Creations and Redemptions of Shares |
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| Creations and Redemptions of Shares | 4. Creations and Redemptions of Shares The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of Bitcoin to the Trust or the distribution of Bitcoin by the Trust. The amount of Bitcoin required for each Basket of Shares issued by the Trust (“Creation Basket”) or the amount of Bitcoin for each Basket of Shares redeemed by the Trust (“Redemption Basket”) is determined by dividing (x) the amount of Bitcoin owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of Bitcoin representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0004 of one Bitcoin at both September 30, 2026 and December 31, 2025. As of the date of this Report, Authorized Participants may submit orders to create or redeem Shares through transactions that are referred to as “cash orders” or “in-kind orders,” in accordance with the agreements with Authorized Participants.
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