<SEC-DOCUMENT>0000930413-25-003438.txt : 20251113
<SEC-HEADER>0000930413-25-003438.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113143502
ACCESSION NUMBER:		0000930413-25-003438
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		45
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VanEck Bitcoin ETF
		CENTRAL INDEX KEY:			0001838028
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				856811021
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41908
		FILM NUMBER:		251477450

	BUSINESS ADDRESS:	
		STREET 1:		C/O VANECK DIGITAL ASSETS, LLC
		STREET 2:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-293-2048

	MAIL ADDRESS:	
		STREET 1:		C/O VANECK DIGITAL ASSETS, LLC
		STREET 2:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VanEck Bitcoin Trust
		DATE OF NAME CHANGE:	20201228
</SEC-HEADER>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>c/o VanEck Digital Assets, LLC<br/>
Jonathan R. Simon, Esq.<br/>
Matthew A. Babinsky, Esq.<br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1" id="ixv-3652">666 Third Avenue</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2" id="ixv-116">9<sup>th</sup> Floor</ix:nonNumeric><br/>
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growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;, &#8220;smaller reporting
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
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Yes&#160;&#160;</span><span>&#9746;</span><span style="font-family: Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 3px double">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>VanEck Bitcoin ETF</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Table of Contents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 95%">&#160;</td>
    <td style="width: 5%; text-decoration: underline; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Page</span></b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="#x1_c114208a001"><span style="font: 10pt Times New Roman, Times, Serif"><b>Part I. FINANCIAL INFORMATION.</b></span></a></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>1</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="#x1_c114208a002"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item 1. Unaudited Financial Statements.</b></span></a></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>1</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="#x1_c114208a003"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item 2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.</b></span></a></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>11</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>13</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>14</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="#x1_c114208a007"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item 1. Legal Proceedings.</b></span></a></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>14</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>28</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>28</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>28</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="#x1_c114208a013"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item 6. Exhibits.</b></span></a></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>28</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>30</b></span></td></tr>
</table><div>

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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
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</div><div><a id="x1_c114208a001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Part I. FINANCIAL INFORMATION.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&#160;</p><div>

</div><div><a id="x1_c114208a002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Item 1. Unaudited Financial Statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Statements of Assets and Liabilities</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">September 30,<br/> 2025<br/> (Unaudited)</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<br/> 2024</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold"><span style="font-size: 10pt">Assets</span></td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-3666">2,039,322,369</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-3667">1,280,450,332</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px; text-indent: 0pt">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 1px; text-indent: 0pt"><span style="font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">&#8212;</div></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">&#8212;</div></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 3px; text-indent: 0pt">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px; text-align: right">&#160;</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px; text-align: right">&#160;</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNet" scale="0" unitRef="usd" id="ixv-3668">2,039,322,369</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNet" scale="0" unitRef="usd" id="ixv-3669">1,280,450,332</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: 0pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
    <td style="text-indent: 0pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">The accompanying notes are an integral part of these financial statements.</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Statements of Operations (Unaudited)</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr>
    <td style="vertical-align: bottom; text-align: center; padding-bottom: 1px"><b>&#160;</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="5" style="border-bottom: Black 1px solid; text-align: center"><b>Three Months Ended<br/> September 30,</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="5" style="border-bottom: Black 1px solid; text-align: center"><b>Nine Months Ended<br/> September 30,</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-bottom: 1px"><b>&#160;</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>2025</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>2024</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>2025</b></td>
    <td style="padding-bottom: 1px; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>2024</b></td></tr>
<tr style="background-color: rgb(229,255,255)">
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    <td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right; text-indent: 0pt; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right; text-indent: 0pt; width: 11%">&#160;</td></tr>
<tr>
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">$</td>
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    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">$</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SponsorFees" scale="0" unitRef="usd" id="ixv-3679">336,577</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">$</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SponsorFees" scale="0" unitRef="usd" id="ixv-3680">2,365,087</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">$</td>
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<tr style="background-color: rgb(229,255,255)">
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd" id="ixv-3683">336,577</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd" id="ixv-3684">2,365,087</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd" id="ixv-3685">771,756</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 30pt">Sponsor fee waiver, related party</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyExpenseOffsetArrangement" scale="0" sign="-" unitRef="usd" id="ixv-3687">336,577</ix:nonFraction>)</td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyExpenseOffsetArrangement" scale="0" sign="-" unitRef="usd" id="ixv-3688">2,365,087</ix:nonFraction>)</td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyExpenseOffsetArrangement" scale="0" sign="-" unitRef="usd" id="ixv-3689">708,185</ix:nonFraction>)</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 40pt">Net expenses</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-4">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-5">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-6">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement" scale="0" unitRef="usd" id="ixv-3690">63,571</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 40pt">Net investment loss</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-7">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-8">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-9">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetInvestmentIncome" scale="0" sign="-" unitRef="usd" id="ixv-3691">63,571</ix:nonFraction>)</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt"><b>Net realized gain
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt; padding-left: 20pt">Net realized gain on:</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: 0pt; padding-left: 30pt">Bitcoin sold for redemption of shares</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinSoldForRedemptionOfShares" scale="0" sign="-" unitRef="usd" id="ixv-3692">19,703,050</ix:nonFraction></td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinSoldForRedemptionOfShares" scale="0" sign="-" unitRef="usd" id="ixv-3693">4,496,902</ix:nonFraction></td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinSoldForRedemptionOfShares" scale="0" sign="-" unitRef="usd" id="ixv-3694">53,249,774</ix:nonFraction></td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinSoldForRedemptionOfShares" scale="0" sign="-" unitRef="usd" id="ixv-3695">13,521,354</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 30pt">Bitcoin distributed for Sponsor fee, related party</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-10">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-11">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-12">&#8212;</div></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinDistributedForSponsorFeeRelatedParty" scale="0" sign="-" unitRef="usd" id="ixv-3696">10,977</ix:nonFraction></td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 40pt">Net realized gain on investment in bitcoin</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3697">19,703,050</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3698">4,496,902</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3699">53,249,774</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3700">13,532,331</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: 0pt; padding-bottom: 1px; padding-left: 20pt">Net change in unrealized appreciation (depreciation) from investment
    in bitcoin</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3701">84,089,218</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3702">11,414,566</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3703">243,902,664</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3704">24,957,145</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: -10pt; padding-bottom: 1px; padding-left: 10pt">Net realized gain and net change in unrealized appreciation (depreciation)</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3705">103,792,268</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3706">15,911,468</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3707">297,152,438</ix:nonFraction></td>
    <td style="padding-bottom: 1px; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3708">38,489,476</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
    <td style="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt"><span style="font-size: 10pt"><b>Net increase in
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    <td style="padding-bottom: 3px">&#160;</td>
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">The accompanying notes are an integral part of these financial
statements.</p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td></tr></table></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Statements of Changes in Net Assets (Unaudited)</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&#160;</p><div>

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<tr>
    <td style="vertical-align: bottom; text-align: center; padding-bottom: 1px"><b>&#160;</b></td>
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<tr>
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<tr style="background-color: rgb(229,255,255)">
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    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; width: 11%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right; width: 11%">&#160;</td></tr>
<tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="background-color: rgb(229,255,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3714">19,703,050</ix:nonFraction></td>
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<tr>
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-indent: 0pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-3720">243,902,664</ix:nonFraction></td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
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<tr style="background-color: rgb(229,255,255)">
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingAssets" scale="0" unitRef="usd" id="ixv-3723">15,911,468</ix:nonFraction></td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingAssets" scale="0" unitRef="usd" id="ixv-3725">38,425,905</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right">&#160;</td></tr>
<tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" sign="-" unitRef="usd" id="ixv-3726">319,598,577</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" sign="-" unitRef="usd" id="ixv-3727">224,740,268</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" sign="-" unitRef="usd" id="ixv-3728">659,825,469</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" sign="-" unitRef="usd" id="ixv-3729">888,110,863</ix:nonFraction></td></tr>
<tr>
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="hodl:ProceedsFromCapitalWithdrawals" scale="0" unitRef="usd" id="ixv-3730">63,429,642</ix:nonFraction>)</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="hodl:ProceedsFromCapitalWithdrawals" scale="0" unitRef="usd" id="ixv-3731">96,022,801</ix:nonFraction>)</td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="hodl:ProceedsFromCapitalWithdrawals" scale="0" unitRef="usd" id="ixv-3732">198,105,870</ix:nonFraction>)</td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="hodl:ProceedsFromCapitalWithdrawals" scale="0" unitRef="usd" id="ixv-3733">167,260,115</ix:nonFraction>)</td></tr>
<tr style="background-color: rgb(229,255,255)">
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
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    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="hodl:TotalCapitalShareTransactions" scale="0" sign="-" unitRef="usd" id="ixv-3735">128,717,467</ix:nonFraction></td>
    <td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="hodl:TotalCapitalShareTransactions" scale="0" sign="-" unitRef="usd" id="ixv-3736">461,719,599</ix:nonFraction></td>
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    <td style="border-bottom: Black 1px solid">&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="hodl:TotalCapitalShareTransactions" scale="0" sign="-" unitRef="usd" id="ixv-3737">720,850,748</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: left"><span style="font-size: 10pt"><b>Net increase in
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingCapital" scale="0" sign="-" unitRef="usd" id="ixv-3741">759,276,653</ix:nonFraction></td></tr>
<tr>
    <td style="vertical-align: bottom; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right">&#160;</td></tr>
<tr style="background-color: rgb(229,255,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-indent: 0pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-indent: 0pt; text-align: right">&#160;</td></tr>
<tr>
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<tr style="background-color: rgb(229,255,255)">
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">The accompanying notes are an integral part of these financial
statements.</p><div>

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</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0">VANECK BITCOIN ETF</p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0"><span style="font-weight: normal">Schedule of Investment</span></p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td><b>&#160;</b></td>
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    <td><b>&#160;</b></td>
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<tr style="vertical-align: bottom">
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    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><b>Net Assets</b></td>
    <td><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td>
    <td><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td>
    <td><b>&#160;</b></td>
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    <td><b>&#160;</b></td>
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    <td><b>&#160;</b></td></tr>
</table><div>
</div><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" id="ixv-1380"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 1. Organization:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck Bitcoin ETF (the &#8220;Trust&#8221;),
a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the
Trust (the &#8220;Shares&#8221;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#8220;Exchange&#8221;). The Trust&#8217;s
investment objective is to reflect the performance of the price of bitcoin less the net operating expenses of the Trust. The Trust
is managed and controlled by VanEck Digital Assets, LLC (the &#8220;Sponsor&#8221;), a wholly-owned subsidiary of Van Eck Associates
Corporation (&#8220;VanEck&#8221;). The CSC Delaware Trust Company is the &#8220;Trustee&#8221; of the Trust.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-1388"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2. Significant Accounting Policies:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">A.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-1396"><i>Basis of Preparation and Use of Estimates</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those
estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust qualifies as an investment
company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting
Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies<i> </i>(&#8220;ASC Topic 946&#8221;)<i>,
</i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,
as amended.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">B.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-1411"><i>Cash</i> </ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Cash, if any, represents cash deposits
held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.
As of September 30, 2025, and December 31, 2024, the Trust <span style="-sec-ix-hidden: hidden-fact-26"><span style="-sec-ix-hidden: hidden-fact-27">did not hold cash</span></span>.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">C.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_1" escape="true" name="hodl:InvestmentValuationPolicyPolicyTextBlock" id="ixv-1423"><i>Investment Valuation</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_2" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust values its investment in
bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants on the measurement date.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_3" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust identifies and determines
the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement
purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (&#8220;FASB&#8221;)
ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the
asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies
used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_4" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_5" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Level 1 &#8211; Unadjusted quoted prices in active
markets for identical assets or liabilities;</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_6" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 2 &#8211; Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_7" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 3 &#8211; Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust&#8217;s assumptions used in determining the fair value of
investments.</p></ix:continuation></ix:nonNumeric><div>


</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock" id="ixv-1468"><ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_8" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_9" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_8"><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">Assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-16">&#8212;</div></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-17">&#8212;</div></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">Assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Investments" scale="0" unitRef="usd" id="ixv-3764">1,280,450,332</ix:nonFraction></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-18">&#8212;</div></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-19">&#8212;</div></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
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</table></ix:continuation></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="hodl:ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock" id="ixv-1597"><ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_10" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following represents the changes in quantity
of bitcoin and the respective fair value:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_11" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_10"><table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 36pt; background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Beginning balance as of January 1, 2025</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="hodl:CryptoAssetNumberOfUnitsDecimal" scale="0" unitRef="pure" id="ixv-3766">13,716.83</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd" id="ixv-3767">1,280,450,332</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c20" decimals="2" format="ixt:num-dot-decimal" name="hodl:BitcoinContributed" scale="0" unitRef="pure" id="ixv-3768">6,179.64</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c20" decimals="2" format="ixt:num-dot-decimal" name="hodl:BitcoinWithdrawn" scale="0" sign="-" unitRef="pure" id="ixv-3770">2,043.38</ix:nonFraction>)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c21" decimals="0" format="ixt:num-dot-decimal" name="hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin" scale="0" unitRef="usd" id="ixv-3772">243,902,664</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-21">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c21" decimals="0" format="ixt:num-dot-decimal" name="hodl:NetRealizedGainOnInvestmentInBitcoin" scale="0" unitRef="usd" id="ixv-3773">53,249,774</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of September 30, 2025</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c22" decimals="2" format="ixt:num-dot-decimal" name="hodl:CryptoAssetNumberOfUnitsDecimal" scale="0" unitRef="pure" id="ixv-3774">17,853.09</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd" id="ixv-3775">2,039,322,369</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-indent: -7.2pt">&#160;</p>

<ix:continuation continuedAt="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_12" id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_11"><table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt"><span style="font-style: normal"><b>Beginning balance as of January 1, 2024<sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-22">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-23">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 36pt; ">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right"><ix:nonFraction contextRef="c26" decimals="2" format="ixt:num-dot-decimal" name="hodl:BitcoinContributed" scale="0" unitRef="pure" id="ixv-3776">17,847.12</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinContributedFairValue" scale="0" unitRef="usd" id="ixv-3777">1,145,131,271</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c26" decimals="2" format="ixt:num-dot-decimal" name="hodl:BitcoinWithdrawn" scale="0" sign="-" unitRef="pure" id="ixv-3778">4,130.29</ix:nonFraction>)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="hodl:BitcoinWithdrawnFairValue" scale="0" sign="-" unitRef="usd" id="ixv-3779">283,712,958</ix:nonFraction>)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin" scale="0" unitRef="usd" id="ixv-3780">384,606,755</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-25">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="hodl:NetRealizedGainOnInvestmentInBitcoin" scale="0" unitRef="usd" id="ixv-3781">34,425,264</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="hodl:CryptoAssetNumberOfUnitsDecimal" scale="0" unitRef="pure" id="ixv-3782">13,716.83</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd" id="ixv-3783">1,280,450,332</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<ix:continuation id="hodl_InvestmentValuationPolicyPolicyTextBlock-c0_cont_12"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 36pt">&#160;</td>
    <td style="width: 18pt">(a)</td>
    <td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr>
</table></ix:continuation></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">D.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="hodl_BitcoinPolicyTextBlock-c0_cont_1" escape="true" name="hodl:BitcoinPolicyTextBlock" id="ixv-1778"><i>Bitcoin</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="hodl_BitcoinPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the &#8220;Bitcoin Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional Bitcoin Custodian&#8221;,
and collectively the &#8220;Bitcoin Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">E.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="hodl_CalculationOfNetAssetValuePolicyTextBlock-c0_cont_1" escape="true" name="hodl:CalculationOfNetAssetValuePolicyTextBlock" id="ixv-1788"><i>Calculation of Net Asset Value</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="hodl_CalculationOfNetAssetValuePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust&#8217;s net asset value
(&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the Bitcoin Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector<sup>TM</sup> Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p></ix:continuation></ix:continuation><div>

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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">F.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock" id="ixv-1823"><i>Federal Income Taxes</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">G.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock" id="ixv-1833"><i>Segment Reporting</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Sponsor acts as the Trust&#8217;s
chief operating decision maker (&#8220;CODM&#8221;), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-28">single</span> operating segment based on the fact that the Trust&#8217;s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust&#8217;s financial
statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">H.</td> <td><ix:nonNumeric contextRef="c0" continuedAt="hodl_InterimFinancialStatementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="hodl:InterimFinancialStatementsPolicyPolicyTextBlock" id="ixv-1844"><i>Interim financial statements</i></ix:nonNumeric></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="hodl_InterimFinancialStatementsPolicyPolicyTextBlock-c0_cont_2" id="hodl_InterimFinancialStatementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<ix:continuation id="hodl_InterimFinancialStatementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed with
the SEC.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="hodl:TrustExpensesAndOtherAgreementsTextBlock" id="ixv-1855"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 3. Trust Expenses and Other Agreements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="hodl:SponsorFeeTerms" id="ixv-3784">The Trust pays the Sponsor a unified fee (the
&#8220;Sponsor Fee&#8221;) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024,
the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024,
the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust&#8217;s net assets. Effective for the
period from November 25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion
of the Trust&#8217;s assets. If the Trust&#8217;s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged
on assets over $2.5 billion will be 0.20% of average daily net assets. After January 10, 2026, the Sponsor Fee will be 0.20% of
average daily net assets. 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 one or more liquidity
providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust holds its bitcoin at the Bitcoin
Custodian and at the Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance (in
the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover
the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible
for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust&#8217;s
bitcoin account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">State Street Bank and Trust Company serves as the Trust&#8217;s
administrator, transfer agent and cash custodian.</p></ix:nonNumeric><div>


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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-1890"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 4. Related Parties<sup>(a)</sup></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Sponsor is considered to be a related party to the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly
wholly-owned subsidiary of VanEck.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly-owned subsidiary of VanEck.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck was the initial seed investor (&#8220;Seed
Capital Investor&#8221;) on December 21, 2023. On January 4, 2024, the <ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" id="ix_4_fact" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares">8,000</ix:nonFraction> Shares held by the Seed Capital Investor were redeemed
for cash and the Seed Capital Investor purchased the &#8220;Seed Creation Baskets,&#8221; comprising of <ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" id="ix_1_fact" name="us-gaap:SharesIssued" scale="0" unitRef="shares">5,800,000</ix:nonFraction> Shares at a per-Share
price of $<ix:nonFraction contextRef="c29" decimals="2" format="ixt:num-dot-decimal" id="ix_3_fact" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">12.50</ix:nonFraction>. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" id="ix_0_fact" name="us-gaap:ProceedsFromSaleOfOtherAssets1" scale="0" unitRef="usd">72,500,000</ix:nonFraction>, which resulted in the
Trust receiving <ix:nonFraction contextRef="c28" decimals="2" format="ixt:num-dot-decimal" id="ix_2_fact" name="hodl:BitcoinContributed" scale="0" unitRef="bitcoin">1,640.92</ix:nonFraction> bitcoin. As of September 30, 2025 and December 31, 2024, the Seed Capital Investor&#8217;s ownership in
the Trust represents approximately <ix:nonFraction contextRef="c30" decimals="2" format="ixt:num-dot-decimal" id="ix_5_fact" name="us-gaap:InvestmentOwnedPercentOfNetAssets" scale="-2" unitRef="pure">6</ix:nonFraction>% and <ix:nonFraction contextRef="c31" decimals="2" format="ixt:num-dot-decimal" id="ix_6_fact" name="us-gaap:InvestmentOwnedPercentOfNetAssets" scale="-2" unitRef="pure">9</ix:nonFraction>%, respectively, of net assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck is a minority interest holder in the
parent company of the Bitcoin Custodian, representing less than <ix:nonFraction contextRef="c32" decimals="2" format="ixt:num-dot-decimal" id="ix_7_fact" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" unitRef="pure">1</ix:nonFraction>% of its equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">(a)</td><td><ix:footnote id="ix_0_footnote" xml:lang="en-US">Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.</ix:footnote></td></tr></table></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-1914"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5. Capital Share Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors can buy and sell Shares of the Trust
in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought
and sold throughout the trading day like other publicly traded securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust continuously offers the Trust Shares
in baskets consisting of <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesAuthorized" scale="0" unitRef="shares" id="ixv-3794">25,000</ix:nonFraction> Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting
of <ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesAuthorized" scale="0" unitRef="shares" id="ixv-3795">50,000</ix:nonFraction> Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create
or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the
amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined
NAV of the number of Shares included in the baskets being created (or redeemed).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust creates and redeems Shares, but only
in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount
of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number
of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem
baskets is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust&#8217;s
account at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor.
For an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust&#8217;s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust&#8217;s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-1924"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Share and capital activity is as follows:</p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>Three Months Ended September 30,</b></td><td>&#160;</td><td>&#160;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>Nine Months Ended September 30,</b></td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>2024<sup>(a)</sup></b></td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>2025<sup>(a)</sup></b></td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>2024<sup>(a)</sup></b></td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 28%; font-style: normal">Beginning of period</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValueOutstanding" scale="0" unitRef="usd" id="ixv-3797">1,067,032,548</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"><ix:nonFraction contextRef="c9" decimals="INF" format="ixt:num-dot-decimal" id="ix_8_fact" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">35,100,000</ix:nonFraction></td><td style="width: 2%">&#160;</td>
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 18pt">(a)</td> <td><ix:footnote id="ix_1_footnote" xml:lang="en-US">Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</ix:footnote></td></tr>
</table></ix:nonNumeric></ix:nonNumeric><div>

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    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-2112"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 6. Commitments and Contingent Liabilities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the normal course of business, the Trust
enters into contracts that contain a variety of general indemnifications. The Trust&#8217;s maximum exposure under these agreements
is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor
believes the risk of loss under these arrangements to be remote.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock" id="ixv-2121"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7. Concentration Risk</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the Trust&#8217;s assets
are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number
of factors. Accordingly, a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust.
Factors that may have the effect of causing a decline in the value of bitcoin include high volatility, which could have a negative
impact on the performance of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation
in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established,
regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
The value of the Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development
or acceptance of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market
has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the
medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain
technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate.
The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate
losses or increase the variability between the Trust&#8217;s NAV and its market price. The amount of bitcoin represented by the
Shares may decline over time. Bitcoin with a fair value of $<ix:nonFraction contextRef="c34" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd" id="ixv-3829">2,039,322,369</ix:nonFraction> and $<ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd" id="ixv-3830">1,280,450,332</ix:nonFraction> were held by the Bitcoin Custodians
at September 30, 2025 and December 31, 2024, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future and current regulations by a United
States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders
do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections
afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require
the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Exchange on which the Shares are listed
may halt trading in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability to sell Shares. The market
infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading
activity of the Trust.</p></ix:nonNumeric><div>


</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>VANECK BITCOIN ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes to Unaudited Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">September 30, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:InvestmentCompanyFinancialHighlightsTextBlock" id="ixv-2154"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 8. Financial Highlights<sup>(a)</sup></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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per share operating information and financial ratios of net investment income (loss) and expenses, to daily average net assets
for the periods below. An individual investor&#8217;s return and ratios may vary based on the timing of capital transactions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="text-align: right; padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Three Months Ended<br/> September 30,</td><td>&#160;</td><td>&#160;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Nine Months Ended<br/> September 30,</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2024</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Expenses after fee waiver</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" id="ix_64_fact" name="us-gaap:InvestmentCompanyInvestmentIncomeLossRatio" scale="-2" unitRef="pure">0.00</ix:nonFraction>%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 18pt; text-indent: 0pt">(a)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_2_footnote" xml:lang="en-US">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</ix:footnote></td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(b)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</ix:footnote></td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(c)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_4_footnote" xml:lang="en-US">Amount rounds to less than $0.005.</ix:footnote></td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(d)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_5_footnote" xml:lang="en-US">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in relation to fluctuating market values for the Trust.</ix:footnote></td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(e)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_6_footnote" xml:lang="en-US">Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</ix:footnote></td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(f)</td> <td style="text-align: justify; text-indent: 0pt"><ix:footnote id="ix_7_footnote" xml:lang="en-US">Annualized.</ix:footnote></td></tr>
</table></ix:nonNumeric></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-2503"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 9. Subsequent Event Review</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has evaluated subsequent events and
transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that
there are no material events that would require disclosure in the financial statements.</p></ix:nonNumeric><div>

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    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>



