| The following table summarizes the Trust’s investments at fair value: |
The
following table summarizes the Trust’s investments at fair value:
| September 30, 2026 (Unaudited) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Bitcoin | |
$ | 477,581,191 | | |
$ | — | | |
$ | — | | |
$ | 477,581,191 | |
| Total Investments | |
$ | 477,581,191 | | |
$ | — | | |
$ | — | | |
$ | 477,581,191 | |
| December 31, 2025 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Bitcoin | |
$ | 505,489,906 | | |
$ | — | | |
$ | — | | |
$ | 505,489,906 | |
| Total Investments | |
$ | 505,489,906 | | |
$ | — | | |
$ | — | | |
$ | 505,489,906 | |
|
| The following summarizes activity in bitcoin |
The
following summarizes activity in bitcoin for the three months ended September 30, 2026 and 2025:
| | |
| | |
| |
| Three months ended September 30, 2026 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of June 30, 2026 | |
| 5,864 | | |
$ | 342,431,656 | |
| Bitcoin purchased | |
| 28 | | |
| 1,695,959 | |
| Bitcoin sold for the redemption of Shares | |
| (182 | ) | |
| (12,445,212 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (258,970 | ) |
| Net Change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| 145,516,428 | |
| Net Realized gain (loss) on investments in bitcoin | |
| — | | |
| 641,330 | |
| Ending balance as of September 30, 2026 | |
| 5,706 | | |
$ | 477,581,191 | |
| Three months ended September 30, 2025 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of June 30, 2025 | |
| 5,854 | | |
$ | 625,905,470 | |
| Bitcoin purchased | |
| 328 | | |
| 37,016,953 | |
| Bitcoin sold for the redemption of Shares | |
| (211 | ) | |
| (23,660,455 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (425,325 | ) |
| Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| 35,174,535 | |
| Net realized gain (loss) on investments in bitcoin | |
| — | | |
| 8,578,084 | |
| Ending balance as of September 30, 2025 | |
| 5,967 | | |
$ | 682,589,262 | |
The
following summarizes activity in bitcoin for the nine months ended September 30, 2026 and 2025:
| Nine months ended September 30, 2026 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of December 31, 2025 | |
| 5,767 | | |
$ | 505,489,906 | |
| Bitcoin purchased | |
| 847 | | |
| 67,396,359 | |
| Bitcoin sold for the redemption of Shares | |
| (897 | ) | |
| (65,820,911 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (835,539 | ) |
| Net Change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (32,220,804 | ) |
| Net Realized gain (loss) on investments in bitcoin | |
| — | | |
| 3,572,180 | |
| Ending balance as of September 30, 2026 | |
| 5,706 | | |
$ | 477,581,191 | |
| Nine months ended September 30, 2025 | |
Bitcoin | | |
Fair Value | |
| Beginning Balance as of December 31, 2024 | |
| 8,849 | | |
$ | 826,306,338 | |
| Bitcoin purchased | |
| 966 | | |
| 97,671,950 | |
| Bitcoin sold for the redemption of Shares | |
| (3,835 | ) | |
| (349,195,688 | ) |
| Bitcoin transferred to pay the Sponsor fee | |
| ) | |
| (1,298,944 | ) |
| Net change in unrealized appreciation (depreciation) from investment in bitcoin | |
| — | | |
| (16,289,482 | ) |
| Net realized gain (loss) on investments in bitcoin | |
| — | | |
| 125,395,088 | |
| Ending balance as of September 30, 2025 | |
| 5,967 | | |
$ | 682,589,262 | |
|