0001992870 2026-04-01 2026-06-30 0001992870 2026-08-03 0001992870 2026-06-30 0001992870 2026-03-31 0001992870 2025-04-01 2026-03-31 0001992870 ezbc:FranklinBitcoinETFMember 2026-06-30 0001992870 ezbc:FranklinBitcoinETFMember 2026-03-31 0001992870 ezbc:FranklinBitcoinETFMember 2026-04-01 2026-06-30 0001992870 ezbc:FranklinBitcoinETFMember 2025-04-01 2026-03-31 0001992870 ezbc:BitcoinMember 2026-06-30 0001992870 ezbc:BitcoinMember 2026-03-31 0001992870 ezbc:BitcoinMember ezbc:FranklinBitcoinETFMember 2026-06-30 0001992870 ezbc:BitcoinMember ezbc:FranklinBitcoinETFMember 2026-03-31 0001992870 2025-04-01 2025-06-30 0001992870 ezbc:FranklinBitcoinETFMember 2025-04-01 2025-06-30 0001992870 2025-03-31 0001992870 2025-06-30 0001992870 ezbc:FranklinBitcoinETFMember 2025-03-31 0001992870 ezbc:FranklinBitcoinETFMember 2025-06-30 0001992870 srt:MaximumMember 2026-04-01 2026-06-30 0001992870 ezbc:FranklinHoldingsLLCMember 2026-06-30 0001992870 ezbc:FranklinHoldingsLLCMember 2026-03-31 0001992870 srt:MaximumMember ezbc:FranklinBitcoinETFMember 2026-04-01 2026-06-30 0001992870 ezbc:FranklinHoldingsLLCMember ezbc:FranklinBitcoinETFMember 2026-06-30 0001992870 ezbc:FranklinHoldingsLLCMember ezbc:FranklinBitcoinETFMember 2026-03-31 shares iso4217:USD iso4217:USD shares ezbc:Bitcoin pure ezbc:Segment 10-Q true 2026-06-30 false 001-41915 Franklin Templeton Digital Holdings Trust DE 93-6855785 One Franklin Parkway San Mateo CA 94403 650 312-2000 Shares of Franklin Bitcoin ETF EZBC CboeBZX Yes Yes Non-accelerated Filer true true false false 9750000 334751802 429409784 334751802 429409784 56873 69685 56873 69685 334694929 429340099 9800000 9800000 10900000 10900000 34.15 39.39 424710391 424710391 473378477 473378477 0 0 0 0 5664.0163 424710391 334751802 1.0002 5664.0163 424710391 334751802 1.0002 -56873 -0.0002 334694929 1 6302.8336 473378477 429409784 1.0002 6302.8336 473378477 429409784 1.0002 -69685 -0.0002 429340099 1 205215 237309 0 0 0 205215 237309 -205215 -237309 -396857 9019211 -45989896 119518907 -46386753 128538118 -46591968 128300809 -4.47 14.6 -46591968 128300809 5799462 55501643 54070691 35531914 -396857 9019211 -45989896 119518907 -12812 -64025 48053202 -20271063 5799402 55501643 53852604 35230580 -48053202 20271063 0 0 0 0 0 0 429340099 410857343 -205215 -237309 -396857 9019211 -45989896 119518907 -46591968 128300809 5799402 55501643 53852604 35230580 -48053202 20271063 334694929 559429215 <div> <span style="font-size: 10.0pt; font-weight: bold;">1. ORGANIZATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Franklin Templeton Digital Holdings Trust (the “Trust”) was formed as a Delaware statutory trust on September 6, 2023, and is governed by the provisions of an Agreement and Declaration of Trust dated as of January 5, 2024 (the “Declaration of Trust”). The Trust, as registrant is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). The accompanying financial statements relate to the Trust, as registrant, and the one series that it currently offers, the Franklin Bitcoin ETF (the “Fund”) presented on a combined basis. Separate, series-level financial statements are provided for the Fund in another section of this report. The Trust had no operations prior to the commencement of operations of the Fund on January 11, 2024, other than matters relating to its organization and the registration of the Fund under the Securities Act of 1933, as amended (the “Securities Act”). The Sponsor of the Trust and the Fund (the “Sponsor”) is Franklin Holdings, LLC. The Sponsor is a Delaware limited liability company formed on July 21, 2021. The Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues Shares (the “Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Shares of the Fund are listed on the Cboe BZX Exchange, Inc. (“Cboe BZX Exchange” or the “Exchange”). The Shares were first listed for trading and the Fund commenced operations on January 11, 2024.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund seeks to reflect generally the performance of the price of bitcoin before payment of the Fund's expenses. The Shares are intended to offer a convenient means of making an investment similar to an investment in bitcoin relative to acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The Shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in bitcoin by providing an investment with a value that reflects the price of the bitcoin owned by the Fund at such time, less the Fund's expenses. The Fund is not a proxy for a direct investment in bitcoin. Rather, the Shares are intended to provide a cost-effective alternative means of obtaining investment exposure through the securities markets that is similar to an investment in bitcoin. The Fund is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the bitcoin held by the Fund. This means that the Sponsor does not sell Bitcoin at times when its price is in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, or “BNYM,” is the Fund’s Administrator (the “Administrator”) and Transfer Agent (the “Transfer Agent”). BNYM also serves as the custodian of the Fund’s cash (the "Cash Custodian"). The Administrator is generally responsible for the day-to-day administration of the Fund, including the calculation of the Fund’s net asset value (“NAV”) per Share. The Bitcoin Custodian is responsible for safekeeping the bitcoin owned by the Fund. The Bitcoin Custodian is Coinbase Custody Trust Company, LLC (“Coinbase Custody”). Coinbase Inc., an affiliate of the Bitcoin Custodian, is the Fund’s Prime Broker (“Prime Broker”). CSC Delaware Trust Company, a subsidiary of the Corporation Service Company (the “Trustee”), is the sole trustee of the Trust. Franklin Distributors, LLC is the marketing agent of the Fund (the “Marketing Agent”).</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Shares only to certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”). Creation Units are directly redeemable only by Authorized Participants. Creation Units are issued and redeemed in exchange for bitcoin and/or cash. The Shares are listed and traded on the Exchange under the ticker symbol “EZBC”. The market price of the Shares may be different than the Fund’s NAV per Share. The Fund issues and redeems Shares in Creation Units on a continuous basis at the applicable NAV per Share on the transaction order date. Except when aggregated in Creation Units, the Shares are not redeemable securities.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended, the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The accompanying Combined Statements of Assets and Liabilities and Combined Schedules of Investments at June 30, 2026 and March 31, 2026 and the Combined Statements of Operations, Combined Statements of Cash Flows and Combined Statements of Changes in Net Assets for the periods ended June 30, 2026 and June 30, 2025, have been prepared on behalf of the Trust, as registrant, combined with its one currently offered series, the Fund, and for the Fund separately (included below in a separate section of this report), and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust and the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The fiscal year end of the Trust and the Fund is March 31st.</span> </div> 50000 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2. SIGNIFICANT ACCOUNTING POLICIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The following is a summary of significant accounting policies followed by the Trust and the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has determined that the Trust and Fund falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.</span> </div><div style="text-align: justify; font-size: 10pt;">The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series level are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund’s operations, as its sole series. These notes to the financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish.</div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the bitcoin held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the bitcoin held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the Cboe BZX Exchange is closed for regular trading.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.3. Valuation of Bitcoin</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">The Trust’s financial statements are prepared in accordance with GAAP for interim financial information. The Trust determines the fair value of bitcoin based on the price provided by the bitcoin market that the Trust considers its “Principal Market” as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s bitcoin holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin as of the Fund’s financial statement measurement date.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">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, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, 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</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">As of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt; color: #221F1F;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt; color: #221F1F;">, the value of the bitcoin held by the Fund is categorized as Level 1.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.4. Fees, Expenses and Realized Gains (Losses)</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Bitcoin Custodian, collectively) and the Trustee, Cboe BZX Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. Bitcoin transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of bitcoin are determined on a specific identification basis and recognized in the Combined Statements of Operations in the period in which the sale or disposition occurs.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month period ended </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;">, the Fund accrued the Sponsor’s Fee of $205,215.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #202529;">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, bitcoin network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the bitcoin blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Broker, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund's organizational and offering costs were borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. Because the Fund does not have any income, it will need to sell bitcoin to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsor’s fee. The result of these sales is a decrease in the amount of bitcoin represented by each</span><span style="font-size: 10.0pt;"> </span><span style="font-size: 10.0pt; color: #202529;">Share.</span></div><div style="font-size: 10pt;">There have been no extraordinary or non-routine expenses during the periods presented.</div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.5. Bitcoin Receivable and Payable</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Bitcoin receivable or payable represents the quantity of bitcoin covered by contractually binding orders for the creation or redemption of Shares respectively, where the bitcoin has not yet been transferred to or from the Fund's account. Generally, ownership of the bitcoin is transferred within one business day of the trade date.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt;">, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.7. Creations and Redemptions of Shares</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of bitcoin and/or cash as determined by the Administrator on each day that Cboe BZX Exchange is open for regular trading.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of bitcoin represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions, the Sponsor will arrange for the bitcoin represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of bitcoin has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Bitcoin Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of bitcoin and the trading price of the Shares on the Cboe BZX Exchange Inc. at the time of the offer. Shares offered at different times may have different offering prices.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">10,900,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">377,440,195</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">150,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">5,799,402</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(1,250,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(53,852,604</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2026 </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,800,000</td><td style="width: 1%; text-align: left; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">329,386,993</td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">8,550,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">240,428,608</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">1,050,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">55,501,643</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(700,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(35,230,580</td><td style="width: 1%; text-align: left;">) </td> </tr><tr style="vertical-align: top;"> <td style="text-align: justify;"><span style="font-size: 8.5pt;"><span style="font-size: 10pt">Balance at June 30, 2025</span></span></td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">8,900,000</span></span></td><td style="text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 10pt">$</span></td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">260,699,671</span></span></td><td style="text-align: left;"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has determined that the Trust and Fund falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.</span> </div><div style="text-align: justify; font-size: 10pt;">The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series level are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund’s operations, as its sole series. These notes to the financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish.</div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the bitcoin held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the bitcoin held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the Cboe BZX Exchange is closed for regular trading.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.3. Valuation of Bitcoin</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">The Trust’s financial statements are prepared in accordance with GAAP for interim financial information. The Trust determines the fair value of bitcoin based on the price provided by the bitcoin market that the Trust considers its “Principal Market” as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s bitcoin holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin as of the Fund’s financial statement measurement date.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">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, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, 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</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">As of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt; color: #221F1F;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt; color: #221F1F;">, the value of the bitcoin held by the Fund is categorized as Level 1.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.4. Fees, Expenses and Realized Gains (Losses)</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Bitcoin Custodian, collectively) and the Trustee, Cboe BZX Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. Bitcoin transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of bitcoin are determined on a specific identification basis and recognized in the Combined Statements of Operations in the period in which the sale or disposition occurs.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month period ended </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;">, the Fund accrued the Sponsor’s Fee of $205,215.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #202529;">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, bitcoin network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the bitcoin blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Broker, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund's organizational and offering costs were borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. Because the Fund does not have any income, it will need to sell bitcoin to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsor’s fee. The result of these sales is a decrease in the amount of bitcoin represented by each</span><span style="font-size: 10.0pt;"> </span><span style="font-size: 10.0pt; color: #202529;">Share.</span></div><div style="font-size: 10pt;">There have been no extraordinary or non-routine expenses during the periods presented.</div> 500000 0.0019 205215 500000 500000 0 0 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.5. Bitcoin Receivable and Payable</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Bitcoin receivable or payable represents the quantity of bitcoin covered by contractually binding orders for the creation or redemption of Shares respectively, where the bitcoin has not yet been transferred to or from the Fund's account. Generally, ownership of the bitcoin is transferred within one business day of the trade date.</span> </div> P1D <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt;">, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.7. Creations and Redemptions of Shares</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of bitcoin and/or cash as determined by the Administrator on each day that Cboe BZX Exchange is open for regular trading.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of bitcoin represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions, the Sponsor will arrange for the bitcoin represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of bitcoin has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Bitcoin Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of bitcoin and the trading price of the Shares on the Cboe BZX Exchange Inc. at the time of the offer. Shares offered at different times may have different offering prices.