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Statement of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Increase in net assets from operations: |  |  |  |  |  |  |
Net investment loss | $ (113,468) | $ (71,085) | $ (57,738) | $ (131,025) | $ (360,561) | $ (360,683) | $ (615,420)
Net realized gain on investment in Bitcoin | 78,005 | 35,868 | 21,558 | 95,096 | 218,806 | 216,064 | 470,168
Net change in unrealized appreciation (depreciation) on investment in Bitcoin | 9,555,222 | 7,475,264 | (1,874,275) | (284,294) | 16,027,962 | (18,967,171) | 10,099,600
Net increase (decrease) in net assets resulting from operations | 9,519,759 | 7,440,047 | (1,910,455) | (320,223) | 15,886,207 | (19,111,790) | 9,954,348
Increase in net assets from capital share transactions: |  |  |  |  |  |  |
Shares issued |  |  |  |  | 0 | 0 | 1,905,227
Net increase in net assets resulting from capital share transactions |  |  |  |  | 0 | 0 | 1,905,227
Total increase (decrease) in net assets from operations and capital share transactions |  |  |  |  | 15,886,207 | (19,111,790) | 11,859,575
Net assets: |  |  |  |  |  |  |
Beginning of year |  | $ 10,464,263 |  | $ 29,576,053 | 10,464,263 | 29,576,053 | 17,716,478
End of year | $ 26,350,470 |  | $ 10,464,263 |  | $ 26,350,470 | $ 10,464,263 | $ 29,576,053
Changes in Shares outstanding |  |  |  |  |  |  |
Shares outstanding at beginning of year |  | 692,370,100 |  | 692,370,100 | 692,370,100 | 692,370,100 | 638,906,600
Shares issued |  |  |  |  | 0 | 0 | 53,463,500
Net increase in Shares |  |  |  |  | 0 | 0 | 53,463,500
Shares outstanding at end of year | 692,370,100 |  | 692,370,100 |  | 692,370,100 | 692,370,100 | 692,370,100

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