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Investment Valuation and Calculation of Net Asset Value (“NAV”) (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

The following table summarizes the Trust’s investments at fair value:

The following table summarizes the Trust’s investments at fair value:

September 30, 2025 (Unaudited)		Level 1				Level 2				Level 3
Bitcoin		$	682,589,262			$	—			$	—
Total Investments		$	682,589,262			$	—			$	—

December 31, 2024		Level 1				Level 2				Level 3
Bitcoin		$	826,306,338			$	—			$	—
Total Investments		$	826,306,338			$	—			$	—

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- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- References

No definition available.

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