XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.25.4

Fair Value of Bitcoin | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Bitcoin | 3. Fair Value of Bitcoin As of December 31, 2025, the Trust held a net closing balance of 38,468.0468 bitcoin with a total market value of $3,358,857,898 based on the CME CF Bitcoin Reference Rate - New York Variant (the "BRRNY") price of $87,315.53 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,367,646,692 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $87,544.00, used to determine the Trust's Principal Market NAV. The following represents the changes in quantity of bitcoin and the respective fair value for the year ended December 31, 2025:
|  | Quantity of bitcoin |  |  | Fair Value (amounts in thousands) |
Beginning balance as of December 31, 2024 |  |  | 40,289.1335 |  |  | $ | 3,762,723 |
Purchases |  |  | 21,837.2036 |  |  |  | 2,290,437 |
In-kind creations |  |  | 124.9948 |  |  |  | 10,884 |
Sales for the redemption of Shares |  |  | (23,701.7104 | ) |  |  | (2,351,927 | )
Bitcoin transferred for Sponsor Fee |  |  | (81.5747 | ) |  |  | (8,220 | )
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee |  |  | — |  |  |  | 5,019 |
Net realized gain (loss) on investment in bitcoin sold for redemptions |  |  | — |  |  |  | (42,062 | )
Change in unrealized appreciation (depreciation) on investment in bitcoin |  |  | — |  |  |  | (299,207 | )
Ending balance as of December 31, 2025 |  |  | 38,468.0468 |  |  | $ | 3,367,647 |
As of December 31, 2024, the Trust held a net closing balance of 40,289.1335 bitcoin with a total market value of $3,776,314,581 based on the BRRNY price of $93,730.35, used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,762,723,445 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $93,393.01, used to determine the Trust's Principal Market NAV. The following represents the changes in quantity of bitcoin and the respective fair value for the period from January 10, 2024 (commencement of operations) to December 31, 2024:
|  | Quantity of bitcoin |  |  | Fair Value (amounts in thousands) |
Beginning balance as of January 10, 2024 (commencement of operations) |  |  | — |  |  | $ — |
Purchases |  |  | 61,192.0644 |  |  |  | 3,709,316 |
Sales for the redemption of Shares |  |  | (20,859.6407 | ) |  |  | (1,533,874 | )
Bitcoin transferred for Sponsor Fee |  |  | (43.2902 | ) |  |  | (2,987 | )
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee |  |  | — |  |  |  | 1,288 |
Net realized gain (loss) on investment in bitcoin sold for redemptions |  |  | — |  |  |  | (50,869 | )
Change in unrealized appreciation (depreciation) on investment in bitcoin |  |  | — |  |  |  | 1,639,849 |
Ending balance as of December 31, 2024 |  |  | 40,289.1335 |  |  | $ | 3,762,723 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration