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Fair Value of Bitcoin (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Changes in Quantity of Bitcoin and Fair Value

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

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

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- References

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- Definition

Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

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