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">10,900,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">377,440,195</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">150,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">5,799,402</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(1,250,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(53,852,604</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2026 </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,800,000</td><td style="width: 1%; text-align: left; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">329,386,993</td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> </tr> </table><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">8,550,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">240,428,608</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">1,050,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">55,501,643</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(700,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(35,230,580</td><td style="width: 1%; text-align: left;">) </td> </tr><tr style="vertical-align: top;"> <td style="text-align: justify;"><span style="font-size: 8.5pt;"><span style="font-size: 10pt">Balance at June 30, 2025</span></span></td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">8,900,000</span></span></td><td style="text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 10pt">$</span></td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">260,699,671</span></span></td><td style="text-align: left;"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">10,900,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">377,440,195</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">150,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">5,799,402</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(1,250,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(53,852,604</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2026 </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,800,000</td><td style="width: 1%; text-align: left; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">329,386,993</td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Shares </div> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <div> Amount^#</div> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">8,550,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right;">240,428,608</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Creation of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">1,050,000</td><td style="width: 1%; text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">55,501,643</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Redemption of Shares </div> </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(700,000</td><td style="width: 1%; text-align: left;">) </td> <td style="text-align: justify;"> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(35,230,580</td><td style="width: 1%; text-align: left;">) </td> </tr><tr style="vertical-align: top;"> <td style="text-align: justify;"><span style="font-size: 8.5pt;"><span style="font-size: 10pt">Balance at June 30, 2025</span></span></td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">8,900,000</span></span></td><td style="text-align: left;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 10pt">$</span></td><td style="text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="font-size: 8pt;"><span style="font-size: 10pt">260,699,671</span></span></td><td style="text-align: left;"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> 10900000 377440195 150000 5799402 1250000 53852604 9800000 329386993 8550000 240428608 1050000 55501643 700000 35230580 8900000 260699671 <div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt; font-weight: bold;">3. INVESTMENT IN BITCOIN</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2026 to June 30, 2026:</div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in bitcoin </div> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in US$ </div> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">6,302.8336</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="width: 9%; text-align: right;">429,409,784</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin purchased for the creation of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">86.6972</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">5,799,402</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin sold for the redemption of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(722.4968</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(53,852,604</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Principal on bitcoin sales to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(3.0177</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(218,027</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(396,857</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net change in unrealized appreciation (depreciation) on investment in bitcoin </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(45,989,896</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,664.0163</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">334,751,802</td><td style="text-align: left; width: 1%;"> </td> </tr> </table><div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2025 to June 30, 2025:</div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in bitcoin </div> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in US$ </div> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">4,956.3464</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="width: 9%; text-align: right;">411,158,674</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin purchased for the creation of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">608.1510</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">55,501,643</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin sold for the redemption of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(405.4311</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(35,230,580</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Principal on bitcoin sales to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(3.7004</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(301,334</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">9,019,211</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net change in unrealized appreciation (depreciation) on investment in bitcoin </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">119,518,907</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,155.3659</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">559,666,521</td><td style="text-align: left; width: 1%;"> </td> </tr> </table> <div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2026 to June 30, 2026:</div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in bitcoin </div> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in US$ </div> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">6,302.8336</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="width: 9%; text-align: right;">429,409,784</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin purchased for the creation of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">86.6972</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">5,799,402</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin sold for the redemption of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(722.4968</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(53,852,604</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Principal on bitcoin sales to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(3.0177</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(218,027</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(396,857</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net change in unrealized appreciation (depreciation) on investment in bitcoin </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(45,989,896</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2026 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,664.0163</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">334,751,802</td><td style="text-align: left; width: 1%;"> </td> </tr> </table><div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2025 to June 30, 2025:</div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in bitcoin </div> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; font-weight: bold; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <div> Amount in US$ </div> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at April 1, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">4,956.3464</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="width: 9%; text-align: right;">411,158,674</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin purchased for the creation of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">608.1510</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">55,501,643</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Bitcoin sold for the redemption of Shares </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(405.4311</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(35,230,580</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Principal on bitcoin sales to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(3.7004</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(301,334</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">9,019,211</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Net change in unrealized appreciation (depreciation) on investment in bitcoin </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">119,518,907</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <div> Balance at June 30, 2025 </div> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,155.3659</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">559,666,521</td><td style="text-align: left; width: 1%;"> </td> </tr> </table> 6302.8336 429409784 86.6972 5799402 722.4968 53852604 3.0177 218027 -396857 -45989896 5664.0163 334751802 4956.3464 411158674 608.151 55501643 405.4311 35230580 3.7004 301334 9019211 119518907 5155.3659 559666521 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">4. RELATED PARTIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Trust and the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates, and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor is a related party of the Trust and the Fund. The Fund pays the Sponsor a unitary fee for services performed pursuant to the Sponsor Agreement. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid by the Sponsor out of the Sponsor’s fee.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of June 30, 2026 and March 31, 2026, no Shares of the Fund were held by any related party.</span> </div> 0 0 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">5. CONCENTRATION OF RISK</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund holds only bitcoin and cash, which creates a concentration risk associated with fluctuations in the price of bitcoin. Accordingly, a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Fund. The trading prices of bitcoin have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained, or rapid declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of bitcoin and the Shares may include an increase in the global bitcoin supply or a decrease in global bitcoin demand; market conditions of, and overall sentiment towards, the digital assets and blockchain technology industry; trading activity on digital asset platforms, which, in many cases, are largely unregulated or subject to regulation by a relevant jurisdiction but potentially non-compliant with such regulations or may be subject to manipulation; the adoption of bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the bitcoin network, and their ability to meet user demands; manipulative trading activity on digital asset platforms, which, in many cases, are largely unregulated and substantially less regulated relative to securities markets; and forks in the bitcoin network, among other things.</span></div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">6.  COMBINED FINANCIAL HIGHLIGHTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="font-weight: bold; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> For the Three <br/>Months   <br/> Ended   <br/> June 30, 2026 </td><td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="font-weight: bold; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> For the Three <br/>Months   <br/> Ended   <br/> June 30, 2025 </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">39.39</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">48.05</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net investment loss^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.02</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.03</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-right: 5.4pt; padding-bottom: 0px; text-align: justify;"> Net realized and unrealized gain (loss) on investment in bitcoin </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(5.22</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">14.84</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net change in net assets from operations^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(5.24</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">14.81</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">34.15</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">62.86</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(13.30</td><td style="text-align: left; width: 1%;">)%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">30.82</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net investment loss </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.19</td><td style="text-align: left; width: 1%;">)%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.19</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="width: 100%; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 8pt; margin-top: 10pt; margin-bottom: 10pt; text-indent: 0px; font-weight: normal; font-style: normal; text-decoration: none;"> <div class="header override"> </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(a)</span> </div> <div> <span style="font-size: 10pt;">Calculated using average Shares outstanding.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(b)</span> </div> <div> <span style="font-size: 10pt;">The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(c)</span> </div> <div> <span style="font-size: 10pt;">Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(d)</span> </div> <div> <span style="font-size: 10pt;">Annualized.</span> </div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="font-weight: bold; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> For the Three <br/>Months   <br/> Ended   <br/> June 30, 2026 </td><td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: justify; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="font-weight: bold; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> For the Three <br/>Months   <br/> Ended   <br/> June 30, 2025 </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">39.39</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">48.05</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net investment loss^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.02</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.03</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-right: 5.4pt; padding-bottom: 0px; text-align: justify;"> Net realized and unrealized gain (loss) on investment in bitcoin </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(5.22</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">14.84</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net change in net assets from operations^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(5.24</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">14.81</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">34.15</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="text-align: justify; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">62.86</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(13.30</td><td style="text-align: left; width: 1%;">)%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">30.82</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="width: 9%;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net investment loss </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.19</td><td style="text-align: left; width: 1%;">)%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">(0.19</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt; text-align: justify;"> Net expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="width: 9%; text-align: right;">0.19</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="width: 100%; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 8pt; margin-top: 10pt; margin-bottom: 10pt; text-indent: 0px; font-weight: normal; font-style: normal; text-decoration: none;"> <div class="header override"> </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(a)</span> </div> <div> <span style="font-size: 10pt;">Calculated using average Shares outstanding.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(b)</span> </div> <div> <span style="font-size: 10pt;">The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(c)</span> </div> <div> <span style="font-size: 10pt;">Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(d)</span> </div> <div> <span style="font-size: 10pt;">Annualized.</span> </div> </div> 39.39 48.05 -0.02 -0.03 -5.22 14.84 -5.24 14.81 34.15 62.86 -0.133 0.3082 -0.0019 -0.0019 0.0019 0.0019 0.0019 0.0019 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">7. COMMITMENTS AND CONTINGENCIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">8. INDEMNIFICATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Under the Trust’s organizational documents, the Sponsor and its Shareholders, members, directors, affiliates, officers, employees and subsidiaries are indemnified by the Trust against certain liabilities. The Fund has also agreed to indemnify certain of its other service providers, including the Administrator, the Marketing Agent, the Custodians and the Trustee (including its officers, affiliates, directors, employees, and agents), for certain liabilities incurred by such parties in connection with their respective agreements to provide services for the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets of the Fund or the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">9. OPERATING SEGMENTS</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-8">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Combined Statements of Assets and Liabilities and the Combined Statements of Operations, along with the related Notes to the Combined Financial Statements. The Combined Schedules of Investments provide details of the Fund’s investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Combined Financial Highlights.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">10. SUBSEQUENT EVENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure.</span></div> 334751802 429409784 334751802 429409784 56873 69685 56873 69685 334694929 429340099 9800000 9800000 10900000 10900000 34.15 39.39 5664.0163 424710391 334751802 1.0002 5664.0163 424710391 334751802 1.0002 -56873 -0.0002 334694929 1 6302.8336 473378477 429409784 1.0002 6302.8336 473378477 429409784 1.0002 -69685 -0.0002 429340099 1 205215 237309 0 0 205215 237309 -205215 -237309 -396857 9019211 -45989896 119518907 -46386753 128538118 -46591968 128300809 -4.47 14.6 -46591968 128300809 5799462 55501643 54070691 35531914 -396857 9019211 -45989896 119518907 -12812 -64025 48053202 -20271063 5799402 55501643 53852604 35230580 -48053202 20271063 0 0 0 0 0 0 429340099 410857343 -205215 -237309 -396857 9019211 -45989896 119518907 -46591968 128300809 5799402 55501643 53852604 35230580 -48053202 20271063 334694929 559429215 <div> <span style="font-size: 10.0pt; font-weight: bold;">1. ORGANIZATION</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><div style="margin: 0in; text-align: justify; font-size: 10pt;">The Franklin Templeton Digital Holdings Trust (the “Trust”) was formed as a Delaware statutory trust on September 6, 2023, and is governed by the provisions of an Agreement and Declaration of Trust dated as of January 5, 2024 (the “Declaration of Trust”). The Trust, as registrant is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). <span style="line-height: 115%;">The accompanying financial statements relate to the one series that the Trust currently offers, the Franklin Bitcoin ETF (the <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Fund<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>). Separate financial statements and accompanying notes are provided for the Trust, as registrant, on a combined basis with the Fund in another section of this report. </span>The Trust had no operations prior to the commencement of operations of the Fund on January 11, 2024, other than matters relating to its organization and the registration of the Fund under the Securities Act of 1933, as amended (the “Securities Act”). The Sponsor of the Trust and the Fund (the “Sponsor”) is Franklin Holdings, LLC. The Sponsor is a Delaware limited liability company formed on July 21, 2021. The Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Fund. The Shares of the Fund are listed on the Cboe BZX Exchange, Inc. (“Cboe BZX Exchange” or the “Exchange”). The Shares were first listed for trading and the Fund commenced operations on January 11, 2024.</div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund seeks to reflect generally the performance of the price of bitcoin before payment of the Fund's expenses. The Shares are intended to offer a convenient means of making an investment similar to an investment in bitcoin relative to acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The Shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in bitcoin by providing an investment with a value that reflects the price of the bitcoin owned by the Fund at such time, less the Fund's expenses. The Fund is not a proxy for a direct investment in bitcoin. Rather, the Shares are intended to provide a cost-effective alternative means of obtaining investment exposure through the securities markets that is similar to an investment in bitcoin. The Fund is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the bitcoin held by the Fund. This means that the Sponsor does not sell Bitcoin at times when its price is in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, or “BNYM,” is the Fund’s Administrator (the “Administrator”) and Transfer Agent (the “Transfer Agent”). BNYM also serves as the custodian of the Fund’s cash (the "Cash Custodian"). The Administrator is generally responsible for the day-to-day administration of the Fund, including the calculation of the Fund’s net asset value (“NAV”) per Share. The Bitcoin Custodian is responsible for safekeeping the bitcoin owned by the Fund. The Bitcoin Custodian is Coinbase Custody Trust Company, LLC (“Coinbase Custody”). Coinbase Inc., an affiliate of the Bitcoin Custodian, is the Fund’s Prime Broker (“Prime Broker”). CSC Delaware Trust Company, a subsidiary of the Corporation Service Company (the “Trustee”), is the sole trustee of the Trust. Franklin Distributors, LLC is the marketing agent of the Fund (the “Marketing Agent”).</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Shares only to certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”). Creation Units are directly redeemable only by Authorized Participants. Creation Units are issued and redeemed in exchange for bitcoin and/or cash. The Shares are listed and traded on the Exchange under the ticker symbol “EZBC”. The market price of the Shares may be different than the Fund’s NAV per Share. The Fund issues and redeems Shares in Creation Units on a continuous basis at the applicable NAV per Share on the transaction order date. Except when aggregated in Creation Units, the Shares are not redeemable securities.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended, the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify; font-size: 10pt;">The accompanying Statements of Assets and Liabilities and Schedules of Investments at June 30, 2026 and March 31, 2026 and the Statements of Operations, Statements of Cash Flows and Statements of Changes in Net Assets for the periods ended June 30, 2026 and June 30, 2025, have been prepared on behalf of the Trust, as registrant, combined with its one currently offered series, the Fund (included above in a separate section of this report), and for the Fund separately, and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026.</div><div style="margin: 0in; font-size: 12pt;"> </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The fiscal year end of the Trust and the Fund is March 31st.</span> </div> 50000 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2. SIGNIFICANT ACCOUNTING POLICIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The following is a summary of significant accounting policies followed by the Trust and the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has determined that the Trust and Fund falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.</span></div><div style="margin: 0in; font-size: 8.5pt; text-align: justify;"><span style="font-size:10.0pt; mso-bidi-font-size:8.5pt">The financial statements are presented for the Fund, which is the sole series of the Trust. Financial statements and accompanying notes for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund’s operations, as its sole series. These notes to the financial statements relate to the Fund at the individual, series-level. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish.</span></div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the bitcoin held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the bitcoin held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the Cboe BZX Exchange is closed for regular trading.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.3. Valuation of Bitcoin</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify; font-size: 10pt;">The Fund’s financial statements are prepared in accordance with GAAP for interim financial information. The Trust determines the fair value of bitcoin based on the price provided by the bitcoin market that the Trust considers its “Principal Market” as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s bitcoin holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin as of the Fund’s financial statement measurement date.</div><div style="margin: 0in; text-align: justify;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">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, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, 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</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10pt;">As of June 30, 2026</span><span style="font-size: 10.0pt; color: #221F1F;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt; color: #221F1F;">, the value of the bitcoin held by the Fund is categorized as Level 1.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.4. Fees, Expenses and Realized Gains (Losses)</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Bitcoin Custodian, collectively) and the Trustee, Cboe BZX Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. Bitcoin transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of bitcoin are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the sale or disposition occurs.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month period ended </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;">, the Fund accrued the Sponsor’s Fee of $205,215.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #202529;">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, bitcoin network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the bitcoin blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Broker, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund's organizational and offering costs were borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. Because the Fund does not have any income, it will need to sell bitcoin to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsor’s fee. The result of these sales is a decrease in the amount of bitcoin represented by each</span><span style="font-size: 10.0pt;"> </span><span style="font-size: 10.0pt; color: #202529;">Share.</span></div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">There have been no extraordinary or non-routine expenses during the periods presented.