</div><div><a id="x1_c114208a003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Item 2. Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>This information should be read in conjunction with the financial
statements and notes to financial statements included with this report. The discussion and analysis that follows may contain statements
that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology
such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the
negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this report that address activities, events or developments that may occur in the future, including such matters as changes in
commodity prices and market conditions (for bitcoin and the Shares), the operations of the Trust, the plans of the Sponsor and
references to the Trust&#8217;s future success and other similar matters are forward-looking statements. These statements are only
predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made
by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well
as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform
to the Sponsor&#8217;s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations
discussed in this Report, general economic, market and business conditions, changes in laws or regulations, including those concerning
taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently,
all the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance
that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result
in the expected consequences to, or have the expected effects on, the Trust&#8217;s operations or the value of the Shares issued
by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual
results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required
by law.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Introduction</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust is a Delaware statutory trust. The Trust does not have
directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered
by the Trust Agreement, among the Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor,
a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s investment objective is to reflect the performance
of bitcoin less the operating expenses of the Trust. The Trust is a passive investment vehicle that does not seek to pursue any
investment strategy beyond tracking the price of bitcoin. The Trust does not engage in any activities designed to obtain a profit
from, or ameliorate losses caused by, changes in the price of bitcoin.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust issues and redeems Shares only in aggregations of 25,000
Shares, a Basket, or integral multiples thereof, and only in transactions with Authorized Participants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares of the Trust trade on the Exchange under the ticker symbol
&#8220;HODL.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Computation of Net Asset Value</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s NAV is calculated based on the Trust&#8217;s net
asset holdings, as reconciled to the Bitcoin Custodians&#8217; accounts, on a market approach determined on a daily basis in accordance
with the MarketVector<sup>TM</sup> Bitcoin Benchmark Rate price at 4:00 p.m. EST. The Trust&#8217;s NAV per Share is calculated
by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total
number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust&#8217;s NAV
and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Liquidity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust is not aware of any trends, demands, conditions or events
that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed
to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered
by this report was the Sponsor&#8217;s Fee. The Trust&#8217;s only source of liquidity is its sales of bitcoin.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Significant Accounting Policies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In preparing financial statements in conformity with accounting
principles generally accepted in the United States of America (&#8220;GAAP&#8221;), management makes estimates and assumptions
that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ
from these estimates. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important
to understanding its results of operations and financial position, is provided in the section entitled &#8220;Computation of Net
Asset Value&#8221; above. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion
of the Trust&#8217;s accounting policies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Results of Operations </b><i>(a)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>The Quarter Ended September 30, 2024</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s NAV increased from $614,747,718 at June 30, 2024
to $759,376,653 at September 30, 2024, a 23.53% increase. The increase in the Trust&#8217;s NAV resulted primarily from the number
of outstanding Shares increasing from 35,100,000 Shares at June 30, 2024 to 42,400,000 Shares at September 30, 2024. This is the
net result of 12,600,000 Shares (504 Baskets) being created and 5,300,000 Shares (212 Baskets) being redeemed during the period.
In addition, the price of bitcoin grew 2.26% from $61,926 at June 30, 2024 to $63,326 at September 30, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The 2.26% increase in the NAV per Share from $17.52 at June 30,
2024 to $17.91 at September 30, 2024 is directly related to the 2.26% increase in the price of bitcoin during this period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The NAV per Share of $19.19 on July 22, 2024, was the highest during
the quarter, compared with a low during the quarter of $15.02 on August 5, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Net increase in net assets resulting from operations for the quarter
ended September 30, 2024, was $15,911,468 resulting from a net change in unrealized appreciation on investment in bitcoin of $11,414,566,
a net realized gain of $4,496,902 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust had no
expenses during the quarter as they were all waived by the Sponsor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>The Nine-Month Period Ended September 30, 2024</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s NAV increased from $100,000 at December 31, 2023
to $759,376,653 at September 30, 2024, a 759,277% increase. The increase in the Trust&#8217;s NAV resulted primarily from an increase
in the number of outstanding Shares, which increased from 8,000 Shares at December 31, 2023 to 42,400,000 Shares at September 30,
2024. This is the net result of 51,600,000 Shares (1,752 Baskets) being created and 9,208,000 Shares (360 Baskets) being redeemed
during the period. In addition, the price of bitcoin increased 43.33% from $44,182 at January 4, 2024 to $63,326 at September 30,
2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The 43.28% increase in the NAV per Share from $12.50 at December
31, 2023 to $17.91 at September 30, 2024 is directly related to the 43.33% increase in the price of bitcoin during this period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The NAV per Share of $20.68 on March 13, 2024, was the highest during
the period, compared with a low during the period of $11.10 on January 23, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Net increase in net assets resulting from operations for the nine-month
period ended September 30, 2024, was $38,425,905, resulting from a net change in unrealized appreciation on investment in bitcoin
of $24,957,145, a net realized gain of $13,521,354 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977
from bitcoin sold to pay expenses during the nine-month period, and a net investment loss of $63,571. Other than the Sponsor Fee
of $63,571, the Trust had no other expenses during the nine-month period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>The Quarter Ended September 30, 2025</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s NAV increased from $1,679,361,166 at June 30,
2025 to $2,039,322,369 at September 30, 2025, a 21.43% increase. The increase in the Trust&#8217;s NAV resulted primarily from
an increase in the number of outstanding Shares, which increased from 55,375,000 Shares at June 30, 2025 to 63,125,000 Shares at
September 30, 2025. This is the net result of 9,750,000 Shares (390</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Baskets) being created and 2,000,000 Shares (80 Baskets) being redeemed
during the period. In addition, the price of bitcoin increased 6.53% from $107,231 at June 30, 2025 to $114,228 at September 30,
2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The 6.53% increase in the NAV per Share from $30.33 at June 30,
2025 to $32.31 at September 30, 2025 is primarily related to the 6.53% increase in the price of bitcoin during this period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The NAV per Share of $34.59 on August 13, 2025, was the highest
during the quarter, compared with a low during the quarter of $29.87 on July 1, 2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Net increase in net assets resulting from operations for the quarter
ended September 30, 2025, was $103,792,268 resulting from a net change in unrealized appreciation on investment in bitcoin of $84,089,218
and a net realized gain of $19,703,050 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust
had no expenses during the quarter as they were all waived by the Sponsor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>The Nine-Month Period Ended September 30, 2025</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trust&#8217;s NAV increased from $1,280,450,332 at December
31, 2024, to $2,039,322,369 at September 30, 2025, a 59.27% increase. The increase in the Trust&#8217;s NAV resulted primarily
from an increase in the number of outstanding Shares, which increased from 48,500,000 Shares at December 31, 2024 to 63,125,000
at September 30, 2025. This is the net result of 21,850,000 Shares (874 Baskets) being created and 7,225,000 Shares (289 Baskets)
being redeemed during the period. In addition, the price of bitcoin increased 22.37% from $93,349 at December 31, 2024 to $114,228
at September 30, 2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The 22.39% increase in the NAV per Share from $26.40 at December
31, 2024 to $32.31 at September 30, 2025 is directly related to the 22.37% increase in the price of bitcoin during this period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The NAV per Share of $34.59 on August 13, 2025, was the highest
during the period, compared with a low during the period of $21.70 on April 8, 2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Net increase in net assets resulting from operations for the nine
months ended September 30, 2025, was $297,152,438 resulting from a net change in unrealized appreciation on investment in bitcoin
of $243,902,664 and a net realized gain of $53,249,774 on bitcoin sold for the redemption of Shares and a net investment loss of
$0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) Shares outstanding, Baskets and NAV per Share, where applicable
have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c114208a004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Item 3. Quantitative and Qualitative Disclosures
About Market Risk.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c114208a005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Item 4. Controls and Procedures.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust&#8217;s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls
and procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">There were no changes in the Trust&#8217;s internal control over
financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Trust&#8217;s internal control over financial reporting.</p><div>

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</div><div><a id="x1_c114208a006"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><b>Part II. OTHER INFORMATION.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="x1_c114208a007"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><b>Item 1. Legal Proceedings.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">None.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="x1_c114208a008"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 1A. Risk Factors.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Except as set forth below, there have been no material changes to the
Risk Factors last reported under Part I, Item 1A of the registrant&#8217;s Annual Report on Form 10-K for the period ended December
31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;<i>The trading prices of many digital assets,
including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future,
including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and
the Shares could lose all or substantially all of their value.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The trading prices of many digital assets, including bitcoin, have experienced
extreme volatility in recent periods and may continue to do so. The average annualized one-year trailing volatility of bitcoin
over the past ten years to date remains elevated at 65%. Over the course of 2021, there were steep increases in the value of certain
digital assets, including bitcoin, and multiple market observers asserted that digital assets were experiencing a &#8220;bubble.&#8221;
These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. In the
2021-2022 cycle, the price of bitcoin peaked at $67,734 and bottomed at $15,632, representing a 77% drawdown. These episodes of
rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin&#8217;s history, including
in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022. Digital asset prices have continued to fluctuate in 2025.
For example, bitcoin lost approximately 14% of its value according to some sources in mid-October 2025 as part of wider digital
asset market turmoil, widely attributed to global trade tensions, which triggered a number of dislocations in the digital asset
market (the &#8220;October 2025 Flash Crash&#8221;), including liquidations of up to $20 billion in collateral in the form of various
digital assets (including, but not limited to, bitcoin) securing trades (particularly perpetual futures contracts and various forms
of financing transactions), along with reported service interruptions, halted orders, forced unwinding of trades, and other issues,
across centralized and decentralized exchanges.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Extreme volatility may persist, and the value of the Shares may significantly
decline in the future without recovery. The digital asset markets may still be experiencing a bubble or may experience a bubble
again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital
declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding
digital assets more broadly. In November 2022, FTX Trading Ltd. (&#8220;FTX&#8221;), one of the largest digital asset platforms
by volume at the time, halted customer withdrawals amid rumors of the company&#8217;s liquidity issues and likely insolvency, which
were subsequently corroborated by its CEO. Shortly thereafter, FTX&#8217;s CEO resigned and FTX and many of its affiliates filed
for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around
the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought
civil securities and commodities fraud charges, against certain of FTX&#8217;s and its affiliates&#8217; senior executives, including
its former CEO. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX&#8217;s bankruptcy
filing, such as BlockFi Inc. and Genesis Global Capital, LLC (&#8220;Genesis&#8221;). In response to these events (collectively,
the &#8220;2022 Events&#8221;), the digital asset markets have experienced extreme price volatility and other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets.
These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged
in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events,
digital asset prices, including bitcoin, may continue to experience significant volatility or price declines and confidence in
the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including
from, among others, the Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and
authorities. These events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict
at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The prices of some digital assets, including bitcoin, have fluctuated
significantly following the election of Donald Trump as president of the United States. Many expect this new administration to
facilitate a supportive regulatory approach toward the digital asset industry. Through his executive orders, President Trump has
indicated that the administration will work toward providing greater regulatory clarity for blockchain technology and digital assets,
thereby fostering their development in the United States. Similarly, the digital asset industry expects favorable legislation from
the U.S. Congress, as certain members have expressed interest in advancing digital asset specific legislation. There can be no
assurance that market expectations around future activity by the administration or</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Congress will be fulfilled, or that digital asset prices will rise or
maintain their current levels. Some commentators have referred to the digital asset market post-President Trump&#8217;s election
as a bubble. There can be no assurance that such a bubble does not exist. The failure of the administration and Congress to provide
the expected level of regulatory clarity and support for blockchain technology and digital assets, could lead to a decline in digital
asset prices, including bitcoin. Such a decline could cause a decline in the value of the Shares and cause Shareholders to suffer
losses. Moreover, there can be no assurance that political dynamics and sentiments toward the digital asset industry, or market
perceptions of those sentiments, will not unfavorably shift over time.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">On March 6, 2025, President Trump issued an executive order for the
&#8220;Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile&#8221; (the &#8220;Order&#8221;).
The Order requires the Secretary of the U.S. Department of Treasury to establish two offices to administer and maintain a &#8220;Strategic
Bitcoin Reserve&#8221; (the &#8220;Bitcoin Reserve&#8221;) and a U.S. Digital Asset Stockpile (the &#8220;Digital Asset Stockpile&#8221;),
respectively. The Bitcoin Reserve will be capitalized with bitcoin forfeited as part of U.S. criminal or civil proceedings or in
satisfaction of penalties imposed by executive agencies. The Digital Asset Stockpile will be capitalized initially with other digital
assets forfeited as part of criminal or civil asset forfeiture proceedings. This development has led to expectations within the
bitcoin market that the United States may begin acquiring and holding bitcoin. The Order directs the Secretaries of the U.S. Treasury
Department and the U.S. Department of Commerce to develop budget-neutral strategies for acquiring additional bitcoin for the Bitcoin
Reserve. Legislation has been introduced in the U.S. Senate and the U.S. House of Representatives, which would direct the acquisition
of one million bitcoin by the federal government over a five-year period, which would be held in trust in secure storage by the
U.S. Treasury. The bill proposes to fund the bitcoin acquisition using remittances from the Federal Reserve, revaluations of Federal
Reserve gold certificates, and other funding mechanisms. Bills have also been introduced in several state legislatures to authorize
the acquisition of bitcoin by state governments or their instrumentalities, some of which have failed to pass. If now or in the
future, the U.S. federal government or any state government or any instrumentality thereof does not announce bitcoin acquisition
plans or does announce such plans, but these plans fall short of market expectations, the price of bitcoin may decline, which may
impact Share value. Even if government acquisitions occur or if legislation requiring acquisitions is enacted, the price of bitcoin
may decline if there are implementation challenges, unexpected difficulties, policy or legal reversals, any of which may negatively
impact Share value. Further, executive orders, such as the Order, are subject to change and can be reversed or overturned. The
enduring existence and size of the Bitcoin Reserve and Digital Asset Stockpile, and the passage and implementation of legislation
at the federal or state level, are subject to complex challenges and uncertainty that makes it difficult to evaluate their effect
on the value of bitcoin and the Shares, now or in the future. Extreme volatility in the future, including further declines in the
trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts,
of volatility in the price of bitcoin.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Disruptions or other problems in the supply chain for bitcoin mining
hardware and difficulties in obtaining new hardware could cause harm to the Bitcoin network.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Manufacture, assembly and delivery of hardware and components for mining
operations can be complex and protracted processes, in the course of which various problems could arise, including disruptions
or delays in the supply chain, product quality control issues, as well as other external factors.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Mining operations can ordinarily only be profitable if the costs associated
with bitcoin mining, including hardware costs, are lower than the price of bitcoin itself. In the course of the normal operation
of bitcoin mining facilities, miners and other critical equipment and materials related to data center construction and maintenance,
such as containers, switch gears, transformers and cables, will experience ordinary wear and tear and may also face more significant
malfunctions. Declines in the condition of miners and other hardware will require bitcoin miners, over time, to repair or replace
those miners.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Additionally, as the technology evolves, miners may be required to acquire
newer models of mining hardware and machines to remain competitive in the market. Any upgrading process may require substantial
capital investment, and miners may face challenges in doing so on a timely and cost-effective basis. The business of bitcoin miners
will be subject to limitations inherent within the supply chain of their mining hardware equipment and components, including competitive,
governmental, and legal limitations, and other events. For example, many miners will significantly rely on foreign imports to obtain
mining hardware equipment and materials. Any global trade disruption, introductions of tariffs, trade barriers and bilateral trade
frictions, together with any potential downturns in the global economy resulting, could adversely affect the necessary supply chains
for mining hardware. Depending on the magnitude of such effects on the mining hardware supply chain, shipments of parts for mining
hardware, or new mining hardware and equipment, may be delayed.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">There are a small number of major suppliers of bitcoin mining hardware
globally, and a significant amount of bitcoin mining hardware manufacturing is located in China. Mining hardware manufacturers
may fail to supply the mining hardware due to their inability to manufacture sufficient mining hardware, whether due to shortages
of components or resources such as semiconductors, or changes of</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">laws and trade restrictions (including export/import restrictions, quotas
or tariffs), or due to insolvency, or non-performance or default on their contracts. Trade policies such as export/import restrictions,
quotas or tariffs may reduce the ability of bitcoin mining hardware suppliers to supply miners with bitcoin mining hardware or
create a shortage or lack of components necessary for their manufacture or repair. If bitcoin miners are unable to source mining
hardware from those suppliers (for example due to overwhelming global demand for bitcoin miners, or due to trade restrictions,
or other causes) at commercially reasonable prices, or at all, and replacement or substitute sources of bitcoin mining hardware
prove to be unavailable, there could be a negative impact on bitcoin mining globally. These could affect the Bitcoin network by
making it more difficult for transactions to be confirmed, increase transaction costs, or affect the Bitcoin network&#8217;s security,
among other negative effects, any of which could negatively affect the value of bitcoin and consequently the Shares.&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Further, the first-generation application specific integrated circuit
(&#8220;ASIC&#8221;) chips and other critical components for mining equipment may be subject to price fluctuations or shortages.
For example, the ASIC chip is the key component of a mining machine as it determines the efficiency of the device. The production
of ASIC chips typically requires highly sophisticated silicon wafers, which currently only a small number of fabrication facilities,
or wafer foundries, in the world are capable of producing. There have been previous microchip shortages which led to price fluctuations
and disruption in the supply of key bitcoin mining hardware components. ASIC chips have recently been subject to supply and demand
fluctuations, significant price increases and shortages. Shortages of ASIC chips could create problems in the supply chain for
bitcoin mining equipment, negatively affecting the Bitcoin network by making it more difficult for transactions to be confirmed
or increasing transaction costs, or even affecting network security, which again could cause the value of bitcoin and the Shares
to decline.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Due to the unregulated nature and lack of transparency surrounding
the operations of bitcoin trading platforms, which may be subject to regulation in a relevant jurisdiction, but may not be complying,
they may experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of bitcoin
and, consequently, the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Digital asset trading platforms are relatively new and, in some cases,
unregulated. Many operate outside the United States. Furthermore, while many prominent digital asset trading platforms provide
the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory
compliance, many digital asset trading platforms do not provide this information. Digital asset trading platforms may not be subject
to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges
or designated contract markets. As a result, the marketplace may lose confidence in digital asset trading platforms, including
prominent trading platforms that handle a significant volume of bitcoin trading.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Many digital asset trading platforms are unlicensed, may be unregulated,
may be subject to regulation in a relevant jurisdiction, but may or may not be in compliance therewith, may operate without extensive
supervision by governmental authorities, and do not provide the public with significant information regarding their ownership structure,
management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United
States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions, and
may take the position that they are not subject to laws and regulations that would apply to a national securities exchange or designated
contract market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. As a result, trading
activity on or reported by these digital asset trading platforms is generally significantly less regulated than trading in regulated
U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading venues.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The bitcoin market globally and in the United States is not subject
to comparable regulatory guardrails as exist in regulated securities markets. Furthermore, many bitcoin trading venues lack certain
safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges and prevent
&#8220;flash crashes,&#8221; such as limit-down circuit breakers, as demonstrated by the October 2025 Flash Crash. As a result,
the prices of bitcoin on trading venues may be subject to larger and/or more frequent sudden declines than assets traded on more
traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities such as market manipulation, front-running
of trades, and wash-trading may not be available to or employed by digital asset trading platforms, or may not exist at all.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Bitcoin trading platforms may be exposed to fraud and manipulation.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The SEC has identified possible sources of fraud and manipulation in
the bitcoin market generally, including, among others (1) &#8220;wash trading&#8221;;&#8201;(2) persons with a dominant position
in bitcoin manipulating bitcoin pricing; (3) hacking of the Bitcoin network and trading platforms; (4) malicious control of the
Bitcoin network; (5) trading based on material, non-public information (for example, plans of market participants to significantly
increase or decrease their holdings in bitcoin, new sources of demand for bitcoin) or based on the</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">dissemination of false and misleading information; (6) manipulative
activity involving purported &#8220;stablecoins,&#8221; including Tether (for more information, &#8220;-Prices of bitcoin may be
affected due to stablecoins (including Tether and US Dollar Coin (&#8220;USDC&#8221;)), the activities of stablecoin issuers and
their regulatory treatment&#8221;); and (7) fraud and manipulation at bitcoin trading platforms. The effect of potential market
manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes actually
present in crypto market and/or cause distortions in price, which could adversely affect the Trust or cause losses to Shareholders.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Over the past several years, some digital asset trading platforms have
been closed due to fraud and manipulative activity, business failure or security breaches. In many of these instances, the customers
of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their account
balances in such digital asset trading platforms. While, generally speaking, smaller digital asset trading platforms are less likely
to have the infrastructure and capitalization that make larger digital asset trading platforms more stable, larger digital asset
trading platforms are more likely to be appealing targets for hackers and malware and may be more likely to be targets of regulatory
enforcement action. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014,
demonstrated that even the largest digital asset trading platforms could be subject to abrupt failure with consequences for both
users of digital asset platforms and the digital asset industry as a whole. In particular, in the two weeks that followed the February
7, 2014 halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other trading platforms from around $795 on
February 6, 2014 to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin
had been stolen from its operational or &#8220;hot&#8221; wallets. Further, in August 2016, it was reported that almost 120,000
bitcoins worth around $78 million were stolen from Bitfinex. The value of bitcoin and other digital assets immediately decreased
over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct
digital asset trading platform, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017,
Yapian, the operator of Seoul-based cryptocurrency trading platform Youbit, suspended digital asset trading and filed for bankruptcy
following a hack that resulted in a loss of 17% of Yapian&#8217;s assets. Following the hack, Youbit users were allowed to withdraw
approximately 75% of the digital assets in their platform accounts, with any potential further distributions to be made following
Yapian&#8217;s pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset trading platform, Coincheck,
was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset trading platform,
Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world&#8217;s largest digital
asset trading platform, Binance, was hacked, resulting in losses of approximately $40 million. In November 2022, FTX, one of the
largest digital asset trading platform by volume at the time, halted customer withdrawals and filed for bankruptcy, which revealed
a shortfall of customer funds. Shortly thereafter, FTX&#8217;s CEO resigned and FTX and many of its affiliates filed for bankruptcy
in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following
which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and
commodities fraud charges, against certain of FTX&#8217;s and its affiliates&#8217; senior executives, including its former CEO.
Around the same time, there were reports that approximately $300-600 million of digital assets were removed from FTX and the full
facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">In 2019 there were reports claiming that 80.95% of bitcoin trading volume
on digital asset trading platforms was false or noneconomic in nature, with specific focus on unregulated exchanges located outside
of the United States. Such reports alleged that certain overseas trading platforms have displayed suspicious trading activity suggestive
of a variety of manipulative or fraudulent practices, such as fake or artificial trading volume or trading volume based on non-economic
&#8220;wash trading&#8221; (where offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate
reported trading volumes), and attributed such manipulative or fraudulent behavior to motives like the incentive to attract listing
fees from token issuers who seek the most liquid and high-volume platforms on which to list their coins.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Other academics and market observers have put forth evidence to support
claims that manipulative trading activity has occurred on certain bitcoin trading platforms. For example, in a 2017 paper titled
&#8220;Price Manipulation in the Bitcoin Ecosystem&#8221; sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv
University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox
security breach, to identify and analyze the impact of &#8220;suspicious trading activity&#8221; on Mt. Gox between February and
November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over
a two-month period.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The potential consequences of a digital asset&#160;trading platform&#160;failure
or failure to prevent market manipulation could adversely affect the value of the Shares. Manipulative trading or market abuse
could create artificial or distorted prices, cause a loss of investor</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">confidence in bitcoin, adversely impact pricing trends in bitcoin markets
broadly, and cause losses from an investment in Shares of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>If a Liquidity Provider Agreement, the Custody Agreement, the Additional
Bitcoin Custody Agreement, an Authorized Participant Agreement or Clearing Agreement is terminated or a Liquidity Provider, an
Authorized Participant, the Bitcoin Custodian or the Additional Bitcoin Custodian fails to participate in the creation or redemption
processes of the Trust or fails to provide services as required, the Sponsor may need to find and appoint a replacement Liquidity
Provider, Authorized Participant, Bitcoin Custodian or Additional Bitcoin Custodian quickly, which could pose a challenge to the
Trust&#8217;s ability to create and redeem Shares or the safekeeping of the Trust&#8217;s bitcoins, and the Trust&#8217;s ability
to continue to operate may be adversely affected.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Trust is dependent on the Bitcoin Custodian to operate, pursuant
to the Custody Agreement and the Clearing Agreement. The Bitcoin Custodian performs essential functions in terms of safekeeping
the Trust&#8217;s bitcoin and, via the Clearing Services, facilitates the transfer of bitcoin to the Trust by Liquidity Providers
and from the Trust in connection with creations and redemptions and to pay the Sponsor Fee and extraordinary Trust expenses, and
in extraordinary circumstances, to liquidate the Trust. If the Bitcoin Custodian fails to perform the functions it performs for
the Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely
affect the price of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Sponsor could decide to replace the Bitcoin Custodian as the
custodian of the Trust&#8217;s bitcoins, pursuant to the Custody Agreement. Similarly, the Bitcoin Custodian under the
Custody Agreement and Clearing Agreement may terminate the Custody Agreement and Clearing Agreement respectively upon
providing the applicable notice to the Trust for any reason, or immediately, upon the occurrence of a Termination Event (as
defined below) that is incapable of being cured within ten business days or if it determines in its sole discretion it is
necessary to take such action to comply with applicable laws and regulations or in connection with Gemini&#8217;s fraud or
other compliance program. Under the Custody Agreement, a &#8220;Termination Event&#8221; occurs when (i) any representation,
warranty, certification or statement made by the Trust was or becomes incorrect in any material respect when made; (ii) the
Trust materially breaches, or fails in any material respect to perform any of its obligations under the Custody Agreement;
(iii) the Trust requests a postponement of maturity or a moratorium with respect to any indebtedness or is adjudged bankrupt
or insolvent, or there is commenced against the Trust a case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or the Trust files a petition for bankruptcy or an application for an arrangement with its
creditors, seeks or consents to the appointment of a receiver, administrator or other similar official for all or any
substantial part of its property, admits in writing its inability to pay its debts as they mature, or takes any corporate
action in furtherance of any of the foregoing, or fails to meet applicable legal minimum capital requirements; or (iv) a
change of control of the Trust, or an event, change or development that causes or is likely to cause a material adverse
effect on the Trust, or in the ability of the Trust to fulfill its responsibilities under the Custody Agreement, occurs.
Transferring maintenance responsibilities of the Trust&#8217;s account at the Bitcoin Custodian to another custodian may be
complex and could subject the Trust&#8217;s bitcoin to the risk of loss during the transfer, which could have a negative
impact on the performance of the Shares or result in loss of the Trust&#8217;s assets. Also, if the Bitcoin Custodian becomes
insolvent, suffers business failure, ceases business operations, defaults on or fails to perform its obligations under the
Custody Agreement or Clearing Agreement with the Trust, or abruptly discontinues the services it provides to the Trust for
any reason, the Trust&#8217;s operations would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">On October 19, 2023, Gemini, the Bitcoin Custodian for the Trust, was
named in a complaint filed by the New York Attorney General (&#8220;NYAG Lawsuit&#8221;) against Gemini and other entities, including
Genesis and its affiliates (collectively, the &#8220;Genesis Entities&#8221;) in a New York state court, alleging, inter alia,
that Gemini had violated New York&#8217;s Martin Act by soliciting money from the public, including persons in New York, with false
assurances that an investment program called Gemini Earn, pursuant to which customers of Gemini could deposit money in Earn accounts
at Gemini that would then be loaned to the Genesis Entities and repaid with interest by them, was a highly liquid investment and
that Genesis was a creditworthy borrower based on the Bitcoin Custodian&#8217;s ongoing risk monitoring. On February 9, 2024, NYAG
amended its lawsuit to add additional allegations against defendants other than Gemini. No new allegations were made against Gemini
as part of the February 9 amendments.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">On April 19, 2024, the United States Bankruptcy Court, Southern District
of New York in the Genesis bankruptcy proceedings, approved a settlement that allowed for certain payments, on an in-kind &#8220;coin-for-coin&#8221;
basis, to be made. Gemini made certain payments, on an in-kind &#8220;coin-for-coin&#8221; basis to Gemini Earn investors on May
29, 2024, however these investors were not made completely whole and were still owed approximately $50 million in cryptocurrency.
On June 14, 2024, Gemini and NYAG entered into a Stipulation and Consent to Judgement which resolves claims against Gemini set
out in the NYAG Lawsuit as described above (the &#8220;NYAG Settlement&#8221;). As part of the NYAG Settlement, Gemini will return
approximately $50 million worth of digital assets to investors of the Gemini Earn program who were entitled to receive, and did
receive, distributions from Gemini on May 29, 2024. Gemini will be required to make such full and complete restitution on an in-kind
&#8220;coin-for-coin&#8221; basis. Additionally, Gemini will be</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">banned from operating any cryptocurrency lending program in New York,
unless a future state or federal legislation specifically permits cryptocurrency lending programs in or from the State of New York
at which point NYAG&#8217;s consent shall be required.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">On February 28, 2024, Gemini and the New York State Department of Financial
Services (&#8220;NYDFS&#8221;) announced that they had entered into an administrative consent settlement agreement (the &#8220;NYDFS
Settlement&#8221;) that included findings, primarily with respect to the Gemini Earn program, that Gemini had conducted some of
its business in an unsafe and unsound manner, made false or misleading advertising statements, and failed to maintain an effective
customer due diligence program, and committed other violations of New York Banking Law and NYDFS regulations. Pursuant to this
settlement, Gemini has agreed to ensure that at least $1.1 billion is returned to Gemini Earn users through the Genesis bankruptcy
proceedings that are also creditors in the Genesis bankruptcy. In addition, Gemini has agreed to contribute at least $40 million
for the benefit of impacted Gemini Earn users and pay a $37 million fine to NYDFS. In determining the appropriate amount of the
penalty, the NYDFS acknowledged and commended Gemini&#8217;s cooperation and recognized Gemini&#8217;s engagement with the NYDFS
on the matters identified in the NYDFS Settlement and its ongoing efforts to remediate the shortcomings identified in the NYDFS
Settlement and during the NYDFS&#8217; most recent examination of Gemini.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Additionally, pursuant to the NYDFS Settlement, Gemini agreed to provide
an action plan to NYDFS including implementing the recommendations of an outside consultant in connection with a governance and
management assessment, continuing to strengthen its controls, policies and procedures to ensure robust compliance programs in connection
with its virtual currency business activity, and continuing its cooperation with the NYDFS to remediate the violations identified
in the NYDFS Settlement and previous examinations. The NYDFS Settlement also reserves the NYDFS&#8217;s right to bring an action
against Gemini if Gemini fails to fulfill its obligations under NYDFS Settlement. The NYDFS Settlement does not resolve any other
regulatory proceedings or litigation involving Gemini. As a regulated entity with financial services licenses in multiple jurisdictions,
it is possible that other regulators may decide to initiate their own action with respect to Gemini based on the findings contained
in the NYDFS Settlement.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Gemini, as the Bitcoin Custodian, could be required, as a result
of judicial or regulatory determinations, or could choose, to restrict or curtail the services it offers (whether in or from
New York State or generally), its licenses could be impacted, or its financial condition and ability to provide services to
the Trust could be affected as a result of the NYDFS Settlement, NYAG Settlement, or other litigation. If the Bitcoin
Custodian were to be required or choose, as a result of litigation or regulatory action, to restrict, curtail, or terminate
the services it offers, it could negatively affect the Trust&#8217;s ability to operate, hold bitcoin, or process creations
or redemptions of Baskets, which could force the Trust to engage an alternate bitcoin custodian or to liquidate and could
adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Similarly, the Additional Bitcoin Custodian performs essential functions
in terms of safekeeping the Trust&#8217;s bitcoin in the Additional Bitcoin Vault Balance. If the Additional Bitcoin Custodian
fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Baskets, which
could force the Trust to liquidate or adversely affect the price of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">On March 22, 2023, Coinbase, Inc., which is an affiliate of the Additional
Bitcoin Custodian, and its parent (such parent, &#8220;Coinbase Global&#8221; and together with Coinbase Inc., the &#8220;Relevant
Coinbase Entities&#8221;) received a &#8220;Wells Notice&#8221; from the SEC staff stating that the SEC staff made a &#8220;preliminary
determination&#8221; to recommend that the SEC file an enforcement action against the Relevant Coinbase Entities alleging violations
of the federal securities laws, including the&#160;Exchange Act&#160;and the&#160;Securities Act. According to Coinbase Global&#8217;s
public reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities believe these potential
enforcement actions would relate to aspects of the Relevant Coinbase Entities&#8217; Coinbase Prime service, spot market, staking
service Coinbase Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement, and civil
penalties. On June 6, 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court in the Southern
District of New York, alleging, inter alia: (i) that Coinbase Inc. has violated the&#160;Exchange Act&#160;by failing to register
with the SEC as a national securities exchange, broker-dealer, and clearing agency, in connection with activities involving certain
identified digital assets that the SEC&#8217;s complaint alleges are securities, (ii) that Coinbase Inc. has violated the&#160;Securities
Act&#160;by failing to register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is jointly
and severally liable as a control person under the&#160;Exchange Act&#160;for Coinbase Inc.&#8217;s violations of the&#160;Exchange
Act&#160;to the same extent as Coinbase Inc. The SEC&#8217;s complaint seeks a permanent injunction against the Relevant Coinbase
Entities to prevent them from violations of the&#160;Exchange Act&#160;or&#160;Securities Act, disgorgement, civil monetary penalties,
and such other relief as the court deems appropriate or necessary. On February 27, 2025, the SEC and the Relevant Coinbase Entities
filed a joint stipulation to dismiss the case with prejudice, and the case has been dismissed. Notwithstanding the dismissal of
the SEC enforcement action, Coinbase Inc. is currently, and it and the Additional Bitcoin Custodian from time to time may be, subject
in the future, to a variety of other litigation. Although the Trust does not presently anticipate such an outcome, there can be
no assurance that in the future Coinbase Inc. or Coinbase Custody, as Bitcoin Custodian, will not be required, as a result of a
judicial determination, or will not choose, to restrict or curtail the services they offer, or their financial condition and ability
to provide services to the Trust, will not be negatively affected.</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Alternatively, the Sponsor could decide to replace the Additional Bitcoin
Custodian as a custodian of the Trust&#8217;s bitcoin, pursuant to the Additional Custodial Services Agreement (the &#8220;Additional
Bitcoin Custody Agreement&#8221;). Similarly, the Additional Bitcoin Custodian could terminate services under the Additional Bitcoin
Custody Agreement for any reason and without Cause upon providing the applicable notice to the Trust for any reason, or immediately
for Cause (&#8220;Cause&#8221; is defined in the Additional Bitcoin Custody Agreement as (i) the Trust breaches any provision of
the Additional Bitcoin Custody Agreement and such breach is not cured within three (3) business days after notice of such breach
is given to the Trust in the case of a payment-related breach or is not cured within ten (10) business days after notice of such
breach is given to the Trust; (ii) the Trust takes any action to dissolve or liquidate (iii) the Trust becomes insolvent, makes
an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv)
the Trust becomes subject to any bankruptcy or insolvency proceeding; (v) the Additional Bitcoin Custodian becomes aware of any
facts or circumstances with respect to the Trust&#8217;s financial, legal, regulatory or reputational position which reasonably
would materially adversely affect The Trust&#8217;s ability to comply with its obligations under the Additional Bitcoin Custody
Agreement, and such facts and circumstances cannot be cured within five (5) business days; (vi) termination is required pursuant
to a facially valid subpoena, court order or binding order of a government authority; (vii) the Trust&#8217;s Additional Bitcoin
Account is subject to any pending litigation, investigation or government proceeding; or (viii) the Additional Bitcoin Custodian
reasonably suspects the Trust of attempting to circumvent the Additional Bitcoin Custodian&#8217;s controls in a manner the Additional
Bitcoin Custodian otherwise deems inappropriate or potentially harmful to itself or third parties.) Transferring maintenance responsibilities
of the Trust&#8217;s account at the Additional Bitcoin Custodian to another custodian may be complex and could subject the Trust&#8217;s
bitcoin to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result
in loss of the Trust&#8217;s assets. Also, if the Additional Bitcoin Custodian becomes insolvent, suffers business failure, ceases
business operations, default on or fail to perform their obligations under its contractual agreement with the Trust, or abruptly
discontinue the services it provides to the Trust for any reason, the Trust&#8217;s operations including its creation and redemption
processes would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Sponsor may not be able to find a party willing to serve as
the custodian or perform clearing services under the same terms as the current Custody Agreement, Additional Bitcoin Custody
Agreement and Clearing Agreement. To the extent that Sponsor is not able to find a suitable party willing to serve as the
custodian or to perform clearing services, the Sponsor may be required to terminate the Trust and liquidate the Trust&#8217;s
bitcoin. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified Custody Agreement,
Additional Bitcoin Custody Agreement or Clearing Agreement that is less favorable for the Trust or Sponsor, the value of the
Shares could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">If an Authorized Participant or a Liquidity Provider suffers insolvency,
business failure or interruption, default, failure to perform, security breach, or if an Authorized Participant or a Liquidity
Provider chooses not to participate in the creation and redemption processes of the Trust due to the risks described in <span style="white-space: nowrap">&#8220;-The</span>
inability of Liquidity Providers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of
an investment in the Shares&#8221; and &#8220;-If the process of creation and redemption of baskets encounters any unanticipated
difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely
linked to the price of Bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV,&#8221;
and the Trust is unable to engage replacement Authorized Participants or Liquidity Providers on commercially acceptable terms or
at all, then the creation and redemption processes of the Trust or the arbitrage mechanism used to keep the Trust&#8217;s Shares
trading in line with NAV could be negatively affected.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Digital asset markets in the United States exist in a state of regulatory
uncertainty, and adverse legislative or regulatory developments could significantly harm the value of bitcoin or the Shares, such
as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins, mining activity, digital wallets,
the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin network, or the digital asset
markets generally.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">There is a lack of consensus regarding the regulation of digital assets,
including bitcoin, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022 Events,
the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the Comptroller of the Currency
(the &#8220;OCC&#8221;), CFTC, FINRA, the Consumer Financial Protection Bureau (&#8220;CFPB&#8221;), the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service (&#8220;IRS&#8221;), state
financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users
and the digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories
regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets
generally or bitcoin in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares
or the ability of the Trust to continue to operate.</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The 2022 Events, including among others the bankruptcy filings of FTX
and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments
in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital asset industry, with
a specific focus on intermediaries such as digital asset platforms, platforms, and custodians. Federal and state legislatures and
regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as digital asset
platforms and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which in some cases
provided services to the digital asset industry, may amplify and/or accelerate these trends. On January 3, 2023, the federal banking
agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities
in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk.
Although banking organizations are not prohibited from crypto-asset related activities, the agencies have expressed significant
safety and soundness concerns with business models that are concentrated in crypto-asset related activities or have concentrated
exposures to the crypto-asset sector.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">U.S. federal and state regulators, as well as the White House, have
issued reports and releases concerning crypto assets, including bitcoin and crypto asset markets. Further, in 2023 the House of
Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity
Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto
assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the
perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming
laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. We cannot predict
how these and other related events will affect us or the crypto asset business.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">In August 2021, the chair of the SEC stated that he believed investors
using digital asset trading platforms are not adequately protected, and that activities on the platforms can implicate the securities
laws, commodities laws and banking laws, raising a number of issues related to protecting investors and consumers, guarding against
illicit activity, and ensuring financial stability. The chair expressed a need for the SEC to have additional authorities to prevent
transactions, products, and platforms from &#8220;falling between regulatory cracks,&#8221; as well as for more resources to protect
investors in &#8220;this growing and volatile sector.&#8221; The chair called for federal legislation centering on digital asset
trading, lending, and decentralized finance platforms, seeking &#8220;additional plenary authority&#8221; to write rules for digital
asset trading and lending. It is not possible to predict whether, or when, any of these developments will lead to Congress granting
additional authorities to the CFTC, SEC or other regulators, what the nature of such additional authorities might be, how additional
legislation and/or regulatory oversight might impact the ability of digital asset markets to function or how any new regulations
or changes to existing regulations might impact the value of digital assets generally and bitcoin held by the Trust specifically.
The consequences of increased federal regulation of digital assets and digital asset activities could have a material adverse effect
on the Trust and the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">FinCEN requires any administrator or exchanger of convertible virtual
currency (&#8220;CVC&#8221;) to register with FinCEN as a money transmitter and comply with the anti- money laundering regulations
applicable to money transmitters. Entities which fail to comply with such regulations are subject to fines, may be required to
cease operations, and could have potential criminal liability. For example, in 2015, FinCEN assessed a $700,000 fine against a
sponsor of a digital asset for violating several requirements of the Bank Secrecy Act by acting as an MSB and selling the digital
asset without registering with FinCEN, and by failing to implement and maintain an adequate anti-money laundering program. In 2017,
FinCEN assessed a $110 million fine against BTC-e, a now defunct digital asset exchange, for similar violations. The requirement
that exchangers that do business in the United States register with FinCEN and comply with anti- money laundering regulations may
increase the cost of buying and selling bitcoin and therefore may adversely affect the price of bitcoin and an investment in the
Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Office of Foreign Assets Control (&#8220;OFAC&#8221;) of the U.S.
Department of the Treasury (the &#8220;U.S. Treasury Department&#8221;) has added digital currency addresses, including addresses
on the Bitcoin Blockchain, to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are
generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty
in the market as to whether bitcoin that has been associated with such addresses in the past can be easily sold. This &#8220;tainted&#8221;
bitcoin may trade at a substantial discount to untainted bitcoin. Reduced fungibility in the bitcoin markets may reduce the liquidity
of bitcoin and therefore adversely affect their price.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">In February 2020, then-U.S. Treasury Secretary Steven Mnuchin stated
that digital assets were a &#8220;crucial area&#8221; on which the U.S. Treasury Department has spent significant time. Secretary
Mnuchin announced that the U.S. Treasury Department is preparing significant new regulations governing digital asset activities
to address concerns regarding the potential use for facilitating money laundering and other illicit activities. In December 2020,
FinCEN, a bureau within the U.S. Treasury Department, proposed a rule that would require financial institutions to submit reports,
keep records, and verify the identity of customers for certain transactions to or</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">from so-called &#8220;unhosted&#8221; wallets, also commonly referred
to as self-hosted wallets. In January 2021, then U.S. Treasury Secretary nominee Janet Yellen stated her belief that regulators
should &#8220;look closely at how to encourage the use of digital assets for legitimate activities while curtailing their use for
malign and illegal activities.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Under regulations from the New York State Department of Financial Services
(&#8220;NYDFS&#8221;), businesses involved in digital asset business activity for third parties in or involving New York, excluding
merchants and consumers, must apply for a license, commonly known as a BitLicense, from the NYDFS and must comply with anti-money
laundering, cybersecurity, consumer protection, and financial and reporting requirements, among others. As an alternative to a
BitLicense, a firm can apply for a charter to become a limited purpose trust company under New York law qualified to engage in
certain digital asset business activities. Other states have considered or approved digital asset business activity statutes or
rules, passing, for example, regulations or guidance indicating that certain digital asset business activities constitute money
transmission requiring licensure.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The inconsistency in applying money transmitting licensure requirements
to certain businesses may make it more difficult for these businesses to provide services, which may affect consumer adoption of
bitcoin and its price. In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017, the Uniform
Regulation of Virtual Currency Businesses Act, which has many similarities to the BitLicense and features a multistate reciprocity
licensure feature, wherein a business licensed in one state could apply for accelerated licensure procedures in other states. It
is still unclear, however, how many states, if any, will adopt some or all of the model legislation.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Law enforcement agencies have often relied on the transparency of blockchains
to facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced to a number
of digital asset networks. If the Bitcoin network were to adopt any of these privacy-enhancing features, these features may provide
law enforcement agencies with less visibility into transaction-level data. Europol, the European Union&#8217;s law enforcement
agency, released a report in October 2017 noting the increased use of privacy-enhancing digital assets like Zcash and Monero in
criminal activity on the internet. In May 2022, OFAC banned all U.S. persons from using Blender.io, a digital asset mixing application
that operates on the Bitcoin Blockchain to obfuscate the origin, destination and counterparties of blockchain transactions, by
adding certain digital asset wallet addresses associated with Blender.io to its Specially Designated Nationals list. Blender.io
receives a variety of transactions and mixes them together before transmitting them to their ultimate destinations. On March 23,
2022, Lazarus Group, a state-sponsored cyber hacking group associated with North Korea, carried out a major virtual currency heist
from a blockchain project linked to the online game Axie Infinity&#894; Blender.io was used in processing some of the illicit proceeds.
The U.S. Treasury Department&#8217;s press release announcing the sanctions on Blender.io observed that, while most virtual currency
activity is licit, virtual currency can be used for illicit activity, including sanctions evasion, through mixers, peer-to-peer
exchangers, darknet markets, and exchanges. This includes the facilitation of heists, ransomware schemes, and other cybercrimes.
On October 19, 2023, FinCEN published proposed rulemaking to apply the authorities in Section 311 of the USA PATRIOT Act to impose
requirements on financial institutions that engage in CVC transactions with CVC mixers. The proposed rule, if adopted, would require
covered financial institutions to report to FinCEN any CVC transactions they process that involves CVC mixing within or involving
a jurisdiction outside the United States. The term &#8220;CVC mixing&#8221; covers more than just transactions that involve CVC
mixers like Tornado Cash, and seemingly could cover a broader range of conduct involving technologies, services, or methods that
have the effect of obfuscating the source, destination, or amount of a CVC transaction, whether or not the obfuscation was intentional.
If the rule were to be adopted as proposed and if the Bitcoin Blockchain were to be deemed to or were to adopt features which come
within the rule&#8217;s ambit, it could cause covered financial institutions - such as many digital asset platforms, or the Trust&#8217;s
service providers, such as the Cash Custodian - to reduce support for or cease offering services for bitcoin or to the Trust, which
could impair the utility of bitcoin, the value of the Shares and the Trust&#8217;s ability to operate in compliance with new laws
and regulations.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Prices of bitcoin may be affected due to stablecoins (including Tether
and USDC), the activities of stablecoin issuers and their regulatory treatment.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">While the Trust does not invest in stablecoins, it may nonetheless be
exposed to risks that stablecoins pose for the bitcoin market and other digital asset markets. Stablecoins are digital assets designed
to have a stable value over time as compared to typically volatile digital assets and are typically marketed as being pegged to
a fiat currency, such as the U.S. dollar, at a certain value. Although the prices of stablecoins are intended to be stable, their
market value may fluctuate. This volatility has in the past apparently impacted the price of bitcoin. Stablecoins are a relatively
new phenomenon, and it is impossible to know all of the risks that they could pose to participants in the bitcoin market. Like
CBDCs, stablecoins could compete with, or replace, bitcoin and other digital assets as a medium of exchange or store of value.
In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient backing in a
way that, when the stablecoin is used to pay for bitcoin, could cause artificial rather than genuine demand for bitcoin, thereby
artificially inflating the price of bitcoin. On February 17, 2021, the New York Attorney General entered</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">into an agreement with Tether&#8217;s operators, requiring them to cease
any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made
regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether&#8217;s operators in which
they agreed to pay $42.5 million in fines to settle charges that, among others, Tether&#8217;s claims that it maintained sufficient
U.S. dollar reserves to back every Tether stablecoin in circulation with the &#8220;equivalent amount of corresponding fiat currency&#8221;
held by Tether were untrue.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">USDC is a reserve-backed stablecoin issued by Circle Internet Financial
that is commonly used as a method of payment in digital asset markets, including the bitcoin market. While USDC is designed to
maintain a stable value at one U.S. dollar at all times, on March 10, 2023, the value of USDC fell below $1.00 for multiple days
after Circle Internet Financial disclosed that $3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered
FDIC receivership earlier that day. Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of
either to function normally could impede the function of stablecoins, and therefore could adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Given the foundational role that stablecoins play in global digital
asset markets, their liquidity can have a dramatic impact on the broader digital asset market, including the market for bitcoin.
A significant portion of the digital asset market continues to depend on stablecoins such as Tether and USDC. As such, any disruption
in the operation or perceived stability of these stablecoins such as a disorderly de-pegging event or a loss of market confidence
resulting in a run on reserves could lead to substantial market volatility across digital assets more broadly.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Additional risks such as operational failures (e.g., technical issues
that prevent settlement), concerns regarding the adequacy or transparency of reserve assets backing stablecoins, the use of unbacked
or undercollateralized stablecoins in potentially manipulative trading practices and regulatory scrutiny of stablecoin issuers
or intermediaries, including exchanges that facilitate stablecoin transactions, may also adversely affect market confidence and
liquidity. Further, these risks are underscored by recent legislative developments. On July 18, 2025, the Guiding and Establishing
National Innovation for U.S. Stablecoins Act of 2025 (&#8220;GENIUS Act&#8221;) was enacted, establishing a federal regulatory
framework for payment stablecoins. The GENIUS Act prohibits the issuance or use of payment stablecoins unless the issuer obtains
a qualifying license and complies with a range of regulatory requirements, including reserve backing with liquid assets, redemption
rights, governance standards, and operational transparency. The GENIUS Act also restricts the payment of interest on stablecoins
and imposes oversight on both bank and nonbank issuers. The enactment of the GENIUS Act, or the removal or migration of prominent
stablecoins from the Bitcoin network, could reduce the willingness of market participants to engage in digital asset transactions
that rely on stablecoins, diminish liquidity in the bitcoin market, and adversely affect the price of bitcoin. Any such developments
could, in turn, materially and adversely impact the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Digital Asset Treasury Companies Risk</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 36pt">In recent times, a number of companies engaged in
businesses outside the digital assets industry have begun to hold their corporate treasuries in digital assets instead of in fiat
currency (&#8220;digital asset treasury companies&#8221;). In some cases, these companies have raised funds through financing or
securities offerings and applied the proceeds to purchase digital assets, including bitcoin.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 36pt">Digital asset treasury companies are a relatively
new phenomenon and it is impossible to predict all of the risks they could pose to the Trust. On the one hand, digital asset treasury
companies may increase procyclical dynamics in the market because they may purchase digital assets, such as bitcoin, when prices
are rising and they may sell such assets when prices are decreasing, potentially making bitcoin more expensive in a rising market
and then causing downward pressure on bitcoin prices in a falling market (causing prices to fall faster than they otherwise would).
Digital asset treasury companies could cause greater volatility in digital asset markets, including markets for bitcoin. Negative
events or sentiment surrounding digital asset treasury companies could affect the market for bitcoin. On the other hand, digital
asset treasury companies may compete with the Trust in the marketplace as a perceived alternative means of achieving exposure to
the price of bitcoin (to a greater or lesser extent) through investing in securities. The foregoing or similar events involving
digital asset treasury companies could adversely affect holders of Shares in the Trust.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>The value of the Shares is subject to a number of factors relating
to the fundamental investment characteristics of bitcoin as a digital asset, including the fact that digital assets are bearer
instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset,
and the capabilities and development of blockchain technologies such as the bitcoin blockchain.</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Digital assets such as bitcoin were only introduced within the past
16 years, and the value of the Shares is subject to a number of factors over time relating to the capabilities and development
of blockchain technologies, such as the recentness of their development, their dependence on the internet and other technologies,
their dependence on the role played by users, developers and miners and the</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">potential for malicious activity. Given the recentness of the development
of digital asset networks, digital assets may not function as intended and parties may be unwilling to use digital assets, which
would dampen the growth, if any, of digital asset networks. Because bitcoin is a digital asset, the value of the Shares is subject
to a number of factors relating to the fundamental investment characteristics of digital assets, including the fact that digital
assets are bearer instruments and loss, theft, compromise, or destruction of the associated private keys could result in permanent
loss of the asset.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Bitcoin network, including the cryptographic and algorithmic protocols
associated with the operation of the Bitcoin Blockchain, has only been in existence since 2009, and bitcoin markets have a limited
performance record, making them part of a new and rapidly evolving industry that is subject to a variety of factors that are difficult
to evaluate. For example, the following are some of the risks could materially adversely affect the value of the Shares:</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr>
    <td style="width: 18pt">&#160;</td>
    <td style="vertical-align: top; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Digital assets, including bitcoin, are controllable only by the possessor
    of both the unique public key and private key or keys relating to the Bitcoin network address, or &#8220;wallet,&#8221; at
    which the digital asset is held. Private keys must be safeguarded and kept private in order to prevent a third party from
    accessing the digital asset held in such wallet. The loss, theft, compromise or destruction of a private key required to access
    a digital asset may be irreversible. If a private key is lost, stolen, destroyed or otherwise compromised and no backup of
    the private key is accessible, the owner would be unable to access the digital asset corresponding to that private key and
    the private key will not be capable of being restored by the digital asset network resulting in the total loss of the value
    of the digital asset linked to the private key.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Digital asset networks are dependent upon the internet. A disruption
    of the internet, or major telecommunications and internet service providers, or a digital asset network, such as the Bitcoin
    network, could affect the ability to transfer digital assets, including bitcoin, and, consequently, could negatively impact
    their value. In addition, data center hosting and cloud services providers play a crucial role in the global Internet economy.
    Many of the Trust&#8217;s service providers conduct their business operations and processes using cloud providers and third-party
    data center hosting facilities, including Amazon Web Services, Google Cloud, Microsoft Azure, and other cloud services. In
    October 2025, news outlets reported that Amazon Web Services and Microsoft Azure both suffered significant service interruptions
    which caused disruptions to some of their cloud services customers. Any disruptions or failures of the Sponsor&#8217;s systems
    or the third-party hosting facility or cloud services that the Sponsor uses, or may use in the future, or of the Trust&#8217;s
    service providers&#8217; systems or the third party hosting facilities or cloud services that they use, or may use in the
    future, including as a result of a natural disaster, fire, cyberattack, act of terrorism, geopolitical conflict, pandemic,
    the effects of climate change, or other catastrophic event, as well as power outages, service disruptions or interruptions,
    scheduled or unscheduled downtime, software or hardware defects, telecommunications infrastructure outages, a decision to
    close such facilities or cease providing such services, or other problems with the Sponsor&#8217;s or a Trust service provider&#8217;s
    systems or third-party data center hosting or cloud providers that the Sponsor or a Trust service provider uses, or may use
    in the future, such as a failure to meet service standards, could severely impact the Trust&#8217;s or Sponsor&#8217;s ability
    to conduct business operations, such as creation and redemption processes or deposits or withdrawals into the Trust&#8217;s
    custodial accounts, any of which could materially adversely affect the Trust&#8217;s operations or cause losses to the Trust&#8217;s
    Shareholders.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Banks and other established financial institutions may refuse to process
    funds for bitcoin transactions; process wire transfers to or from bitcoin trading platforms, bitcoin-related companies or
    service providers; or maintain accounts for persons or entities transacting in bitcoin. This could dampen liquidity in the
    market and damage the public perception of digital assets generally or any one digital asset in particular, such as bitcoin,
    and their or its utility as a payment system, which could decrease the price of digital assets generally or individually.
    Further, the lack of availability of banking services, including those provided by the Cash Custodian or the financial institutions
    at which the Bitcoin Custodian maintains the cash credited to the Trust&#8217;s Fiat Account, could inhibit or prevent the
    Trust from being able to complete cash creations or redemptions, or the timely liquidation of bitcoin even if the Sponsor
    determined that such liquidation were appropriate or suitable.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Users, developers and miners may otherwise switch to or adopt certain
    digital assets at the expense of their engagement with other digital asset networks, which may negatively impact those networks,
    including the Bitcoin network.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">As the Bitcoin network continues to develop and grow, certain technical
    issues might be uncovered and the trouble shooting and resolution of such issues requires the attention and efforts of bitcoin&#8217;s
    global development community. Like all software, the Bitcoin network is at risk of vulnerabilities and bugs that can potentially
    be exploited by malicious actors. For example, in 2010, the Bitcoin network underwent a hard fork to reverse the effects of
    a hack in which an unknown attacker took advantage of a software vulnerability in the early source code of the Bitcoin network
    to fraudulently mint a large amount of bitcoin.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">The acceptance of software patches or upgrades by a significant, but
    not overwhelming, percentage of the users and miners in a digital asset network, such as the Bitcoin network, could result
    in a &#8220;fork&#8221; in such network&#8217;s blockchain, including the Bitcoin Blockchain, resulting in the operation of
    multiple separate networks.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">In August 2017, the Bitcoin network underwent a hard fork that resulted
    in the creation of a new digital asset network called Bitcoin Cash. This hard fork was contentious, and as a result some users
    of the Bitcoin Cash network may harbor ill will toward the Bitcoin network. These users may attempt to negatively impact the
    use or adoption of the Bitcoin network, as could constituencies adversely impacted by any contentious hard forks that take
    place in the future.</td></tr>
</table><div>

