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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