</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.5. Bitcoin Receivable and Payable</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Bitcoin receivable or payable represents the quantity of bitcoin covered by contractually binding orders for the creation or redemption of Shares respectively, where the bitcoin has not yet been transferred to or from the Fund's account. Generally, ownership of the bitcoin is transferred within one business day of the trade date.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt;">, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of bitcoin and/or cash as determined by the Administrator on each day that Cboe BZX Exchange is open for regular trading.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of bitcoin represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions, the Sponsor will arrange for the bitcoin represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of bitcoin has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Bitcoin Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of bitcoin and the trading price of the Shares on the Cboe BZX Exchange Inc. at the time of the offer. Shares offered at different times may have different offering prices.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">10,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: center;" valign="top">377,440,195</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">150,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">5,799,402</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(1,250,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(53,852,604</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">9,800,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">329,386,993</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">8,550,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: right;" valign="top">240,428,608</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">1,050,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">55,501,643</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(700,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(35,230,580</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">8,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">260,699,671</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has determined that the Trust and Fund falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.</span></div><div style="margin: 0in; font-size: 8.5pt; text-align: justify;"><span style="font-size:10.0pt; mso-bidi-font-size:8.5pt">The financial statements are presented for the Fund, which is the sole series of the Trust. Financial statements and accompanying notes for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund’s operations, as its sole series. These notes to the financial statements relate to the Fund at the individual, series-level. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish.</span></div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the bitcoin held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the bitcoin held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the Cboe BZX Exchange is closed for regular trading.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.3. Valuation of Bitcoin</span> </div><div style="text-align: justify; font-size: 10pt;">The Fund’s financial statements are prepared in accordance with GAAP for interim financial information. The Trust determines the fair value of bitcoin based on the price provided by the bitcoin market that the Trust considers its “Principal Market” as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s bitcoin holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin as of the Fund’s financial statement measurement date.</div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">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, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, 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</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #221F1F;">Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.</span> </div><div style="text-align: justify;"> <span style="font-size: 10pt;">As of June 30, 2026</span><span style="font-size: 10.0pt; color: #221F1F;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt; color: #221F1F;">, the value of the bitcoin held by the Fund is categorized as Level 1.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.4. Fees, Expenses and Realized Gains (Losses)</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Bitcoin Custodian, collectively) and the Trustee, Cboe BZX Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. Bitcoin transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of bitcoin are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the sale or disposition occurs.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month period ended </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;">, the Fund accrued the Sponsor’s Fee of $205,215.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #202529;">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, bitcoin network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the bitcoin blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Broker, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund's organizational and offering costs were borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. Because the Fund does not have any income, it will need to sell bitcoin to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsor’s fee. The result of these sales is a decrease in the amount of bitcoin represented by each</span><span style="font-size: 10.0pt;"> </span><span style="font-size: 10.0pt; color: #202529;">Share.</span></div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">There have been no extraordinary or non-routine expenses during the periods presented.</span> </div> 500000 0.0019 205215 500000 500000 0 0 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.5. Bitcoin Receivable and Payable</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Bitcoin receivable or payable represents the quantity of bitcoin covered by contractually binding orders for the creation or redemption of Shares respectively, where the bitcoin has not yet been transferred to or from the Fund's account. Generally, ownership of the bitcoin is transferred within one business day of the trade date.</span> </div> P1D <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> and </span><span style="font-size: 10pt;">March 31, 2026</span><span style="font-size: 10.0pt;">, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of bitcoin and/or cash as determined by the Administrator on each day that Cboe BZX Exchange is open for regular trading.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of bitcoin represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions, the Sponsor will arrange for the bitcoin represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of bitcoin has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Bitcoin Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of bitcoin and the trading price of the Shares on the Cboe BZX Exchange Inc. at the time of the offer. Shares offered at different times may have different offering prices.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">10,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: center;" valign="top">377,440,195</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">150,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">5,799,402</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(1,250,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(53,852,604</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">9,800,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">329,386,993</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">8,550,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: right;" valign="top">240,428,608</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">1,050,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">55,501,643</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(700,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(35,230,580</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">8,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">260,699,671</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter from </span><span style="font-size: 10pt;">April 1, 2026 </span><span style="font-size: 10.0pt;">to </span><span style="font-size: 10pt;">June 30, 2026</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">10,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: center;" valign="top">377,440,195</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">150,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">5,799,402</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(1,250,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(53,852,604</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">9,800,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">329,386,993</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">Changes in the Shares for the quarter April 1, 2025 to </span><span style="font-size: 10pt;">June 30, 2025</span><span style="font-size: 10.0pt;"> are as follows:</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^#</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">8,550,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: right;" valign="top">240,428,608</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">1,050,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">55,501,643</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(700,000</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(35,230,580</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">8,900,000</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">260,699,671</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">#</span> </div> <div> <span style="font-size: 10pt;">Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption.</span> </div> </div> 10900000 377440195 150000 5799402 1250000 53852604 9800000 329386993 8550000 240428608 1050000 55501643 700000 35230580 8900000 260699671 <div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt; font-weight: bold;">3. INVESTMENT IN BITCOIN</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 8.5pt;"> <span style="font-size: 10.0pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter </span><span style="font-size: 10pt;">April 1, 2026</span><span style="font-size: 10.0pt;"> to June 30, 2026:</span></div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; white-space: nowrap; border-color: currentcolor currentcolor rgb(0, 0, 0); border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in bitcoin<br/></b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="vertical-align: bottom; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">6,302.8336</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: right;" valign="top">429,409,784</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin purchased for the creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">86.6972</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">5,799,402</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin sold for the redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(722.4968</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(53,852,604</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Principal on bitcoin sales to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(3.0177</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(218,027</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(396,857</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:6"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(45,989,896</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">5,664.0163</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">334,751,802</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2025 to June 30, 2025:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; margin-right: 0px; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in bitcoin<br/></b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">4,956.3464</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin : 0in; text-align : right; white-space : nowrap; " valign="top">411,158,674</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin purchased for the creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">608.1510</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">55,501,643</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin sold for the redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(405.4311</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(35,230,580</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Principal on bitcoin sales to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(3.7004</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(301,334</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">9,019,211</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:6"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">119,518,907</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">5,155.3659</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">559,666,521</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table> <span style="font-size: 10.0pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter </span><span style="font-size: 10pt;">April 1, 2026</span> to June 30, 2026<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; white-space: nowrap; border-color: currentcolor currentcolor rgb(0, 0, 0); border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in bitcoin<br/></b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="vertical-align: bottom; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">6,302.8336</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin: 0in; text-align: right;" valign="top">429,409,784</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin purchased for the creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">86.6972</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">5,799,402</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin sold for the redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(722.4968</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(53,852,604</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Principal on bitcoin sales to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(3.0177</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(218,027</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(396,857</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:6"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(45,989,896</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">5,664.0163</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">334,751,802</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table><div style="font-size: 10pt;">The following represents the changes in quantity of bitcoin held and the respective fair value during the quarter April 1, 2025 to June 30, 2025:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; margin-right: 0px; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in bitcoin<br/></b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">4,956.3464</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top">$</td><td style="margin : 0in; text-align : right; white-space : nowrap; " valign="top">411,158,674</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin purchased for the creation of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">608.1510</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">55,501,643</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Bitcoin sold for the redemption of Shares</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(405.4311</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(35,230,580</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="mso-yfti-irow:4"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Principal on bitcoin sales to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(3.7004</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(301,334</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from bitcoin sold for the redemption of Shares and sold to pay expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">9,019,211</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:6"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> - </td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">119,518,907</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">5,155.3659</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">559,666,521</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> </table> 6302.8336 429409784 86.6972 5799402 722.4968 53852604 3.0177 218027 -396857 -45989896 5664.0163 334751802 4956.3464 411158674 608.151 55501643 405.4311 35230580 3.7004 301334 9019211 119518907 5155.3659 559666521 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">4. RELATED PARTIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Trust and the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates, and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor is a related party of the Trust and the Fund. The Fund pays the Sponsor a unitary fee for services performed pursuant to the Sponsor Agreement. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid by the Sponsor out of the Sponsor’s fee.</span> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of June 30, 2026 and March 31, 2026, no Shares of the Fund were held by any related party.</span> </div> 0 0 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">5. CONCENTRATION OF RISK</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund holds only bitcoin and cash, which creates a concentration risk associated with fluctuations in the price of bitcoin. Accordingly, a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Fund. The trading prices of bitcoin have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained, or rapid declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of bitcoin and the Shares may include an increase in the global bitcoin supply or a decrease in global bitcoin demand; market conditions of, and overall sentiment towards, the digital assets and blockchain technology industry; trading activity on digital asset platforms, which, in many cases, are largely unregulated or subject to regulation by a relevant jurisdiction but potentially non-compliant with such regulations or may be subject to manipulation; the adoption of bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the bitcoin network, and their ability to meet user demands; manipulative trading activity on digital asset platforms, which, in many cases, are largely unregulated and substantially less regulated relative to securities markets; and forks in the bitcoin network, among other things.