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</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr>
    <td style="width: 18pt">&#160;</td>
    <td style="vertical-align: top; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Also in August 2017, the Bitcoin network was upgraded with a technical
    feature known as &#8220;Segregated Witness&#8221; with the promise of increasing the number of transactions per second that
    can be handled on-chain and enabling so-called second layer solutions, such as the Lightning Network or payment channels,
    that have the potential to increase transaction throughput by processing certain transactions outside the main Bitcoin Blockchain,
    but which may fail to achieve the expected benefits or widespread adoption or lead to new or unanticipated problems, leading
    to a decline in public support for, and the price of, bitcoin.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">As of the date of this Report, the largest 100 bitcoin wallets held
    a substantial amount of the outstanding supply of bitcoin and it is possible that some of these wallets are controlled by
    the same person or entity. Moreover, it is possible that other persons or entities control multiple wallets that collectively
    hold a significant number of bitcoin, even if each wallet individually only holds a small amount. As a result of this concentration
    of ownership, large sales by such holders could have an adverse effect on the market price of bitcoin.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Governance of the Bitcoin network is by voluntary consensus and open
    competition. As a result, there may be a lack of consensus or clarity on the governance of the Bitcoin network, which may
    stymie the Bitcoin network&#8217;s utility and ability to grow and face challenges. In particular, it may be difficult to
    find solutions or martial sufficient effort to overcome any future problems on the Bitcoin network, especially long-term problems.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Over the past decade, bitcoin mining operations have evolved from
    individual users mining with computer processors, graphics processing units and first-generation application specific integrated
    circuit (&#8220;ASIC&#8221;) machines to &#8220;professionalized&#8221; mining operations using proprietary hardware or sophisticated
    machines. If the profit margins of bitcoin mining operations are not sufficiently high, including, but not limited to, due
    to an increase in electricity costs or a decline in the market price of bitcoin, or if bitcoin mining operations are unable
    to arrange alternative sources of financing (e.g., if lenders refuse to make loans to such miners), bitcoin miners are more
    likely to sell more bitcoins than they otherwise would, resulting in an increase in liquid supply of bitcoin, which would
    generally tend to reduce bitcoin&#8217;s market price.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">To the extent that any miners cease to record transactions that do
    not include the payment of a transaction fee in solved blocks or do not record a transaction because the transaction fee is
    too low, such transactions will not be recorded on the Bitcoin Blockchain until a block is mined by a miner who does not require
    the payment of transaction fees or is willing to accept a lower fee. Any widespread delays in the recording of transactions
    could result in a loss of confidence in a digital asset network.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Digital asset mining operations can consume significant amounts of
    electricity, which may have a negative environmental impact and give rise to public opinion against allowing, or government
    regulations restricting, the use of electricity for mining operations. Additionally, miners may be forced to cease operations
    during an electricity shortage or power outage, or if electricity prices increase where the mining activities are performed.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">There are a small number of major suppliers of bitcoin mining hardware
    globally, and a significant amount of bitcoin mining hardware manufacturing is located in China. Mining hardware manufacturers
    may fail to supply the mining hardware due to their inability to manufacture sufficient mining hardware, whether due to shortages
    of components or resources such as semiconductors, or due to default, insolvency, or changes of laws and trade restrictions
    (including export/import restrictions, quotas or tariffs). Trade policies such as export/import restrictions, quotas or tariffs
    may reduce the ability of bitcoin mining hardware suppliers to supply miners with bitcoin mining hardware or create a shortage
    or lack of components necessary for their manufacture or repair. If bitcoin miners are unable to source mining hardware from
    those suppliers (for example due to overwhelming global demand for bitcoin miners, or due to trade restrictions, or other
    causes) at commercially reasonable prices, or at all, and replacement or substitute sources of bitcoin mining hardware prove
    to be unavailable, there could be a negative impact on bitcoin mining globally. These could affect the Bitcoin network by
    making it more difficult for transactions to be confirmed, increasing transaction costs, or affecting the Bitcoin network&#8217;s
    security, among other negative effects, any of which could negatively affect the value of bitcoin and consequently the Shares.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">Many digital asset networks, including the Bitcoin network, face significant
    scaling challenges and may periodically be upgraded with various features designed to increase the speed and throughput of
    digital asset transactions. These attempts to increase the volume of transactions may not be effective, and such upgrades
    may fail, resulting in potentially irreparable damage to the Bitcoin network and to the value of bitcoin.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">The open-source structure of many digital asset network protocols,
    such as the protocol for the Bitcoin network, means that developers and other contributors are generally not directly compensated
    for their contributions in maintaining and developing such protocols. As a result, the developers and other contributors of
    a particular digital asset may lack a financial incentive to maintain or develop the network or may lack the resources to
    adequately address emerging issues. Alternatively, some developers may be funded by companies whose interests are at odds
    with other participants in a particular digital asset network. A failure to properly monitor and upgrade the protocol of the
    Bitcoin network could damage that network.</td></tr>
<tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: bottom; text-align: justify">In the past, flaws in the source code for digital assets have been
    exposed and exploited, including flaws that disabled some functionality for users, exposed users&#8217; personal information
    and/or resulted in the theft of users&#8217; digital assets. The cryptography underlying bitcoin could prove to be flawed
    or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry
    and quantum computing, could result in such cryptography becoming ineffective. Quantum computing technology is an emerging
    phenomenon which, because it is still developing, makes it difficult to predict its ultimate effect on the future value of
    bitcoin and other digital assets. However, if quantum computing technology</td></tr>
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<tr style="vertical-align: bottom">
    <td style="width: 18pt">&#160;</td>
    <td style="width: 18pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">is able to advance and significantly increase its capacity relative to the capacity of today&#8217;s
    leading quantum computers, it could potentially undermine the viability of many of the cryptographic algorithms used across
    the world&#8217;s information technology infrastructure, including the cryptographic algorithms used for digital assets like
    bitcoin. Advances in quantum computing create the risk that the cryptography underlying the Bitcoin network could become ineffective,
    which, if realized, could compromise the security of the Bitcoin network, or allow a malicious actor to compromise the wallets
    holding bitcoin owned by the Trust or others on the Bitcoin network, which would result in losses to Shareholders. While various
    actors in the Bitcoin community are taking steps to enable the uses of cryptographic algorithms that would be resistant to
    advanced quantum computers, there is no guarantee that new quantum-proof architectures will be built and appropriate transitions
    will be implemented across the network at scale in a timely manner; any such changes could require the achievement of broad
    consensus within the Bitcoin network community and a fork (or multiple forks), and there can be no assurance that such consensus
    would be achieved or the changes implemented successfully. See &#8220;-The Bitcoin network&#8217;s decentralized governance
    structure may negatively affect its ability to grow and respond to challenges&#8221; and &#8220;-A temporary or permanent
    &#8220;fork&#8221; could adversely affect the value of the Shares.&#8221; If any of the foregoing were to occur, it could
    result in losses to Shareholders. In any of these circumstances, a malicious actor may be able to compromise the security
    of the Bitcoin network or take the Trust&#8217;s bitcoin, which would adversely affect the value of the Shares. Moreover,
    the functionality of the Bitcoin network may be negatively affected such that it is no longer attractive to users, thereby
    reducing or even eliminating demand for bitcoin. Even if another digital asset other than bitcoin were affected by similar
    circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively
    affect the demand for digital assets and therefore adversely affect the value of the Shares.</td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Moreover, because digital assets, including bitcoin, have been in existence
for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict
as of the date of this Report.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>Shareholders do not have the protections associated with ownership
of Shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The 1940 Act is designed to protect investors by preventing insiders
from managing investment companies to their benefit and to the detriment of public investors, such as: the issuance of securities
having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons; the use of unsound
or misleading methods of computing earnings and asset value; changes in the character of investment companies without the consent
of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends, the 1940 Act requires the
safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes
governance requirements as a check on fund management.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Trust is not registered as an investment company under the 1940
Act, and the Sponsor believes that the Trust is not required to register under such act. Consequently, Shareholders do not have
the regulatory protections provided to investors in investment companies.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">The Trust will not hold or trade in commodity interests (as currently
defined) regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that the Trust is not a commodity
pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity
pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not
have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools. However, Congress is currently
considering legislation, such as the Digital Asset Market Clarity Act of 2025 (CLARITY Act), which could give the CFTC greater
powers to regulate the spot digital asset market. It is possible that, if legislation is passed, it could require the Trust or
the Sponsor, or service providers to the Trust, such as the Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional
Bitcoin Custodian among others, to register with the CFTC. Such additional regulatory obligations may cause the Trust, the Trustee,
the Sponsor, Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional Bitcoin Custodian to incur extraordinary
expenses. If the Trust, the Trustee, the Sponsor, Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional
Bitcoin Custodian decided to seek the required licenses, there is no guarantee that they will timely receive them. The Trustee
may decide to discontinue and wind up the Trust. A dissolution of the Trust in response to the changed regulatory circumstances
may be at a time that is disadvantageous to the Shareholders. A Liquidity Provider may also instead decide to terminate its role
as a Liquidity Provider of the Trust, which may decrease the liquidity of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><i>A temporary or permanent &#8220;fork&#8221; of the bitcoin blockchain
could adversely affect an investment in the Trust. Shareholders will not receive the benefits of any forks or airdrops.</i></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Bitcoin software is open source. Any user can download the software,
modify it and then propose that the core developers, users and miners adopt the modification. When a modification is introduced
by the core developers and a substantial majority of users and miners consent to the modification, the change is implemented and
the Bitcoin network continues to operate uninterrupted on a single</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">blockchain. However, if less than a substantial majority of users and
miners consent to the proposed modification, but the modification is nonetheless implemented by some users and miners and the modification
is not compatible with the software prior to its modification, the consequence would be what is known as a &#8220;fork&#8221; (i.e.,
&#8220;split&#8221;) of the Bitcoin network (and the blockchain), with one version running the pre-modified software and the other
running the modified software. The effect of such a fork would be the existence of two (or more) versions of the Bitcoin network
running in parallel, but with each version&#8217;s bitcoin lacking interchangeability, and with different blockchains. Such a fork
in the Bitcoin Blockchain typically would be addressed by community-led efforts to merge the forked Bitcoin Blockchains, and several
prior forks have been so merged. Since the Bitcoin network&#8217;s inception, modifications to the Bitcoin network have generally
been accepted by the majority of users and miners, ensuring that the Bitcoin network remains a coherent economic system and the
focal point of the majority of developer activity. There is no assurance, however, that this will continue to be the case, and
if it is not, then the price of bitcoin could be negatively affected. The original blockchain and the forked blockchain could potentially
compete with each other for users, developers, and miners, leading to a loss of these for the original blockchain. A fork of any
kind could adversely affect an investment in the Trust or the ability of the Trust to operate and the Trust&#8217;s procedures
may be inadequate to address the effects of a fork.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Additionally, a fork could be introduced by an unintentional, unanticipated
software flaw in the multiple versions of otherwise compatible software miners and users run. It is also possible that, in a future
accidental or unintentional fork, a substantial number of users and miners could adopt an incompatible version of the digital asset
while resisting community-led efforts to merge the two blockchains, resulting in a permanent fork. Any of these events could cause
bitcoin to decline in value.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Furthermore, a hard fork can lead to new security concerns. For example,
when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were
rebroadcast to nefarious effect on the other network, plagued digital assets exchanges through at least October 2016. A digital
assets exchange announced in July 2016 that it had lost 40,000 Ether Classic, worth about $100,000 at that time, as a result of
replay attacks. Another possible result of a hard fork is an inherent decrease in the level of security due to significant amounts
of mining power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier
for an individual miner or mining pool&#8217;s hashing power to exceed 50% of the processing power of the network that retained
or attracted less mining power, thereby making digital assets that rely on that network, which could include bitcoin, more susceptible
to attack. Any of these events could cause the Bitcoin network to be less attractive to potential users, or cause a decline in
speculative interest, and thereby cause bitcoin to decline in value.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Forks have occurred already to the Bitcoin network, including, but not
limited to, forks resulting in the creation of Bitcoin Cash (August 1, 2017), Bitcoin Gold (October 24, 2017) and Bitcoin SegWit2X
(December 28, 2017), among others. The only crypto asset to be held by the Trust will be bitcoin. The Trust has adopted procedures
to address situations involving a fork that results in the issuance of new alternative bitcoin that the Trust may receive. Typically,
the holder of bitcoin has no discretion in a hard fork; it merely has the right to claim the new forked asset on a pro rata basis
while it continues to hold the same number of bitcoin.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">There have been other contentious disputes over changes to the Bitcoin
network&#8217;s source code, so far these have not led to hard forks. For example, the predominant software implementation used to access
the Bitcoin network is Bitcoin Core. The October 2025 release of the updated Bitcoin Core client (version 30) removed a long-standing
limit on the inclusion of non-transaction-related data in blocks, the effect of which is to permit larger amounts of arbitrary
data to be embedded in transactions. This change has prompted debate within the bitcoin community, though &#8211; because the change
is backwards-compatible, rather than a hard fork &#8211; certain previous versions of the Bitcoin Core client remain operable,
and it remains interoperable with other clients, such as Bitcoin Knots. Some participants have expressed concerns that such changes
could facilitate the inclusion of illegal or non-transaction-related content on the Bitcoin Blockchain, or introduce new or unknown
software vulnerabilities. In response, certain miners and users have reportedly adopted alternative client software implementations
to access the Bitcoin network, such as Bitcoin Knots. There is a risk that unresolved divisions could lead to community fragmentation
which, if they grew severe enough and were not resolved, eventually a future Bitcoin network hard fork, which may adversely affect
the security or stability of the Bitcoin network (such as if miners leave the original Bitcoin network for the forked network),
reduce or impede the adoption of bitcoin overall, or cause bitcoin or the Shares to lose value.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">We refer to the right to receive any benefits arising from a fork, airdrop
(defined below), or similar event as an Incidental Right and any such virtual currency acquired through an Incidental Right as
IR Virtual Currency. The Trust has adopted the following procedures to address situations involving any fork, airdrop or similar
event that results in the issuance of Incidental Rights or IR Virtual Currency that the Trust may receive. The Trust Agreement
stipulates that if a fork occurs, the Sponsor shall determine which asset constitutes bitcoin and which network constitutes the
Bitcoin network, and the Sponsor will as soon as possible cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual
Currency. Because the Trust will abandon any Incidental Rights and IR Virtual Currency, the Trust would not receive any direct
or indirect consideration for the Incidental Rights or IR Virtual Currency and</p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">thus the value of the Shares will not reflect the value of the Incidental
Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with
the SEC by the Exchange seeking approval to amend its listing rules to permit the Trust to distribute the Incidental Rights or
IR Virtual Currency that is not bitcoin in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to
sell or otherwise dispose of the Incidental Rights or IR Virtual Currency and for the proceeds (if any) to be distributed to the
Shareholders. There can be no assurance as to whether or when the Sponsor would make such a decision, or when the Exchange will
seek or obtain this approval, if at all.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">In addition to forks, a digital asset may become subject to a similar
occurrence known as an &#8220;airdrop.&#8221; In an airdrop, the promotors of a new digital asset announce to holders of another
digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact
that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under any obligation to claim or attempt to
secure or realize any economic benefit from &#8220;airdropped&#8221; assets, and the Sponsor will cause the Trust to irrevocably
and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change
this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to
permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the airdropped assets in-kind to the
Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights or
IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">With respect to any fork, airdrop or similar event, the Sponsor will
cause the Trust to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with such event. As such, Shareholders
will not receive the benefits of any forks, and the Trust is not able to participate in any airdrop.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Even if required regulatory approval is sought and obtained, Shareholders
may not receive the benefits of any forks, airdrops, or similar events, the Trust may not choose, or be able, to participate in
an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain. Any inability to recognize
the economic benefit of a hard fork or airdrop could adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="x1_c114208a009"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">a) None.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">b) Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">c) 2,000,000 Shares (80 Baskets) were redeemed during the quarter ended
September 30, 2025.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman,serif; padding-bottom: 10pt">Period</td><td style="font: bold 10pt Times New Roman,serif; padding-bottom: 10pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman,serif; text-align: center; padding-bottom: 10pt">Total&#160;Number&#160;of&#160;Shares<br/> Redeemed</td><td style="font: bold 10pt Times New Roman,serif; padding-bottom: 10pt">&#160;</td><td style="font: bold 10pt Times New Roman,serif; padding-bottom: 10pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman,serif; text-align: center; padding-bottom: 10pt">Average Per Share</td><td style="font: bold 10pt Times New Roman,serif; padding-bottom: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 64%; font: 10pt Times New Roman,serif">07/01/25 to 07/31/25</td><td style="width: 3%; font: 10pt Times New Roman,serif">&#160;</td>
    <td style="width: 3%; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="width: 12%; font: 10pt Times New Roman,serif; text-align: right">325,000</td><td style="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="width: 5%; font: 10pt Times New Roman,serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman,serif; text-align: right">33.22</td><td style="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman,serif">08/01/25 to 08/31/25</td><td style="font: 10pt Times New Roman,serif">&#160;</td>
    <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">175,000</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td>
    <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">33.45</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font: 10pt Times New Roman,serif; padding-bottom: 1px">09/01/25 to 09/30/25</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: right">1,500,000</td><td style="padding-bottom: 1px; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman,serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman,serif; text-align: right">2,000,000</td><td style="padding-bottom: 3px; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman,serif; text-align: right">31.72</td><td style="padding-bottom: 3px; font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="x1_c114208a010"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 3. Defaults Upon Senior Securities.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">None.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="x1_c114208a011"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 4. Mine Safety Disclosures.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="x1_c114208a012"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 5. Other Information.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="x1_c114208a013"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b>Item 6. Exhibits.</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">See the Exhibit Index below, which is incorporated
by reference herein.</p><div>

