| Investment in Crypto Assets |
| 3. | Investment in Crypto Assets |
The following represents the changes in fair value of crypto assets held by the Trust during the nine months ended September 30, 2026 and the period from February 14, 2025* through December 31, 2025: | | | Fair Value | | | Beginning balance as of January 1, 2026 | | $ | 121,199,193 | | | Purchases | | | 328,145,343 | | | Sales | | | (23,285,900 | ) | | Realized gain | | | 141,751 | | | Realized loss | | | (5,506,482 | ) | | Change in unrealized appreciation | | | 77,526,996 | | | Change in unrealized depreciation | | | — | | | Ending balance as of September 30, 2026 | | $ | 498,220,901 | | | | | Fair Value | | | Beginning balance as of February 14, 2025* | | $ | — | | | Purchases | | | 148,384,775 | | | Sales | | | (25,459,678 | ) | | Realized gain | | | 673,678 | | | Realized loss | | | (335,871 | ) | | Change in unrealized appreciation | | | 6,208,241 | | | Change in unrealized depreciation | | | (8,271,952 | ) | | Ending balance as of December 31, 2025 | | $ | 121,199,193 | | | * | Commencement of operations. No operations occurred prior to this date. |
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