| Fair Value of Bitcoin |
3. Fair Value of Bitcoin Bitcoin is held by the Custodian on behalf of the Trust and is carried at fair value. As of September 30, 2026 and December 31, 2025, the Trust held 63,087.33893920 and 48,474.93659149 Bitcoin, respectively. The Trust determined the fair value per Bitcoin to be $83,550.15 and $87,549.41 on September 30, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market (as defined herein) considered to be the Trust’s principal market (Crypto.com). The following represents the changes in quantity of Bitcoin and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
38,012.91129948 |
|
|
$ |
3,550,034 |
|
Bitcoin contributed |
|
|
13,289.25478462 |
|
|
|
1,384,510 |
|
Bitcoin redeemed |
|
|
(3,517.53594793 |
) |
|
|
(328,623 |
) |
Bitcoin distributed for expenses |
|
|
(48.38833982 |
) |
|
|
(4,971 |
) |
Net change in unrealized appreciation/depreciation |
|
|
- |
|
|
|
791,573 |
|
Net realized gain |
|
|
- |
|
|
|
68,598 |
|
Balance at September 30, 2025 |
|
|
47,736.24179635 |
|
|
$ |
5,461,121 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except Bitcoin amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
|
48,474.93659149 |
|
|
$ |
4,243,952 |
|
Bitcoin contributed |
|
|
18,982.24127691 |
|
|
|
1,326,995 |
|
Bitcoin redeemed |
|
|
(4,308.88880514 |
) |
|
|
(310,456 |
) |
Bitcoin distributed for expenses |
|
|
(60.95012406 |
) |
|
|
(4,445 |
) |
Net change in unrealized appreciation/depreciation |
|
|
- |
|
|
|
50,803 |
|
Net realized loss |
|
|
- |
|
|
|
(35,892 |
) |
Balance at September 30, 2026 |
|
|
63,087.33893920 |
|
|
$ |
5,270,957 |
|
|