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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="width: 72pt"><b><span style="text-decoration:underline">Exhibit No.</span></b></td>
    <td style="text-align: center"><b><span style="text-decoration:underline">Exhibit Description</span></b></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>3.1</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1838028/000093041320002664/c100811_ex3-2.htm"><span style="color: blue">Certificate
    of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 filed by the Registrant on December
    30, 2020</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>3.2</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838028/000183802824000053/a31vaneckbitcointrust-cert.htm">Certificate
    of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by the
    Registrant on August 20, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>4.1</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1838028/000093041324000867/c108363_ex4-1.htm"><span style="color: blue">Third
    Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1 of the Current Report
    on Form 8-K filed by the Registrant on March 1, 2024</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>4.2</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838028/000183802824000053/a41vaneckbitcoinetf-firsta.htm">Amendment
    No. 1 to the Third Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1
    of the Current Report on Form 8-K filed by the Registrant on August 20, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>31.1*</td>
    <td style="text-align: justify"><a href="c114208_ex31-1.htm" style="-sec-extract: exhibit">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>31.2*</td>
    <td style="text-align: justify"><a href="c114208_ex31-2.htm" style="-sec-extract: exhibit">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>32.1*</td>
    <td style="text-align: justify"><a href="c114208_ex32-1.htm" style="-sec-extract: exhibit">Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>32.2*</td>
    <td style="text-align: justify"><a href="c114208_ex32-2.htm" style="-sec-extract: exhibit">Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>101.INS*</td>
    <td style="text-align: justify">Inline XBRL Instance Document - the instance document does not appear in the Interactive
    Data File because its XBRL tags are embedded within the Inline XBRL document</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>101.SCH*</td>
    <td style="text-align: justify">Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>104*</td>
    <td style="text-align: justify">Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline
    XBRL document)</td></tr>
</table><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="width: 75pt; border-bottom: black 1px solid">&#160;</td>
    <td>&#160;</td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">* Filed herewith.</p><div>

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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><div><a id="x1_c114208a014"></a></div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities*
indicated thereunto duly authorized.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">VANECK DIGITAL ASSETS, LLC<br/>
Sponsor of VanEck Bitcoin ETF</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 3%">By:</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>By:</td>
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    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">Date: November 13, 2025</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0">* The Registrant is a trust and the persons are signing in their capacities
as officers of VanEck Digital Assets, LLC., the Sponsor of the Registrant.</p><div>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and 15d- 14(a) Under the Securities Exchange Act Of 1934, as Amended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Jan F. van Eck, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>I have reviewed this report on Form 10-Q of VanEck Bitcoin ETF
                                         (the &ldquo;Trust&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Based on my knowledge, this report does not contain any untrue
                                         statement of a material fact or omit to state a material fact necessary to make the statements
                                         made, in light of the circumstances under which such statements were made, not misleading
                                         with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Based on my knowledge, the financial statements, and other financial
                                         information included in this report, fairly present in all material respects the financial
                                         condition, results of operations of the registrant as of, and for, the periods presented
                                         in this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible
                                         for establishing and maintaining disclosure controls and procedures (as defined in Exchange
                                         Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
                                         defined in Exchange Act Rules 13a-15(f) and 15d-15(f))&nbsp;for the registrant and have:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such
                                         disclosure controls and procedures to be designed under our supervision, to ensure that
                                         material information relating to the registrant, including its consolidated subsidiaries,
                                         is made known to us by others within those entities, particularly during the period in
                                         which this report is being prepared;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Designed such internal control over financial reporting, or caused
                                         such internal control over financial reporting to be designed under our supervision,
                                         to provide reasonable assurance regarding the reliability of financial reporting and
                                         the preparation of financial statements for external purposes in accordance with generally
                                         accepted accounting principles&#894;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure
                                         controls and procedures and presented in this report our conclusions about the effectiveness
                                         of the disclosure controls and procedures, as of the end of the period covered by this
                                         report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s
                                         internal control over financial reporting that occurred during the registrant&rsquo;s
                                         most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case
                                         of an annual report) that has materially affected, or is reasonably likely to materially
                                         affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed,
                                         based on our most recent evaluation of internal control over financial reporting, to
                                         the registrant&rsquo;s auditors and the audit committee of the board of directors (or
                                         persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>All significant deficiencies and material weaknesses in the design
                                         or operation of internal control over financial reporting which are reasonably likely
                                         to adversely affect the registrant&rsquo;s ability to record, process, summarize and
                                         report financial information; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Any fraud, whether or not material, that involves management
                                         or other employees who have a significant role in the registrant&rsquo;s internal control
                                         over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 13, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-decoration: underline"><U>/s/ Jan F. van Eck&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jan F. van Eck*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Principal Executive Officer)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The registrant is a trust and the persons are signing in
their capacities as officers of VanEck Digital Assets, LLC, the Sponsor of the registrant.</P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c114208_ex31-2.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and 15d- 14(a) Under the Securities Exchange Act Of 1934, as Amended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John J. Crimmins, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>I have reviewed this report on Form 10-Q of VanEck Bitcoin ETF (the &ldquo;Trust&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations of the registrant as of, and for, the periods presented in
this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles&#894;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the board of directors (or persons performing
the equivalent functions):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 13, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ John J. Crimmins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John J. Crimmins*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vice President, Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Principal Financial Officer and Principal Accounting
Officer)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The registrant is a trust and the persons are signing
in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor of the registrant.</P>

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<TYPE>EX-32.1
<SEQUENCE>4
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of VanEck Bitcoin ETF
(the &ldquo;Trust&rdquo;) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 13, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Jan F. van Eck&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jan F. van Eck*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Principal Executive Officer)</B></P>

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    <TD STYLE="width: 16%; border-bottom: black 1px solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is a trust
and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor of the registrant.</P>

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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>c114208_ex32-2.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to 18 U.S.C. Section
1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of VanEck Bitcoin ETF
(the &ldquo;Trust&rdquo;) on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 13, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ John J. Crimmins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John J. Crimmins*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vice President, Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Principal Financial Officer and Principal Accounting Officer)</B></P>

