XML 17 R8.htm IDEA: XBRL DOCUMENT v3.25.4
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities    
Net increase (decrease) in net assets resulting from operations $ (344,382) $ 1,586,597
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of bitcoin (2,299,113) (3,700,640)
Proceeds from bitcoin sold 2,338,168 1,533,874
Transfer of bitcoin to pay for Sponsor Fee 8,220 2,987
Net realized (gain) loss from investment in bitcoin transferred to pay Sponsor Fee (5,019) (1,288)
Net realized (gain) loss from investment in bitcoin sold for redemptions 42,062 50,869
Net change in unrealized (appreciation) depreciation on investment in bitcoin 299,207 (1,639,849)
Changes in operating assets and liabilities:    
Increase (Decrease) in Sponsor Fee payable (87) 684
Net cash provided by (used in) operating activities 39,056 (2,166,766)
Cash flow from financing activities    
Creations for Shares issued 2,417,677 3,893,844
Redemptions for Shares redeemed (2,456,733) (1,727,078)
Net cash provided by (used in) financing activities (39,056) 2,166,766
Net increase (decrease) in cash 0 0
Cash, beginning of period [1] 0 0
Cash, end of period 0 0 [1]
Supplemental disclosure of noncash financing activities    
In-kind creations of bitcoin $ 10,884 $ 0
[1] Prior to commencement of operations on January 10, 2024, BAM redeemed the initial seed capital of 4 Shares for $200.