</span></div> <div style="text-align: justify; font-size: 10pt;"><b style="mso-bidi-font-weight:normal">6. FINANCIAL HIGHLIGHTS</b></div><div style="text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; white-space: nowrap; vertical-align: bottom; border-color: currentcolor currentcolor rgb(0, 0, 0); border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three <br/>Months</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Ended</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2026</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three <br/>Months</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Ended</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2025</b></div> </td><td valign="top"> </td> </tr> <tr style="mso-yfti-irow:1"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, beginning of period</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">39.39</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">48.05</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss^(a)</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.02</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.03</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized and unrealized gain (loss) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(5.22</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">14.84</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:5"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in net assets from operations^(b)</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(5.24</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">14.81</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, end of period</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">34.15</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">62.86</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Total return, at net asset value^(c)</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(13.30</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">30.82</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Ratio to average net assets^(d)</b></div> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="mso-yfti-irow:11"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.19</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.19</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Gross expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:13;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(a)</span> </div> <div> <span style="font-size: 10pt;">Calculated using average Shares outstanding.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(b)</span> </div> <div> <span style="font-size: 10pt;">The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(c)</span> </div> <div> <span style="font-size: 10pt;">Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(d)</span> </div> <div> <span style="font-size: 10pt;">Annualized.</span> </div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; white-space: nowrap; vertical-align: bottom; border-color: currentcolor currentcolor rgb(0, 0, 0); border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three <br/>Months</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Ended</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2026</b></div> </td><td valign="top"> </td> <td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three <br/>Months</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Ended</b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2025</b></div> </td><td valign="top"> </td> </tr> <tr style="mso-yfti-irow:1"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, beginning of period</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">39.39</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">48.05</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss^(a)</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.02</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.03</td><td style="margin: 0in; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized and unrealized gain (loss) on investment in bitcoin</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(5.22</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">14.84</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:5"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in net assets from operations^(b)</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(5.24</td><td style="margin: 0in; text-align: left;" valign="top">) </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="margin: 0in; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">14.81</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, end of period</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">34.15</td><td style="margin: 0in; text-align: left;" valign="top"> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">$</td><td style="margin: 0in; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">62.86</td><td style="margin: 0in; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Total return, at net asset value^(c)</b></div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(13.30</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">30.82</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9"> <td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Ratio to average net assets^(d)</b></div> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> <td valign="top"> </td><td valign="top"> </td><td valign="top"> </td><td valign="top"> </td> </tr> <tr style="mso-yfti-irow:11"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.19</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">(0.19</td><td style="margin: 0in; text-align: left;" valign="top">)%</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Gross expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:13;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net expenses</div> </td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> <td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; text-align: left;" valign="top"> </td><td style="margin: 0in; text-align: right;" valign="top">0.19</td><td style="margin: 0in; text-align: left;" valign="top">%</td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(a)</span> </div> <div> <span style="font-size: 10pt;">Calculated using average Shares outstanding.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(b)</span> </div> <div> <span style="font-size: 10pt;">The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(c)</span> </div> <div> <span style="font-size: 10pt;">Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized.</span> </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10pt;">(d)</span> </div> <div> <span style="font-size: 10pt;">Annualized.</span> </div> </div> 39.39 48.05 -0.02 -0.03 -5.22 14.84 -5.24 14.81 34.15 62.86 -0.133 0.3082 -0.0019 -0.0019 0.0019 0.0019 0.0019 0.0019 <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">7. COMMITMENTS AND CONTINGENCIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">8. INDEMNIFICATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Under the Trust’s organizational documents, the Sponsor and its Shareholders, members, directors, affiliates, officers, employees and subsidiaries are indemnified by the Trust against certain liabilities. The Fund has also agreed to indemnify certain of its other service providers, including the Administrator, the Marketing Agent, the Custodians and the Trustee (including its officers, affiliates, directors, employees, and agents), for certain liabilities incurred by such parties in connection with their respective agreements to provide services for the Fund.</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets of the Fund or the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.</span> </div><div style="margin: 0in;"><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt"> </span></div><div style="margin: 0in; text-align: justify;"><span style="font-size:10.0pt; mso-bidi-font-size:8.5pt">The Sponsor and each of its Shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.</span></div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.</span> </div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">9. OPERATING SEGMENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-9">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.</span></div><div style="text-align: justify;"> </div><div style="margin: 0in; text-align: justify; font-size: 10pt;">For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Schedules of Investments provide details of the Fund’s investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Financial Highlights.</div> <div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold;">10. SUBSEQUENT EVENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure.</span></div> false false false false http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember 1 1 0001992870 false 2027 Q1 --03-31 Unlimited Unlimited Unlimited Unlimited Cost of investment in bitcoin: $424,710,391 at June 30, 2026 and $473,378,477 at March 31, 2026. No par value, unlimited amount authorized. Net increase (decrease) in net assets per Share based on average shares outstanding during the period. Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. Calculated using average Shares outstanding. The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment. Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized. Annualized Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. Calculated using average Shares outstanding. The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment. Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized. Annualized.