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    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is a trust
and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor of the registrant.</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>7
<FILENAME>hodl-20250930_cal.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Thu Nov 13 15:30:35 UTC 2025 -->
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>8
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<TEXT>
<XBRL>
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<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Thu Nov 13 15:30:35 UTC 2025 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>hodl-20250930_lab.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
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<!-- Created: Thu Nov 13 15:30:35 UTC 2025 -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xml:lang="en-US">Balance, beginning of period</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl0" xml:lang="en-US">Balance, end of period</label>
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    <loc xlink:type="locator" xlink:label="dei_DocumentQuarterlyReport" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentQuarterlyReport"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentTransitionReport"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityExTransitionPeriod" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Entity Ex Transition Period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Investments" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Investments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Investments_lbl" xml:lang="en-US">Investment in bitcoin, at fair value (cost $1,410,812,950 and $895,843,577, respectively)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Investments" xlink:to="us-gaap_Investments_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Investments_lbl0" xml:lang="en-US">Investment in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Investments" xlink:to="us-gaap_Investments_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedAtCost" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentOwnedAtCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl" xml:lang="en-US">Investment in Bitcoin, at cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl0" xml:lang="en-US">Cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Shares issued (no par value, unlimited amount authorized) (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockNoParValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockNoParValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Share par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockSharesAuthorizedUnlimited"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl" xml:lang="en-US">Shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:to="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ExpensesAbstract" xlink:href="hodl-20250930.xsd#hodl_ExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_ExpensesAbstract_lbl" xml:lang="en-US">Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ExpensesAbstract" xlink:to="hodl_ExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SponsorFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor fee, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseOffsetArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseOffsetArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseOffsetArrangement_lbl" xml:lang="en-US">Sponsor fee waiver, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseOffsetArrangement" xlink:to="us-gaap_InvestmentCompanyExpenseOffsetArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetInvestmentIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetInvestmentIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetInvestmentIncome_lbl" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetInvestmentIncome" xlink:to="us-gaap_NetInvestmentIncome_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract" xlink:href="hodl-20250930.xsd#hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract_lbl" xml:lang="en-US">Net realized gain and net change in unrealized appreciation (depreciation)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract" xlink:to="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetRealizedGainOnAbstract" xlink:href="hodl-20250930.xsd#hodl_NetRealizedGainOnAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetRealizedGainOnAbstract_lbl" xml:lang="en-US">Net realized gain on:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnAbstract" xlink:to="hodl_NetRealizedGainOnAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investment in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl0" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investments in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl0"/>
    <loc xlink:type="locator" xlink:label="hodl_NetIncreaseFromOperationsAbstract" xlink:href="hodl-20250930.xsd#hodl_NetIncreaseFromOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetIncreaseFromOperationsAbstract_lbl" xml:lang="en-US">Net increase from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetIncreaseFromOperationsAbstract" xlink:to="hodl_NetIncreaseFromOperationsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_CapitalShareTransactionsAbstract" xlink:href="hodl-20250930.xsd#hodl_CapitalShareTransactionsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_CapitalShareTransactionsAbstract_lbl" xml:lang="en-US">Capital Share transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CapitalShareTransactionsAbstract" xlink:to="hodl_CapitalShareTransactionsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetAssetsAbstract" xlink:href="hodl-20250930.xsd#hodl_NetAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetAssetsAbstract_lbl" xml:lang="en-US">Net assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetAssetsAbstract" xlink:to="hodl_NetAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetAssetsofPercentage" xlink:href="hodl-20250930.xsd#hodl_NetAssetsofPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetAssetsofPercentage_lbl" xml:lang="en-US">% of Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetAssetsofPercentage" xlink:to="hodl_NetAssetsofPercentage_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentOwnedPercentOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl" xml:lang="en-US">Net Assets, % of Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl0" xml:lang="en-US">Investment Owned, Net Assets, Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinSoldForRedemptionOfShares" xlink:href="hodl-20250930.xsd#hodl_BitcoinSoldForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hodl_BitcoinSoldForRedemptionOfShares_lbl" xml:lang="en-US">Bitcoin sold for redemption of shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinSoldForRedemptionOfShares" xlink:to="hodl_BitcoinSoldForRedemptionOfShares_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinDistributedForSponsorFeeRelatedParty" xlink:href="hodl-20250930.xsd#hodl_BitcoinDistributedForSponsorFeeRelatedParty"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl" xml:lang="en-US">Bitcoin distributed for Sponsor fee, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinDistributedForSponsorFeeRelatedParty" xlink:to="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromContributedCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromContributedCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ProceedsFromContributedCapital_lbl" xml:lang="en-US">Contributions for shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromContributedCapital" xlink:to="us-gaap_ProceedsFromContributedCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ProceedsFromCapitalWithdrawals" xlink:href="hodl-20250930.xsd#hodl_ProceedsFromCapitalWithdrawals"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hodl_ProceedsFromCapitalWithdrawals_lbl" xml:lang="en-US">Withdrawals for shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ProceedsFromCapitalWithdrawals" xlink:to="hodl_ProceedsFromCapitalWithdrawals_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_AssetsAbstract0" xlink:href="hodl-20250930.xsd#hodl_AssetsAbstract0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_AssetsAbstract0_lbl" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_AssetsAbstract0" xlink:to="hodl_AssetsAbstract0_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_AssetsAbstract1" xlink:href="hodl-20250930.xsd#hodl_AssetsAbstract1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_AssetsAbstract1_lbl" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_AssetsAbstract1" xlink:to="hodl_AssetsAbstract1_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock" xlink:href="hodl-20250930.xsd#hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl" xml:lang="en-US">Changes In Quantity Of Bitcoin And The Respective Fair Value [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock" xlink:to="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinContributed" xlink:href="hodl-20250930.xsd#hodl_BitcoinContributed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinContributed_lbl" xml:lang="en-US">Bitcoin purchased, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributed" xlink:to="hodl_BitcoinContributed_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="hodl_BitcoinContributed_lbl0" xml:lang="en-US">Bitcoin contributed (in bitcoin)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributed" xlink:to="hodl_BitcoinContributed_lbl0"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinContributedFairValue" xlink:href="hodl-20250930.xsd#hodl_BitcoinContributedFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinContributedFairValue_lbl" xml:lang="en-US">Bitcoin purchased</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributedFairValue" xlink:to="hodl_BitcoinContributedFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinWithdrawn" xlink:href="hodl-20250930.xsd#hodl_BitcoinWithdrawn"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinWithdrawn_lbl" xml:lang="en-US">Bitcoin sold, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinWithdrawn" xlink:to="hodl_BitcoinWithdrawn_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinWithdrawnFairValue" xlink:href="hodl-20250930.xsd#hodl_BitcoinWithdrawnFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinWithdrawnFairValue_lbl" xml:lang="en-US">Bitcoin sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinWithdrawnFairValue" xlink:to="hodl_BitcoinWithdrawnFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares" xlink:href="hodl-20250930.xsd#hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investment in bitcoin, Shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares" xlink:to="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin" xlink:href="hodl-20250930.xsd#hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin_lbl" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investment in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin" xlink:to="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoinShares" xlink:href="hodl-20250930.xsd#hodl_NetRealizedGainOnInvestmentInBitcoinShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl" xml:lang="en-US">Net realized gain on investment in bitcoin (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoinShares" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoin" xlink:href="hodl-20250930.xsd#hodl_NetRealizedGainOnInvestmentInBitcoin"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl" xml:lang="en-US">Net realized gain on investment in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoin" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_TrustExpensesAndOtherAgreementsTextBlock" xlink:href="hodl-20250930.xsd#hodl_TrustExpensesAndOtherAgreementsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl" xml:lang="en-US">Trust Expenses and Other Agreements [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TrustExpensesAndOtherAgreementsTextBlock" xlink:to="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Equity [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Shares issued, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Shares issued, Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Shares redeemed, Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl" xml:lang="en-US">Investment Company, Financial Highlights [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl" xml:lang="en-US">Investment Company, Financial Highlights [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_FromInvestmentOperationsAbstract" xlink:href="hodl-20250930.xsd#hodl_FromInvestmentOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_FromInvestmentOperationsAbstract_lbl" xml:lang="en-US">From investment operations:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_FromInvestmentOperationsAbstract" xlink:to="hodl_FromInvestmentOperationsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare_lbl" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare" xlink:to="us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin" xlink:href="hodl-20250930.xsd#hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl" xml:lang="en-US">Net realized gain and change in unrealized appreciation/depreciation from investments in bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin" xlink:to="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_RatiosToAverageNetAssetsFAbstract" xlink:href="hodl-20250930.xsd#hodl_RatiosToAverageNetAssetsFAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_RatiosToAverageNetAssetsFAbstract_lbl" xml:lang="en-US">Ratios to average net assets(f)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_RatiosToAverageNetAssetsFAbstract" xlink:to="hodl_RatiosToAverageNetAssetsFAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee_lbl" xml:lang="en-US">Expenses before fee waiver</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl" xml:lang="en-US">Expenses after fee waiver</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyInvestmentIncomeLossRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Shares redeemed, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl0" xml:lang="en-US">Stock Redeemed or Called During Period, Shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel1Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel2Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel2Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel3Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_QuantityOfBitcoinMember" xlink:href="hodl-20250930.xsd#hodl_QuantityOfBitcoinMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_QuantityOfBitcoinMember_lbl" xml:lang="en-US">Quantity of Bitcoin [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_QuantityOfBitcoinMember" xlink:to="hodl_QuantityOfBitcoinMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xml:lang="en-US">Fair Value [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_OwnershipAxis" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_OwnershipAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OwnershipAxis_lbl" xml:lang="en-US">Ownership [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipAxis" xlink:to="srt_OwnershipAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Cash" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Cash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NumberOfOperatingSegments" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NumberOfOperatingSegments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number of Operating Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SponsorFeeTerms" xlink:href="hodl-20250930.xsd#hodl_SponsorFeeTerms"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_SponsorFeeTerms_lbl" xml:lang="en-US">Sponsor Fee Terms</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SponsorFeeTerms" xlink:to="hodl_SponsorFeeTerms_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Shares, Issued (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesIssuedPricePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesIssuedPricePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesIssuedPricePerShare_lbl" xml:lang="en-US">Shares Issued, Price Per Share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="us-gaap_SharesIssuedPricePerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromSaleOfOtherAssets1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromSaleOfOtherAssets1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfOtherAssets1_lbl" xml:lang="en-US">Proceeds from Sale of Other Assets (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfOtherAssets1" xlink:to="us-gaap_ProceedsFromSaleOfOtherAssets1_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US">Subsidiary, Ownership Percentage, Parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_TemporaryEquitySharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_TemporaryEquitySharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquitySharesAuthorized_lbl" xml:lang="en-US">Temporary Equity, Shares Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesAuthorized" xlink:to="us-gaap_TemporaryEquitySharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_InvestmentValuationPolicyPolicyTextBlock" xlink:href="hodl-20250930.xsd#hodl_InvestmentValuationPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl" xml:lang="en-US">Investment Valuation, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InvestmentValuationPolicyPolicyTextBlock" xlink:to="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinPolicyTextBlock" xlink:href="hodl-20250930.xsd#hodl_BitcoinPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinPolicyTextBlock_lbl" xml:lang="en-US">Bitcoin, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinPolicyTextBlock" xlink:to="hodl_BitcoinPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_CalculationOfNetAssetValuePolicyTextBlock" xlink:href="hodl-20250930.xsd#hodl_CalculationOfNetAssetValuePolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl" xml:lang="en-US">Calculation Of Net Asset Value, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_InterimFinancialStatementsPolicyPolicyTextBlock" xlink:href="hodl-20250930.xsd#hodl_InterimFinancialStatementsPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Interim Financial Statements, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InterimFinancialStatementsPolicyPolicyTextBlock" xlink:to="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SeedCapitalInvestorMember" xlink:href="hodl-20250930.xsd#hodl_SeedCapitalInvestorMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_SeedCapitalInvestorMember_lbl" xml:lang="en-US">Seed Capital Investor [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SeedCapitalInvestorMember" xlink:to="hodl_SeedCapitalInvestorMember_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_BitcoinCustodianMember" xlink:href="hodl-20250930.xsd#hodl_BitcoinCustodianMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_BitcoinCustodianMember_lbl" xml:lang="en-US">Bitcoin Custodian [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinCustodianMember" xlink:to="hodl_BitcoinCustodianMember_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_AdditionalBitcoinCustodianMember" xlink:href="hodl-20250930.xsd#hodl_AdditionalBitcoinCustodianMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hodl_AdditionalBitcoinCustodianMember_lbl" xml:lang="en-US">Additional Bitcoin Custodian [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_AdditionalBitcoinCustodianMember" xlink:to="hodl_AdditionalBitcoinCustodianMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsTable" xlink:href="hodl-20250930.xsd#hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsTable_lbl" xml:lang="en-US">Significant Accounting Policies - Schedule of the Fair Value Hierarchy (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsTable" xlink:to="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsLineItems" xlink:href="hodl-20250930.xsd#hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsLineItems_lbl" xml:lang="en-US">Significant Accounting Policies - Schedule of the Fair Value Hierarchy (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsLineItems" xlink:to="hodl_SignificantAccountingPoliciesScheduleoftheFairValueHierarchyDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MeasurementInputTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MeasurementInputTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MeasurementInputTypeDomain_lbl" xml:lang="en-US">Measurement Input Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MeasurementInputTypeDomain" xlink:to="us-gaap_MeasurementInputTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsTable" xlink:href="hodl-20250930.xsd#hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsTable_lbl" xml:lang="en-US">Significant Accounting Policies - Schedule of Changes in Quantity of Bitcoin (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsTable" xlink:to="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems" xlink:href="hodl-20250930.xsd#hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems_lbl" xml:lang="en-US">Significant Accounting Policies - Schedule of Changes in Quantity of Bitcoin (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems" xlink:to="hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_OwnershipDomain" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_OwnershipDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OwnershipDomain_lbl" xml:lang="en-US">Ownership [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipDomain" xlink:to="srt_OwnershipDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_RelatedPartiesDetailsTable" xlink:href="hodl-20250930.xsd#hodl_RelatedPartiesDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_RelatedPartiesDetailsTable_lbl" xml:lang="en-US">Related Parties (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_RelatedPartiesDetailsTable" xlink:to="hodl_RelatedPartiesDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_RelatedPartiesDetailsLineItems" xlink:href="hodl-20250930.xsd#hodl_RelatedPartiesDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_RelatedPartiesDetailsLineItems_lbl" xml:lang="en-US">Related Parties (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_RelatedPartiesDetailsLineItems" xlink:to="hodl_RelatedPartiesDetailsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ConcentrationRiskDetailsTable" xlink:href="hodl-20250930.xsd#hodl_ConcentrationRiskDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ConcentrationRiskDetailsTable_lbl" xml:lang="en-US">Concentration Risk (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ConcentrationRiskDetailsTable" xlink:to="hodl_ConcentrationRiskDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ConcentrationRiskDetailsLineItems" xlink:href="hodl-20250930.xsd#hodl_ConcentrationRiskDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ConcentrationRiskDetailsLineItems_lbl" xml:lang="en-US">Concentration Risk (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ConcentrationRiskDetailsLineItems" xlink:to="hodl_ConcentrationRiskDetailsLineItems_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinContributed_lbl1" xml:lang="en-US">Face amount per share of bitcoin contributed.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributed" xlink:to="hodl_BitcoinContributed_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinContributedFairValue_lbl0" xml:lang="en-US">Amount of bitcoin contributed at fair value.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributedFairValue" xlink:to="hodl_BitcoinContributedFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl0" xml:lang="en-US">Bitcoin distributed for sponsor fee to related party amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinDistributedForSponsorFeeRelatedParty" xlink:to="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinPolicyTextBlock_lbl0" xml:lang="en-US">Disclosure of bitcoin.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinPolicyTextBlock" xlink:to="hodl_BitcoinPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinSoldForRedemptionOfShares_lbl0" xml:lang="en-US">Number of bitcoin sold for redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinSoldForRedemptionOfShares" xlink:to="hodl_BitcoinSoldForRedemptionOfShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinWithdrawn_lbl0" xml:lang="en-US">Face amount of bitcoin withdrawn.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinWithdrawn" xlink:to="hodl_BitcoinWithdrawn_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_BitcoinWithdrawnFairValue_lbl0" xml:lang="en-US">Fair value of bitcoin withdrawn.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinWithdrawnFairValue" xlink:to="hodl_BitcoinWithdrawnFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl0" xml:lang="en-US">Disclosure of calculation of net asset value.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl0" xml:lang="en-US">Disclosure of changes in quantity of bitcoin and the respective fair value.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock" xlink:to="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_CryptoAssetNumberOfUnitsDecimal_lbl2" xml:lang="en-US">Quantity of Bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CryptoAssetNumberOfUnitsDecimal" xlink:to="hodl_CryptoAssetNumberOfUnitsDecimal_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Interim Financial Statements, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InterimFinancialStatementsPolicyPolicyTextBlock" xlink:to="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Investment Valuation, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InvestmentValuationPolicyPolicyTextBlock" xlink:to="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetAssetsofPercentage_lbl0" xml:lang="en-US">Percentage of net assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetAssetsofPercentage" xlink:to="hodl_NetAssetsofPercentage_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin_lbl0" xml:lang="en-US">Net change in unrealized appreciation on investment in bitcoin face amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin" xlink:to="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl0" xml:lang="en-US">Net change in unrealized appreciation on investment in Bitcoin, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares" xlink:to="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl0" xml:lang="en-US">Face amount per share of net realized gain and change in unrealized appreciation depreciation on investments in bitcoin.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin" xlink:to="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl0" xml:lang="en-US">Face amount per share of net realized gain on investment in bitcoin.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoin" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl0" xml:lang="en-US">Net realized gain on investment in Bitcoin, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoinShares" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_ProceedsFromCapitalWithdrawals_lbl0" xml:lang="en-US">Amount received from capital withdrawals.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ProceedsFromCapitalWithdrawals" xlink:to="hodl_ProceedsFromCapitalWithdrawals_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_SponsorFeeTerms_lbl0" xml:lang="en-US">For trust expenses and other agreements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SponsorFeeTerms" xlink:to="hodl_SponsorFeeTerms_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_TotalCapitalShareTransactions_lbl0" xml:lang="en-US">Amount of capital share transactions.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TotalCapitalShareTransactions" xlink:to="hodl_TotalCapitalShareTransactions_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl0" xml:lang="en-US">Disclosure of trust expenses and other agreements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TrustExpensesAndOtherAgreementsTextBlock" xlink:to="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl0" xml:lang="en-US">City Area Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ProceedsFromCapitalWithdrawals_lbl1" xml:lang="en-US">Proceeds From Capital Withdrawals</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ProceedsFromCapitalWithdrawals" xlink:to="hodl_ProceedsFromCapitalWithdrawals_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl0" xml:lang="en-US">Number of Operating Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl0" xml:lang="en-US">Entity Small Business</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl0" xml:lang="en-US">Entity Address, City or Town</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_BitcoinCustodianMember_lbl0" xml:lang="en-US">Bitcoin Custodian Member</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinCustodianMember" xlink:to="hodl_BitcoinCustodianMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetAssetsofPercentage_lbl1" xml:lang="en-US">Net Assetsof Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetAssetsofPercentage" xlink:to="hodl_NetAssetsofPercentage_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl0" xml:lang="en-US">Investment Company, Investment Income (Loss) Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SponsorFeeTerms_lbl1" xml:lang="en-US">Sponsor Fee Terms</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SponsorFeeTerms" xlink:to="hodl_SponsorFeeTerms_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl0" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl0" xml:lang="en-US">Assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl0" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl1" xml:lang="en-US">Crypto Asset, Unrealized Gain (Loss), Operating and Nonoperating</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_BitcoinContributed_lbl2" xml:lang="en-US">Bitcoin Contributed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinContributed" xlink:to="hodl_BitcoinContributed_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquitySharesAuthorized_lbl0" xml:lang="en-US">Temporary Equity, Shares Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesAuthorized" xlink:to="us-gaap_TemporaryEquitySharesAuthorized_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl1" xml:lang="en-US">Investment Valuation Policy Policy Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InvestmentValuationPolicyPolicyTextBlock" xlink:to="hodl_InvestmentValuationPolicyPolicyTextBlock_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsAbstract_lbl" xml:lang="en-US">Investment Company, Financial Highlights [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsAbstract" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_CapitalShareTransactionsAbstract_lbl0" xml:lang="en-US">Capital Share Transactions Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CapitalShareTransactionsAbstract" xlink:to="hodl_CapitalShareTransactionsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl1" xml:lang="en-US">Bitcoin Distributed For Sponsor Fee Related Party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinDistributedForSponsorFeeRelatedParty" xlink:to="hodl_BitcoinDistributedForSponsorFeeRelatedParty_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets_lbl0" xml:lang="en-US">Increase (Decrease) in Operating Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl0" xml:lang="en-US">Local Phone Number</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl0" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValueOutstanding_lbl1" xml:lang="en-US">Common Stock, Value, Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl0" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract_lbl0" xml:lang="en-US">Net Realized Gain And Net Change In Unrealized Appreciation Depreciation Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract" xlink:to="hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeStatementAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ScheduleOfTheFairValueHierarchyAbstract" xlink:href="hodl-20250930.xsd#hodl_ScheduleOfTheFairValueHierarchyAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ScheduleOfTheFairValueHierarchyAbstract_lbl" xml:lang="en-US">Schedule Of The Fair Value Hierarchy Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ScheduleOfTheFairValueHierarchyAbstract" xlink:to="hodl_ScheduleOfTheFairValueHierarchyAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ScheduleOfShareAndCapitalActivityAbstract" xlink:href="hodl-20250930.xsd#hodl_ScheduleOfShareAndCapitalActivityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ScheduleOfShareAndCapitalActivityAbstract_lbl" xml:lang="en-US">Schedule Of Share And Capital Activity Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ScheduleOfShareAndCapitalActivityAbstract" xlink:to="hodl_ScheduleOfShareAndCapitalActivityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ScheduleOfFinancialHighlightsAbstract" xlink:href="hodl-20250930.xsd#hodl_ScheduleOfFinancialHighlightsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ScheduleOfFinancialHighlightsAbstract_lbl" xml:lang="en-US">Schedule Of Financial Highlights Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ScheduleOfFinancialHighlightsAbstract" xlink:to="hodl_ScheduleOfFinancialHighlightsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetRealizedGainOnAbstract_lbl0" xml:lang="en-US">Net Realized Gain On Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnAbstract" xlink:to="hodl_NetRealizedGainOnAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl1" xml:lang="en-US">Trust Expenses And Other Agreements Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TrustExpensesAndOtherAgreementsTextBlock" xlink:to="hodl_TrustExpensesAndOtherAgreementsTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl0" xml:lang="en-US">Entity Ex Transition Period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl1" xml:lang="en-US">Net Realized Gain And Change In Unrealized Appreciationdepreciation On Investments In Bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin" xlink:to="hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl0" xml:lang="en-US">Title of 12(b) Security</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_CryptoAssetNumberOfUnitsDecimal_lbl3" xml:lang="en-US">Crypto Asset Number Of Units Decimal</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CryptoAssetNumberOfUnitsDecimal" xlink:to="hodl_CryptoAssetNumberOfUnitsDecimal_lbl3"/>
    <loc xlink:type="locator" xlink:label="hodl_TrustExpensesAndOtherAgreementsAbstract" xlink:href="hodl-20250930.xsd#hodl_TrustExpensesAndOtherAgreementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_TrustExpensesAndOtherAgreementsAbstract_lbl" xml:lang="en-US">Trust Expenses And Other Agreements Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TrustExpensesAndOtherAgreementsAbstract" xlink:to="hodl_TrustExpensesAndOtherAgreementsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl0" xml:lang="en-US">Investment Company, Expense Ratio, after Fee Waiver and Incentive Fee Deduction</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl0" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl0" xml:lang="en-US">Portion at Fair Value Measurement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_AssetsAbstract1_lbl0" xml:lang="en-US">Assets Abstract1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_AssetsAbstract1" xlink:to="hodl_AssetsAbstract1_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl0" xml:lang="en-US">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl0"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_AssetsAbstract0" xlink:to="hodl_AssetsAbstract0_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl0" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl0" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ExpensesAbstract_lbl0" xml:lang="en-US">Expenses Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ExpensesAbstract" xlink:to="hodl_ExpensesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl1" xml:lang="en-US">Interim Financial Statements Policy Policy Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_InterimFinancialStatementsPolicyPolicyTextBlock" xlink:to="hodl_InterimFinancialStatementsPolicyPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetAssetValuePerShare_lbl2" xml:lang="en-US">Net Asset Value Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromContributedCapital_lbl0" xml:lang="en-US">Proceeds from Contributed Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromContributedCapital" xlink:to="us-gaap_ProceedsFromContributedCapital_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl0" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl1" xml:lang="en-US">Changes In Quantity Of Bitcoin And The Respective Fair Value Table Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock" xlink:to="hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl0" xml:lang="en-US">Subsequent Events [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl0" xml:lang="en-US">Entity Address, State or Province</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl0" xml:lang="en-US">Entity Shell Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl0" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl0" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl1" xml:lang="en-US">Calculation Of Net Asset Value Policy Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="hodl_CalculationOfNetAssetValuePolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl0" xml:lang="en-US">Entity Address, Postal Zip Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl1" xml:lang="en-US">Net Realized Gain On Investment In Bitcoin Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoinShares" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoinShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_BitcoinSoldForRedemptionOfShares_lbl1" xml:lang="en-US">Bitcoin Sold For Redemption Of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinSoldForRedemptionOfShares" xlink:to="hodl_BitcoinSoldForRedemptionOfShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl0" xml:lang="en-US">Common Stock, Shares, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl0" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl0" xml:lang="en-US">Entity Emerging Growth Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl3" xml:lang="en-US">Investment Owned, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl0" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl2" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating_lbl1" xml:lang="en-US">Crypto Asset, Realized Gain (Loss), Operating and Nonoperating</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RisksAndUncertaintiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Risks and Uncertainties [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl0" xml:lang="en-US">Shares, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetInvestmentIncome_lbl0" xml:lang="en-US">Net Investment Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetInvestmentIncome" xlink:to="us-gaap_NetInvestmentIncome_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl1" xml:lang="en-US">Stock Redeemed or Called During Period, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_SeedCapitalInvestorMember_lbl0" xml:lang="en-US">Seed Capital Investor Member</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_SeedCapitalInvestorMember" xlink:to="hodl_SeedCapitalInvestorMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetIncreaseFromOperationsAbstract_lbl0" xml:lang="en-US">Net Increase From Operations Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetIncreaseFromOperationsAbstract" xlink:to="hodl_NetIncreaseFromOperationsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl0" xml:lang="en-US">Investment Company, Investment Income (Loss) from Operations, Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_FromInvestmentOperationsAbstract_lbl0" xml:lang="en-US">From Investment Operations Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_FromInvestmentOperationsAbstract" xlink:to="hodl_FromInvestmentOperationsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl1" xml:lang="en-US">Net Change In Unrealized Appreciation On Investment In Bitcoin Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares" xlink:to="hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl0" xml:lang="en-US">Document Transition Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_BitcoinPolicyTextBlock_lbl1" xml:lang="en-US">Bitcoin Policy Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_BitcoinPolicyTextBlock" xlink:to="hodl_BitcoinPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_lbl3" xml:lang="en-US">Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl1" xml:lang="en-US">Net Realized Gain On Investment In Bitcoin</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_NetRealizedGainOnInvestmentInBitcoin" xlink:to="hodl_NetRealizedGainOnInvestmentInBitcoin_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNoParValue_lbl0" xml:lang="en-US">Common Stock, No Par Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement_lbl0" xml:lang="en-US">Investment Company, Expense, after Reduction of Fee Waiver and Reimbursement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement" xlink:to="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl0" xml:lang="en-US">Document Quarterly Report</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl0" xml:lang="en-US">Equity [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl0"/>
    <loc xlink:type="locator" xlink:label="hodl_ScheduleOfInvestmentAbstract" xlink:href="hodl-20250930.xsd#hodl_ScheduleOfInvestmentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ScheduleOfInvestmentAbstract_lbl" xml:lang="en-US">Schedule Of Investment Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ScheduleOfInvestmentAbstract" xlink:to="hodl_ScheduleOfInvestmentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="hodl_ScheduleOfChangesInQuantityOfBitcoinAbstract" xlink:href="hodl-20250930.xsd#hodl_ScheduleOfChangesInQuantityOfBitcoinAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_ScheduleOfChangesInQuantityOfBitcoinAbstract_lbl" xml:lang="en-US">Schedule Of Changes In Quantity Of Bitcoin Abstract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_ScheduleOfChangesInQuantityOfBitcoinAbstract" xlink:to="hodl_ScheduleOfChangesInQuantityOfBitcoinAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hodl_TotalCapitalShareTransactions_lbl1" xml:lang="en-US">Total Capital Share Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hodl_TotalCapitalShareTransactions" xlink:to="hodl_TotalCapitalShareTransactions_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyTotalReturn_lbl0" xml:lang="en-US">Investment Company, Total Return</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseOffsetArrangement" xlink:to="us-gaap_InvestmentCompanyExpenseOffsetArrangement_lbl0"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent Events [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Cash_lbl0" xml:lang="en-US">Cash</label>
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<TYPE>EX-101.PRE
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<FILENAME>hodl-20250930_pre.xml
<TEXT>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Oct. 31, 2025</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information Line Items</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001838028<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentQuarterlyReport', window );">Document Quarterly Report</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 30,  2025<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2025<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-41908<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">VanEck Bitcoin ETF<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">85-6811021<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">666 Third Avenue<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">9th Floor<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10017<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">293-2000<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Shares<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HODL<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">CboeBZX<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">65,100,000<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Q3<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentQuarterlyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an quarterly report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-Q<br> -Number 240<br> -Section 308<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentQuarterlyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Statements of Assets and Liabilities - USD ($)<br></strong></div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Investments', window );">Investment in bitcoin, at fair value (cost $1,410,812,950 and $895,843,577, respectively)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 1,280,450,332<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,039,322,369<span></span>
</td>
<td class="nump">1,280,450,332<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 1,280,450,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Shares issued (no par value, unlimited amount authorized) (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,125,000<span></span>
</td>
<td class="nump">48,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Shares outstanding (no par value, unlimited amount authorized) (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">63,125,000<span></span>
</td>
<td class="nump">48,500,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net Asset Value per Share (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 32.31<span></span>
</td>
<td class="nump">$ 26.4<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-14<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-9<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(h))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Investments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7<br><br>Reference 32: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Parentheticals) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in Bitcoin, at cost</a></td>
<td class="nump">$ 1,410,812,950<span></span>
</td>
<td class="nump">$ 895,843,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Share par value</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorizedUnlimited', window );">Shares authorized</a></td>
<td class="text">Unlimited<span></span>
</td>
<td class="text">Unlimited<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNoParValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of no-par value common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNoParValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorizedUnlimited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether number of common shares permitted to be issued is unlimited. Acceptable value is "Unlimited".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorizedUnlimited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>us-types:authorizedUnlimitedItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 19<br> -Subparagraph (3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<head>
<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statement of Operations (Unaudited) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ExpensesAbstract', window );"><strong>Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor fee, related party</a></td>
<td class="nump">$ 978,658<span></span>
</td>
<td class="nump">$ 336,577<span></span>
</td>
<td class="nump">$ 2,365,087<span></span>
</td>
<td class="nump">$ 771,756<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="nump">978,658<span></span>
</td>
<td class="nump">336,577<span></span>
</td>
<td class="nump">2,365,087<span></span>
</td>
<td class="nump">771,756<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseOffsetArrangement', window );">Sponsor fee waiver, related party</a></td>
<td class="num">(978,658)<span></span>
</td>
<td class="num">(336,577)<span></span>
</td>
<td class="num">(2,365,087)<span></span>
</td>
<td class="num">(708,185)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement', window );">Net expenses</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">63,571<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetInvestmentIncome', window );">Net investment loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(63,571)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract', window );"><strong>Net realized gain and net change in unrealized appreciation (depreciation)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinSoldForRedemptionOfShares', window );">Bitcoin sold for redemption of shares</a></td>
<td class="nump">19,703,050<span></span>
</td>
<td class="nump">4,496,902<span></span>
</td>
<td class="nump">53,249,774<span></span>
</td>
<td class="nump">13,521,354<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinDistributedForSponsorFeeRelatedParty', window );">Bitcoin distributed for Sponsor fee, related party</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">10,977<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating', window );">Net realized gain on investment in bitcoin</a></td>
<td class="nump">19,703,050<span></span>
</td>
<td class="nump">4,496,902<span></span>
</td>
<td class="nump">53,249,774<span></span>
</td>
<td class="nump">13,532,331<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating', window );">Net change in unrealized appreciation (depreciation) from investment in bitcoin</a></td>
<td class="nump">84,089,218<span></span>
</td>
<td class="nump">11,414,566<span></span>
</td>
<td class="nump">243,902,664<span></span>
</td>
<td class="nump">24,957,145<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating', window );">Net realized gain and net change in unrealized appreciation (depreciation)</a></td>
<td class="nump">103,792,268<span></span>
</td>
<td class="nump">15,911,468<span></span>
</td>
<td class="nump">297,152,438<span></span>
</td>
<td class="nump">38,489,476<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssets', window );">Net increase in net assets resulting from operations</a></td>
<td class="nump">$ 103,792,268<span></span>
</td>
<td class="nump">$ 15,911,468<span></span>
</td>
<td class="nump">$ 297,152,438<span></span>
</td>
<td class="nump">$ 38,425,905<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinDistributedForSponsorFeeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Bitcoin distributed for sponsor fee to related party amount.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinDistributedForSponsorFeeRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinSoldForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of bitcoin sold for redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinSoldForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_ExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_ExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_NetRealizedGainAndNetChangeInUnrealizedAppreciationDepreciationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain from remeasurement of crypto asset, classified as operating and nonoperating. Excludes change for crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedAndUnrealizedGainOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of assets used to generate operating income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after reimbursement and fee waiver, of expense for generation of investment income classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseOffsetArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense reduction under arrangement in which third party explicitly reduces its fee by specified amount for service provided in exchange for use of investment company's assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481019/946-20-45-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseOffsetArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetInvestmentIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(2)(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 220<br> -Topic 946<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479105/946-220-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetInvestmentIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 220<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476153/220-40-55-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SponsorFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statement of Changes in Net Assets (Unaudited) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetIncreaseFromOperationsAbstract', window );"><strong>Net increase from operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetInvestmentIncome', window );">Net investment loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (63,571)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating', window );">Net realized gain from investment in bitcoin</a></td>
<td class="nump">19,703,050<span></span>
</td>
<td class="nump">4,496,902<span></span>
</td>
<td class="nump">53,249,774<span></span>
</td>
<td class="nump">13,532,331<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating', window );">Net change in unrealized appreciation (depreciation) from investments in bitcoin</a></td>
<td class="nump">84,089,218<span></span>
</td>
<td class="nump">11,414,566<span></span>
</td>
<td class="nump">243,902,664<span></span>
</td>
<td class="nump">24,957,145<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssets', window );">Net increase in net assets resulting from operations</a></td>
<td class="nump">103,792,268<span></span>
</td>
<td class="nump">15,911,468<span></span>
</td>
<td class="nump">297,152,438<span></span>
</td>
<td class="nump">38,425,905<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_CapitalShareTransactionsAbstract', window );"><strong>Capital Share transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromContributedCapital', window );">Contributions for shares issued</a></td>
<td class="nump">319,598,577<span></span>
</td>
<td class="nump">224,740,268<span></span>
</td>
<td class="nump">659,825,469<span></span>
</td>
<td class="nump">888,110,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ProceedsFromCapitalWithdrawals', window );">Withdrawals for shares redeemed</a></td>
<td class="num">(63,429,642)<span></span>
</td>
<td class="num">(96,022,801)<span></span>
</td>
<td class="num">(198,105,870)<span></span>
</td>
<td class="num">(167,260,115)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_TotalCapitalShareTransactions', window );">Net increase in capital share transactions</a></td>
<td class="nump">256,168,935<span></span>
</td>
<td class="nump">128,717,467<span></span>
</td>
<td class="nump">461,719,599<span></span>
</td>
<td class="nump">720,850,748<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapital', window );">Net increase in net assets</a></td>
<td class="nump">359,961,203<span></span>
</td>
<td class="nump">144,628,935<span></span>
</td>
<td class="nump">758,872,037<span></span>
</td>
<td class="nump">759,276,653<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetAssetsAbstract', window );"><strong>Net assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Beginning of period</a></td>
<td class="nump">1,679,361,166<span></span>
</td>
<td class="nump">614,747,718<span></span>
</td>
<td class="nump">1,280,450,332<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">End of period</a></td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 759,376,653<span></span>
</td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 759,376,653<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_CapitalShareTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_CapitalShareTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_NetAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetIncreaseFromOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_NetIncreaseFromOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_ProceedsFromCapitalWithdrawals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount received from capital withdrawals.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_ProceedsFromCapitalWithdrawals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_TotalCapitalShareTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of capital share transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_TotalCapitalShareTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of assets used to generate operating income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in asset and (increase) decrease in liability, used in operating activity in reconciling net income to reflect cash provided by (used in) operating activity when indirect cash flow method is applied.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetInvestmentIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(2)(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 220<br> -Topic 946<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479105/946-220-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetInvestmentIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromContributedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received by a corporation from a shareholder during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromContributedCapital</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Schedule of Investment<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Sep. 30, 2025 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ScheduleOfInvestmentAbstract', window );"><strong>Schedule Of Investment Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_CryptoAssetNumberOfUnitsDecimal', window );">Quantity of Bitcoin</a></td>
<td class="nump">17,853.09<span></span>
</td>
<td class="nump">13,716.83<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="nump">$ 1,410,812,950<span></span>
</td>
<td class="nump">$ 895,843,577<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 1,280,450,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetAssetsofPercentage', window );">% of Net Assets</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net Assets, Fair Value</a></td>
<td class="nump">$ 2,039,322,369<span></span>
</td>
<td class="nump">$ 1,280,450,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Net Assets, % of Net Assets</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_CryptoAssetNumberOfUnitsDecimal">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of Bitcoin</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_CryptoAssetNumberOfUnitsDecimal</td>
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<tr>
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<td>hodl_</td>
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<td>xbrli:decimalItemType</td>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetAssetsofPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_NetAssetsofPercentage</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
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<td>dtr:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_ScheduleOfInvestmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_ScheduleOfInvestmentAbstract</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment in security owned.</p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 1. Organization:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck Bitcoin ETF (the &#8220;Trust&#8221;),
a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the
Trust (the &#8220;Shares&#8221;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#8220;Exchange&#8221;). The Trust&#8217;s
investment objective is to reflect the performance of the price of bitcoin less the net operating expenses of the Trust. The Trust
is managed and controlled by VanEck Digital Assets, LLC (the &#8220;Sponsor&#8221;), a wholly-owned subsidiary of Van Eck Associates
Corporation (&#8220;VanEck&#8221;). The CSC Delaware Trust Company is the &#8220;Trustee&#8221; of the Trust.</p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480424/946-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480424/946-10-50-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/810/tableOfContent<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 205<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480922/205-10-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 205<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481034/205-10-S45-5<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 205<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/205/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2. Significant Accounting Policies:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">A.</td> <td><i>Basis of Preparation and Use of Estimates</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those
estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust qualifies as an investment
company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting
Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies<i> </i>(&#8220;ASC Topic 946&#8221;)<i>,
</i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,
as amended.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">B.</td> <td><i>Cash</i> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Cash, if any, represents cash deposits
held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.
As of September 30, 2025, and December 31, 2024, the Trust <span style="-sec-ix-hidden: hidden-fact-26"><span style="-sec-ix-hidden: hidden-fact-27">did not hold cash</span></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">C.</td> <td><i>Investment Valuation</i></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust values its investment in
bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants on the measurement date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust identifies and determines
the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement
purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (&#8220;FASB&#8221;)
ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the
asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies
used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Level 1 &#8211; Unadjusted quoted prices in active
markets for identical assets or liabilities;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 2 &#8211; Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 3 &#8211; Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust&#8217;s assumptions used in determining the fair value of
investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">September 30, 2025</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">Assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 36pt">&#160;</td>
    <td style="text-align: left; padding-left: 10pt">Investment in bitcoin</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double">2,039,322,369</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-16">&#8212;</div></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-17">&#8212;</div></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double">2,039,322,369</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">December 31, 2024</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">Assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left; padding-left: 10pt">Investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-18">&#8212;</div></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-19">&#8212;</div></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following represents the changes in quantity
of bitcoin and the respective fair value:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 36pt; background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Beginning balance as of January 1, 2025</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,179.64</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">659,825,469</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,043.38)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(198,105,870)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,902,664</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-21">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">53,249,774</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of September 30, 2025</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">17,853.09</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,039,322,369</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-indent: -7.2pt">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt"><span style="font-style: normal"><b>Beginning balance as of January 1, 2024<sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-22">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-23">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 36pt; ">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,130.29)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(283,712,958)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">384,606,755</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-25">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 36pt">&#160;</td>
    <td style="width: 18pt">(a)</td>
    <td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">D.</td> <td><i>Bitcoin</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the &#8220;Bitcoin Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional Bitcoin Custodian&#8221;,
and collectively the &#8220;Bitcoin Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">E.</td> <td><i>Calculation of Net Asset Value</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust&#8217;s net asset value
(&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the Bitcoin Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector<sup>TM</sup> Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">F.</td> <td><i>Federal Income Taxes</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">G.</td> <td><i>Segment Reporting</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Sponsor acts as the Trust&#8217;s
chief operating decision maker (&#8220;CODM&#8221;), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-28">single</span> operating segment based on the fact that the Trust&#8217;s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust&#8217;s financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">H.</td> <td><i>Interim financial statements</i></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed with
the SEC.</p><span></span>
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</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/235/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trust Expenses and Other Agreements<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_TrustExpensesAndOtherAgreementsAbstract', window );"><strong>Trust Expenses And Other Agreements Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_TrustExpensesAndOtherAgreementsTextBlock', window );">Trust Expenses and Other Agreements [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 3. Trust Expenses and Other Agreements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust pays the Sponsor a unified fee (the
&#8220;Sponsor Fee&#8221;) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024,
the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024,
the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust&#8217;s net assets. Effective for the
period from November 25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion
of the Trust&#8217;s assets. If the Trust&#8217;s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged
on assets over $2.5 billion will be 0.20% of average daily net assets. After January 10, 2026, the Sponsor Fee will be 0.20% of
average daily net assets. 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 one or more liquidity
providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust holds its bitcoin at the Bitcoin
Custodian and at the Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance (in
the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover
the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible
for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust&#8217;s
bitcoin account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">State Street Bank and Trust Company serves as the Trust&#8217;s
administrator, transfer agent and cash custodian.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 4. Related Parties<sup>(a)</sup></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Sponsor is considered to be a related party to the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly
wholly-owned subsidiary of VanEck.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly-owned subsidiary of VanEck.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck was the initial seed investor (&#8220;Seed
Capital Investor&#8221;) on December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor were redeemed
for cash and the Seed Capital Investor purchased the &#8220;Seed Creation Baskets,&#8221; comprising of 5,800,000 Shares at a per-Share
price of $12.50. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the
Trust receiving 1,640.92 bitcoin. As of September 30, 2025 and December 31, 2024, the Seed Capital Investor&#8217;s ownership in
the Trust represents approximately 6% and 9%, respectively, of net assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck is a minority interest holder in the
parent company of the Bitcoin Custodian, representing less than 1% of its equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(a)</td><td>Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.</td></tr></table><span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/850/tableOfContent<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Stockholders' Equity Note [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5. Capital Share Transactions</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors can buy and sell Shares of the Trust
in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought
and sold throughout the trading day like other publicly traded securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust continuously offers the Trust Shares
in baskets consisting of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting
of 50,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create
or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the
amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined
NAV of the number of Shares included in the baskets being created (or redeemed).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust creates and redeems Shares, but only
in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount
of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number
of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem
baskets is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust&#8217;s
account at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor.
For an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust&#8217;s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust&#8217;s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Share and capital activity is as follows:</p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>2024<sup>(a)</sup></b></td><td>&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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    <td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 28%; font-style: normal">Beginning of period</td><td style="width: 2%">&#160;</td>
    <td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt">55,375,000</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,067,032,548</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">592,233,281</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">861,481,884</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 7%; text-align: right">8,000</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">319,598,577</td><td style="text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt">12,600,000</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224,740,268</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt">21,850,000</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">659,825,469</td><td style="text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: right">51,600,000</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">888,110,863</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td>Shares redeemed</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid">(2,000,000)</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(63,429,642)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid">(5,300,000)</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(96,022,801)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid">(7,225,000)</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(198,105,870)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">(9,208,000)</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(167,260,115)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-style: normal">End of period</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double">63,125,000</td><td>&#160;</td>
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    <td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double">42,400,000</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">720,950,748</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double">63,125,000</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,323,201,483</td><td style="text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: right; border-bottom: Black 3px double">42,400,000</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">720,950,748</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 18pt">(a)</td> <td>Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td></tr>
</table><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity.</p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingent Liabilities<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 6. Commitments and Contingent Liabilities</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the normal course of business, the Trust
enters into contracts that contain a variety of general indemnifications. The Trust&#8217;s maximum exposure under these agreements
is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor
believes the risk of loss under these arrangements to be remote.</p><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 405<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/405-30/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 440<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482648/440-10-50-4<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 450<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/450/tableOfContent<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 954<br> -SubTopic 440<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478522/954-440-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 440<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482648/440-10-50-4<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 440<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/440/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentration Risk<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Risk Disclosure [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7. Concentration Risk</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the Trust&#8217;s assets
are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number
of factors. Accordingly, a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust.
Factors that may have the effect of causing a decline in the value of bitcoin include high volatility, which could have a negative
impact on the performance of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation
in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established,
regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
The value of the Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development
or acceptance of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market
has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the
medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain
technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate.
The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate
losses or increase the variability between the Trust&#8217;s NAV and its market price. The amount of bitcoin represented by the
Shares may decline over time. Bitcoin with a fair value of $2,039,322,369 and $1,280,450,332 were held by the Bitcoin Custodians
at September 30, 2025 and December 31, 2024, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future and current regulations by a United
States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders
do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections
afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require
the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Exchange on which the Shares are listed
may halt trading in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability to sell Shares. The market
infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading
activity of the Trust.</p><span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (d)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (c)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (c)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 3A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 275<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/275/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsAbstract', window );"><strong>Investment Company, Financial Highlights [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsTextBlock', window );">Investment Company, Financial Highlights [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 8. Financial Highlights<sup>(a)</sup></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial highlights summarize certain
per share operating information and financial ratios of net investment income (loss) and expenses, to daily average net assets
for the periods below. An individual investor&#8217;s return and ratios may vary based on the timing of capital transactions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Nine Months Ended<br/> September 30,</td><td>&#160;</td></tr>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2025</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 52%; text-align: left; padding-left: 10pt; text-indent: -10pt">Net asset value per share, beginning of period</td><td style="width: 2%">&#160;</td>
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 18pt; text-indent: 0pt">(a)</td> <td style="text-align: justify; text-indent: 0pt">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(b)</td> <td style="text-align: justify; text-indent: 0pt">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(c)</td> <td style="text-align: justify; text-indent: 0pt">Amount rounds to less than $0.005.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(d)</td> <td style="text-align: justify; text-indent: 0pt">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in relation to fluctuating market values for the Trust.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(e)</td> <td style="text-align: justify; text-indent: 0pt">Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(f)</td> <td style="text-align: justify; text-indent: 0pt">Annualized.</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of financial highlights reported by investment company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Event Review<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events [Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 9. Subsequent Event Review</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has evaluated subsequent events and
transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that
there are no material events that would require disclosure in the financial statements.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting Policies, by Policy (Policies)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting, Policy [Policy Text Block]</a></td>
<td class="text"><i>Basis of Preparation and Use of Estimates</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those
estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust qualifies as an investment
company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting
Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies<i> </i>(&#8220;ASC Topic 946&#8221;)<i>,
</i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,
as amended.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><i>Cash</i> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Cash, if any, represents cash deposits
held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.
As of September 30, 2025, and December 31, 2024, the Trust <span style="-sec-ix-hidden: hidden-fact-26"><span style="-sec-ix-hidden: hidden-fact-27">did not hold cash</span></span>.</p><span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_InvestmentValuationPolicyPolicyTextBlock', window );">Investment Valuation, Policy [Policy Text Block]</a></td>
<td class="text"><i>Investment Valuation</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust values its investment in
bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants on the measurement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust identifies and determines
the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement
purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (&#8220;FASB&#8221;)
ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the
asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies
used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Level 1 &#8211; Unadjusted quoted prices in active
markets for identical assets or liabilities;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 2 &#8211; Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 3 &#8211; Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust&#8217;s assumptions used in determining the fair value of
investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:</p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="width: 36pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">December 31, 2024</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-weight: bold">Assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left; padding-left: 10pt">Investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-18">&#8212;</div></td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
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</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following represents the changes in quantity
of bitcoin and the respective fair value:</p><table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 36pt; background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Beginning balance as of January 1, 2025</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">1,280,450,332</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,179.64</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">659,825,469</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,043.38)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(198,105,870)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,902,664</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-21">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">53,249,774</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of September 30, 2025</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">17,853.09</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,039,322,369</td><td style="text-align: left">&#160;</td></tr>
</table><table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Bitcoin</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt"><span style="font-style: normal"><b>Beginning balance as of January 1, 2024<sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-22">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-23">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 36pt; ">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,130.29)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(283,712,958)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">384,606,755</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-25">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left">&#160;</td></tr>
</table><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 36pt">&#160;</td>
    <td style="width: 18pt">(a)</td>
    <td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinPolicyTextBlock', window );">Bitcoin, Policy [Policy Text Block]</a></td>
<td class="text"><i>Bitcoin</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the &#8220;Bitcoin Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional Bitcoin Custodian&#8221;,
and collectively the &#8220;Bitcoin Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_CalculationOfNetAssetValuePolicyTextBlock', window );">Calculation Of Net Asset Value, Policy [Policy Text Block]</a></td>
<td class="text"><i>Calculation of Net Asset Value</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust&#8217;s net asset value
(&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the Bitcoin Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector<sup>TM</sup> Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax, Policy [Policy Text Block]</a></td>
<td class="text"><i>Federal Income Taxes</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting, Policy [Policy Text Block]</a></td>
<td class="text"><i>Segment Reporting</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Sponsor acts as the Trust&#8217;s
chief operating decision maker (&#8220;CODM&#8221;), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-28">single</span> operating segment based on the fact that the Trust&#8217;s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust&#8217;s financial
statements.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_InterimFinancialStatementsPolicyPolicyTextBlock', window );">Interim Financial Statements, Policy [Policy Text Block]</a></td>
<td class="text"><i>Interim financial statements</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed with
the SEC.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of bitcoin.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of calculation of net asset value.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interim Financial Statements, Policy [Policy Text Block]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investment Valuation, Policy [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-19<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-25<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(h)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-28<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 54<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 36<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-36<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br></p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-17">&#8212;</div></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 9%; text-align: right; border-bottom: Black 3px double">2,039,322,369</td></tr>
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    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock', window );">Changes In Quantity Of Bitcoin And The Respective Fair Value [Table Text Block]</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following represents the changes in quantity
of bitcoin and the respective fair value:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 36pt; background-color: White">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Beginning balance as of January 1, 2025</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">13,716.83</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1px solid">$</td><td style="width: 10%; text-align: right; border-bottom: Black 1px solid">1,280,450,332</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,179.64</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">659,825,469</td><td style="text-align: left">&#160;</td></tr>
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    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Bitcoin sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,043.38)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(198,105,870)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,902,664</td><td style="text-align: left">&#160;</td></tr>
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    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-21">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">53,249,774</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of September 30, 2025</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">17,853.09</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,039,322,369</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-indent: -7.2pt">&#160;</p>

