at market value">15.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 49.5pt"></td><td style="width: 18pt">(1)</td><td id="xdx_F13_zj5k7KOsBQW2" style="text-align: justify">Annualized</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 49.5pt"></td><td style="width: 18pt">(2)</td><td id="xdx_F14_zP3klXW4VvTi" style="text-align: justify">Not annualized</td></tr></table>

19.24

23.49

24.74

26.43

-0.01

-0.02

-0.03

-2.77

6.75

-8.25

3.82

-2.78

6.73

-8.28

3.79

16.46

30.22

16.46

30.22

19.13

23.30

24.73

26.45

16.55

30.47

16.55

30.47

-0.0025

0.0025

-0.1445

0.2865

-0.3347

0.1434

-0.1349

0.3077

-0.3308

0.1520

11. Subsequent Events The Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no events requiring adjustment or additional disclosure in the financial statements during the period.

false false false false Represents less than 0.05% of net assets. Annualized Not annualized