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Investment Valuation and Calculation of Net Asset Value (“NAV”) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Investment Valuation and Calculation of Net Asset Value (“NAV”) | 3. Investment Valuation and Calculation of Net Asset Value (“NAV”) FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”), or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — 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, 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 Level 3 — Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. The following table presents information about the Trust’s investments at fair value:
December 31, 2025 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Bitcoin |  | $ | 505,489,906 |  |  | $ | — |  |  | $ | — |  |  | $ | 505,489,906 |
Total Investments |  | $ | 505,489,906 |  |  | $ | — |  |  | $ | — |  |  | $ | 505,489,906 |
December 31, 2024 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Bitcoin |  | $ | 826,306,338 |  |  | $ | — |  |  | $ | — |  |  | $ | 826,306,338 |
Total Investments |  | $ | 826,306,338 |  |  | $ | — |  |  | $ | — |  |  | $ | 826,306,338 |
There were no transfers between Level 1 and other Levels for the year ended December 31, 2025, or for the year ended December 31, 2024. The Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described above. The Trust’s NAV is calculated by subtracting all accrued fees, expenses and other liabilities from the fair value of its bitcoin and other assets. The Trust’s NAV per share is calculated by taking the Trust’s NAV divided by the total amount of Shares outstanding. The following represents the changes in quantity of bitcoin and the respective fair value:
|  | Bitcoin |  |  | Fair Value |
Beginning Balance as of January 1, 2025 |  |  | 8,849 |  |  | $ | 826,306,338 |
Bitcoin purchased |  |  | 1,089 |  |  |  | 112,563,883 |
Bitcoin sold for the redemption of Shares |  |  | (4,154 | ) |  |  | (383,592,918 | )
Bitcoin transferred to pay the Sponsor fee |  |  | (17 | ) |  |  | (1,699,428 | )
Net Change in unrealized appreciation (depreciation) from investment in bitcoin |  |  | — |  |  |  | (184,888,192 | )
Net Realized gain on investments in bitcoin |  |  | — |  |  |  | 136,800,223 |
Ending balance as of December 31, 2025 |  |  | 5,767 |  |  | $ | 505,489,906 |
|  | Bitcoin |  |  | Fair Value |
Beginning Balance as of January 1, 2024 (a) |  |  | — |  |  | $ | — |
Bitcoin purchased |  |  | 10,386 |  |  |  | 632,012,875 |
Bitcoin sold for the redemption of Shares |  |  | (1,523 | ) |  |  | (112,856,064 | )
Bitcoin transferred to pay Sponsor fee |  |  | (14 | ) |  |  | (922,623 | )
Net change in unrealized appreciation (depreciation) from investment in bitcoin |  |  | — |  |  |  | 262,849,955 |
Net realized gain on investments in bitcoin |  |  | — |  |  |  | 45,222,195 |
Ending balance as of December 31, 2024 |  |  | 8,849 |  |  | $ | 826,306,338 |
(a) | The Trust did not hold bitcoin as of or prior to January 1, 2024 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 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/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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