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<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
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    <td style="text-align: left; border-bottom: Black 1px solid">$</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-23">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
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    <td style="text-align: left; text-indent: 0pt">Bitcoin purchased</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">17,847.12</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">1,145,131,271</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,130.29)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(283,712,958)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net change in unrealized appreciation (depreciation) from investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">384,606,755</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="background-color: White">&#160;</td>
    <td style="text-align: left; text-indent: 0pt">Net realized gain on investment in bitcoin</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-25">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">34,425,264</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-indent: 0pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">13,716.83</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,280,450,332</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

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    <td style="width: 36pt">&#160;</td>
    <td style="width: 18pt">(a)</td>
    <td>The Trust did not hold any bitcoin as of January 1, 2024.</td></tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Stockholders' Equity Note [Abstract]</strong></a></td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Share and capital activity is as follows:</p>

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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(96,022,801)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: top"> <td style="width: 18pt">(a)</td> <td>Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights (Tables)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsAbstract', window );"><strong>Investment Company, Financial Highlights [Abstract]</strong></a></td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial highlights summarize certain
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="width: 52%; text-align: left; padding-left: 10pt; text-indent: -10pt">Net asset value per share, beginning of period</td><td style="width: 2%">&#160;</td>
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<tr style="vertical-align: top"> <td style="width: 18pt; text-indent: 0pt">(a)</td> <td style="text-align: justify; text-indent: 0pt">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td></tr>
<tr style="vertical-align: top"> <td style="text-indent: 0pt">(b)</td> <td style="text-align: justify; text-indent: 0pt">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr>
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<tr style="vertical-align: top"> <td style="text-indent: 0pt">(d)</td> <td style="text-align: justify; text-indent: 0pt">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in relation to fluctuating market values for the Trust.</td></tr>
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<tr style="vertical-align: top"> <td style="text-indent: 0pt">(f)</td> <td style="text-align: justify; text-indent: 0pt">Annualized.</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of financial highlights. Includes, but is not limited to, per share information, income and expense ratios, total return, capital commitment and fee waiver.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1<br></p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details)<br></strong></div></th>
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<div>Sep. 30, 2025 </div>
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<div>Dec. 31, 2024 </div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-21<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -SubTopic 210<br> -Topic 946<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-20<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant Accounting Policies - Schedule of the Fair Value Hierarchy (Details) - USD ($)<br></strong></div></th>
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<th class="th"><div>Dec. 31, 2024</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_AssetsAbstract0', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">2,039,322,369<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Investments', window );">Investment in bitcoin</a></td>
<td class="text"> <span></span>
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</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Fair Value, Inputs, Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_AssetsAbstract0', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Investments', window );">Investment in bitcoin</a></td>
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</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-14<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-9<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(h))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Investments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Schedule of Changes in Quantity of Bitcoin (Details)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Sep. 30, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MeasurementInputTypeAxis=hodl_QuantityOfBitcoinMember', window );">Quantity of Bitcoin [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems', window );"><strong>Significant Accounting Policies - Schedule of Changes in Quantity of Bitcoin (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_CryptoAssetNumberOfUnitsDecimal', window );">Balance, Shares, beginning of period</a></td>
<td class="nump">13,716.83<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_CryptoAssetNumberOfUnitsDecimal', window );">Balance, Shares, end of period</a></td>
<td class="nump">17,853.09<span></span>
</td>
<td class="nump">13,716.83<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinContributed', window );">Bitcoin purchased, Shares</a></td>
<td class="nump">6,179.64<span></span>
</td>
<td class="nump">17,847.12<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinWithdrawn', window );">Bitcoin sold, Shares</a></td>
<td class="num">(2,043.38)<span></span>
</td>
<td class="num">(4,130.29)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares', window );">Net change in unrealized appreciation (depreciation) from investment in bitcoin, Shares (in Shares) | shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetRealizedGainOnInvestmentInBitcoinShares', window );">Net realized gain on investment in bitcoin (in Shares) | shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MeasurementInputTypeAxis=us-gaap_PortionAtFairValueFairValueDisclosureMember', window );">Fair Value [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems', window );"><strong>Significant Accounting Policies - Schedule of Changes in Quantity of Bitcoin (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Balance, beginning of period</a></td>
<td class="nump">$ 1,280,450,332<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Balance, end of period</a></td>
<td class="nump">2,039,322,369<span></span>
</td>
<td class="nump">1,280,450,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinContributedFairValue', window );">Bitcoin purchased</a></td>
<td class="nump">659,825,469<span></span>
</td>
<td class="nump">1,145,131,271<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinWithdrawnFairValue', window );">Bitcoin sold</a></td>
<td class="num">(198,105,870)<span></span>
</td>
<td class="num">(283,712,958)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin', window );">Net change in unrealized appreciation (depreciation) from investment in bitcoin</a></td>
<td class="nump">243,902,664<span></span>
</td>
<td class="nump">384,606,755<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetRealizedGainOnInvestmentInBitcoin', window );">Net realized gain on investment in bitcoin</a></td>
<td class="nump">$ 53,249,774<span></span>
</td>
<td class="nump">$ 34,425,264<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinContributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of bitcoin contributed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinContributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinContributedFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of bitcoin contributed at fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinContributedFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinWithdrawn">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount of bitcoin withdrawn.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinWithdrawn</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_BitcoinWithdrawnFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of bitcoin withdrawn.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_BitcoinWithdrawnFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_CryptoAssetNumberOfUnitsDecimal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of Bitcoin</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_CryptoAssetNumberOfUnitsDecimal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net change in unrealized appreciation on investment in bitcoin face amount.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>hodl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_NetChangeInUnrealizedAppreciationOnInvestmentInBitcoinShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net change in unrealized appreciation on investment in Bitcoin, Shares</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of net realized gain on investment in bitcoin.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized gain on investment in Bitcoin, Shares</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_SignificantAccountingPoliciesScheduleofChangesinQuantityofBitcoinDetailsLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment in security owned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(11))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trust Expenses and Other Agreements (Details)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_TrustExpensesAndOtherAgreementsAbstract', window );"><strong>Trust Expenses And Other Agreements Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_SponsorFeeTerms', window );">Sponsor Fee Terms</a></td>
<td class="text">The Trust pays the Sponsor a unified fee (the
&#8220;Sponsor Fee&#8221;) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024,
the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024,
the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust&#8217;s net assets. Effective for the
period from November 25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion
of the Trust&#8217;s assets. If the Trust&#8217;s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged
on assets over $2.5 billion will be 0.20% of average daily net assets. After January 10, 2026, the Sponsor Fee will be 0.20% of
average daily net assets. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin, which may be facilitated by one or more liquidity
providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.<span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For trust expenses and other agreements</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Related Parties (Details)<br></strong></div></th>
<th class="th">
<div>Jan. 04, 2024 </div>
<div>USD ($) </div>
<div>bitcoin </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_OwnershipAxis=hodl_SeedCapitalInvestorMember', window );">Seed Capital Investor [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_RelatedPartiesDetailsLineItems', window );"><strong>Related Parties (Details) [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Stock Redeemed or Called During Period, Shares (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Shares, Issued (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares Issued, Price Per Share (in Dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 12.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOtherAssets1', window );">Proceeds from Sale of Other Assets (in Dollars) | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 72,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_BitcoinContributed', window );">Bitcoin contributed (in bitcoin) | bitcoin</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,640.92<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Investment Owned, Net Assets, Percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">6.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_OwnershipAxis=hodl_BitcoinCustodianMember', window );">Bitcoin Custodian [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_RelatedPartiesDetailsLineItems', window );"><strong>Related Parties (Details) [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Subsidiary, Ownership Percentage, Parent</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of bitcoin contributed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment owned to net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column C)(Footnote 5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column D))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C)(Footnote 2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column A)(Footnote 6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column F)(Footnote 7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedPercentOfNetAssets</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from the sale of other assets as part of operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssued</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodShares</td>
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<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=hodl_BitcoinCustodianMember</td>
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<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Capital Share Transactions (Details) - shares<br></strong></div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Mar. 04, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Stockholders' Equity Note [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesAuthorized', window );">Temporary Equity, Shares Authorized</a></td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">50,000<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of securities classified as temporary equity that are permitted to be issued by an entity's charter and bylaws. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 480<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions - Schedule of Share And Capital Activity (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
<th class="th" colspan="4">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2024</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2025</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ScheduleOfShareAndCapitalActivityAbstract', window );"><strong>Schedule Of Share And Capital Activity Abstract</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Beginning of period, Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55,375,000<span></span>
</td>
<td class="nump">35,100,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">48,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Beginning of period, Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,067,032,548<span></span>
</td>
<td class="nump">$ 592,233,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 861,481,884<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,750,000<span></span>
</td>
<td class="nump">12,600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">21,850,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">51,600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued, Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 319,598,577<span></span>
</td>
<td class="nump">$ 224,740,268<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 659,825,469<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 888,110,863<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Shares redeemed, Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,000,000)<span></span>
</td>
<td class="num">(5,300,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(7,225,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(9,208,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Shares redeemed, Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (63,429,642)<span></span>
</td>
<td class="num">$ (96,022,801)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (198,105,870)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (167,260,115)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ending of period, Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">63,125,000<span></span>
</td>
<td class="nump">42,400,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,125,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">42,400,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Ending of period, Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,323,201,483<span></span>
</td>
<td class="nump">$ 720,950,748<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,323,201,483<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 720,950,748<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.</td>
</tr></table></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of common shares held by shareholders. Excludes common shares repurchased and held as treasury shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Concentration Risk (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ConcentrationRiskDetailsLineItems', window );"><strong>Concentration Risk (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment in security owned.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtFairValue</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=hodl_AdditionalBitcoinCustodianMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=hodl_BitcoinCustodianMember</td>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights - Schedule of Financial Highlights (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
<th class="th" colspan="3">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2024</div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_ScheduleOfFinancialHighlightsAbstract', window );"><strong>Schedule Of Financial Highlights Abstract</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share, beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 30.33<span></span>
</td>
<td class="nump">$ 17.52<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 26.4<span></span>
</td>
<td class="nump">$ 12.5<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_FromInvestmentOperationsAbstract', window );"><strong>From investment operations:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_hodl_NetRealizedGainAndChangeInUnrealizedAppreciationdepreciationOnInvestmentsInBitcoin', window );">Net realized gain and change in unrealized appreciation/depreciation from investments in bitcoin</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
<td class="nump">1.98<span></span>
</td>
<td class="nump">0.39<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5.91<span></span>
</td>
<td class="nump">5.41<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare', window );">Total increase resulting from operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.98<span></span>
</td>
<td class="nump">0.39<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.91<span></span>
</td>
<td class="nump">5.41<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share, end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 32.31<span></span>
</td>
<td class="nump">$ 17.91<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 32.31<span></span>
</td>
<td class="nump">$ 17.91<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyTotalReturn', window );">Total return</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
<td class="nump">6.53%<span></span>
</td>
<td class="nump">2.26%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22.39%<span></span>
</td>
<td class="nump">43.28%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee', window );">Expenses before fee waiver</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
<td class="nump">0.20%<span></span>
</td>
<td class="nump">0.20%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0.20%<span></span>
</td>
<td class="nump">0.20%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee', window );">Expenses after fee waiver</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.02%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyInvestmentIncomeLossRatio', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0.00%<span></span>
</td>
<td class="num">(0.02%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Amount rounds to less than $0.005.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in relation to fluctuating market values for the Trust.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Annualized.</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_hodl_FromInvestmentOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">hodl_FromInvestmentOperationsAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of net realized gain and change in unrealized appreciation depreciation on investments in bitcoin.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage, after deduction of fee waiver and before deduction of incentive fee, of expense to average net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-13<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage, after deduction of fee waiver and incentive fee, of expense to average net assets.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per share or unit amount of realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per share or unit amount of investment income (loss) and realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment income (loss) to average net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-10<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage increase (decrease) in fund net asset value, assuming reinvestment of dividends and capital gain distributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 27<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-18<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
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   "Section": "S99",
   "Paragraph": "3",
   "Subparagraph": "(SX 210.6-09(7))",
   "Publisher": "FASB",
   "URI": "https://asc.fasb.org/1943274/2147479134/946-220-S99-3"
  }
 }
}
</TEXT>
</DOCUMENT>
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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c0" id="ixv-1380">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 1. Organization:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;VanEck Bitcoin ETF (the &#x201c;Trust&#x201d;),
a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the
Trust (the &#x201c;Shares&#x201d;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#x201c;Exchange&#x201d;). The Trust&#x2019;s
investment objective is to reflect the performance of the price of bitcoin less the net operating expenses of the Trust. The Trust
is managed and controlled by VanEck Digital Assets, LLC (the &#x201c;Sponsor&#x201d;), a wholly-owned subsidiary of Van Eck Associates
Corporation (&#x201c;VanEck&#x201d;). The CSC Delaware Trust Company is the &#x201c;Trustee&#x201d; of the Trust.&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c0" id="ixv-1388">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 2. Significant Accounting Policies:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;A.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Basis of Preparation and Use of Estimates&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those
estimates.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust qualifies as an investment
company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting
Standards Codification (&#x201c;ASC&#x201d;) Topic 946 Financial Services&#x2014;Investment Companies&lt;i&gt; &lt;/i&gt;(&#x201c;ASC Topic 946&#x201d;)&lt;i&gt;,
&lt;/i&gt;but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,
as amended.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;B.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Cash&lt;/i&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Cash, if any, represents cash deposits
held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.
As of September 30, 2025, and December 31, 2024, the Trust &lt;span style="-sec-ix-hidden: hidden-fact-26"&gt;&lt;span style="-sec-ix-hidden: hidden-fact-27"&gt;did not hold cash&lt;/span&gt;&lt;/span&gt;.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;C.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Investment Valuation&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust values its investment in
bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants on the measurement date.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust identifies and determines
the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement
purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (&#x201c;FASB&#x201d;)
ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the
asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies
used to prepare the Trust&#x2019;s financial statements in accordance with GAAP.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;Level 1 &#x2013; Unadjusted quoted prices in active
markets for identical assets or liabilities;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Level 2 &#x2013; Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Level 3 &#x2013; Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust&#x2019;s assumptions used in determining the fair value of
investments.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;September 30, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-16"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-17"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-18"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-19"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following represents the changes in quantity
of bitcoin and the respective fair value:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 36pt; background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;13,716.83&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;1,280,450,332&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6,179.64&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;659,825,469&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,043.38)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(198,105,870)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-20"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;243,902,664&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-21"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;53,249,774&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of September 30, 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17,853.09&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-indent: -7.2pt"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of January 1, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-22"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-23"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 36pt; "&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;17,847.12&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;1,145,131,271&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(4,130.29)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(283,712,958)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-24"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;384,606,755&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-25"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;34,425,264&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;13,716.83&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;
    &lt;td&gt;The Trust did not hold any bitcoin as of January 1, 2024.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;D.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Bitcoin&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the &#x201c;Bitcoin Custodian&#x201d;) and at Coinbase Custody Trust Company, LLC (the &#x201c;Additional Bitcoin Custodian&#x201d;,
and collectively the &#x201c;Bitcoin Custodians&#x201d;), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&#160;&#160;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;E.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust&#x2019;s net asset value
(&#x201c;NAV&#x201d;) is calculated based on the Trust&#x2019;s net asset holdings, as reconciled to the Bitcoin Custodians&#x2019;
accounts, on a market approach determined on a daily basis using the MarketVector&lt;sup&gt;TM&lt;/sup&gt; Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust&#x2019;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#x2019;s NAV and the Trust&#x2019;s NAV per Share, which it has delegated to the Administrator.&lt;/p&gt;&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;F.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;G.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Segment Reporting&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Sponsor acts as the Trust&#x2019;s
chief operating decision maker (&#x201c;CODM&#x201d;), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a &lt;span style="-sec-ix-hidden: hidden-fact-28"&gt;single&lt;/span&gt; operating segment based on the fact that the Trust&#x2019;s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust&#x2019;s financial
statements.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;H.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Interim financial statements&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed with
the SEC.&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c0" id="ixv-1396">&lt;i&gt;Basis of Preparation and Use of Estimates&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those
estimates.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust qualifies as an investment
company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting
Standards Codification (&#x201c;ASC&#x201d;) Topic 946 Financial Services&#x2014;Investment Companies&lt;i&gt; &lt;/i&gt;(&#x201c;ASC Topic 946&#x201d;)&lt;i&gt;,
&lt;/i&gt;but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,
as amended.&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0" id="ixv-1411">&lt;i&gt;Cash&lt;/i&gt; &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Cash, if any, represents cash deposits
held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.
As of September 30, 2025, and December 31, 2024, the Trust &lt;span style="-sec-ix-hidden: hidden-fact-26"&gt;&lt;span style="-sec-ix-hidden: hidden-fact-27"&gt;did not hold cash&lt;/span&gt;&lt;/span&gt;.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <hodl:InvestmentValuationPolicyPolicyTextBlock contextRef="c0" id="ixv-1423">&lt;i&gt;Investment Valuation&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust values its investment in
bitcoin and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants on the measurement date.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust identifies and determines
the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement
purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (&#x201c;FASB&#x201d;)
ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the
asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies
used to prepare the Trust&#x2019;s financial statements in accordance with GAAP.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;Level 1 &#x2013; Unadjusted quoted prices in active
markets for identical assets or liabilities;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Level 2 &#x2013; Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Level 3 &#x2013; Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust&#x2019;s assumptions used in determining the fair value of
investments.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:&lt;/p&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;September 30, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-16"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-17"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-18"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-19"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following represents the changes in quantity
of bitcoin and the respective fair value:&lt;/p&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 36pt; background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;13,716.83&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;1,280,450,332&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6,179.64&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;659,825,469&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,043.38)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(198,105,870)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-20"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;243,902,664&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-21"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;53,249,774&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of September 30, 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17,853.09&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of January 1, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-22"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-23"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 36pt; "&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;17,847.12&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;1,145,131,271&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(4,130.29)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(283,712,958)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-24"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;384,606,755&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-25"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;34,425,264&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;13,716.83&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;
    &lt;td&gt;The Trust did not hold any bitcoin as of January 1, 2024.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</hodl:InvestmentValuationPolicyPolicyTextBlock>
    <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock contextRef="c0" id="ixv-1468">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;September 30, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-16"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-17"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-18"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-19"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
    <us-gaap:Investments contextRef="c12" decimals="0" id="ixv-3762" unitRef="usd">2039322369</us-gaap:Investments>
    <us-gaap:Investments contextRef="c2" decimals="0" id="ixv-3763" unitRef="usd">2039322369</us-gaap:Investments>
    <us-gaap:Investments contextRef="c15" decimals="0" id="ixv-3764" unitRef="usd">1280450332</us-gaap:Investments>
    <us-gaap:Investments contextRef="c3" decimals="0" id="ixv-3765" unitRef="usd">1280450332</us-gaap:Investments>
    <hodl:ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock contextRef="c0" id="ixv-1597">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;The following represents the changes in quantity
of bitcoin and the respective fair value:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 36pt; background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;13,716.83&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1px solid"&gt;1,280,450,332&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6,179.64&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;659,825,469&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,043.38)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(198,105,870)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-20"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;243,902,664&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-21"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;53,249,774&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of September 30, 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17,853.09&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;2,039,322,369&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-indent: -7.2pt"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Bitcoin&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of January 1, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-22"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-23"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 36pt; "&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;17,847.12&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;1,145,131,271&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Bitcoin sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(4,130.29)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(283,712,958)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net change in unrealized appreciation (depreciation) from investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-24"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;384,606,755&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="background-color: White"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; text-indent: 0pt"&gt;Net realized gain on investment in bitcoin&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-25"&gt;&#x2014;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;34,425,264&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; font-style: normal; text-indent: 0pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;13,716.83&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,280,450,332&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 36pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;
    &lt;td&gt;The Trust did not hold any bitcoin as of January 1, 2024.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</hodl:ChangesInQuantityOfBitcoinAndTheRespectiveFairValueTableTextBlock>
    <hodl:CryptoAssetNumberOfUnitsDecimal contextRef="c18" decimals="2" id="ixv-3766" unitRef="pure">13716.83</hodl:CryptoAssetNumberOfUnitsDecimal>
    <us-gaap:InvestmentOwnedAtFairValue contextRef="c19" decimals="0" id="ixv-3767" unitRef="usd">1280450332</us-gaap:InvestmentOwnedAtFairValue>
    <hodl:BitcoinContributed contextRef="c20" decimals="2" id="ixv-3768" unitRef="pure">6179.64</hodl:BitcoinContributed>
    <hodl:BitcoinContributedFairValue contextRef="c21" decimals="0" id="ixv-3769" unitRef="usd">659825469</hodl:BitcoinContributedFairValue>
    <hodl:BitcoinWithdrawn contextRef="c20" decimals="2" id="ixv-3770" unitRef="pure">-2043.38</hodl:BitcoinWithdrawn>
    <hodl:BitcoinWithdrawnFairValue contextRef="c21" decimals="0" id="ixv-3771" unitRef="usd">-198105870</hodl:BitcoinWithdrawnFairValue>
    <hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin contextRef="c21" decimals="0" id="ixv-3772" unitRef="usd">243902664</hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin>
    <hodl:NetRealizedGainOnInvestmentInBitcoin contextRef="c21" decimals="0" id="ixv-3773" unitRef="usd">53249774</hodl:NetRealizedGainOnInvestmentInBitcoin>
    <hodl:CryptoAssetNumberOfUnitsDecimal contextRef="c22" decimals="2" id="ixv-3774" unitRef="pure">17853.09</hodl:CryptoAssetNumberOfUnitsDecimal>
    <us-gaap:InvestmentOwnedAtFairValue contextRef="c23" decimals="0" id="ixv-3775" unitRef="usd">2039322369</us-gaap:InvestmentOwnedAtFairValue>
    <hodl:BitcoinContributed contextRef="c26" decimals="2" id="ixv-3776" unitRef="pure">17847.12</hodl:BitcoinContributed>
    <hodl:BitcoinContributedFairValue contextRef="c27" decimals="0" id="ixv-3777" unitRef="usd">1145131271</hodl:BitcoinContributedFairValue>
    <hodl:BitcoinWithdrawn contextRef="c26" decimals="2" id="ixv-3778" unitRef="pure">-4130.29</hodl:BitcoinWithdrawn>
    <hodl:BitcoinWithdrawnFairValue contextRef="c27" decimals="0" id="ixv-3779" unitRef="usd">-283712958</hodl:BitcoinWithdrawnFairValue>
    <hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin contextRef="c27" decimals="0" id="ixv-3780" unitRef="usd">384606755</hodl:NetChangeInUnrealizedAppreciationOnInvestmentInBitcoin>
    <hodl:NetRealizedGainOnInvestmentInBitcoin contextRef="c27" decimals="0" id="ixv-3781" unitRef="usd">34425264</hodl:NetRealizedGainOnInvestmentInBitcoin>
    <hodl:CryptoAssetNumberOfUnitsDecimal contextRef="c18" decimals="2" id="ixv-3782" unitRef="pure">13716.83</hodl:CryptoAssetNumberOfUnitsDecimal>
    <us-gaap:InvestmentOwnedAtFairValue contextRef="c19" decimals="0" id="ixv-3783" unitRef="usd">1280450332</us-gaap:InvestmentOwnedAtFairValue>
    <hodl:BitcoinPolicyTextBlock contextRef="c0" id="ixv-1778">&lt;i&gt;Bitcoin&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the &#x201c;Bitcoin Custodian&#x201d;) and at Coinbase Custody Trust Company, LLC (the &#x201c;Additional Bitcoin Custodian&#x201d;,
and collectively the &#x201c;Bitcoin Custodians&#x201d;), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.&lt;/p&gt;</hodl:BitcoinPolicyTextBlock>
    <hodl:CalculationOfNetAssetValuePolicyTextBlock contextRef="c0" id="ixv-1788">&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust&#x2019;s net asset value
(&#x201c;NAV&#x201d;) is calculated based on the Trust&#x2019;s net asset holdings, as reconciled to the Bitcoin Custodians&#x2019;
accounts, on a market approach determined on a daily basis using the MarketVector&lt;sup&gt;TM&lt;/sup&gt; Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust&#x2019;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#x2019;s NAV and the Trust&#x2019;s NAV per Share, which it has delegated to the Administrator.&lt;/p&gt;</hodl:CalculationOfNetAssetValuePolicyTextBlock>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="c0" id="ixv-1823">&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="c0" id="ixv-1833">&lt;i&gt;Segment Reporting&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The Sponsor acts as the Trust&#x2019;s
chief operating decision maker (&#x201c;CODM&#x201d;), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a &lt;span style="-sec-ix-hidden: hidden-fact-28"&gt;single&lt;/span&gt; operating segment based on the fact that the Trust&#x2019;s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust&#x2019;s financial
statements.&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <hodl:InterimFinancialStatementsPolicyPolicyTextBlock contextRef="c0" id="ixv-1844">&lt;i&gt;Interim financial statements&lt;/i&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed with
the SEC.&lt;/p&gt;</hodl:InterimFinancialStatementsPolicyPolicyTextBlock>
    <hodl:TrustExpensesAndOtherAgreementsTextBlock contextRef="c0" id="ixv-1855">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 3. Trust Expenses and Other Agreements&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Trust pays the Sponsor a unified fee (the
&#x201c;Sponsor Fee&#x201d;) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024,
the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024,
the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust&#x2019;s net assets. Effective for the
period from November 25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion
of the Trust&#x2019;s assets. If the Trust&#x2019;s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged
on assets over $2.5 billion will be 0.20% of average daily net assets. After January 10, 2026, the Sponsor Fee will be 0.20% of
average daily net assets. 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 one or more liquidity
providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Trust holds its bitcoin at the Bitcoin
Custodian and at the Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance (in
the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover
the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible
for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust&#x2019;s
bitcoin account.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;State Street Bank and Trust Company serves as the Trust&#x2019;s
administrator, transfer agent and cash custodian.&lt;/p&gt;</hodl:TrustExpensesAndOtherAgreementsTextBlock>
    <hodl:SponsorFeeTerms contextRef="c0" id="ixv-3784">The Trust pays the Sponsor a unified fee (the
&#x201c;Sponsor Fee&#x201d;) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024,
the Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024,
the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust&#x2019;s net assets. Effective for the
period from November 25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion
of the Trust&#x2019;s assets. If the Trust&#x2019;s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged
on assets over $2.5 billion will be 0.20% of average daily net assets. After January 10, 2026, the Sponsor Fee will be 0.20% of
average daily net assets. 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 one or more liquidity
providers and/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.</hodl:SponsorFeeTerms>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0" id="ixv-1890">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 4. Related Parties&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The Sponsor is considered to be a related party to the Trust.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly
wholly-owned subsidiary of VanEck.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly-owned subsidiary of VanEck.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;VanEck was the initial seed investor (&#x201c;Seed
Capital Investor&#x201d;) on December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor were redeemed
for cash and the Seed Capital Investor purchased the &#x201c;Seed Creation Baskets,&#x201d; comprising of 5,800,000 Shares at a per-Share
price of $12.50. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the
Trust receiving 1,640.92 bitcoin. As of September 30, 2025 and December 31, 2024, the Seed Capital Investor&#x2019;s ownership in
the Trust represents approximately 6% and 9%, respectively, of net assets.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;VanEck is a minority interest holder in the
parent company of the Bitcoin Custodian, representing less than 1% of its equity.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;&lt;td&gt;Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c28"
      decimals="0"
      id="ix_4_fact"
      unitRef="shares">8000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:SharesIssued
      contextRef="c29"
      decimals="0"
      id="ix_1_fact"
      unitRef="shares">5800000</us-gaap:SharesIssued>
    <us-gaap:SharesIssuedPricePerShare
      contextRef="c29"
      decimals="2"
      id="ix_3_fact"
      unitRef="usdPershares">12.5</us-gaap:SharesIssuedPricePerShare>
    <us-gaap:ProceedsFromSaleOfOtherAssets1 contextRef="c28" decimals="0" id="ix_0_fact" unitRef="usd">72500000</us-gaap:ProceedsFromSaleOfOtherAssets1>
    <hodl:BitcoinContributed
      contextRef="c28"
      decimals="2"
      id="ix_2_fact"
      unitRef="bitcoin">1640.92</hodl:BitcoinContributed>
    <us-gaap:InvestmentOwnedPercentOfNetAssets contextRef="c30" decimals="2" id="ix_5_fact" unitRef="pure">0.06</us-gaap:InvestmentOwnedPercentOfNetAssets>
    <us-gaap:InvestmentOwnedPercentOfNetAssets contextRef="c31" decimals="2" id="ix_6_fact" unitRef="pure">0.09</us-gaap:InvestmentOwnedPercentOfNetAssets>
    <us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="c32" decimals="2" id="ix_7_fact" unitRef="pure">0.01</us-gaap:MinorityInterestOwnershipPercentageByParent>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c0" id="ixv-1914">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 5. Capital Share Transactions&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Investors can buy and sell Shares of the Trust
in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought
and sold throughout the trading day like other publicly traded securities.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Trust continuously offers the Trust Shares
in baskets consisting of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting
of 50,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create
or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the
amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined
NAV of the number of Shares included in the baskets being created (or redeemed).&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Trust creates and redeems Shares, but only
in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount
of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number
of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem
baskets is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust&#x2019;s
account at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor.
For an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust&#x2019;s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust&#x2019;s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;Share and capital activity is as follows:&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;Three Months Ended September 30,&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;Nine Months Ended September 30,&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2025&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 28%; font-style: normal"&gt;Beginning of period&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;55,375,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;1,067,032,548&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;35,100,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;592,233,281&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;48,500,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;861,481,884&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;8,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;100,000&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;Shares issued&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;9,750,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;319,598,577&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;12,600,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;224,740,268&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;21,850,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;659,825,469&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right"&gt;51,600,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;888,110,863&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td&gt;Shares redeemed&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(2,000,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(63,429,642)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(5,300,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(96,022,801)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(7,225,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(198,105,870)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(9,208,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(167,260,115)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-style: normal"&gt;End of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;63,125,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,323,201,483&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;42,400,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;720,950,748&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;63,125,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,323,201,483&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; border-bottom: Black 3px double"&gt;42,400,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;720,950,748&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 18pt"&gt;(a)&lt;/td&gt; &lt;td&gt;Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:TemporaryEquitySharesAuthorized contextRef="c2" decimals="0" id="ixv-3794" unitRef="shares">25000</us-gaap:TemporaryEquitySharesAuthorized>
    <us-gaap:TemporaryEquitySharesAuthorized
      contextRef="c33"
      decimals="0"
      id="ixv-3795"
      unitRef="shares">50000</us-gaap:TemporaryEquitySharesAuthorized>
    <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="c0" id="ixv-1924">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;Share and capital activity is as follows:&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;Three Months Ended September 30,&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;Nine Months Ended September 30,&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2025&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="4" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;&lt;b&gt;2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 28%; font-style: normal"&gt;Beginning of period&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;55,375,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;1,067,032,548&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;35,100,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;592,233,281&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;48,500,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;861,481,884&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;8,000&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; text-align: right"&gt;100,000&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;Shares issued&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;9,750,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;319,598,577&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;12,600,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;224,740,268&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt"&gt;21,850,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;659,825,469&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right"&gt;51,600,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;888,110,863&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td&gt;Shares redeemed&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(2,000,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(63,429,642)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(5,300,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(96,022,801)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 1px solid"&gt;(7,225,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(198,105,870)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(9,208,000)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(167,260,115)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-style: normal"&gt;End of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;63,125,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,323,201,483&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;42,400,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;720,950,748&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: -7.2pt; padding-left: 7.2pt; border-bottom: Black 3px double"&gt;63,125,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;1,323,201,483&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: normal"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: normal; text-align: right; border-bottom: Black 3px double"&gt;42,400,000&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;720,950,748&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 18pt"&gt;(a)&lt;/td&gt; &lt;td&gt;Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
    <us-gaap:CommonStockSharesOutstanding
      contextRef="c8"
      decimals="INF"
      id="ixv-3796"
      unitRef="shares">55375000</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockValueOutstanding contextRef="c8" decimals="0" id="ixv-3797" unitRef="usd">1067032548</us-gaap:CommonStockValueOutstanding>
    <us-gaap:CommonStockSharesOutstanding
      contextRef="c9"
      decimals="INF"
      id="ix_8_fact"
      unitRef="shares">35100000</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockValueOutstanding contextRef="c9" decimals="0" id="ix_9_fact" unitRef="usd">592233281</us-gaap:CommonStockValueOutstanding>
    <us-gaap:CommonStockSharesOutstanding
      contextRef="c3"
      decimals="INF"
      id="ix_10_fact"
      unitRef="shares">48500000</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockValueOutstanding contextRef="c3" decimals="0" id="ix_11_fact" unitRef="usd">861481884</us-gaap:CommonStockValueOutstanding>
    <us-gaap:CommonStockSharesOutstanding
      contextRef="c10"
      decimals="INF"
      id="ix_12_fact"
      unitRef="shares">8000</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockValueOutstanding contextRef="c10" decimals="0" id="ix_13_fact" unitRef="usd">100000</us-gaap:CommonStockValueOutstanding>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c5"
      decimals="INF"
      id="ixv-3804"
      unitRef="shares">9750000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c5" decimals="0" id="ixv-3805" unitRef="usd">319598577</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c6"
      decimals="INF"
      id="ix_14_fact"
      unitRef="shares">12600000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c6" decimals="0" id="ix_15_fact" unitRef="usd">224740268</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c0"
      decimals="INF"
      id="ix_16_fact"
      unitRef="shares">21850000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c0" decimals="0" id="ix_17_fact" unitRef="usd">659825469</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c7"
      decimals="INF"
      id="ix_18_fact"
      unitRef="shares">51600000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c7" decimals="0" id="ix_19_fact" unitRef="usd">888110863</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c5"
      decimals="INF"
      id="ixv-3812"
      unitRef="shares">2000000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="c5" decimals="0" id="ixv-3813" unitRef="usd">-63429642</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c6"
      decimals="INF"
      id="ix_20_fact"
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    <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="c6" decimals="0" id="ix_21_fact" unitRef="usd">-96022801</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c0"
      decimals="INF"
      id="ix_22_fact"
      unitRef="shares">7225000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="c0" decimals="0" id="ix_23_fact" unitRef="usd">-198105870</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
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      decimals="INF"
      id="ix_24_fact"
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      decimals="INF"
      id="ixv-3820"
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    <us-gaap:CommonStockSharesOutstanding
      contextRef="c11"
      decimals="INF"
      id="ix_30_fact"
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    <us-gaap:CommonStockValueOutstanding contextRef="c11" decimals="0" id="ix_31_fact" unitRef="usd">720950748</us-gaap:CommonStockValueOutstanding>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c0" id="ixv-2112">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 6. Commitments and Contingent Liabilities&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the normal course of business, the Trust
enters into contracts that contain a variety of general indemnifications. The Trust&#x2019;s maximum exposure under these agreements
is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor
believes the risk of loss under these arrangements to be remote.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c0" id="ixv-2121">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 7. Concentration Risk&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Substantially all of the Trust&#x2019;s assets
are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number
of factors. Accordingly, a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust.
Factors that may have the effect of causing a decline in the value of bitcoin include high volatility, which could have a negative
impact on the performance of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation
in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established,
regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
The value of the Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development
or acceptance of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market
has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the
medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain
technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate.
The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate
losses or increase the variability between the Trust&#x2019;s NAV and its market price. The amount of bitcoin represented by the
Shares may decline over time. Bitcoin with a fair value of $2,039,322,369 and $1,280,450,332 were held by the Bitcoin Custodians
at September 30, 2025 and December 31, 2024, respectively.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future and current regulations by a United
States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders
do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections
afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require
the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Exchange on which the Shares are listed
may halt trading in the Trust&#x2019;s Shares, which would adversely impact a Shareholder&#x2019;s ability to sell Shares. The market
infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading
activity of the Trust.&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:InvestmentOwnedAtFairValue contextRef="c34" decimals="0" id="ixv-3829" unitRef="usd">2039322369</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:InvestmentOwnedAtFairValue contextRef="c35" decimals="0" id="ixv-3830" unitRef="usd">1280450332</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:InvestmentCompanyFinancialHighlightsTextBlock contextRef="c0" id="ixv-2154">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Note 8. Financial Highlights&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The financial highlights summarize certain
per share operating information and financial ratios of net investment income (loss) and expenses, to daily average net assets
for the periods below. An individual investor&#x2019;s return and ratios may vary based on the timing of capital transactions:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: right; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1px solid"&gt;Three Months Ended&lt;br/&gt; September 30,&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1px solid"&gt;Nine Months Ended&lt;br/&gt; September 30,&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 52%; text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Net asset value per share, beginning of period&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;30.33&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;17.52&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;26.40&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;12.50&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;From investment operations: &lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Net investment loss&lt;sup&gt;(b)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;sup&gt;(c)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Net realized gain and change in unrealized appreciation (depreciation) from investments in bitcoin&lt;sup&gt;(d)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;1.98&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;0.39&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.41&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 30pt; text-indent: -10pt"&gt;Net increase resulting from operations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;1.98&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;0.39&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.41&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 30pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Net asset value per share, end of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;32.31&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;32.31&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Total return&lt;sup&gt;(e)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6.53%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;2.26%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;22.39%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;43.28%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Ratios to average net assets&lt;sup&gt;(f)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Expenses before fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Expenses after fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.02%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Net investment loss&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.02)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 18pt; text-indent: 0pt"&gt;(a)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(b)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Net investment loss per share has been calculated based upon an average of daily shares outstanding.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(c)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Amount rounds to less than $0.005.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(d)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#x2019;s shares in relation to fluctuating market values for the Trust.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(e)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(f)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Annualized.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:InvestmentCompanyFinancialHighlightsTextBlock>
    <us-gaap:InvestmentCompanyFinancialHighlightsTableTextBlock contextRef="c0" id="ixv-2159">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The financial highlights summarize certain
per share operating information and financial ratios of net investment income (loss) and expenses, to daily average net assets
for the periods below. An individual investor&#x2019;s return and ratios may vary based on the timing of capital transactions:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: right; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1px solid"&gt;Three Months Ended&lt;br/&gt; September 30,&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1px solid"&gt;Nine Months Ended&lt;br/&gt; September 30,&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 52%; text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Net asset value per share, beginning of period&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;30.33&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;17.52&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;26.40&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;12.50&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;From investment operations: &lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Net investment loss&lt;sup&gt;(b)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;sup&gt;(c)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Net realized gain and change in unrealized appreciation (depreciation) from investments in bitcoin&lt;sup&gt;(d)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;1.98&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;0.39&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.41&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 30pt; text-indent: -10pt"&gt;Net increase resulting from operations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;1.98&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;0.39&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;5.41&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 30pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Net asset value per share, end of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;32.31&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;32.31&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;17.91&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Total return&lt;sup&gt;(e)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6.53%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;2.26%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;22.39%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;43.28%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;Ratios to average net assets&lt;sup&gt;(f)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 10pt; text-indent: -10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Expenses before fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Expenses after fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.02%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-left: 20pt; text-indent: -10pt"&gt;Net investment loss&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.02)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 18pt; text-indent: 0pt"&gt;(a)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(b)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Net investment loss per share has been calculated based upon an average of daily shares outstanding.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(c)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Amount rounds to less than $0.005.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(d)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#x2019;s shares in relation to fluctuating market values for the Trust.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="text-indent: 0pt"&gt;(e)&lt;/td&gt; &lt;td style="text-align: justify; text-indent: 0pt"&gt;Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.&lt;/td&gt;&lt;/tr&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

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        <link:loc
          xlink:href="#ix_63_fact"
          xlink:label="ix_63_fact"
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        <link:loc
          xlink:href="#ix_45_fact"
          xlink:label="ix_45_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_65_fact"
          xlink:label="ix_65_fact"
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        <link:loc
          xlink:href="#ix_52_fact"
          xlink:label="ix_52_fact"
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        <link:loc
          xlink:href="#ix_56_fact"
          xlink:label="ix_56_fact"
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        <link:loc
          xlink:href="#ix_64_fact"
          xlink:label="ix_64_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_59_fact"
          xlink:label="ix_59_fact"
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        <link:loc
          xlink:href="#ix_55_fact"
          xlink:label="ix_55_fact"
          xlink:type="locator"/>
        <link:loc
          xlink:href="#ix_57_fact"
          xlink:label="ix_57_fact"
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        <link:footnote id="ix_2_footnote" xlink:label="ix_2_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.</link:footnote>
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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          xlink:from="ix_52_fact"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_56_fact"
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          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_64_fact"
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          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_59_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_55_fact"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_57_fact"
          xlink:to="ix_2_footnote"
          xlink:type="arc"/>
        <link:footnote id="ix_3_footnote" xlink:label="ix_3_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</link:footnote>
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          xlink:from="ix_45_fact"
          xlink:to="ix_3_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_39_fact"
          xlink:to="ix_3_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_38_fact"
          xlink:to="ix_3_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_37_fact"
          xlink:to="ix_3_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_36_fact"
          xlink:to="ix_3_footnote"
          xlink:type="arc"/>
        <link:footnote id="ix_4_footnote" xlink:label="ix_4_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Amount rounds to less than $0.005.</link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_37_fact"
          xlink:to="ix_4_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_39_fact"
          xlink:to="ix_4_footnote"
          xlink:type="arc"/>
        <link:footnote id="ix_5_footnote" xlink:label="ix_5_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#x2019;s shares in relation to fluctuating market values for the Trust.</link:footnote>
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          xlink:from="ix_40_fact"
          xlink:to="ix_5_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_43_fact"
          xlink:to="ix_5_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_41_fact"
          xlink:to="ix_5_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_42_fact"
          xlink:to="ix_5_footnote"
          xlink:type="arc"/>
        <link:footnote id="ix_6_footnote" xlink:label="ix_6_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.</link:footnote>
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          xlink:from="ix_55_fact"
          xlink:to="ix_6_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_54_fact"
          xlink:to="ix_6_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_53_fact"
          xlink:to="ix_6_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_52_fact"
          xlink:to="ix_6_footnote"
          xlink:type="arc"/>
        <link:footnote id="ix_7_footnote" xlink:label="ix_7_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Annualized.</link:footnote>
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          xlink:from="ix_65_fact"
          xlink:to="ix_7_footnote"
          xlink:type="arc"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_56_fact"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_60_fact"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_58_fact"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="ix_64_fact"
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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        <link:footnoteArc
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</DOCUMENT>
</SEC-DOCUMENT>
