XML 22 R9.htm IDEA: XBRL DOCUMENT

Trust Expenses and Other Agreements	12 Months Ended
Dec. 31, 2023
Trust Expenses And Other Agreements Abstract
Trust Expenses and Other Agreements [Text Block]	Note 3. Trust Expenses and Other Agreements The Trust will pay to the Sponsor a unified fee (the “Sponsor Fee”) of 0.25% that will accrue daily. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin, which may be facilitated by the custodian, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trust will custody its bitcoin at Gemini Trust Company, LLC (the “Bitcoin Custodian”), a regulated third-party custodian that carries insurance and is chartered as a trust company under the New York Banking Law and is responsible for safekeeping of bitcoin owned by the Trust. State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian.

Trust Expenses and Other Agreements

12 Months Ended

Dec. 31, 2023

Trust Expenses And Other Agreements Abstract

Trust Expenses and Other Agreements [Text Block]

Note 3. Trust Expenses and Other Agreements

The Trust will pay to the Sponsor a unified fee (the “Sponsor Fee”) of 0.25% that will accrue daily. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin, which may be facilitated by the custodian, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.

The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

The Trust will custody its bitcoin at Gemini Trust Company, LLC (the “Bitcoin Custodian”), a regulated third-party custodian that carries insurance and is chartered as a trust company under the New York Banking Law and is responsible for safekeeping of bitcoin owned by the Trust.

State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian.