<SEC-DOCUMENT>0001999371-26-005527.txt : 20260310
<SEC-HEADER>0001999371-26-005527.hdr.sgml : 20260310
<ACCEPTANCE-DATETIME>20260310172135
ACCESSION NUMBER:		0001999371-26-005527
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		55
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20260310
DATE AS OF CHANGE:		20260310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CoinShares Bitcoin ETF
		CENTRAL INDEX KEY:			0001841175
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41909
		FILM NUMBER:		26740562

	BUSINESS ADDRESS:	
		STREET 1:		437 MADISON AVENUE, 28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		800-617-0004

	MAIL ADDRESS:	
		STREET 1:		437 MADISON AVENUE, 28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CoinShares Valkyrie Bitcoin Fund
		DATE OF NAME CHANGE:	20240612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Coinshares Valkyrie Bitcoin Fund
		DATE OF NAME CHANGE:	20240612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Valkyrie Bitcoin Fund
		DATE OF NAME CHANGE:	20210120
</SEC-HEADER>
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<TYPE>10-K
<SEQUENCE>1
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<p style="margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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

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

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

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

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

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        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Symbol(s)</b></span>&#160;</p></td>
    <td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--Security12bTitle_c20250101__20251231_ztR7GgbSpo5b"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000028" name="dei:Security12bTitle">Common
    Shares of Beneficial Interest</ix:nonNumeric></span> of<br/>
    CoinShares Bitcoin ETF</span></td>
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--SecurityExchangeName_c20250101__20251231_zaqzVFHhLtv7"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt-sec:exchnameen" id="Fact000030" name="dei:SecurityExchangeName">The
    Nasdaq Stock Market, LLC</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(g) of the Act: None</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES &#9744; <span id="xdx_90C_edei--EntityWellKnownSeasonedIssuer_c20250101__20251231_z9cmRrU6ZiWp" style="text-transform: uppercase"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000031" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span>
&#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES &#9744; <span id="xdx_905_edei--EntityVoluntaryFilers_c20250101__20251231_zCGVD8BArgr3" style="text-transform: uppercase"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000032" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant: (1) has 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 the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. <span id="xdx_902_edei--EntityCurrentReportingStatus_c20250101__20251231_zXopreXtiE9L" style="text-transform: uppercase"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000033" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; NO &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the Registrant was required to submit such files). <span id="xdx_908_edei--EntityInteractiveDataCurrent_c20250101__20251231_zhXqhS6Pq3Rh" style="text-transform: uppercase"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000034" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; NO &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 57%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityFilerCategory_c20250101__20251231_z9HDJH25Itka"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000035" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntitySmallBusiness_c20250101__20251231_zluAIMrVSr4T"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleantrue" id="Fact000036" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20250101__20251231_zhyHr7FFdhqB"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleantrue" id="Fact000037" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90E_edei--EntityExTransitionPeriod_c20250101__20251231_ztTd4tZcSTGi"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleanfalse" id="Fact000038" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_901_edei--IcfrAuditorAttestationFlag_c20250101__20251231_zHWQVTYgqpLR"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleanfalse" id="Fact000039" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_906_edei--DocumentFinStmtErrorCorrectionFlag_c20250101__20251231_zUIt6Oop0T15"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleanfalse" id="Fact000040" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).
&#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES &#9744; <span id="xdx_906_edei--EntityShellCompany_dbF_c20250101__20251231_zGy3cV31Mjqz" style="text-transform: uppercase"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleanfalse" id="Fact000041" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price
at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day
of the registrant&#8217;s most recently completed second fiscal quarter: <span id="xdx_907_edei--EntityPublicFloat_iI_pp0p0_c20250630_zio9vicilTbp">$<ix:nonFraction name="dei:EntityPublicFloat" contextRef="AsOf2025-06-30" id="Fact000042" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">77,524,467</ix:nonFraction></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of January 31, 2026, the Registrant had <span id="xdx_902_edei--EntityCommonStockSharesOutstanding_iI_pip0_c20260131_zuFtKZROVGlh"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2026-01-31" id="Fact000043" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">21,405,000</ix:nonFraction></span> shares outstanding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS
INCORPORATED BY REFERENCE: <span id="xdx_905_edei--DocumentsIncorporatedByReferenceTextBlock_c20250101__20251231_zLqJxoKsqeeX"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000044" name="dei:DocumentsIncorporatedByReferenceTextBlock">None</ix:nonNumeric></span></span></p>

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

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

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 12pt"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <div style="border-bottom: Black 0pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report contains &#8220;forward-looking statements&#8221; with respect to the Trust&#8217;s financial conditions, results
of operations, plans, objectives, future performance and business. Statements preceded by, followed by or that include words such
as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or &#8220;continue,&#8221;
the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All
statements (other than statements of historical fact) included in this Annual Report that address activities, events or developments
that will or may occur in the future, including such matters as changes in market prices and conditions (for bitcoin and the Shares),
the Trust&#8217;s operations, the Sponsor&#8217;s plans 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 on certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions
and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and
developments will conform to the Sponsor&#8217;s expectations and predictions, however, is subject to a number of risks and uncertainties,
including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         special considerations discussed in this Annual Report;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                         economic, market and business conditions;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         use of technology by us and our vendors, including the Custodians, in conducting our
                                         business, including disruptions in our computer systems and data centers and our transition
                                         to, and quality of, new technology platforms;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                         in laws or regulations, including those concerning taxes, made by governmental authorities
                                         or regulatory bodies;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         costs and effects of any litigation or regulatory investigations;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to maintain a positive reputation; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         world economic and political developments.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consequently,
all the forward-looking statements made in this Annual 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,
that they will result in the expected consequences to, or have the expected effects on, the Trust&#8217;s operations or the value
of the Shares. Should one or more of these risks discussed in the Annual Report or other uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements.
Forward-looking statements are made based on the Sponsor&#8217;s beliefs, estimates and opinions on the date the statements are
made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Moreover,
neither the Trust, the Sponsor, nor any other person assumes responsibility for the accuracy and completeness of any of these
forward-looking statements. Investors are therefore cautioned against placing undue reliance on forward-looking statements.</span></p>

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


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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><a href="#brrr10ka001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I</b></span></a></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1A.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1B.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unresolved Staff Comments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1C.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 2.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 3.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Proceedings</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine Safety Disclosures</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><a href="#brrr10ka009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 5.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 6.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7A.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 8.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements and Supplementary Data</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9A.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9B.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Information</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; padding-left: 6.85pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9C.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><a href="#brrr10ka019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 10.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Executive Officers and Corporate Governance</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 11.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Compensation</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 13.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Transactions, and Director Independence</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 14.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accounting Fees and Services</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><a href="#brrr10ka025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART IV</b></span></a></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top; padding-left: 6.85pt"><a href="#brrr10ka026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 15.</span></a></td>
    <td style="vertical-align: top"><a href="#brrr10ka026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits, Financial Statement Schedules</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></a></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka001"></span>PART
I</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><i>As
used </i></span><i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">below<span style="color: #231F20">,
Bitcoin with an uppercase &#8220;B&#8221; is used to describe the system as a whole that is involved in maintaining the ledger
of bitcoin ownership and facilitating the transfer of bitcoin among parties. When referring to the digital asset within the Bitcoin
network, bitcoin is written with a lower case &#8220;b.&#8221;</span></span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka002"></span>Item
1. Business.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF (the &#8220;Trust&#8221;), formerly CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory trust
on January 20, 2021. The fiscal year for the Trust is December 31st. The Trust issues common units of beneficial interest (&#8220;Shares&#8221;),
which represent units of fractional undivided beneficial interest in and ownership of the Trust. The Shares of the Trust are listed
on The Nasdaq Stock Market, LLC (&#8220;Nasdaq&#8221; or the &#8220;Exchange&#8221;). On March 15, 2024, CoinShares Co., a Delaware
corporation, was appointed as the co-sponsor of the Trust. On June 14, 2024, CoinShares Co. (the &#8220;Sponsor&#8221;) succeeded
Valkyrie Digital Assets LLC, a Delaware limited liability company (the &#8220;Initial Sponsor&#8221;), as the sponsor of the Trust.
The trustee is CSC Delaware Trust Company (the &#8220;Trustee&#8221;). U.S. Bancorp Fund Services, LLC is the transfer agent of
the Trust (in such capacity, the &#8220;Transfer Agent&#8221;) and the administrator of the Trust (in such capacity, the &#8220;Administrator&#8221;),
Paralel Distributors LLC is the marketing agent of the Trust (the &#8220;Marketing Agent&#8221;), Coinbase Custody Trust Company,
LLC (&#8220;Coinbase&#8221;), BitGo Trust Company, Inc. (&#8220;BitGo&#8221;), and Komainu (Jersey) Limited (&#8220;Komainu&#8221;
and collectively with Coinbase and BitGo, the &#8220;Custodians&#8221;) are the custodians of the Trust&#8217;s bitcoin, Coinbase,
Inc., an affiliate of Coinbase, is the prime broker of the Trust (the &#8220;Prime Broker&#8221;), and U.S. Bank, N.A., an affiliate
of the Transfer Agent and Administrator, is the cash custodian of the Trust (the &#8220;Cash Custodian&#8221;). The operations
of the Trust are governed by the provisions of the Amended and Restated Trust Agreement of the Trust, among the Trustee, the Sponsor,
and the shareholders from time to time thereunder (the &#8220;Shareholders&#8221;), as may be amended from time to time (the &#8220;Trust
Agreement&#8221;). The Trust is an exchange-traded fund that sells or redeems common shares of beneficial interest (&#8220;Shares&#8221;)
in blocks of 5,000 Shares (a &#8220;Basket&#8221;) based on the quantity of bitcoin attributable to each Share of the Trust (net
of accrued but unpaid expenses and liabilities). There are an unlimited number of authorized Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s inception of operation was January 11, 2024. The Trust had no operations prior to January 11, 2024, other than matters
relating to its organization and the registration of the Shares under the Securities Act of 1933, as amended (the &#8220;1933
Act&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Trust&#8217;s Shares is registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in accordance
with the 1933 Act.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor maintains a website at https://coinshares.com/us/etf/brrr/, through which the Trust&#8217;s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), can be accessed free of charge,
as soon as reasonably practicable after such material is electronically file with, or furnished to, the SEC. Additional information
regarding the Trust may also be found on the SEC&#8217;s EDGAR database at www.sec.gov.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objectives and Principal Investment Strategies</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
Objectives</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the
CME CF Bitcoin Reference Rate &#8211; New York Variant (the &#8220;Index&#8221;), less the Trust&#8217;s liabilities and expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principal
Investment Strategies</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin
as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major
bitcoin spot exchanges. The Sponsor is authorized under the Trust Agreement to substitute an alternative index, reference rate,
or other methodology for valuing bitcoin for the Index for purposes of the Trust&#8217;s investment objective and valuation policies
at its sole discretion and without Shareholder approval. The Shares are designed to provide investors with a cost-effective and
convenient way to invest in bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
About Bitcoin, Bitcoin Markets and Regulation of Bitcoin</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provides a more detailed description of bitcoin and various elements of the bitcoin ecosystem.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is the digital asset that is native to, and created and transmitted through the operations of, the peer-to-peer Bitcoin Network,
a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Bitcoin Network,
the infrastructure of which is collectively maintained by a decentralized user base. The Bitcoin Network allows people to exchange
tokens of value, called bitcoin, which are recorded on a public transaction ledger known as the Blockchain. Bitcoin can be used
to pay for goods and services, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on bitcoin
trading platforms or in individual end-user-to-end-user transactions under a barter system. Although nascent in use, bitcoin may
be used as a medium of exchange, unit of account or store of value.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network is decentralized and does not require governmental authorities or financial institution intermediaries to create,
transmit or determine the value of bitcoin. In addition, no party may easily censor transactions on the Bitcoin Network. As a
result, the Bitcoin Network is often referred to as decentralized and censorship resistant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of bitcoin is determined by the supply of and demand for bitcoin. New bitcoin are created and rewarded to the parties providing
the Bitcoin Network&#8217;s infrastructure (&#8220;miners&#8221;) in exchange for their having expended computational power to
verifying transactions and adding them to the Blockchain. The Blockchain is effectively a decentralized database that includes
all blocks that have been solved by miners and it is updated to include new blocks as they are solved. Each bitcoin transaction
is broadcast to the Bitcoin Network and, when included in a block, recorded in the Blockchain. As each new block records outstanding
bitcoin transactions, and outstanding transactions are settled and validated through such recording, the Blockchain represents
a complete, transparent and unbroken history of all transactions of the Bitcoin Network.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Network</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
was first described in a white paper released in 2008 and published under the pseudonym &#8220;Satoshi Nakamoto.&#8221; The protocol
underlying Bitcoin was subsequently released in 2009 as open-source software and currently operates on a worldwide network of
computers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first step in directly using the Bitcoin Network for transactions is to download specialized software referred to as a &#8220;bitcoin
wallet.&#8221; A user&#8217;s bitcoin wallet can run on a computer or smartphone and can be used both to send and to receive bitcoin.
Within a bitcoin wallet, a user can generate one or more unique &#8220;bitcoin wallet addresses,&#8221; which are conceptually
similar to bank account numbers. After establishing a bitcoin wallet address, a user can send or receive bitcoin from his or her
bitcoin wallet address to another user&#8217;s wallet address. Sending bitcoin from one bitcoin wallet to another is similar in
concept to sending a bank wire from one person&#8217;s bank account to another person&#8217;s bank account; provided, however,
that such transactions are not managed by an intermediary and erroneous transactions generally may not be reversed or remedied
once sent.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of bitcoin associated with each bitcoin wallet address, as well as each bitcoin transaction to or from such wallet address,
is transparently reflected in the Blockchain and can be viewed by websites that operate as &#8220;Blockchain explorers.&#8221;
Copies of the Blockchain exist on thousands of computers on the Bitcoin Network. A user&#8217;s bitcoin wallet will either contain
a copy of the Blockchain or be able to connect with another computer that holds a copy of the Blockchain. The innovative design
of the Bitcoin Network protocol allows each Bitcoin user to trust that their copy of the Blockchain will generally be updated
consistent with each other user&#8217;s copy.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">When
a Bitcoin user wishes to transfer bitcoin to another user, the sender must first have the recipient&#8217;s bitcoin wallet address.
The sender then uses his or her Bitcoin wallet software to create a proposed transaction to be added to the Blockchain. The proposal
would reduce the amount of bitcoin allocated to the sender&#8217;s wallet address and increase the amount allocated recipient&#8217;s
wallet address, in each case by the amount of bitcoin desired to be transferred. The proposal is completely digital in nature,
similar to a file on a computer, and it can be sent to other computers participating in the Bitcoin Network; however, the use
of &#8220;unspent transaction outputs&#8221; that are verified cryptographically prevents the ability to duplicate or counterfeit
bitcoin.</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Protocol</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin protocol is open-source software, meaning any developer can review the underlying code and suggest changes. There is no
official company or group that is responsible for making modifications to Bitcoin. There are, however, a number of individual
developers that regularly contribute to a specific distribution of Bitcoin software known as the &#8220;Bitcoin Core,&#8221; which
is maintained in an open-source repository on the website Github. There are many other compatible versions of Bitcoin software,
but Bitcoin Core provides the de-facto standard for the Bitcoin protocol, also known as the &#8220;reference software.&#8221;
The core developers for Bitcoin Core operate on a volunteer basis and without strict hierarchical administration.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
changes to the Bitcoin protocol are typically accomplished through a so-called &#8220;Bitcoin Improvement Proposal&#8221; or BIP.
Such proposals are generally posted on websites, and the proposals explain technical requirements for the protocol change as well
as reasons why the change should be accepted. Upon its inclusion in the most recent version of Bitcoin Core, a new BIP becomes
part of the reference software&#8217;s Bitcoin protocol. Several BIPs have been implemented since 2011 and have provided various
new features and scaling improvements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
Bitcoin has no central authority, updating the reference software&#8217;s Bitcoin protocol will not immediately change the Bitcoin
Network&#8217;s operations. Instead, the implementation of a change is achieved by users and miners downloading and running updated
versions of Bitcoin Core or other Bitcoin software that abides by the new Bitcoin protocol. Users and miners must accept any changes
made to the Bitcoin source code by downloading a version of their Bitcoin software that incorporates the proposed modification
of the Bitcoin Network&#8217;s source code. A modification of the Bitcoin Network&#8217;s source code is only effective with respect
to the Bitcoin users and miners that download it. If an incompatible modification is accepted only by a percentage of users and
miners, a division in the Bitcoin Network will occur such that one network will run the pre-modification source code and the other
network will run the modified source code. Such a division is known as a &#8220;fork&#8221; in the Bitcoin Network.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Transactions</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
bitcoin transaction contains the sender&#8217;s bitcoin wallet address, the recipient&#8217;s bitcoin wallet address, the amount
of bitcoin to be sent, a transaction fee and the sender&#8217;s digital signature. Bitcoin transactions are secured by cryptography
known as public-private key cryptography, represented by the bitcoin wallet addresses and digital signature in a transaction&#8217;s
data file. Each Bitcoin Network wallet address is associated with a unique &#8220;public key&#8221; and &#8220;private key&#8221;
pair, both of which are lengthy alphanumeric codes, derived together and possessing a unique relationship.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public key is visible to the public and analogous to the Bitcoin Network wallet. The private key is a secret and may be used to
digitally sign a transaction in a way that proves the transaction has been signed by the holder of the public-private key pair,
without having to reveal the private key. A user&#8217;s private key must be kept in accordance with appropriate controls and
procedures to ensure it is used only for legitimate and intended transactions. If an unauthorized third person learns of a user&#8217;s
private key, that third person could forge the user&#8217;s digital signature and send the user&#8217;s bitcoin to any arbitrary
bitcoin wallet address, thereby stealing the user&#8217;s bitcoin. Similarly, if a user loses his private key and cannot restore
such access (e.g., through a backup), the user may permanently lose access to the bitcoin contained in the associated wallet address.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network incorporates a system to prevent double-spending of a single bitcoin. To prevent the possibility of double-spending
a single bitcoin, each validated transaction is recorded, time stamped and publicly displayed in a &#8220;block&#8221; in the
Blockchain, which is publicly available. Thus, the Bitcoin Network provides confirmation against double-spending by memorializing
every transaction in the Blockchain, which is publicly accessible and downloaded in part or in whole by all users of the Bitcoin
Network software program. Any user may validate, through their Bitcoin wallet or a Blockchain explorer, that each transaction
in the Bitcoin Network was authorized by the holder of the applicable private key, and Bitcoin Network mining software consistent
with reference software requirements typically validates each such transaction before including it in the Blockchain. This cryptographic
security ensures that bitcoin transactions may not generally be counterfeited, although it does not protect against the &#8220;real
world&#8221; theft or coercion of use of a Bitcoin user&#8217;s private key, including the hacking of a Bitcoin user&#8217;s computer
or a service provider&#8217;s systems.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Bitcoin transaction between two parties is settled when recorded in a block added to the Blockchain. Validation of a block is
achieved by confirming the cryptographic hash value included in the block&#8217;s solution and by the block&#8217;s addition to
the longest confirmed Blockchain on the Bitcoin Network. For a transaction, inclusion in a block on the Blockchain constitutes
a &#8220;confirmation&#8221; of a Bitcoin transaction. As each block contains a reference to the immediately preceding block,
additional blocks appended to and incorporated into the Blockchain constitute additional confirmations of the transactions in
such prior blocks, and a transaction included in a block for the first time is confirmed once against double-spending. The layered
confirmation process makes changing historical blocks (and reversing transactions) exponentially more difficult the further back
one goes in the Blockchain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
undo past transactions in a block recorded on the Blockchain, a malicious actor would have to exert tremendous computer power
in re-solving each block in the Blockchain starting with and after the target block and broadcasting all such blocks to the Bitcoin
Network. The Bitcoin Network is generally programmed to consider the longest Blockchain containing solved and valid blocks to
be the most accurate Blockchain. In order to undo multiple layers of confirmation and alter the Blockchain, a malicious actor
must re-solve all of the old blocks sought to be regenerated and be able to continuously add new blocks to the Blockchain at a
speed that would have to outpace that of all of the other miners on the Bitcoin Network, who would be continuously solving for
and adding new blocks to the Blockchain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Mining &#8211; Creation of New Bitcoins</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mining
Process</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process by which bitcoins are created and bitcoin transactions are verified is called mining. To begin mining, a user, or &#8220;miner,&#8221;
can download and run a mining client, which, like regular Bitcoin Network software, turns the user&#8217;s computer into a &#8220;node&#8221;
on the Bitcoin Network that validates blocks. Each time transactions are validated and bundled into new blocks added to the Blockchain,
the Bitcoin Network awards the miner solving such blocks with newly issued bitcoin and any transaction fees paid by bitcoin transaction
senders. This reward system is the method by which new bitcoins enter into circulation to the public. Over time, the size of the
fixed reward of new bitcoin decreases, and miners increasingly rely on transaction fees to compensate them for exerting computational
power in solving blocks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
block contains the details of some or all of the most recent transactions that are not memorialized in prior blocks, as well as
a record of the award of bitcoins to the miner who solved the new block. In order to add blocks to the Blockchain, a miner must
map an input data set (i.e., the Blockchain, plus a block of the most recent Bitcoin Network transactions and an arbitrary number
called a &#8220;nonce&#8221;) to a desired output data set of a predetermined length (the &#8220;hash value&#8221;) using the
SHA-256 cryptographic hash algorithm. Each unique block can only be solved and added to the Blockchain by one miner; therefore,
all individual miners and mining pools on the Bitcoin Network are engaged in a competitive process of constantly increasing their
computing power to improve their likelihood of solving for new blocks. As more miners join the Bitcoin Network and its processing
power increases, the Bitcoin Network adjusts the complexity of the block-solving equation to maintain a predetermined pace of
adding a new block to the Blockchain approximately every ten minutes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mathematically
Controlled Supply</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
method for creating new bitcoin is mathematically controlled in a manner so that the supply of bitcoin grows at a limited rate
pursuant to a pre-set schedule. The number of bitcoin awarded for solving a new block is automatically halved every 210,000 blocks.
Thus, the current fixed reward for solving a new block is 3.125 bitcoin per block; the reward halved in November 2012, July 2016,
May 2020, and April 2024. It is estimated to halve again in 2028. This deliberately controlled rate of bitcoin creation means
that the number of bitcoin in existence will never exceed twenty-one (21) million and that bitcoin cannot be devalued through
excessive production unless the Bitcoin Network&#8217;s source code (and the underlying protocol for bitcoin issuance) is altered.
As of January 31, 2026, approximately 19.96 million bitcoin have been mined.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forms
of Attack Against the Bitcoin Network</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
networked systems are vulnerable to various kinds of attacks. As with any computer network, the Bitcoin Network contains certain
flaws. For example, the Bitcoin Network is currently vulnerable to a &#8220;51% attack&#8221; where, if a mining pool were to
gain control of more than 50% of the hash rate for a digital asset, a malicious actor would be able to gain full control of the
network and the ability to manipulate the Blockchain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, many digital asset networks have been subjected to a number of denial of service attacks, which has led to temporary
delays in block creation and in the transfer of native tokens. Any similar attacks on the Bitcoin Network that impact the ability
to transfer bitcoin could have a material adverse effect on the price of bitcoin and the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Market and Bitcoin Trading Platforms</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to using bitcoin to engage in transactions, investors may purchase and sell bitcoin to speculate as to the value of bitcoin
in the bitcoin market, or as a long-term investment to diversify their portfolio. The value of bitcoin within the market is determined,
in part, by the supply of and demand for bitcoin in the bitcoin market, market expectations for the adoption of bitcoin by individuals,
the number of merchants that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
most common means of determining a reference value is by surveying trading platforms where secondary markets for bitcoin exist.
The most prominent bitcoin trading platforms are often referred to as &#8220;exchanges,&#8221; although they are not regulated
in the same fashion as national securities exchanges and do not report trade information in the same way as a national securities
exchange. As such, there is some difference in the form, transparency and reliability of trading data from bitcoin trading platforms.
Generally speaking, bitcoin data is available from these trading platforms with publicly disclosed valuations for each executed
trade, measured by one or more fiat currencies such as the U.S. dollar or Euro or another digital asset such as ether or tether.
Over-the-counter (&#8220;OTC&#8221;) dealers or market makers do not typically disclose their trade data.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there are several digital asset trading platforms operating worldwide and trading platforms represent a substantial percentage
of bitcoin buying and selling activity and provide the most data with respect to prevailing valuations of bitcoin. A bitcoin trading
platform provides investors with a way to purchase and sell bitcoin, similar to stock exchanges like the New York Stock Exchange
or Nasdaq, which provide ways for investors to buy stocks and bonds in the so-called &#8220;secondary market.&#8221; Unlike stock
exchanges regulated to monitor securities trading activity, bitcoin trading platforms are largely regulated as money services
businesses (or a foreign regulatory equivalent) that monitor against money laundering and other illicit financing. Bitcoin trading
platforms operate websites designed to permit investors to open accounts with the trading platform and then purchase and sell
bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market
Participants</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Miners</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miners
range from Bitcoin enthusiasts to professional mining operations that design and build dedicated machines and data centers, including
mining pools, which are groups of miners that act cohesively and combine their processing to solve blocks. When a pool solves
a new block, the pool operator receives the bitcoin and, after taking a nominal fee, distributes the resulting reward among the
pool participants. Mining pools may provide participants with access to smaller, but steadier and more frequent, bitcoin payouts.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Investment
and Speculative Sector</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
sector includes the investment and trading activities of both private and professional investors and speculators. Historically,
larger financial services institutions are publicly reported to have limited involvement in investment and trading in digital
assets, although the participation landscape is beginning to change and large corporations, financial institutions and investment
firms are taking positions providing exposure to bitcoin and other digital assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Retail
Sector</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
retail sector includes users transacting in direct peer-to-peer bitcoin transactions through the direct sending of bitcoin over
the Bitcoin Network. The retail sector also includes transactions in which consumers pay for goods or services from commercial
or service businesses through direct transactions or third-party service providers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Service
Sector</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
sector includes companies that provide a variety of services including the buying, selling, payment processing and storing of
bitcoin. As the Bitcoin Network continues to grow in acceptance, it is anticipated that service providers will expand the currently
available range of services and that additional parties will enter the service sector for the Bitcoin Network.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Competition</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thousands
of other digital assets have been developed since the inception of bitcoin, currently considered the most developed digital asset
because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network
of individuals and entities that are using bitcoin. Some industry groups are also creating private, permissioned Blockchains that
may or may not feature cryptocurrencies or other digital assets. In addition, private enterprises and governments are exploring
the use of stablecoins including central bank-backed digital currencies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulation
of Bitcoin</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
and other digital assets have increasingly attracted attention from U.S. and foreign regulators. Such regulatory attention has
included enforcement actions for violations of securities and commodities laws, as well as the release of regulatory guidance
explaining how existing regulatory regimes apply to digital assets, and orders approving certain digital asset-related products.
In more limited cases, new legislation or regulations have been proposed or adopted to govern the use of digital assets and their
networks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
federal and state agencies have been examining the operations of digital asset networks, digital asset users and digital asset
trading platforms, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal
activities or fund criminal or terrorist enterprises and the safety and soundness of trading platforms or other service-providers
that hold digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks
posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance
about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On-going
and future regulatory actions 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. Additionally, U.S. state and federal, and foreign regulators and legislatures
have taken action against digital asset businesses or enacted restrictive regimes in response to adverse publicity arising from
hacks, consumer harm, or criminal activity stemming from digital asset activity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
U.S. federal and state and foreign jurisdictions have adopted, and may continue in the near future to adopt, laws, regulations
or directives that affect the Bitcoin Network, the bitcoin markets, and their users, particularly digital asset trading platforms
and service providers that fall within such jurisdictions&#8217; regulatory scope. There remains significant uncertainty regarding
the U.S. and foreign government and quasi-governmental regulatory actions with respect to digital assets and digital asset exchanges.
Foreign laws, regulations or directives may conflict with those of the U.S. and may negatively impact the acceptance of bitcoin
by users, merchants and service providers and may therefore impede the growth or sustainability of the Bitcoin economy in the
European Union, China, South Korea, India and the U.S. and globally, or otherwise negatively affect the value of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GENIUS Act, signed into law in July 2025, establishes the first federal regulatory framework for the issuance and operation of
payment stablecoins&#8212;digital assets designed to maintain a stable value relative to a fiat currency, such as the U.S. dollar.
The GENIUS Act requires that all payment stablecoins be fully backed on a one-to-one basis by high-quality liquid assets, such
as U.S. dollars or short-term U.S. Treasury securities, and subjects issuers to rigorous reserve, audit, and disclosure requirements.
The GENIUS Act introduces a dual licensing regime, allowing stablecoin issuers to operate under either federal or state regulatory
oversight, provided that state regimes are &#8220;substantially similar&#8221; to federal standards. Issuers with more than $10
billion in outstanding stablecoins must obtain a federal license. The GENIUS Act also imposes strict AML, sanctions compliance,
and consumer protection obligations, including prioritizing stablecoin holders&#8217; claims in the event of issuer insolvency.
Notably, the GENIUS Act prohibits non-financial public companies from issuing stablecoins without special approval and restricts
the payment of interest or yield on stablecoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Digital Asset Market Clarity Act of 2025 (the &#8220;CLARITY Act&#8221;) was passed by the U.S. House of Representatives
in July 2025. The CLARITY Act was designed to resolve longstanding regulatory uncertainty regarding the classification and oversight
of digital assets. The CLARITY Act establishes a clear framework for distinguishing between digital assets that are securities,
commodities, or payment stablecoins. It delineates the respective jurisdictions of the SEC and the CFTC, granting the CFTC exclusive
authority over &#8220;digital commodities&#8221; and the SEC authority over &#8220;digital securities.&#8221; The CLARITY Act
also introduces criteria for determining when a digital asset is sufficiently decentralized to be treated as a commodity rather
than a security. In addition, the CLARITY Act imposes registration requirements and operational standards for digital asset intermediaries,
including exchanges, brokers, and dealers. It mandates consumer protection measures, anti-money laundering (&#8220;AML&#8221;)
and countering the financing of terrorism (&#8220;CFT&#8221;) compliance, and enhanced disclosure obligations. The CLARITY Act
aims to foster innovation while providing market participants with greater regulatory certainty and aligning U.S. policy with
emerging international standards. Similar market structure legislation is currently under consideration by the U.S. Senate but
there is no certainty whether the legislation will be enacted or what form final legislation will take.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
legislative efforts were accompanied by additional measures, such as the Anti-CBDC Surveillance State Act, which prohibits the
Federal Reserve from issuing a retail central bank digital currency without congressional authorization. While the GENIUS Act
represents significant progress toward a comprehensive regulatory regime for digital assets, substantial uncertainty remains regarding
the implementation and interpretation of this new law. The effectiveness of this framework, and the framework proposed under the
CLARITY Act, if passed by Congress, will depend on subsequent rulemaking by federal and state regulators, interagency coordination,
and the evolving approach to enforcement. Market participants may face transitional risks as regulatory standards are developed
and applied, and there is potential for further legislative or regulatory changes as the digital asset ecosystem continues to
evolve.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may
pose to bitcoin, the Trust, the Trust&#8217;s third-party service providers, or to the digital asset industry as a whole. Continued
disruption and instability in the digital asset markets as these events develop, including declines in the trading price and liquidity
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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of any future regulatory change on the Trust or bitcoin is impossible to predict, but such change could be substantial
and adverse to the Trust and the value of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin
Value</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of bitcoin is determined by the value that various market participants place on bitcoin through their transactions. The
most common means of determining the value of a bitcoin is by surveying one or more bitcoin exchanges where bitcoin is traded
publicly and transparently.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
exchanges, bitcoin is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies
such as the U.S. dollar or Euro. OTC dealers or market makers do not typically disclose their trade data.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, there may be intra-day price fluctuations across bitcoin exchanges. However, they are generally relatively immaterial.
These variances usually stem from small changes in the fee structures on different bitcoin exchanges or differences in administrative
procedures required to deposit and withdraw fiat currency in exchange for Bitcoins and vice versa. The greatest variances are
found at (i) smaller exchanges with relatively low transaction volumes where even small trades can be large relative to an exchange&#8217;s
transaction volume and as a result impact the trading price on those exchanges and (ii) exchanges that are inaccessible to the
Trust because they do not meet the Trust&#8217;s regulatory requirements, and as a result are accessed and used by a captured
market or by parties that do not have regulatory or compliance requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custody
of the Trust&#8217;s Assets</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, on behalf of the Trust, is responsible for acquiring bitcoin from bitcoin trading counterparties that has been approved
by the Sponsor (&#8220;Bitcoin Trading Counterparties&#8221;). The Custodians custody all of the Trust&#8217;s bitcoin, other
than that which may be standing to the credit of or maintained in trading accounts with the Prime Broker or other Bitcoin Trading
Counterparties, as the case may be (the &#8220;Trading Accounts&#8221;). The accounts held with the Custodians (the Vault Accounts&#8221;)
are required to be segregated from both the assets held by the Custodians as principal and the assets of other customers of each
of the Custodians.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
portion of the Trust&#8217;s bitcoin holdings and cash holdings from time to time may be held with the Prime Broker or other Bitcoin
Trading Counterparties in the Trading Accounts in connection with creations and redemptions of Baskets utilizing Bitcoin Trading
Counterparties and any sales of bitcoin to pay the Sponsor&#8217;s Fee and Trust expenses not assumed by the Sponsor. Within the
Trust&#8217;s Trading Accounts, the Trust may not have an identifiable claim to any particular bitcoin (and cash). Instead, the
Trust&#8217;s Trading Accounts represent an entitlement to a pro rata share of the bitcoin (and cash) the Bitcoin Trading Counterparties
hold on behalf of customers who hold similar entitlements against the Bitcoin Trading Counterparties. In this way, the Trust&#8217;s
Trading Accounts represent an omnibus claim on the respective Bitcoin Trading Counterparty&#8217;s bitcoin (and cash) held on
behalf of the Bitcoin Trading Counterparty&#8217;s customers. Generally, the Trust will only hold bitcoin in the Trading Accounts
to the extent the Sponsor reasonably expects is necessary in connection with the redemption of Shares by Authorized Participants
or necessary to pay the Trust&#8217;s expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the bitcoin held in the Trading Accounts, the Sponsor will allocate the Trust&#8217;s bitcoin between Vault Accounts at the
Custodians. In determining the amount and percentage of the Trust&#8217;s bitcoin to allocate to each Vault Account, the Sponsor
will consider (i) the concentration of the Trust&#8217;s bitcoin at each Custodian, (ii) the Sponsor&#8217;s assessment of the
safety and security policies and procedures of each Custodian, (iii) the insurance policies of each Custodian, (iv) the fees and
expenses associated with the storage of the Trust&#8217;s bitcoin at each Custodian, (v) the fees and expenses associated with
the transfer to or from the Vault Account at each Custodian, and (vi) any other factor the Sponsor deems relevant in making the
allocation determination. The Sponsor does not intend to disclose the amount or percentage of the Trust&#8217;s bitcoin held at
each Custodian, and the Sponsor may change the allocation between the Custodians at any time and without notice to Shareholders.
The fees and expenses associated with the transfer of bitcoin between the Vault Accounts at each Custodian will be borne by the
Sponsor, not the Trust or the Shareholders. Any transfer of bitcoin between the Vault Accounts at each Custodian will occur &#8220;on-chain&#8221;
over the Bitcoin Network. On-chain transactions are subject to all of the risks of the Bitcoin Network, including the risk that
transactions will be made erroneously and are generally irreversible.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purchases
and Sales of Bitcoin</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust will conduct creations and redemptions of Shares for cash, it will be responsible for purchasing and selling bitcoin
via transactions with the Bitcoin Trading Counterparties in connection with those creation and redemption orders. The Bitcoin
Trading Counterparties with which the Sponsor engage in bitcoin transactions are unaffiliated third parties and all transactions
are done on an arm&#8217;s-length basis. The Trust may also be required to sell bitcoin to pay certain extraordinary, non-recurring
expenses that are not assumed by the Sponsor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, on behalf of the Trust, may engage additional Bitcoin Trading Counterparties at any time. As of January 31, 2026, the
Bitcoin Trading Counterparties approved by the Sponsor are BitGo Prime LLC, Coinbase Inc., Cumberland DRW LLC, JSCT LLC, Foris
DAX, Inc., and Payward Inc. dba Kraken.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of the CME CF Bitcoin Reference Rate &#8211; New York Variant</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will determine the Bitcoin Index Price and value its Shares daily based on the value of bitcoin as reflected by the Index.
The Index is calculated daily and aggregates the notional value of bitcoin trading activity across major bitcoin spot exchanges.
The Index currently uses substantially the same methodology as the CME CF Bitcoin Reference Rate (&#8220;BRR&#8221;), including
utilizing the same constituent bitcoin exchanges, which is the underlying rate to determine the settlement of CME bitcoin futures
contracts, except that the Index is calculated as of 4:00 p.m. ET, whereas the BRR is calculated as of 4:00 p.m. London time.
The Index is designed based on the IOSCO Principals for Financial Benchmarks. The administrator of the Index is CF Benchmarks
Ltd. (the &#8220;Benchmark Administrator&#8221;). The Trust also uses the Bitcoin Index Price to calculate its &#8220;Bitcoin
Holdings,&#8221; which is the aggregate U.S. dollar value of bitcoins in the Trust, based on the Bitcoin Index Price, less its
liabilities and expenses. &#8220;Bitcoin Holdings per Share&#8221; is calculated by dividing Bitcoin Holdings by the number of
Shares currently outstanding. Bitcoin Holdings and Bitcoin Holdings per Share are not measures calculated in accordance with US
Generally Accepted Accounting Principles (&#8220;US GAAP&#8221;). Bitcoin Holdings is not intended to be a substitute for the
Trust&#8217;s NAV calculated in accordance with US GAAP, and Bitcoin Holdings per Share is not intended to be a substitute for
the Trust&#8217;s NAV per Share calculated in accordance with US GAAP.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Index was created to facilitate financial products based on bitcoin. It serves as a once-a-day benchmark rate of the U.S. dollar
price of bitcoin (BTC-USD), calculated as of 4 p.m. ET. The Index, which has been calculated and published since February 28,
2022, aggregates the trade flow of several bitcoin exchanges, during an observation window between 3:00 p.m. and 4:00 p.m. ET
into the U.S. dollar price of one bitcoin at 4:00 p.m. ET. Specifically, the Index is calculated based on the &#8220;Relevant
Transactions&#8221; (as defined below) of all of its constituent bitcoin exchanges as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         Relevant Transactions are added to a joint list, recording the time of execution, trade
                                         price and size for each transaction.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         list is partitioned by timestamp into 12 equally sized time intervals of five (5) minutes&#8217;
                                         length.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         each partition separately, the volume-weighted median trade price is calculated from
                                         the trade prices and sizes of all Relevant Transactions, i.e., across all Constituent
                                         Platforms. A volume-weighted median differs from a standard median in that a weighting
                                         factor, in this case trade size, is factored into the calculation.</span></td></tr></table>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Index is then determined by the equally weighted average of the volume medians of all
                                         partitions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Index does not include any futures prices in its methodology. A &#8220;Relevant Transaction&#8221; is any cryptocurrency versus
U.S. dollar spot trade that occurs during the observation window between 3:00 p.m. and 4:00 p.m. ET on a constituent bitcoin exchange
in the BTC-USD pair that is reported and disseminated by a constituent bitcoin exchange through its publicly available API and
observed by the Benchmark Administrator. An oversight function is implemented by the Benchmark Administrator in seeking to ensure
that the Index is administered through the Benchmark Administrator&#8217;s codified policies for Index integrity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Index methodology and constituent digital asset trading platforms may be changed from time to time at the discretion of the Index
Provider without Shareholder approval. For example, if the Index Provider determines that there have been material efforts to
manipulate the price of bitcoin on a constituent digital asset trading platform or that the data feeds from such trading platform
are unreliable, the Index Provider may remove such trading platform for the Index methodology. To the extent that such changes
to the methodology result in a more limited set of constituent digital asset trading platforms, there is an increased risk that
the price of bitcoin used in Trust&#8217;s calculation of NAV would deviate from the price quoted on digital asset trading platforms
not included within the Index methodology. Shareholders will be notified of changes to the Index methodology only if the Sponsor
determines that such changes are material with respect to an investment decision regarding the Shares. Once it has actual knowledge
of material changes to the Index methodology, the Trust will notify Shareholders in a prospectus supplement and/or a current report
on Form 8-K or in its annual or quarterly reports.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calculation
of NAV</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are valued on a daily basis as of 4:00 p.m. ET. The value of bitcoin held by the Trust is determined based on the fair
market value price for bitcoin determined by the Benchmark Administrator.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s NAV is calculated by:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking
                                         the current market value of its bitcoin (determined as set forth below) and any other;
                                         and assets;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subtracting
                                         any liabilities (including accrued by unpaid expenses).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s NAV per Share is calculated by taking the Trust&#8217;s NAV and dividing it by the total amount of Shares outstanding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust uses the Index to calculate a per-bitcoin value in U.S. dollars (the &#8220;Bitcoin Index Price&#8221;). The bitcoin held
by the Trust will typically be valued based on the Bitcoin Index Price. The Administrator calculates the NAV of the Trust once
each business day. The end-of-day bitcoin price is calculated using the Bitcoin Index Price as of 4:00 p.m. ET. However, NAVs
are not officially struck until later in the day (often by 5:30 p.m. ET and almost always by 8:00 p.m. ET). The pause after 4:00
p.m. ET provides an opportunity for the Sponsor to detect, flag, investigate, and correct unusual pricing should it occur. If
the Sponsor determines in good faith that the Index does not reflect an accurate bitcoin price, then the Sponsor will instruct
the Benchmark Administrator to employ an alternative method to determine the fair value of the Trust&#8217;s assets. The CME CF
Bitcoin Reference Rate - New York Variant shall constitute the Index, but if the Index is not available or the Sponsor at its
sole discretion determines the Index is unreliable (together a &#8220;Fair Value Event&#8221;), the Trust&#8217;s holdings may
be fair valued in accordance with the fair value policies approved by the Sponsor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Fair Value Event value determination will be based on all available factors that the Sponsor deems relevant at the time of the
determination, and may be based on analytical values determined by the Sponsor using third-party valuation models.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value policies approved by the Sponsor will seek to determine the fair value price that the Trust might reasonably expect to receive
from the current sale of that asset or liability in an arm&#8217;s-length transaction on the date on which the asset or liability
is being valued. In the instance of a Fair Value Event, the price set by the Trust&#8217;s principal market as of 4:00 p.m. ET,
on the valuation date would be utilized. In the event the principal market price is not available or the Sponsor at its sole discretion
determines the principal market valuation is unreliable the Sponsor will use its best judgement to determine a good faith estimate
of fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bitcoin markets are generally open on days when U.S. markets are closed, which means that the value of the bitcoin owned by the
Trust could change on days when Shares cannot be bought or sold.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.35pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expenses
to Be Paid by the Sponsor</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.35pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume the following fees and expenses incurred by the Trust (in each case as defined in the Trust Agreement):
the Marketing Fee, the Administrator Fee, the Custodian Fee, the Cash Custodian Fee, the Prime Broker Fee, the Transfer Agent
Fee, the Trustee&#8217;s fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees
and expenses related to public trading of the Shares on Nasdaq (including marketing, legal and audit fees and expenses), ordinary
legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing
and mailing costs and costs of maintaining the Trust&#8217;s website (the &#8220;Sponsor-paid Expenses&#8221;). There is no cap
on the amount of Sponsor-paid Expenses. At the Sponsor&#8217;s sole discretion, all or any portion of a Sponsor-paid Expense may
be redesignated as an Additional Trust Expense. The Sponsor will provide Shareholders with notice of any such redesignation in
a prospectus supplement and/or through a current report on Form 8-K or in the Trust&#8217;s annual or quarterly reports.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.35pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Extraordinary
and Other Expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.35pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain extraordinary circumstances, the Trust may pay expenses in addition to the Sponsor&#8217;s Fee, including, but not limited
to, any expenses of the Trust that are not assumed by the Sponsor, taxes and governmental charges, expenses and costs of any extraordinary
services performed by the Sponsor (or any other Service Provider) on behalf of the Trust, indemnification expenses of the Custodians,
Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses (collectively,
&#8220;Additional Trust Expenses&#8221;). If the Trust incurs any Additional Trust Expenses, the Sponsor or its delegate will
cause the Trust (or its delegate) to convert bitcoin into U.S. dollars at the price available through the Bitcoin Trading Counterparties
(less applicable trading fees) through the Trading Platform which the Sponsor is able to obtain using commercially reasonable
efforts. The number of bitcoins represented by a Share will decline each time the Trust pays Additional Trust Expenses by transferring
or selling bitcoins. Although the Sponsor cannot definitively state the frequency or magnitude of the Additional Trust Expenses,
the Sponsor expects that they may occur infrequently, if at all.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of Creation and Redemption of Shares</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust creates and redeems Shares from time to time, 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 cash represented by the Baskets being created or redeemed (the
&#8220;Basket Deposit&#8221;). The amount of cash required in a Basket Deposit (the &#8220;Basket Cash Deposit&#8221;) is based
on the quantity or value of the quantity, as applicable, of bitcoin and cash attributable to each Share of the Trust (net of accrued
but unpaid Sponsor&#8217;s Fees and any accrued but unpaid Extraordinary Expenses) being created or redeemed determined as of
4:00 p.m. ET on the day the order to create or redeem Baskets is properly received.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baskets
are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of cash represented by the
Shares being created or redeemed, the amount of which is based on the value of the bitcoin attributable to each Share of the Trust
(net of accrued but unpaid Sponsor&#8217;s Fees and any accrued but unpaid expenses or liabilities) being created or redeemed
determined as of 4:00 p.m. ET on the day the order to create or redeem Baskets is properly received. The Trust will engage in
bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association
with redemption orders). The Trust will conduct its bitcoin purchase and sale transactions as described above under the heading
&#8220;Purchases and Sales of Bitcoin.&#8221;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to
register as broker-dealers to engage in securities transactions as described below, and (2) direct participants (&#8220;DTC Participants&#8221;)
in the Depository Trust Company (&#8220;DTC&#8221;). To become an Authorized Participant, a person must enter into an Authorized
Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Shares
and for the delivery of the cash required for such creation and redemptions. The Authorized Participant Agreement and the related
procedures attached thereto may be amended by the Trust and the Sponsor, without the consent of any Shareholder or Authorized
Participant. Authorized Participants pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets
(the &#8220;Transfer Agent Fee&#8221;). In addition, an Authorized Participant is responsible for any operational processing and
brokerage costs, transfer fees, financing fees, network fees and stamp taxes incurred in connection with the satisfaction of any
creation or redemption orders (the &#8220;Execution Charges,&#8221; and collectively with the Transfer Agent Fee, the &#8220;Transaction
Fees&#8221;). The Transaction Fees may be reduced, increased or otherwise changed by the Sponsor. Authorized Participants (or
their designees) who make deposits of cash with the Trust in exchange for Shares receive no fees, commissions or other form of
compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility
to the Sponsor or the Trust to effect any sale or resale of Shares. The Authorized Participants deliver only cash to create Shares
and receive only cash when redeeming Shares. Further, Authorized Participants do not directly or indirectly purchase, hold, deliver,
or receive bitcoin as part of the creation or redemption process or otherwise direct the Trust or a third party with respect to
purchasing, holding, delivering, or receiving bitcoin as part of the creation or redemption process.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
Authorized Participants are expected to be capable of participating directly in the spot bitcoin markets. Some Authorized Participants
or their affiliates may from time to time buy or sell bitcoin and may profit in these instances. To the extent that the activities
of Authorized Participants have a meaningful effect on the bitcoin market, it could affect the price of bitcoin and impact the
ability of the Authorized Participants to effectively arbitrage the difference between the price at which the shares trade and
the net asset value of the Trust. While the Sponsor currently expects that Authorized Participants&#8217; direct activities in
the bitcoin or securities markets in connection with the creation and redemption activities of the Trust will not significantly
affect the price of bitcoin or the Shares, the impact of the activities of the Trust and its Authorized Participants on bitcoin
or securities markets is unknown and beyond the control of the Sponsor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Authorized Participant is required to be registered as a broker-dealer under the 1934 Act and a member in good standing with FINRA
or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and is qualified to act
as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants
may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules
and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of the procedures for the creation and redemption of Baskets is only a summary and a Shareholder should
refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The
Trust Agreement and the form of Authorized Participant Agreement are filed as exhibits to this Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Creation
Procedures </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Baskets. Purchase
orders must be placed by 2:00 p.m. ET or the close of regular trading on the Exchange, whichever is earlier. The day on which
a valid order is received by the Transfer Agent is considered the &#8220;Purchase Order Date.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders are denominated
and settled in cash (&#8220;Cash Creation Order&#8221;). By placing a Cash Creation Order, an Authorized Participant agrees to
facilitate the deposit of cash with the Cash Custodian. In either case, if an Authorized Participant fails to consummate the foregoing,
the order will be cancelled or delayed until the full cash deposit has been received. An Authorized Participant may not withdraw
a creation order without the prior consent of the Sponsor at its discretion.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
an Authorized Participant&#8217;s Cash Creation Order, the settlement of both the cash amount required to purchase the Shares
and the number of Shares created will be credited to the Trust and Authorized Participant, respectively, by the end of the following
business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor following the Purchase Order
Date. The settlement of cash and Shares occurs trough net settlement between the Trust&#8217;s and Authorized Participant&#8217;s
DTC account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent not held to facilitate redemption orders or pay the Trust&#8217;s expenses, the Sponsor will use cash proceeds received
in connection with Cash Creation Orders to purchase bitcoin and deposit it in the Vault Accounts with the Custodians. Bitcoin
held in the Vault Accounts is the property of the Trust and is only transferred outside the Vault Accounts or sold in connection
with creation and redemption transactions or to pay the Trust&#8217;s expenses and liabilities. The Trust&#8217;s bitcoin are
not leased, loaned or used as collateral for any loan, margin, rehypothecation or similar activities. Expenses related to the
acquisition of bitcoin in connection with a creation order and transfer of acquired bitcoin to the Vault Accounts are not the
responsibility of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
of Required Deposits </i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quantity of cash required to create each Basket Deposit changes from day to day. On each day that the Exchange is open for regular
trading, the Administrator adjusts the quantity of cash constituting the Basket Deposit as appropriate to reflect the value of
the Trust&#8217;s bitcoin and cash less accrued expenses. The computation is made by the Administrator as promptly as practicable
after 4:00 p.m. ET or at a later time set forth in the Authorized Participant Agreement or otherwise provided to all Authorized
Participants on the date such order is placed in order for the creation of Baskets to be effected based on the NAV of Shares as
next determined on such date after receipt of the order in proper form.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent there is a difference between the price actually paid by the Trust to acquire a Basket worth of bitcoin in the creation
process compared to the cash value of the Basket (i.e., if there is a difference between the amount paid by the Trust to purchase
the requisite amount of bitcoin and the valuation of bitcoin as part of the Trust&#8217;s NAV calculation), that difference will
also be charged to the creating Authorized Participant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basket Deposit is an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and
other liabilities, on the Purchase Order Date, as the number of Shares constituting a Basket is in proportion to the total number
of Shares outstanding on the Purchase Order Date, plus the amount of any Transaction Fees. The Authorized Participant is responsible
for all expenses related to the acquisition of bitcoin in connection with a creation order. For a discussion of how the Trust
determines the value of bitcoin, see &#8220;Calculation of NAV&#8221; above. The Basket Deposit so determined is communicated
via electronic mail message to all Authorized Participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption
Procedures </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption
orders must be placed by the close of Regular Trading Hours on the Exchange or an earlier time as determined and communicated
by the Sponsor and its agent. A redemption order will be effective on the date it is received by the Transfer Agent (&#8220;Redemption
Order Date&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a redemption order for cash (&#8220;Cash Redemption Order&#8221;), the settlement of both the cash amount required
to redeem the Shares and the number of Shares redeemed will be credited to the Authorized Participant and Trust, respectively,
by the end of the following business day or such later time as may be agreed upon by the Authorized Participant and the Sponsor
following the Redemption Order Date. The settlement of cash and Shares occurs through net settlement between the Trust&#8217;s
and Authorized Participant&#8217;s DTC account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC&#8217;s book-entry
system to the Trust by the end of the following business day or such later time as may be agreed upon by the Authorized Participant
and the Sponsor following the Redemption Order Date. An Authorized Participant may not withdraw a redemption order without the
prior consent of the Sponsor at its discretion.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
of Redemption Distribution </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption distribution from the Trust will consist of a transfer to the redeeming Authorized Participant or its designee of an
amount of cash that is determined in the same manner as the determination of Basket Deposits discussed above. The Authorized Participant
is responsible for all expenses related to the sale of bitcoin in connection with a redemption order.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Tax Consequences</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes.
Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is
a grantor trust, each beneficial owner of Shares is treated as directly owning its <i>pro rata </i>share of the Trust&#8217;s
assets and a <i>pro rata </i>portion of the Trust&#8217;s income, gain, losses and deductions will &#8220;flow through&#8221;
to each beneficial owner of Shares. If the Trust sells bitcoin (for example, to pay fees or expenses), such a sale is a taxable
event to Shareholders. Upon a Shareholder&#8217;s sale of its Shares, the Shareholder will be treated as having sold the pro rata
share of the bitcoin held in the Trust at the time of the sale and may recognize gain or loss on such sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka003"></span>Item
1A. Risk Factors.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Related to the Bitcoin Network and Bitcoins</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Digital
assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium- to long-term value
of the Shares is subject to a number of factors relating to the capabilities and development of Blockchain technologies and to
the fundamental investment characteristics of digital assets.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium- to long-term value
of the Shares is subject to a number of factors relating to the capabilities and development of the Bitcoin Network and other
digital asset networks, such as the infancy of their development, their dependence on the Internet and other technologies, their
dependence on the role played by miners and developers and the potential for malicious activity. For example, the realization
of one or more of the following risks could materially adversely affect the value of the Shares:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital asset networks
    and the software used to operate them are in the early stages of development. Digital assets have experienced, and we expect
    will experience in the future, sharp fluctuations in value. Given the infancy of the development of digital asset networks,
    parties may be unwilling to transact in digital assets, which would dampen the growth, if any, of digital asset networks.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trading prices
    of many digital assets, including bitcoin, are derived from a variety of factors including supply and demand for bitcoin,
    as well as more indirect and macro factors such as interest rates, monetary policy, broader market uncertainty and geopolitical,
    social and economic events.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trading prices
    of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so.
    Prior to 2022, digital assets such as bitcoin experienced repeated cycles of steep price increases followed by sharp drawdowns,
    reflecting their highly speculative nature and sensitivity to market sentiment. From 2022 through 2025, volatility remained
    a defining characteristic, influenced by macroeconomic conditions, regulatory developments, and liquidity shocks. While price
    swings persist, the growing presence of exchange-traded products, derivatives, and institutional risk management tools has
    contributed to a more mature market environment relative to earlier cycles.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital asset networks
    are dependent upon the Internet. A disruption of the Internet or a digital asset network, such as the Bitcoin Network, would
    affect the ability to transfer digital assets, including bitcoin, and, consequently, their value.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The loss or destruction
    of a private key required to access a digital asset such as bitcoin may be irreversible. If a private key is lost, destroyed
    or otherwise compromised and no backup of the private key is accessible, the Trust will be unable to access the bitcoin held
    in the Bitcoin Account corresponding to that private key and the private key will not be capable of being restored by the
    Bitcoin Network.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miners, developers
    and users may 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.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over the past several
    years, digital asset mining operations have evolved from individual users mining with computer processors, graphics processing
    units and first-generation application-specific integrated circuit machines to &#8220;professionalized&#8221; mining operations
    using proprietary hardware or sophisticated machines. If the profit margins of digital asset mining operations are not sufficiently
    high, digital asset miners are more likely to immediately sell tokens earned by mining, resulting in an increase in the liquid
    supply of that digital asset, which would generally tend to reduce that digital asset&#8217;s market price.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Blockchain until a block
    is solved 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 the digital asset network.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many digital asset
    networks, including the Bitcoin Network, face significant scaling challenges and are being upgraded with various features
    to increase the speed and throughput of digital asset transactions. These attempts to increase the volume of transactions
    may not be effective.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, resulting in
    the operation of multiple separate networks.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 marshal sufficient effort to overcome any future problems on the Bitcoin
    Network, especially long-term problems. The foregoing notwithstanding, the Bitcoin Network&#8217;s protocol is informally
    managed by a group of core developers that propose amendments to the Bitcoin Network&#8217;s source code. The core developers
    evolve over time, largely based on self-determined participation. To the extent that a significant majority of users and miners
    adopt amendments to the Bitcoin Network, the Bitcoin Network will be subject to new protocols that may adversely affect the
    value of bitcoin.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin has only
    recently become selectively accepted as a means of payment by retail and commercial outlets, and use of bitcoin by consumers
    to pay such retail and commercial outlets remains limited. As a result, the prices of bitcoin are largely determined by speculators
    and miners, thus contributing to price volatility that makes retailers less likely to accept it as a form of payment in the
    future.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banks may not provide
    banking services, or may cut off banking services, to businesses that provide digital asset-related services or that accept
    digital assets as payment, which 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.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence
in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide
declines in liquidity.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to 2022, digital assets such as bitcoin experienced repeated cycles of steep price increases followed by sharp drawdowns, reflecting
their highly speculative nature and sensitivity to market sentiment. These episodes of rapid price appreciation followed by steep
drawdowns have occurred multiple times throughout bitcoin&#8217;s history, including, for example, in 2011, 2013-2014, and 2017-2018,
before repeating again in 2021-2022. From 2022 through 2025, bitcoin prices have continued to exhibit extreme volatility. In 2025,
bitcoin reached a new all-time high of approximately $126,000 in October 2025 before experiencing a significant correction, declining
to approximately $88,000 by December 31, 2025.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, and the stablecoin TerraUSD collapsed,
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 exchanges 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;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or similar 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, regulatory and enforcement scrutiny of digital assets 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. Developments in the regulation
of digital assets are ongoing. For example, in July 2023, the U.S. District Court for the Southern District of New York ruled
on the SEC&#8217;s action against Ripple Labs, Inc. The court found that offers and sales of XRP, a digital token, to institutions
and sophisticated individuals constituted securities transactions, but that offers and sales of XRP on crypto exchanges and distributions
to employees and other third-party developers were not securities transactions. More recently, the D.C. Circuit Court found that
the SEC&#8217;s denial of the Grayscale Bitcoin Trust&#8217;s listing was &#8220;arbitrary and capricious&#8221; under the Administrative
Procedures Act in light of the SEC&#8217;s approval of two similar bitcoin futures-based exchange-traded products. In the immediate
aftermath of this court decision, the price of bitcoin increased from nearly $26,000 to over $28,100. It is not possible to predict
at this time all of the risks that regulatory developments may pose to the Trust, its service providers or to the digital asset
industry as a whole.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to 2022, digital assets such as bitcoin experienced repeated cycles of steep price increases followed by sharp drawdowns, reflecting
their highly speculative nature and sensitivity to market sentiment. From 2022 through 2025, volatility remained a defining characteristic,
influenced by macroeconomic conditions, regulatory developments, and liquidity shocks. While price swings persist, the growing
presence of exchange-traded products, derivatives, and institutional risk management tools has contributed to a more mature market
environment relative to earlier cycles.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Furthermore, a lack of regulatory clarity
may reduce confidence in the digital asset economy and may result in greater volatility in the price of bitcoin and other digital
assets, including a depreciation in 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
further development and acceptance of the Bitcoin Network and other digital asset systems, which represent a new and rapidly changing
industry, are subject to a variety of factors that are difficult to evaluate. The slowing or stopping of the development or acceptance
of the Bitcoin Network may adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
assets such as bitcoin may be used, among other things, to buy and sell goods and services or to transfer and store value by users.
The Bitcoin Network and other digital asset networks are a new and rapidly evolving industry of which the Bitcoin Network is a
prominent, but not unique, part. The growth of the digital asset industry in general, and the Bitcoin Network in particular, is
subject to a high degree of uncertainty. The factors affecting the further development of the digital asset industry, as well
as the Bitcoin Network, include:</span></p>

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    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued worldwide
    growth in the adoption and use of bitcoin and other digital assets, including those competitive with bitcoin;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government and quasi-government
    regulation of bitcoin and other digital assets and their use, or restrictions on or regulation of access to and operation
    of the Bitcoin Network or similar digital asset systems;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the maintenance
    and development of the open-source software protocol of the Bitcoin Network;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in consumer
    demographics and public tastes and preferences;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability
    and popularity of other forms or methods of buying and selling goods and services, including new means of using fiat currencies;
    and</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic
    conditions and the regulatory environment relating to digital assets and digital asset service providers.</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not actively managed and will not have any strategy relating to the development of the Bitcoin Network. Furthermore,
the Sponsor cannot be certain as to the impact of the Trust and the expansion of its Bitcoin Holdings on the digital asset industry
and the Bitcoin Network. A decline in the popularity or acceptance of the Bitcoin Network may harm the price of the Shares. There
is no assurance that the Bitcoin Network, or the service providers necessary to accommodate it, will continue in existence or
grow. Furthermore, there is no assurance that the availability of and access to digital asset service providers will not be negatively
affected by government regulation or the supply and demand of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
open-source and decentralized nature of Bitcoin Network development reduces certainty in the development of Bitcoin Network protocols
and software. In addition, the lack of direct compensation for core developers and general difficulty of achieving decentralized
consensus around protocol upgrades may hinder the development of beneficial upgrades to the Bitcoin Network. Development uncertainty
and inflexibility in respect of improving or proposing fixes to the Bitcoin Network could negatively impact the performance of
the Trust.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network is an open-source decentralized project without a controlling issuer or administrator of software development.
As a result, core developers contribute their time and propose upgrades and improvements to the Bitcoin Network protocols and
various software implementations thereof, often on the bitcoin repository on the website Github. Core developers&#8217; roles
evolve over time, largely based on self-determined participation. Core developers are not generally compensated for their work
on the Bitcoin Network, and such developers may cease to provide services or migrate to alternate digital asset networks. In addition,
a lack of resources may result in an inability of the Bitcoin Network community to address novel technical issues or to achieve
consensus around solutions therefor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
with other digital asset networks, the Bitcoin Network faces significant scaling challenges due to the fact that public Blockchains
generally face a tradeoff between security and scalability. One means through which public blockchains achieve security is decentralization,
meaning that no intermediary is responsible for securing and maintaining these systems. For example, a greater degree of decentralization
generally means a given digital asset network is less susceptible to manipulation or capture. In practice, this typically means
that every single node on a given digital asset network is responsible for securing the system by processing every transaction
and maintaining a copy of the entire state of the network. As a result, a digital asset network may be limited in the number of
transactions it can process by the capabilities of each single fully participating node. The Bitcoin Network community has failed
to achieve consensus around the scaling of the Bitcoin Network to increase transaction throughput and reduce Blockchain bloat.
In August 2017, the Bitcoin Network was upgraded with a technical feature known as &#8220;Segregated Witness&#8221; that potentially
doubles the transactions per second that can be handled on-chain. More importantly, Segregated Witness also enables so-called
second layer solutions, such as the Lightning Network, or payment channels that greatly increase transaction throughput (i.e.,
millions of transactions per second). Wallets and &#8220;intermediaries,&#8221; or connecting nodes that facilitate payment channels,
that support Segregated Witness or Lightning Network-like technologies have not yet seen wide-scale use. Additionally, questions
remain regarding Lightning Network services, such as its cost and who will serve as intermediaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Bitcoin Network protocol implemented the Taproot upgrade to add enhanced support for complex transactions on the network
such as multi-signature transactions, which require two or more parties to execute a transaction on the Bitcoin Network. Prior
to the upgrade, multi-signature transactions were historically slow, expensive, and easily identifiable. Taproot is intended to
reduce the amount of data written to a block and makes multi-signature transactions indistinguishable from regular transactions,
adding an enhanced layer of privacy. However, Taproot also relaxed certain types of data requirements enforced by the bitcoin
Blockchain to facilitate these changes which led to the launch of the &#8220;ordinal protocol.&#8221; The ordinal protocol takes
advantage of Taproot&#8217;s relaxed data requirements to allow users to add graphic images and other data files to bitcoin transactions
(&#8220;Ordinals&#8221;). By mid-2024, nearly 63 million Ordinals had been inscribed to the bitcoin Blockchain.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
corresponding increases in throughput lag behind growth in the use of digital asset networks, average fees and settlement times
may increase considerably. For example, the Bitcoin Network has been, at times, at capacity, which has led to increased transaction
fees. Since January 1, 2019, bitcoin transaction fees have increased from $0.18 per bitcoin transaction, on average, to a high
of $60.95 per transaction, on average, on April 20, 2021. As of December 31, 2022, bitcoin transaction fees were $1.17 per transaction,
on average. Increased fees and decreased settlement speeds could preclude certain uses for bitcoin (e.g., micropayments), and
could reduce demand for, and the price of, bitcoin, which could adversely impact the value of the Trust. In May 2023, events related
to the adoption of ordinals, which are a means of inscribing digital content on the bitcoin Blockchain, caused transaction fees
to temporarily spike above $30 per transaction. As of December 31, 2025, bitcoin transaction fees were averaging $0.071 per transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
hard forks and software upgrades to address scaling may cause confusion or may not result in needed improvements, each of which
could have a negative impact on the value of an investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
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. In any
of these circumstances, a malicious actor may be able to take the Trust&#8217;s bitcoin, which would adversely impact the value
of the Shares. Moreover, functionality of the Bitcoin Network may be negatively affected such that it is no longer attractive
to users, thereby dampening demand for bitcoin. Even if a 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
as there is no centralized party controlling the development of the Bitcoin Network, there can be no assurance that the community
as a whole will not implement changes to the Bitcoin Network protocols that have an adverse impact on the Trust or an investment
in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
scheduled creation of newly mined bitcoin and its subsequent sale may cause the price of bitcoin to decline, which could negatively
affect an investment in the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly
created bitcoin (&#8220;newly mined bitcoin&#8221;) is generated through a process referred to as &#8220;mining&#8221; which involves
the collection of a reward of new bitcoin (also known as a &#8220;coinbase&#8221;). As of the date of this Annual Report, the
Bitcoin Network creates 3.125 bitcoin with each block added to the Blockchain; these newly mined bitcoin are awarded to the bitcoin
miner that has added the block to the Blockchain, which occurs on average approximately every 10 minutes. When the recipient makes
newly mined bitcoin available for sale, there can be downward pressure on the price of bitcoin as the new supply is introduced
into the bitcoin market. A bitcoin mining operation may be more likely to sell a higher percentage of its newly created bitcoin,
and more rapidly so, if it is operating at a low profit margin, thus reducing the price of bitcoin. Lower bitcoin prices may result
in further tightening of profit margins for miners and decreasing profitability, thereby potentially causing even further selling
pressure. Diminishing profit margins and increasing sales of newly mined bitcoin could result in a reduction in the price of bitcoin,
which could adversely impact an investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, bitcoin mining is highly sensitive to energy prices and bitcoin market prices. To mine bitcoin, a bitcoin miner acquires
specialized computers that consume significant amounts of energy. As energy prices fluctuate, the marginal cost of bitcoin mining
increases and decreases. Conversely, the price of bitcoin and amount of computational power being expended by other bitcoin miners
will impact the profitability and likelihood of solving a block and receiving newly mined bitcoin. If the marginal cost of bitcoin
mining exceeds the expected profit, miners may cease to expend energy to mine bitcoin. If a material number of miners turn off
their mining hardware, the speed of transaction processing on the Bitcoin Network may experience a temporary slowdown and the
overall security of the Bitcoin Network against a 51% attack (as described below) may be reduced.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
prevailing level of transaction fees may adversely affect the usage of the Bitcoin Network.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the coinbase, bitcoin miners collect fees for each transaction they confirm. Miners validate unconfirmed transactions
by adding the previously unconfirmed transactions to new blocks in the Blockchain. Miners are not forced to confirm any specific
transaction, but they are economically incentivized to confirm valid transactions as a means of collecting fees. Miners have historically
accepted relatively low transaction confirmation fees, because miners have a very low marginal cost of validating unconfirmed
transactions. In addition, most iterations of mining software will prioritize transactions recorded based on (i) thresholds selected
by the user, (ii) the transaction fee paid with the transaction, (iii) the value attached to the transaction and (iv) the time
the transaction was received by the mining software.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
miners collude in an anticompetitive manner to not record transactions that pay low transaction fees, then bitcoin users would
be required to wait for their transaction to be included in a block by a miner not requiring such transaction fees. Such a scenario
would require that users pay higher fees to ensure their transactions are recorded promptly, thus reducing the attractiveness
of the Bitcoin Network. Bitcoin mining occurs globally and it may be difficult for authorities to apply antitrust regulations
across multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Shares or the ability of the
Trust to operate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding transactions yet to be recorded in the Blockchain (commonly referred to as &#8220;transactions in the
mempool&#8221;) is significantly above the capacity which can be recorded in any single block, miners are likely to prioritize
recording transactions that pay significant transaction fees. This would result in transactions with low or no fees remaining
in the mempool for extended periods. Such a scenario would require that users pay higher fees to ensure their transactions are
recorded promptly, thus reducing the attractiveness of the Bitcoin Network. An extended period of large numbers of transactions
in the mempool could result from high levels of use of the Bitcoin Network or from a malicious spam attack intending to increase
the transactions in the mempool. Any extended period with large numbers of transactions in the mempool may adversely impact an
investment in the Shares or the ability of the Trust to operate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the coinbase reward for successfully mining transactions (called the &#8220;block reward&#8221; or &#8220;coinbase&#8221;) will
decrease over time. In May 2020, the block reward was reduced from 12.5 to 6.25 bitcoin, and in April 2024, it was reduced from
6.25 to 3.125 bitcoin and it will further be reduced by half approximately every four years. As the block reward continues to
decrease over time, the mining incentive structure may transition to a higher reliance on transaction confirmation fees in order
to incentivize miners to continue to dedicate processing power to the Blockchain. If transaction confirmation fees become too
high, the marketplace may be reluctant to use bitcoin. Conversely, if the combination of the block reward and transaction fees
is too low, miners may not be incentivized to expend processing power to solve blocks and confirmations of transactions on the
Blockchain could be temporarily slowed. A reduction in the processing power expended by miners on the Bitcoin Network could increase
the likelihood of a malicious actor or botnet obtaining control. Any reduction in infrastructure security may reduce confidence
in the Bitcoin Network or expose the Bitcoin Network to a malicious actor or botnet obtaining a majority of processing power on
the Bitcoin Network, reducing the confidence in and security of the Blockchain. Decreased demand for bitcoin or reduced security
on the Bitcoin Network may adversely impact an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
loss or destruction of a private key required to access bitcoin may be irreversible. A Custodian&#8217;s loss of access to a private
key associated with the Trust&#8217;s bitcoin could adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
of bitcoin among users are accomplished via bitcoin transactions (i.e., sending bitcoin from one user to another). The creation
of a bitcoin transaction requires the use of a unique numerical code known as a &#8220;private key.&#8221; In the absence of the
correct private key corresponding to a holder&#8217;s particular bitcoin, the bitcoin is inaccessible. The custody of the Trust&#8217;s
bitcoin is handled by the Custodians. If a Custodian&#8217;s internal procedures and controls are inadequate to safeguard the
Trust&#8217;s Bitcoin Holdings, and the Trust&#8217;s private keys are lost, destroyed or otherwise compromised and no backup
of the private keys is accessible, the Trust will be unable to access its bitcoin, which could adversely affect an investment
in the Shares. In addition, if the Trust&#8217;s private keys are misappropriated and the Trust&#8217;s Bitcoin Holdings are stolen,
the Trust could lose some or all of its Bitcoin Holdings, which could adversely impact an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly
executed bitcoin transactions could adversely affect the value of the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
transactions are typically not reversible without the consent and active participation of the recipient of the transaction. Once
a transaction has been verified and recorded in a block that is added to the Blockchain, an incorrect transfer or theft of bitcoin
generally will not be reversible and the Trust may not be capable of seeking compensation for any such transfer or theft. Although
the Trust&#8217;s transfers of bitcoin will regularly be made to or from the Bitcoin Account, it is possible that, through computer
or human error, or through theft or criminal action, the Trust&#8217;s bitcoin could be transferred from the Bitcoin Account in
incorrect amounts or to unauthorized third parties, or to uncontrolled accounts.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Trust is unable to seek a corrective transaction with a third-party recipient of an unauthorized or incorrect
transaction or is incapable of identifying the third party that has received the Trust&#8217;s bitcoin through error or theft,
the Trust will be unable to revert or otherwise recover incorrectly transferred bitcoin. The Trust will also be unable to convert
or recover its bitcoin transferred to uncontrolled accounts. To the extent that the Trust is unable to seek redress for such error
or theft, such loss could adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
temporary or permanent &#8220;fork&#8221; of the Blockchain could adversely affect an investment in the Trust.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
software is open source. Any user can download the software, modify it and then propose that bitcoin users and miners adopt the
modification. Bitcoin software updates are user driven, meaning they are adopted when users of the software choose to update their
software, in contrast to centralized software solutions where a development company might &#8220;push out&#8221; mandatory software
updates to the user community. When a change is proposed that modifies the operation of the Bitcoin Network and a substantial
majority of users and miners consent to the modification, the change is implemented and the Bitcoin Network remains uninterrupted.
However, if less than a substantial majority of users and miners consent to the proposed modification, and the modification is
nonetheless implemented by some users and miners and the modification is not compatible or fully interoperable 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 tokens lacking interchangeability across the respective networks. A party owning bitcoin at the time
of the fork would hold equal amounts of both bitcoin and the alternative forked digital asset (an &#8220;IR Virtual Currency&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forks
have occurred already to the Bitcoin Network, including a fork in August 2017 relating to a several-year dispute over how to increase
the rate of transactions that the Bitcoin Network can process. This fork resulted in the creation of the &#8220;Bitcoin Cash&#8221;
network and a new IR Virtual Currency (Bitcoin Cash). Bitcoin Cash is an example of an intentional fork to create a new digital
asset network with differentiated features. To the extent such digital assets compete with bitcoin, such competition could impact
demand for bitcoin and could adversely impact the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forks
may also occur as a network community&#8217;s response to a significant security breach. For example, in June 2016, an anonymous
hacker exploited a smart contract running on the Ethereum network to syphon ETH held by The DAO, a distributed autonomous organization,
into a segregated account. In response to the hack, most participants in the Ethereum community elected to adopt a &#8220;fork&#8221;
that effectively reversed the hack. However, a minority of users continued to use and develop the original Blockchain, now referred
to as &#8220;Ethereum Classic,&#8221; with the digital asset on that Blockchain now referred to as ether classic, or ETC. Both
ether and ether classic are traded on trading platforms and the Ethereum and Ethereum Classic networks feature independent development
communities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
fork may also occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible
software that users run. Such a fork could lead to users and miners abandoning the digital asset with the flawed software. It
is possible, however, that 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 chains. This could result in a permanent fork, as in the case of Ether and Ether
Classic.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides, and the Sponsor has communicated to each Custodian, that the Trust disclaims all rights to Incidental
Rights (as defined below) and IR Virtual Currencies. Typically, the holder of bitcoin has no discretion in a hard fork; it merely
has the right to claim the IR Virtual Currency on a <i>pro rata</i> basis while it continues to hold the same number of bitcoin.
The Trust Agreement stipulates that, if it comes to possess an IR Virtual Currency despite such disclaimer, (i) the Sponsor will
promptly make a good faith determination as to which digital asset network is regarded by the community as the Bitcoin Network
and which is the &#8220;forked&#8221; network, (ii) the Trust will as soon as is reasonably practical distribute the new IR Virtual
Currency in kind to the Sponsor, as agent for the Shareholders, and (iii) the Sponsor will sell the new IR Virtual Currency and
distribute the proceeds to the Shareholders. Notwithstanding the foregoing, the Trust is under no obligation to claim the IR Virtual
Currency.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>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.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Bitcoin Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion
to determine which network should be considered the appropriate network for the Trust&#8217;s purposes, and in doing so may adversely
affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Bitcoin Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion
to determine, in good faith, which digital asset network, among a group of incompatible forks of the Bitcoin Network, is generally
accepted as the Bitcoin Network and should therefore be considered the appropriate network for the Trust&#8217;s purposes. The
Sponsor will base its determination on a variety of then-relevant factors, including, but not limited to, the Sponsor&#8217;s
beliefs regarding expectations of the core developers of bitcoin, users, services, businesses, miners and other constituencies,
as well as the actual continued acceptance of, mining power on, and community engagement with the Bitcoin Network. There is no
guarantee that the Sponsor will choose the digital asset that is ultimately the most valuable fork, and the Sponsor&#8217;s decision
may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the Custodians and
security vendors on what is generally accepted as bitcoin and should therefore be considered &#8220;bitcoin&#8221; for the Trust&#8217;s
purposes, which may also adversely affect the value of the Shares as a result.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the event of a hard fork of the Bitcoin Network, a Custodian&#8217;s operations may be interrupted or subject to additional security
risks that could disrupt the Trust&#8217;s ability to process creations and redemptions of Shares or otherwise threaten the security
of the Trust&#8217;s Bitcoin Holdings.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Bitcoin Network, a Custodian may temporarily halt the ability of customers (including the Trust)
to deposit, withdraw or transfer bitcoin on a Custodian&#8217;s platform. Such a delay may be intended to permit such Custodian
to assess the resulting versions of the Bitcoin Network, to determine how best to securely &#8220;split&#8221; the bitcoin from
the IR Virtual Currency, and to prevent malicious users from conducting &#8220;replay attacks&#8221; (i.e., broadcasting transactions
on both versions of the forked networks to put Custodian assets at risk). As a result, the Trust is likely to suspend creations
and redemptions during a period in which one or both of Custodian&#8217;s operations are halted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any losses experienced by a Custodian due to a hard fork, including due to replay attacks or technological errors in
assessing the fork, may exceed the insurance carried by a Custodian. In such a circumstance, losses to Trust property with such
Custodian could have a materially adverse impact on an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Coinbase
serves as the Custodian and Broker for several competing exchange-traded bitcoin products, which could adversely affect the Trust&#8217;s
operations and ultimately the value of the Shares. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker and the Coinbase Custodian are both affiliates of Coinbase Global. As of the date of this Annual Report, Coinbase
Global is the largest publicly traded cryptoasset company in the world by market capitalization and is also the largest cryptoasset
custodian in the world by assets under custody. By virtue of its leading market position and capabilities, and the relatively
limited number of institutionally capable providers of cryptoasset brokerage and custody services, Coinbase serves as the Custodian
and broker for several competing exchange-traded bitcoin products. Therefore, Coinbase has a critical role in supporting the U.S.
spot bitcoin exchange-traded product ecosystem, and its size and market share create the risk that Coinbase may fail to properly
resource its operations to adequately support all such products that use its services that could harm the Trust, the Shareholders
and the value of the Shares. If Coinbase were to favor the interests of certain products over others, it could result in inadequate
attention or comparatively unfavorable commercial terms to less favored products, which could adversely affect the Trust&#8217;s
operations and ultimately the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
may not receive the benefits of any forks or &#8220;airdrops.&#8221;</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to forks, a digital asset, including bitcoin, 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. Such airdrops
are common on the Ethereum network but have also occurred (and may continue to occur) on the Bitcoin Network. Airdrops may be
conducted by sending a token to the holders of set amounts of bitcoin or to particular public addresses on the Bitcoin Network,
or airdrops may involve a user being entitled to claim tokens on a decentralized application, second-layer network, or entirely
separate digital asset network. As a result, a user entitled to receive airdrops may be required to take little or significant
actions in order to receive such airdropped tokens. Shareholders should not expect to receive the benefits of any forks or airdrops.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
right to receive any such benefit of a fork or airdrop is referred to as an &#8220;Incidental Right&#8221; and any digital assets
acquired through an Incidental Right as &#8220;IR Virtual Currencies.&#8221; The Trust Agreement provides, and the Sponsor has
communicated to each Custodian, that the Trust disclaims all rights to Incidental Rights and IR Virtual Currencies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
despite such disclaimer the Trust comes to possess an IR Virtual Currency, it shall cooperate with the applicable Custodian to
segregate and transfer the rights to the IR Virtual Currency to the Sponsor, as agent of the Trust, until such time that such
Custodian may initiate an &#8220;on-Blockchain&#8221; transaction to transfer such IR Virtual Currency to the custody of the Sponsor.
Upon receipt of the IR Virtual Currency, the Sponsor shall take commercially reasonable efforts to promptly sell such IR Virtual
Currency at market prices and distribute the proceeds of any such sale to the Shareholders of record on the record date for such
Incidental Rights.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Incidental Rights may result in a tax liability to the Trust and its Shareholders, if not successfully disclaimed by the Trust.
Incidental Rights may result in an adverse interpretation regarding the Trust&#8217;s ability to receive grantor trust treatment
under the Code.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
a malicious actor or botnet obtains control of more than 50% of the processing power on the Bitcoin Network, or otherwise obtains
control over the Bitcoin Network through its influence over core developers or otherwise, such actor or botnet could manipulate
how data is recorded on the Blockchain to adversely affect the value of the Shares or the ability of the Trust to operate.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions
of the computers) obtains a majority of the processing power dedicated to mining on the Bitcoin Network, it may be able to alter
the Blockchain on which transactions in bitcoin rely by constructing fraudulent blocks or preventing certain transactions from
completing in a timely manner, or at all. The malicious actor or botnet could also control, exclude or modify the ordering of
transactions. Although the malicious actor or botnet would not be able to generate new bitcoin or transactions using such control,
it could &#8220;double-spend&#8221; its own tokens (i.e., spend the same tokens in more than one transaction) and prevent the
confirmation of other users&#8217; transactions for so long as it maintained control. To the extent that such malicious actor
or botnet did not yield its control of the processing power on the Bitcoin Network or the bitcoin community did not reject the
fraudulent blocks as malicious, reversing any changes made to the Blockchain may not be possible. Further, a malicious actor or
botnet could create a flood of transactions in order to slow down the Bitcoin Network or cause an increase in the transaction
fees paid by users to confirm transactions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
possible crossing of the 50% threshold indicates a greater risk that a single mining pool could exert authority over the validation
of bitcoin transactions, and this risk is heightened if over 50% of the processing power on the network falls within the jurisdiction
of a single governmental authority. If network participants, including the core developers and the administrators of mining pools,
do not act to ensure greater decentralization of bitcoin mining processing power, the feasibility of a malicious actor obtaining
control of the processing power on the Bitcoin Network will increase, which may adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
malicious actor may also obtain control over the Bitcoin Network through its influence over core developers by gaining direct
control over a core developer or an otherwise influential programmer. To the extent that the bitcoin ecosystem does not grow,
the possibility that a malicious actor may be able to obtain control of the processing power or development control on the Bitcoin
Network in this manner will remain heightened.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adoption
of new laws and regulations, or changes to existing laws and regulations, applicable to bitcoin could negatively affect the value
of bitcoin.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
bitcoin and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state
agencies have been examining the operations of digital asset networks, digital asset users and the digital asset spot market.
Many of these state and federal agencies have brought enforcement actions and issued advisories and rules relating to digital
asset markets. Ongoing and future regulatory actions with respect to digital assets generally or any single digital asset in particular
may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to
continue to operate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FinCEN,
a bureau within the U.S. Department of the Treasury, requires any administrator or exchanger of convertible digital assets to
register with FinCEN as a money transmitter and comply with the anti-money laundering (&#8220;AML&#8221;) regulations applicable
to money transmitters under the Bank Secrecy Act. Since initially providing guidance on the applicability of federal money services
business regulatory regimes to digital assets such as bitcoin, FinCEN has brought enforcement actions, issued risk alerts and
provided guidance to financial markets participants regarding the treatment of digital assets and digital asset networks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Office of Foreign Assets Control (&#8220;OFAC&#8221;) of the U.S. Department of the Treasury has added digital currency addresses
to the list of &#8220;Specially Designated Nationals&#8221; 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Department of the Treasury has spent significant time. Secretary Mnuchin announced that the U.S. Department of the Treasury
was 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 proposed a rule that would require financial
institutions to submit reports, keep records, and verify the identity of customers for certain transactions to or from so-called
&#8220;unhosted&#8221; wallets, also commonly referred to as &#8220;self-hosted wallets.&#8221; In January 2021, 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; In May 2021, the U.S. Department
of Treasury proposed new rules potentially requiring businesses to record transactions in digital assets that exceed $10,000 in
value.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2021, the previous 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 Congress will grant additional authorities to the SEC or other regulators, what the nature of such additional authorities
might be, how they might impact the ability of digital asset markets to function or how any new regulations that may flow from
such authorities might impact the value of digital assets generally and bitcoin held by the Trust specifically.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2025, the SEC&#8217;s acting Chairman Mark T. Uyeda announced the SEC Crypto Task Force. The task force has an objective
of developing a comprehensive and clear regulatory framework for crypto assets. Following the task force announcement, on January
23, 2025, President Trump executed the Strengthening American Leadership in Digital Financial Technology Executive Order. It is
expected the actions and recommendations of the Crypto Task force will continue to impact the statuses of bitcoin and other digital
assets as &#8220;securities&#8221; and how bitcoin or the Trust would be treated under any new or revised regulatory framework.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the SEC&#8217;s actions targeting digital assets and trading platforms directly, the SEC has also targeted regulated
investments that provide exposure to digital assets indirectly. For example, in a letter regarding the SEC&#8217;s review of proposed
rule changes to list and trade shares of certain bitcoin-related investment vehicles on public markets, the SEC staff stated that
it has significant investor protection concerns regarding the markets for digital assets, including the potential for market manipulation
and fraud. In March 2018, it was reported that the SEC was examining as many as 100 investment funds with strategies focused on
digital assets. The reported focus of the examinations is on the accuracy of risk disclosures to investors in these funds, digital
asset pricing practices, and compliance with rules meant to prevent the theft of investor funds, as well as on information gathering
so that the SEC can better understand new technologies and investment products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2025, the staff of the Division of Trading and Markets of the SEC released guidance in the form of frequently asked questions
relating to crypto asset activities. The SEC staff&#8217;s guidance addressed several key points for broker-dealers acting as
Authorized Participants. According to the guidance, broker-dealers may custody non-security crypto assets and may treat crypto
asset securities as being held at a permissible &#8220;control location&#8221; under 1934 Act Rule 15c3-3(c). The guidance also
clarified that broker-dealers may conduct non-security crypto asset businesses, including facilitating transactions in crypto
asset securities that settle in crypto rather than cash. In addition, broker-dealers may hold crypto assets as proprietary positions
for net capital purposes, subject to applicable haircuts and other limitations. Furthermore, the SEC staff indicated that broker-dealers
may engage in in-kind creations and redemptions for spot crypto exchange-traded products. However, this guidance is non-binding,
and may be modified, superseded, or withdrawn at any time without notice, as emphasized in the guidance. Additionally, there is
no guarantee that Authorized Participants will actually transact in-kind at all despite this guidance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
Trump&#8217;s January 23, 2025 Executive Order, titled &#8220;Strengthening American Leadership in Digital Financial Technology,
aimed to reorient the federal government&#8217;s approach to digital assets. The Executive Order emphasized the importance of
the digital asset industry in innovation and economic development, and outlined policies to support the growth and use of digital
assets, blockchain technology and related technologies. President Trump&#8217;s order also revoked former President Biden&#8217;s
March 9, 2022 Executive Order, titled, &#8220;Responsible Development of Digital Assets&#8221; and the U.S. Department of Treasury&#8217;s
July 7, 2022 &#8220;Framework for International Engagement of Digital Assets&#8221; and all policies, directives and guidance
issued pursuant to those items produced by the previous administration. The consequences of federal regulation of digital assets
and digital asset activities could have a material adverse effect on the Trust and the Shares. If the Sponsor determines not to
comply with such regulatory and registration requirements, it may seek to cease certain or all of the Trust&#8217;s operations.
Any such action could have a material adverse effect on our business, financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;BitLicense,&#8221; from the NYDFS and must comply with AML, 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 digital asset business activity. 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. As of December 31, 2025, only California, Louisiana and
Rhode Island has adopted the model law, while Iowa has introduced the model law. It is still unclear, however, how many states,
if any, will adopt some or all of the model legislation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transparency of Blockchains has in the past facilitated investigations by law enforcement agencies. However, certain privacy-enhancing
features have been or are expected to be introduced to a number of digital asset networks, and these features may provide law
enforcement agencies with less visibility into transaction histories. Although no regulatory action has been taken to treat privacy-enhancing
digital assets differently, this may change in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
neither the SEC nor the CFTC has exerted direct authority over bitcoin or bitcoin trading markets, the SEC and CFTC have broad
authority over the regulation of issuances of securities (including digital asset securities) and commodity interests (including
derivative instruments utilizing or referencing digital assets). The SEC and CFTC&#8217;s engagement with the digital asset industry
has had a material impact on the development of digital asset markets, including initial coin offerings, margin trading, regulated
and unregulated derivatives market, and decentralized finance markets. For example, the SEC has issued guidance as to the application
of the securities laws to digital assets and initiated enforcement actions against certain digital asset issuers and offerings
on the basis that such digital assets and offerings are securities under U.S. securities laws. In these actions, the SEC reasoned
that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered an illegal
public offering of securities. Similarly, the CFTC, together with the Department of Justice, has initiated enforcement actions
against digital asset trading platforms relating to violations of the CEA, on the basis that such platforms engaged in illegal,
off-exchange retail commodity transactions in digital assets and digital asset derivative transactions. Further enforcement actions
against participants in the digital asset industry could have negative impacts on the price of digital assets, including bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire cryptocurrency industry experienced a significant drawdown in 2022, particularly throughout the latter half of the year.
The decline was due to numerous factors, including a slowing macroeconomic environment, rising interest rates, expiring pandemic
financial assistance, and the public collapse of several major industry participants, including Three Arrows Capital, Voyager,
Celsius and, most recently, FTX and Genesis. The cryptocurrency industry&#8217;s turbulent drawdown in 2022 drew increased regulatory
scrutiny from the U.S. Congress, SEC, and CFTC. It is possible future negative developments in the cryptocurrency industry and
markets may lead to other firm failures and additional regulatory involvement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2025 and 2026, Congress undertook significant legislative efforts to address the rapidly evolving landscape of digital assets
and cryptocurrencies, including consideration of the Digital Asset Market Clarity Act of 2025 (the &#8220;CLARITY Act&#8221;)
and the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the &#8220;GENIUS Act&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CLARITY Act, which was passed by the House of Representatives but awaits consideration by the Senate, was designed to resolve
longstanding regulatory uncertainty regarding the classification and oversight of digital assets. The CLARITY Act establishes
a clear framework for distinguishing between digital assets that are securities, commodities, or payment stablecoins. It delineates
the respective jurisdictions of the SEC and the CFTC, granting the CFTC exclusive authority over &#8220;digital commodities&#8221;
and the SEC authority over &#8220;digital securities.&#8221; The CLARITY Act also introduces criteria for determining when a digital
asset is sufficiently decentralized to be treated as a commodity rather than a security.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the CLARITY Act imposes registration requirements and operational standards for digital asset intermediaries, including
exchanges, brokers, and dealers. It mandates consumer protection measures, anti-money laundering (AML) and countering the financing
of terrorism (CFT) compliance, and enhanced disclosure obligations. The Act aims to foster innovation while providing market participants
with greater regulatory certainty and aligning U.S. policy with emerging international standards.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GENIUS Act, signed into law in July 2025, establishes the first federal regulatory framework for the issuance and operation of
payment stablecoins&#8212;digital assets designed to maintain a stable value relative to a fiat currency, such as the U.S. dollar.
The GENIUS Act requires that all payment stablecoins be fully backed on a one-to-one basis by high-quality liquid assets, such
as U.S. dollars or short-term U.S. Treasury securities, and subjects issuers to rigorous reserve, audit, and disclosure requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GENIUS Act introduces a dual licensing regime, allowing stablecoin issuers to operate under either federal or state regulatory
oversight, provided that state regimes are &#8220;substantially similar&#8221; to federal standards. Issuers with more than $10
billion in outstanding stablecoins must obtain a federal license. The GENIUS Act also imposes strict AML, sanctions compliance,
and consumer protection obligations, including prioritizing stablecoin holders&#8217; claims in the event of issuer insolvency.
Notably, the Act prohibits non-financial public companies from issuing stablecoins without special approval and restricts the
payment of interest or yield on stablecoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
legislative efforts were accompanied by additional measures, such as the Anti-CBDC Surveillance State Act, which prohibits the
Federal Reserve from issuing a retail central bank digital currency without congressional authorization. While these legislative
proposals represent significant progress toward a comprehensive regulatory regime for digital assets, substantial uncertainty
remains regarding the implementation and interpretation of these new laws. The effectiveness of these frameworks will depend on
subsequent rulemaking by federal and state regulators, interagency coordination, and the evolving approach to enforcement. Market
participants may face transitional risks as regulatory standards are developed and applied, and there is potential for further
legislative or regulatory changes as the digital asset ecosystem continues to evolve.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continued evolution of federal, state and foreign government regulators and policymakers will continue to impact the viability
and success of digital asset markets, broadly, and bitcoin, specifically.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
mining activities are energy-intensive, which may restrict the geographic locations of miners, have a negative environmental impact
and consequently affect the price of bitcoin. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
mining activities are inherently energy-intensive and electricity costs account for a significant portion of the overall mining
costs. The availability and cost of electricity will restrict the geographic locations of mining activities. High costs of electricity
may incentivize miners to redirect their resources to other validation protocols, such as proof-of-stake Blockchains, or abandon
their validation activities entirely. A significant decrease in the computational resources dedicated to the Bitcoin Network&#8217;s
validation protocol could reduce the security of the network, which may erode bitcoin&#8217;s viability as a store of value or
means of exchange. In addition, the significant consumption of electricity may have a negative environmental impact, including
contribution to climate change, which may give rise to public opinion against allowing the use of electricity for bitcoin mining
activities or government measures restricting or prohibiting the use of electricity for bitcoin mining activities. Any such developments
could lower the demand for bitcoin and have a material and adverse effect on the price of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerns
have been raised about the electricity required to secure and maintain digital asset networks. For example, as of December 31,
2025, over 1 billion terahashes were performed every second in connection with mining on the Bitcoin Network. Although measuring
the electricity consumed by this process is difficult because these operations are performed by various machines with varying
levels of efficiency, the process consumes a significant amount of energy. Further, in addition to the direct energy costs of
performing calculations on any given digital asset network, there are indirect costs that impact a network&#8217;s total energy
consumption, including the costs of cooling the machines that perform these calculations. A number of states and countries have
adopted, or are considering the adoption of, regulatory frameworks to impede bitcoin mining and/or bitcoin use more broadly. For
example, on May 26, 2021, Iran placed a temporary ban on bitcoin mining in an attempt to decrease energy usage and help alleviate
blackouts. New York State recently failed to pass a bill that would place a moratorium on mining operations for proof-of-work
Blockchains such as bitcoin. Depending on how futures regulations are formulated and applied, such policies could have the potential
to negatively affect the price of bitcoin and, in turn, the value of the Shares. Increased regulation and the corresponding compliance
cost of these regulations could additionally result in higher barriers to entry for bitcoin miners, which could increase the concentration
of the hash rate, potentially having a negative impact on the price of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driven
by concerns around energy consumption and the impact on public utility companies, various states and cities have implemented,
or are considering implementing, moratoriums on mining activity in their jurisdictions. For example, in November 2022, New York
imposed a two-year moratorium on new proof-of-work mining permits at fossil fuel plants in the state. A significant reduction
in mining activity as a result of such actions could adversely affect the security of the Bitcoin Network by making it easier
for a malicious actor or botnet to manipulate the Bitcoin Network. If regulators or public utilities take action that restricts
or otherwise impacts mining activities, such actions could result in decreased security of a digital asset network, including
the Bitcoin Network, and consequently adversely impact the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>If
bitcoin mining operators divert capital, power, facilities, or personnel away from bitcoin mining to support artificial intelligence
and other high-performance computing workloads, the Bitcoin Network&#8217;s processing power could decline, at least for a period
of time, which may negatively affect network security, transaction processing, and market confidence, and thereby adversely affect
the value of the Trust. </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miners
ceasing operations or materially reducing their processing power contribution would reduce the aggregate hash rate securing the
Bitcoin Network, which can slow transaction confirmations until the next difficulty adjustment and increase the network&#8217;s
vulnerability to attacks, including the risk that a malicious actor could obtain sufficient control to manipulate the blockchain
or hinder transactions. Shifts of mining capacity toward non-bitcoin uses may also reflect, or exacerbate, competition for energy
and data center resources, given the energy-intensive nature of proof-of-work mining and the significant electricity and infrastructure
costs borne by professionalized mining operations. Higher electricity costs, power constraints, or more attractive economics in
alternative compute workloads could cause miners to curtail or exit bitcoin mining, which can reduce hash rate, impair security,
and contribute to loss of confidence in bitcoin, potentially lowering bitcoin&#8217;s market price and adversely affecting the
Shares. To the extent miners redirect resources away from validating bitcoin transactions, the network could experience slower
settlement until difficulty adjusts, greater fee pressures, and heightened susceptibility to congestion, any of which could negatively
impact the attractiveness and usage of the Bitcoin Network and, in turn, the value of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
technology advances, miners may be unable to acquire the digital asset mining hardware necessary to develop and launch their operations.
A decline in the bitcoin mining population could adversely affect the Bitcoin Network. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the increasing demand for digital asset mining hardware, miners may be unable to acquire the proper mining equipment or suitable
amount of equipment necessary to continue their operations or develop and launch their operations. In addition, because successful
mining of a digital asset that uses &#8220;proof-of-work&#8221; validation requires maintaining or exceeding a certain level of
computing power relative to other validators, miners will need to upgrade their mining hardware periodically to keep up with their
competition. The development of supercomputers with disproportionate computing power may threaten the integrity of the bitcoin
market by concentrating mining power, which would make it unprofitable for other miners to mine. The expense of purchasing or
upgrading new equipment may be substantial and diminish returns to miners dramatically. A decline in miners may result in a decrease
in the value of bitcoin and the value of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anonymity
and illicit financing risk.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
transaction details of peer-to-peer transactions are recorded on the bitcoin Blockchain, a buyer or seller of digital assets on
a peer-to-peer basis directly on the Bitcoin Network may never know to whom the public key belongs or the true identity of the
party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone,
do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of
custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators
and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket
shops and pump-and-dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset
were used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased
risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such digital asset
could be removed from digital asset platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant
digital asset, the attractiveness of the respective Blockchain network and an investment in the Shares. If the Trust or the Sponsor
were to transact with a sanctioned entity, the Trust or the Sponsor would be at risk of potential criminal or civil lawsuits or
liability. Transacting with a sanctioned entity could also have a material adverse effect on the Trust or the Sponsor&#8217;s
financial condition and operational results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust&#8217;s activities. However,
illicit financing risks are present in the digital asset markets, including markets for bitcoin. There can be no assurance that
the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the
complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust or
the Sponsor or their affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to
investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer
disruptions to their operations, any of which could negatively affect the Trust&#8217;s ability to operate or cause losses in
value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Sponsor and the Trust are not &#8220;financial institutions&#8221; within the meaning of the implementing regulations of the
Bank Secrecy Act and therefore not required to implement an AML program, the Sponsor and the Trust will only interact with known
third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a thorough due diligence process
and/or a thorough know-your-customer (&#8220;KYC&#8221;) process, such as the Authorized Participants, Bitcoin Trading Counterparties,
Prime Broker and Custodians. The Prime Broker and Custodians must undergo counterparty due diligence by the Sponsor. Each Authorized
Participant must undergo onboarding by the Sponsor prior to placing creation or redemption orders with respect to the Trust. Each
Bitcoin Trading Counterparty who deposits bitcoin as part of a purchase made by the Trust in connection with a cash creation or
receives bitcoin from the Trust as part of a sale made by the Trust in connection with a cash redemption must establish an account
and transfer or receive such bitcoin through such account at the Prime Broker. As a result, the Sponsor and the Trust have instituted
procedures reasonably designed to ensure that a situation would not arise where the Trust would engage in transactions with a
counterparty whose identity the Sponsor and the Trust did not know.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Custodian has adopted and implemented an anti-money laundering and sanctions compliance program, which provides additional protections
to ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably, each Custodian performs screening using
blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor. Pursuant
to these blockchain analytics screening programs, any bitcoin that is delivered to the Trust&#8217;s custody account will undergo
screening to assess whether the origins of that bitcoin are illicit.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Authorized Participants, as broker-dealers, the Prime Broker and Coinbase Custodian, each as an entity licensed to conduct virtual
currency business activity by the New York Department of Financial Services and a limited purpose trust company subject to New
York Banking Law, respectively, BitGo, as a South Dakota trust company organized and chartered under the South Dakota Banking
Law, and Komainu, as a private limited company incorporated in Jersey, Channel Islands and regulated by the Jersey Financial Services
Commission in the conduct of a fund services business pursuant to the Financial Services (Jersey) Law 1998, are &#8220;financial
institutions&#8221; subject to the Bank Secrecy Act, and U.S. economic sanctions laws. The Trust will only accept creation and
redemption requests from Authorized Participants and trade with Bitcoin Trading Counterparties who have represented to the Trust
that they have implemented compliance programs that are designed to ensure compliance with applicable sanctions and AML laws.
In addition, with respect to all bitcoin delivered by Bitcoin Trading Counterparties, the Bitcoin Trading Counterparties must
represent to the Trust that they will form a reasonable belief (i) as to the identities of, and conduct necessary diligence with
respect to, any counterparties from whom such party obtains bitcoin being transferred and (ii) that such bitcoin being transferred
by such party to the Trust was not derived from, or associated with, unlawful or criminal activity. The Trust will not hold any
bitcoin except that which has been delivered by Bitcoin Trading Counterparties or by execution through the Prime Broker, in connection
with Authorized Participant creation requests. Moreover, the Prime Broker has represented to the Trust that it has implemented
and will maintain and follow compliance programs that are designed to comply with applicable sanctions and AML laws and that it
performs both initial and ongoing due diligence on each of its customers as well as ongoing transaction monitoring that is designed
to identify and report suspicious activity conducted through customer accounts, including those opened by the Authorized Participants
or their agents/partners for purposes of facilitating bitcoin deposits to, and withdrawals from, the Trust&#8217;s Trading Account,
as required by law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker Agreement provides, among others, that if the Prime Broker conducts Blockchain analytics screening on a bitcoin transaction
deposited by an Authorized Participant and such screening results in the bitcoin transaction being suspected or determined to
be in violation of certain applicable sanctions laws, the Prime Broker and its affiliates, including the Coinbase Custodian, will
(a) block or reject the deposit of such bitcoin into the Trust&#8217;s Trading Account, where required by applicable sanctions
laws, and (b) agree to promptly inform the Trust if any fund movement between an Authorized Participant&#8217;s account at the
Prime Broker and the Trust&#8217;s account(s) involves such bitcoin, so long as permitted by applicable law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
there is no guarantee that such procedures will always prove to be effective or that the Prime Broker and its affiliates will
always perform their obligations. Such screening may also result in the bitcoin identified by such screening being blocked or
frozen by the Prime Broker, and thus made unavailable to the Trust. Moreover, the Prime Broker Agreement and Coinbase Custody
Agreement require the Trust to attest that it has performed its own due diligence on the Authorized Participants it has contracted
with to source bitcoin from and has confirmed that the Authorized Participants and Bitcoin Trading Counterparties, as applicable,
have implemented policies, procedures and controls designed to comply with applicable AML and applicable sanctions laws. Although
the Trust arranges for such diligence to be performed, including by the Trust&#8217;s service providers, including the Sponsor
and its affiliates, there is no guarantee such diligence will prove effective in identifying all possible sources of illicit financing
risks. Bitcoin Trading Counterparties represent to the Trust that they conduct due diligence on their own counterparties from
whom they source the bitcoin they deposit with the Trust in creation Baskets, and that they have formed a reasonable belief that
such bitcoin being transferred by the Bitcoin Trading Counterparty to the Trust was not derived from, or associated with, unlawful
or criminal activity. However, there is the risk that Bitcoin Trading Counterparties may not conduct sufficient due diligence
processes on the sources of their bitcoin or that their representations to the Trust may turn out to be inaccurate, which could
cause the Trust to suffer a loss. If the Authorized Participants or Bitcoin Trading Counterparties have inadequate policies, procedures
and controls for complying with applicable AML and applicable sanctions laws or the Trust&#8217;s procedures or diligence proves
to be ineffective, violations of such laws could result, which could result in regulatory liability for the Trust or the Sponsor,
or their affiliates, under such laws, including governmental fines, penalties, and other punishments, as well as potential liability
to or cessation of services by the Prime Broker and its affiliates, including the Coinbase Custodian, under the Prime Broker Agreement
and Coinbase Custody Agreement, the Custodians or the Trust&#8217;s other service providers and counterparties. Any of the foregoing
could result in losses to the Shareholders or negatively affect the Trust&#8217;s ability to operate, and could further negatively
affect the price of bitcoin and the value of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
and current regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on
an investment in the Trust. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulation of bitcoin and related products and services continues to evolve, may take many different forms and will, therefore,
impact bitcoin and its usage in a variety of manners. The inconsistent, unpredictable, and sometimes conflicting regulatory landscape
may make it more difficult for bitcoin businesses to provide services, which may impede the growth of the bitcoin economy and
have an adverse effect on consumer adoption of bitcoin. There is a possibility of future regulatory change altering, perhaps to
a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. Additionally,
changes to current regulatory determinations of bitcoin&#8217;s status as not being a security, changes to regulations surrounding
bitcoin futures or related products, or actions by a United States or foreign government or quasi-governmental agencies exerting
regulatory authority over bitcoin, the Bitcoin Network, bitcoin trading, or related activities impacting other parts of the digital
asset market may adversely impact bitcoin and therefore may have an adverse effect on the value of an investment in the Trust.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union,
China, the United Kingdom, Australia, Japan, Russia, Israel, Poland, India, Hong Kong, Canada and Singapore. Cybersecurity attacks
by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory
scrutiny to the acquisition, ownership, sale and use of digital assets, including bitcoin. The effect of any existing regulation
or future regulatory change on the Trust or bitcoin is impossible to predict, but such change could be substantial and adverse
to the Trust and the value of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect
bitcoin, particularly with respect to bitcoin spot markets, trading venues and service providers that fall within such jurisdictions&#8217;
regulatory scope. Such laws, regulations or directives may conflict with those of the United States and may negatively impact
the acceptance of bitcoin by users, merchants and service providers outside the United States and may therefore impede the growth
or sustainability of the bitcoin economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively
affect the value of bitcoin and, in turn, the value of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
regulations may require the Trust or the Sponsor to become registered, which may cause the Trust to liquidate. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
and future legislation, SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which bitcoin is treated.
While the SEC has not officially affirmed that bitcoin is not a security under U.S. federal securities laws, public statements
by senior officials at the SEC, including a June 2018 speech by the director of the SEC&#8217;s division of Corporation Finance,
indicate that such officials do not believe that bitcoin is a security. Such statements are not official policy statements by
the SEC and reflect only the speaker&#8217;s views, which are not binding on the SEC or any other agency or court. If bitcoin
is determined to be a &#8220;security&#8221; under federal or state securities laws by the SEC or any other agency, or in a proceeding
in a court of law or otherwise, it may have material adverse consequences for bitcoin&#8217;s utility as a means of exchange and
accordingly for its continued adoption. In the face of such developments, the required registrations and compliance steps may
result in extraordinary, nonrecurring expenses to the Trust. Specifically, the Trust and the Sponsor may be subject to additional
regulatory requirements including under the 1940 Act, and the Sponsor may be required to register as an investment adviser under
the Investment Advisers Act. If the Sponsor determines not to comply with such additional regulatory and registration requirements,
the Sponsor will terminate the Trust. Any such termination could result in the liquidation of the Trust&#8217;s bitcoin at a time
that is disadvantageous to Shareholders. Alternatively, compliance with these requirements could result in additional expenses
to the Trust or significantly limit the ability of the Trust to pursue its investment objective. These additional requirements
may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially and adversely impacting the
Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements,
the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust&#8217;s bitcoin at a time
that is disadvantageous to Shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has not asserted regulatory authority over bitcoin or trading or ownership of bitcoin and has not expressed the view that
bitcoin should be classified or treated as a security for purposes of U.S. federal securities laws. In fact, senior members of
the staff of the SEC have expressed the view that bitcoin is not a security under federal securities laws. However, the SEC has
commented on bitcoin and bitcoin-related market developments and has taken action against investment schemes involving bitcoin.
For example, in a recent letter regarding the SEC&#8217;s review of proposed rule changes to list and trade shares of certain
bitcoin-related investment vehicles on public markets, the SEC staff stated that it has significant investor protection concerns
regarding the markets for digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported
that the SEC was examining as many as 100 investment funds with strategies focused on digital assets. The reported focus of the
examinations is on the accuracy of risk disclosures to investors in these funds, digital asset pricing practices, and compliance
with rules meant to prevent the theft of investor funds, as well as on information gathering so that the SEC can better understand
new technologies and investment products. The SEC also has determined that certain digital assets are securities under U.S. securities
laws. In these determinations, the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances,
including initial coin offerings (&#8220;ICOs&#8221;), be considered an illegal public offering of securities. A significant amount
of funding for digital asset startups has come from ICOs, and if ICOs are halted or face obstacles, or companies that rely on
them face legal action or investigation, it could have a negative impact on the value of digital assets, including bitcoin.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CFTC has regulatory jurisdiction over the bitcoin futures markets. In addition, because the CFTC has determined that bitcoin is
a &#8220;commodity&#8221; under the CEA and the rules thereunder, it has jurisdiction to prosecute fraud and manipulation in the
cash, or spot, market for bitcoin. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot
market exchanges or transactions involving bitcoin that do not utilize collateral, leverage, or financing. The National Futures
Association (&#8220;NFA&#8221;) is the self-regulatory agency for the U.S. futures industry, and as such it has jurisdiction over
bitcoin futures. However, the NFA does not have regulatory oversight authority for the cash or spot market for bitcoin trading
or transactions.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
may also be subject to regulation in foreign jurisdictions, the effect of any such regulation which is unknown. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union,
China, the United Kingdom, Australia, Japan, Russia, Israel, Poland, India, Hong Kong, Canada and Singapore. Cybersecurity attacks
by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory
scrutiny to the acquisition, ownership, sale and use of digital assets, including bitcoin. The effect of any existing regulation
or future regulatory change on the Trust or bitcoin is impossible to predict, but such change could be substantial and adverse
to the Trust and the value of the Shares. Various foreign jurisdictions have adopted, and may continue to adopt in the near future,
laws, regulations or directives that affect bitcoin, particularly with respect to Bitcoin Exchanges, trading venues and service
providers that fall within such jurisdictions&#8217; regulatory scope. On May 21, 2021, Chinese Vice Premier Liu He and the State
Council issued a statement aiming to crack down on bitcoin mining in China. Over the subsequent weeks, multiple regions began
to shut down mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan,
and Inner Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives
may conflict with those of the United States, may negatively impact the acceptance of bitcoin by users, merchants and service
providers outside the United States and may therefore impede the growth or sustainability of the bitcoin economy in these jurisdictions
as well as in the United States and elsewhere, or otherwise negatively affect the value of bitcoin and, in turn, the value of
the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with Bitcoin Trading Markets</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust is subject to risks due to its concentration in a single asset: bitcoin. Any losses suffered as a result of a decrease in
the value of bitcoin or disruption of the bitcoin trading markets, generally, can be expected to reduce the value of the Shares
and will not be offset by other gains if the Trust were to invest in other assets.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
certain funds that may invest in diversified assets, the Trust&#8217;s investment strategy is concentrated in a single asset:
bitcoin. This concentration maximizes the degree of the Trust&#8217;s exposure to a variety of market risks associated with bitcoin
and the bitcoin trading market. By concentrating its investment strategy solely in bitcoin, any losses suffered as a result of
a decrease in the value of individual bitcoin or disruption of the bitcoin trading markets, generally, can be expected to reduce
the value of the Shares and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of the Shares relates directly to the value of the bitcoin held by the Trust and fluctuations in the price of bitcoin could
materially and adversely affect an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is to provide exposure to the value of the Trust&#8217;s Bitcoin Holdings, less the Trust&#8217;s
liabilities (including estimated accrued expenses). The price of bitcoin has fluctuated widely and may continue to experience
significant price fluctuations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
factors may affect the price of bitcoin, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global bitcoin supply,
    which is estimated at 19.97 million as of December 31, 2025;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global bitcoin demand,
    which is influenced by such factors as purchases made by speculative investors, acceptance of bitcoin by online merchants
    as a payment mechanism, purchases of bitcoin made by individuals for transactional purposes, and expectations regarding the
    future value of bitcoin and the ability to easily buy, sell and use bitcoin without regulatory interference;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global or regional
    political, economic or financial events and situations;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors&#8217;
    expectations with respect to interest rates, the rates of inflation of fiat currencies or bitcoin, and digital asset and currency
    exchange rates;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The liquidity, solvency,
    security and withdrawal policies of digital asset trading platforms;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manipulative trading
    activity on digital asset trading platforms, which, in many cases, are unregulated;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and trading
    activities of hedge funds and other large bitcoin investors;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A &#8220;short squeeze&#8221;
    resulting from speculation on the price of bitcoin, if aggregate short exposure exceeds the number of Shares available for
    purchase;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active derivatives
    market for bitcoin or for digital assets generally;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forks in the Bitcoin
    Network;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary policies
    of governments, trade restrictions, currency devaluations and revaluations, and any restrictions on the use of bitcoin as
    a form of payment or the ability to purchase and sell bitcoin in trading markets;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory measures,
    if any, that restrict the ability to buy, sell or hold bitcoin or use bitcoin as a form of payment;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased competition
    from other forms of digital assets or payment services;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction costs
    relating to the acquisition and transfer of bitcoin; and</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global or regional
    political, economic or financial events and situations.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">If
bitcoin markets continue to be subject to sharp fluctuations, you may experience losses if you need to sell your Shares at a time
when the price of bitcoin is lower than it was when you made your prior investment. Even if you are able to hold Shares for the
long term, your Shares may never generate a profit, since bitcoin markets have historically experienced extended periods of flat
or declining prices, in addition to sharp fluctuations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, investors should be aware that there is no assurance that bitcoin will maintain its long-term value in terms of future
purchasing power. In the event that the price of bitcoin declines, the Sponsor expects the value of an investment in the Shares
to decline.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
platforms on which users trade bitcoin are relatively new and, in some cases, largely unregulated, 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.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the past several years, a number of digital asset trading platforms have been closed or faced issues due to fraud, failure, security
breaches or governmental regulations. Particularly for operators outside of the United States, digital asset trading platforms
are not regulated in ways similar to national securities exchanges and other highly regulated trading environments. As a result,
capital requirements, clearing infrastructure and technical and operational security requirements may vary. The nature of the
assets held at digital asset trading platforms makes them appealing targets for hackers and a number of digital asset trading
platforms have been victims of cybercrimes. 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 trading platforms. No
digital asset trading platform is immune from these risks.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Trust itself does not buy or sell bitcoin on digital asset trading platforms, certainty in bitcoin trading markets may impact
the Trust&#8217;s operation and the value of the Shares. Negative perception, a lack of stability in the bitcoin trading markets
and the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, hackers or malware, or
government-mandated regulation may reduce confidence in the Bitcoin Network and result in greater volatility in the prices of
bitcoin. Furthermore, the closure or temporary shutdown of a digital asset trading platform used in calculating the Index may
result in a loss of confidence in the Trust&#8217;s ability to determine its net asset value (&#8220;NAV&#8221;) on a daily basis.
These potential consequences of such a digital asset trading platform&#8217;s failure could adversely affect the value of the
Shares. Further, the failure of the bitcoin market, major digital asset trading platforms or any other major component of the
overall bitcoin ecosystem can have a direct adverse effect on the liquidity and price of bitcoin and could therefore have a negative
impact on the performance of the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of bitcoin may be subject to momentum pricing whereby the current bitcoin price may account for speculation regarding future
appreciation in value. Momentum pricing may result in greater volatility and adversely affect an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts
for anticipated future appreciation in value. The Sponsor believes that momentum pricing of bitcoin has resulted, and may continue
to result, in speculation regarding future appreciation in the value of bitcoin, inflating and making more volatile the price
of bitcoin. As a result, bitcoin may be more likely to fluctuate in value due to changing investor confidence in future appreciation
(or depreciation) in the price of bitcoin, which could adversely affect an investment in the Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Related to the Bitcoin Exchange Market</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of the Shares relates directly to the value of the bitcoins held by the Trust and fluctuations in the price of bitcoins
could materially and adversely affect an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are designed to mirror as closely as possible the performance of the price of bitcoins, as measured by the Index, and the
value of the Shares relates directly to the value of the bitcoins held by the Trust, less the Trust&#8217;s liabilities (including
estimated accrued but unpaid fees and expenses). The Index is an independently calculated value based on an aggregation of executed
trade flow of major bitcoin spot exchanges (&#8220;Bitcoin Exchanges&#8221; and the general market environment of Bitcoin Exchanges,
the &#8220;Bitcoin Exchange Market&#8221;). The price of bitcoins has fluctuated widely over the past several years and may continue
to experience significant price fluctuations. Several factors may affect the Bitcoin Index Price, including, but not limited to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total bitcoins in
    existence (estimated at approximately 19.97 million as of December 31, 2025);</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global bitcoin demand,
    which is influenced by the growth of retail merchants&#8217; and commercial businesses&#8217; acceptance of bitcoins as payment
    for goods and services, the security of online Bitcoin Exchanges and digital wallets that hold bitcoins, the perception that
    the use and holding of bitcoins is safe and secure, the lack of regulatory restrictions on their use and the reputation of
    bitcoins for illicit use;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global bitcoin supply,
    which is influenced by similar factors as global bitcoin demand, in addition to fiat currency needs by miners (for example,
    to invest in equipment or pay electricity bills) and taxpayers who may liquidate Bitcoin Holdings around tax deadlines to
    meet tax obligations;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors&#8217;
    expectations with respect to the rate of inflation of fiat currencies;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors&#8217;
    expectations with respect to the rate of deflation of bitcoin;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest rates;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency exchange
    rates, including the rates at which bitcoins may be exchanged for fiat currencies;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiat currency withdrawal
    and deposit policies of Bitcoin Exchanges and liquidity of such Bitcoin Exchanges;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interruptions in
    service from or failures of major Bitcoin Exchanges;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyber theft of bitcoins
    from online bitcoin wallet providers, or news of such theft from such providers, or from individuals&#8217; bitcoin wallets;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and trading
    activities of large investors, including private and registered funds, that may directly or indirectly invest in bitcoins;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary policies
    of governments, trade restrictions, currency devaluations and revaluations;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory measures,
    if any, that restrict the use of bitcoins as a form of payment or the purchase of bitcoins on the Bitcoin Exchange Market;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability
    and popularity of businesses that provide bitcoin-related services;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maintenance
    and development of the open-source software protocol of the Bitcoin Network;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased competition
    from other forms of cryptocurrency or payment services;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global or regional
    political, economic or financial events and situations;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expectations among
    bitcoin economy participants that the value of bitcoins will soon change; and</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees associated
    with processing a bitcoin transaction.</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">If
bitcoin markets continue to be subject to sharp fluctuations, you may experience losses if you need to sell your Shares at a time
when the price of bitcoins is lower than it was when you made your prior investment. Even if you are able to hold Shares for the
long term, your Shares may never generate a profit, since bitcoin markets have historically experienced extended periods of flat
or declining prices, as well as sharp fluctuations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, investors should be aware that there is no assurance that bitcoins will maintain their long-term value in terms of future
purchasing power or that the acceptance of bitcoin payments by mainstream retail merchants and commercial businesses will continue
to grow. In the event that the price of bitcoins declines, the Sponsor expects the value of an investment in the Shares to decline
proportionately.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
to the unregulated nature and lack of transparency surrounding the operations of Bitcoin Exchanges, the marketplace may lose confidence
in Bitcoin Exchanges, upon which the Trust is dependent.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Exchanges are relatively new and, in some cases, unregulated. Furthermore, while many prominent Bitcoin Exchanges provide the
public with significant information regarding their ownership structure, management teams, corporate practices and regulatory
compliance, many Bitcoin Exchanges do not provide this information. As a result, the marketplace may lose confidence in Bitcoin
Exchanges, including prominent exchanges that handle a significant volume of bitcoin trading.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, in 2019 there were reports claiming that 80-95% of bitcoin trading volume on Bitcoin Exchanges was false or non-economic
in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports may indicate that the
Bitcoin Exchange Market is significantly smaller than expected and that the United States makes up a significantly larger percentage
of the Bitcoin Exchange Market than is commonly understood. Nonetheless, any actual or perceived false trading in the Bitcoin
Exchange Market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of bitcoin and/or
negatively affect the market perception of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, over the past several years, some Bitcoin Exchanges have been closed due to fraud and manipulative activity, business
failure or security breaches. In many of these instances, the customers of such Bitcoin Exchanges were not compensated or made
whole for the partial or complete losses of their account balances in such Bitcoin Exchanges. While smaller Bitcoin Exchanges
are less likely to have the infrastructure and capitalization that make larger Bitcoin Exchanges more stable, larger Bitcoin Exchanges
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 Bitcoin Exchanges could be subject to abrupt failure with consequences for users of Bitcoin Exchanges and
for the bitcoin 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 exchanges from around $795 on February 6, 2014 to $578 on February 20, 2014.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, a large
Bitcoin Exchange. The value of bitcoin immediately decreased over 10% following reports of the theft at Bitfinex and the Shares
suffered a corresponding decrease in value. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now-defunct Bitcoin
Exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator
of Seoul-based cryptocurrency exchange 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 exchange accounts, with any potential further distributions to be made following Yapian&#8217;s
pending bankruptcy proceedings. In January 2018, the Japanese digital asset exchange Coincheck was hacked, resulting in losses
of approximately $535 million, and in February 2018, the Italian digital asset exchange Bitgrail was hacked, resulting in approximately
$170 million in losses. In May 2019, one of the world&#8217;s largest Bitcoin Exchanges, Binance, was hacked, resulting in losses
of approximately $40 million. Further, in November 2022, FTX, one of the largest digital asset exchanges 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.
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.
Various claims and issues related to FTX have not yet been resolved.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2025, approximately $1.5 billion of ether was stolen from the Dubai-based Bybit exchange. Bybit claims the hack occurred
when the company was making a routine transfer of ether from an offline &#8220;cold&#8221; wallet to a hot wallet, with the attacker
suspected to be North Korea hackers, which stole approximately $2.0 billion in cryptocurrency in 2025 and all-time total of approximately
$6.8 billion despite fewer attacks. Cyber espionage continues to be a key threat, but attacks on centralized services, personal
wallet compromises, and decentralized finance hacks are all contributing to major crypto thefts.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
trading venues that are regulated typically must comply with minimum net worth, cybersecurity, and AML requirements, but are not
typically required to protect customers to the same extent as regulated securities exchanges or futures exchanges.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain
Bitcoin Exchanges. 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. In August 2017, it was reported that a trader or group
of traders nicknamed &#8220;Spoofy&#8221; was placing large orders on Bitfinex without actually executing them, presumably in
order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market.
In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex&#8217;d) cited publicly available trading data
to support his or her claim that a trading bot nicknamed &#8220;Picasso&#8221; was pursuing a paint-the-tape-style manipulation
strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial
trading activity and thereby influence the price of such assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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. The lack of certain safeguards also may permit &#8220;front-running&#8221; (trading by other persons ahead of the Trust
with the intention of obtaining better results than the Trust). Such trading could occur in the event that an individual associated
with a trading venue uses information regarding the Trust&#8217;s trading activity to the detriment of the Trust. In addition,
the lack of trading safeguards may permit &#8220;wash trading&#8221; (sales of bitcoin by the Trust for a loss followed by repurchases
of bitcoin that, under IRS rules, may prevent the Trust from claiming a tax loss on the sale of bitcoin).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operational
problems or failures by bitcoin trading venues and fluctuations in bitcoin prices may reduce confidence in these venues or in
bitcoin generally, which could adversely affect the price of bitcoin and therefore adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
perception, a lack of stability in the Bitcoin Exchange Markets and the closure or temporary shutdown of Bitcoin Exchanges due
to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the Bitcoin Network
and result in greater volatility in the prices of bitcoin. Furthermore, the closure or temporary shutdown of a Bitcoin Exchange
used in calculating the Bitcoin Index Price may result in a loss of confidence in the Trust&#8217;s ability to determine its Bitcoin
Holdings on a daily basis or for the Trust&#8217;s Authorized Participants to effectively arbitrage the Trust&#8217;s Shares.
These potential consequences of such a Bitcoin Exchange&#8217;s failure could adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since
there is no limit on the number of bitcoins that the Trust may acquire, the Trust itself, as it grows, may have an impact on the
supply and demand of bitcoins that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting
the global market for bitcoins.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement places no limit on the number of bitcoins the Trust may hold. Moreover, the Trust may issue an unlimited number
of Shares, subject to registration requirements, and therefore acquire an unlimited number of bitcoins in existence at any point
in time. The global market for bitcoins is characterized by supply and demand constraints that generally are not present in the
markets for commodities or other assets such as gold and silver. The Bitcoin Network&#8217;s mathematical protocols under which
bitcoins are created or &#8220;mined&#8221; permit the creation of a limited, predetermined number of bitcoins not to exceed 21
million. Furthermore, the rate of creation or issuance of bitcoins cannot be increased ahead of the protocol&#8217;s schedule.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of bitcoins acquired by the Trust is large enough relative to global bitcoin supply and demand, further creations and
redemptions of Shares could have an impact on the supply of and demand for bitcoins in a manner unrelated to other factors affecting
the global market for bitcoins. Such an impact could affect the Bitcoin Index Price, which would directly affect the price at
which Shares are traded on Nasdaq or the price of future Baskets created or redeemed by the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Shares may trade at a discount or premium in the trading price relative to the Trust&#8217;s Bitcoin Holdings per Share as a result
of non-concurrent trading hours between Nasdaq and the Bitcoin Exchange Market.</i></b></span>&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a Share may be influenced by non-concurrent trading hours between Nasdaq and various Bitcoin Exchanges, including those
that are included within the Index&#8217;s methodology. While Nasdaq is open for trading in the Shares for a limited period each
day, the Bitcoin Exchange Market is a 24-hour marketplace; however, trading volume and liquidity on the Bitcoin Exchange Market
are not consistent throughout the day and Bitcoin Exchanges, including the larger-volume markets, have been known to shut down
temporarily or permanently due to security concerns, distributed denial-of-service (&#8220;DDoS&#8221;) attacks and other reasons.
As a result, during periods when Nasdaq is open but large Bitcoin Exchanges (or a substantial number of smaller Bitcoin Exchanges)
are either lightly traded or closed, trading spreads and the resulting premium or discount on the Shares may widen and, therefore,
increase the difference between the price of the Shares and the Trust&#8217;s Bitcoin Holdings per Share. Premiums or discounts
may have an adverse effect on an investment in the Shares if a Shareholder sells or acquires its Shares during a period of discount
or premium, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
bitcoin prices on the Bitcoin Exchange Market move negatively during hours when Nasdaq is closed, trading prices on Nasdaq may
&#8220;gap&#8221; down at market open.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a Share may be influenced by non-concurrent trading hours between Nasdaq and various Bitcoin Exchanges, including those
that represent components of the Index. While Nasdaq is open for trading in the Shares for a limited period each day, the Bitcoin
Exchange Market is a 24-hour marketplace. During periods when Nasdaq is closed but Bitcoin Exchanges are open, significant changes
in the price of bitcoin on the Exchange Market could result in a difference in performance between the value of bitcoins as measured
by the Index and the most recent Bitcoin Holdings per Share or closing trading price. To the extent that the price of bitcoin
on the Exchange Market and the value of bitcoins as measured by the Index move significantly in a negative direction after the
close of Nasdaq, the trading price of the Shares may &#8220;gap&#8221; down to the full extent of such negative price shift when
Nasdaq reopens. To the extent that the price of bitcoin on the Exchange Market drops significantly during hours Nasdaq is closed,
investors may not be able to sell their Shares until after the &#8220;gap&#8221; down has been fully realized, resulting in an
inability to mitigate losses in a rapidly negative market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
Exchanges are subject to the risk of fraud and manipulation.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 exchanges, or may not exist at
all. The SEC has identified possible sources of fraud and manipulation in the bitcoin market generally, including, among others
(1) wash trading; (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 dissemination of false and misleading information; (6) manipulative activity involving purported &#8220;stablecoins,&#8221;
including Tether, the activities of stablecoin issuers and their regulatory treatment; and (7) fraud and manipulation at digital
asset 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 the crypto market and/or cause distortions in price, which could
adversely affect the Trust or cause losses to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
Exchanges may be exposed to front-running.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Exchanges on which bitcoin trades may be susceptible to &#8220;front-running,&#8221; which refers to the process when someone
uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized
as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage
of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective
of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting
the position. Front-running happens via manipulations of gas prices or timestamps, also known as slow matching. To the extent
that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges
and digital assets more generally.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
Exchanges may be exposed to wash trading. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Exchanges on which bitcoin trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into
for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic
reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve
their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees
from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may
include unexpected obstacles to trade and erroneous investment decisions based on false information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading
in the digital asset exchange market, and any other fraudulent or manipulative acts and practices, could adversely affect the
value of bitcoin and/or negatively affect the market perception of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that wash trading either occurs or appears to occur in Bitcoin Exchanges on which bitcoin trades, investors may develop
negative perceptions about bitcoin and the digital assets industry more broadly, which could adversely impact the price of bitcoin
and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive
disadvantage.</span></p>

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possible &#8220;short squeeze&#8221; due to a sudden increase in demand for the Shares that largely exceeds supply may lead to
price volatility in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may purchase Shares to hedge existing bitcoin or other digital currencies, commodity or currency exposure or to speculate on the
price of bitcoins. Speculation on the price of bitcoins may involve long and short exposures. To the extent that aggregate short
exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized
Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares
for delivery to Share lenders. Those repurchases may, in turn, dramatically increase the price of the Shares until additional
Shares are created through the creation process. This is often referred to as a &#8220;short squeeze.&#8221; A short squeeze could
lead to volatile price movements in the Shares that are not directly correlated to the price of bitcoins.</span></p>

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activity in the Bitcoin Exchange Market associated with Basket creations or redemptions may affect the Bitcoin Index Price and
Share trading prices, adversely affecting an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasing
activity associated with acquiring bitcoins with proceeds received by the Trust in connection with the creation of Baskets may
increase the market price of bitcoins on the Bitcoin Exchange Market, which will result in higher prices for the Shares. Increases
in the market price of bitcoins may also occur as a result of the purchasing activity of other market participants. Other market
participants may attempt to benefit from an increase in the market price of bitcoins that may result from increased purchasing
activity of bitcoins connected with the issuance of Baskets. Consequently, the market price of bitcoins may decline immediately
after Baskets are created.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
activity associated with sales of bitcoins withdrawn from the Trust in connection with the redemption of Baskets may decrease
the market price of bitcoins on the Bitcoin Exchange Market, which will result in lower prices for the Shares. Decreases in the
market price of bitcoins may also occur as a result of the selling activity of other market participants. If the Bitcoin Index
Price declines, the trading price of the Shares will generally also decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
investment in the Shares may be adversely affected by competition from other methods of investing in bitcoins.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust competes with direct investments in bitcoins and other potential financial vehicles, possibly including securities backed
by or linked to bitcoins and digital currency financial vehicles similar to the Trust. Market and financial conditions, and other
conditions beyond the Sponsor&#8217;s control, may make it more attractive to invest in other financial vehicles or to invest
in bitcoins directly, which could limit the market for the Shares and reduce the liquidity of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Bitcoin Index Price may be affected by the sale of other digital currency financial vehicles that invest in and track the price
of bitcoins.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent digital currency financial vehicles other than the Trust tracking the price of bitcoins are formed and represent a
significant proportion of the demand for bitcoins, large redemptions of the securities of these digital currency financial vehicles,
or private funds holding bitcoins, could negatively affect the Bitcoin Index Price, the Trust&#8217;s Bitcoin Holdings and the
price of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
impact of geopolitical or economic events on the supply and demand for bitcoins is uncertain but could motivate large-scale sales
of bitcoins, which could result in a reduction in the Bitcoin Index Price and adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to fiat currencies that are backed by central governments, digital assets such as bitcoins, which are relatively
new, are subject to supply and demand forces based on the desirability of an alternative, decentralized means of buying and selling
goods and services, and it is unclear how such supply and demand will be impacted by geopolitical events. Nevertheless, political
or economic crises may motivate large-scale acquisitions or sales of bitcoins either globally or locally. Large-scale sales of
bitcoins would result in a reduction in the Bitcoin Index Price and could adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Demand
for bitcoin is driven, in part, by its status as the most prominent and secure digital asset. It is possible that a digital asset
other than bitcoin could have features that make it more desirable to a material portion of the digital asset user base, resulting
in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and adversely affect an investment
in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
was the first digital asset to gain global adoption and critical mass and, as a result, it has a &#8220;first-to-market&#8221;
advantage over other digital assets. As of December 31, 2025, bitcoin was the largest digital asset by market capitalization and
had the largest user base and largest combined mining power. Despite this first-to-market advantage, as of December 31, 2025,
there were over 10,000 alternative digital assets tracked by CoinMarketCap.com, having a total market capitalization of approximately
$2.96 trillion (including the approximately $1.75 trillion market cap of bitcoin), as calculated using market prices and total
available supply of each digital asset. In addition, many consortiums and financial institutions are also researching and investing
resources into private or permissioned Blockchain platforms rather than open platforms like the Bitcoin Network. Competition from
the emergence or growth of alternative digital assets could have a negative impact on the demand for, and price of, bitcoin and
thereby adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may invest in bitcoin through means other than the Shares, including through direct investments in bitcoin and other potential
financial vehicles, possibly including securities backed by or linked to bitcoin and digital asset financial vehicles similar
to the Trust. Market and financial conditions, and other conditions beyond the Sponsor&#8217;s control, may make it more attractive
to invest in other financial vehicles or to invest in bitcoin directly, which could limit the market for, and reduce the liquidity
of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking the price of bitcoin
are formed and represent a significant proportion of the demand for bitcoin, large purchases or redemptions of the securities
of these digital asset financial vehicles, or private funds holding bitcoin, could negatively affect the Bitcoin Index Price,
the Bitcoin Holdings, the price of the Shares, the NAV and the NAV per Share.</span></p>

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Factors Related to the Trust and the Shares</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the Sponsor and its management have no meaningful history of operating an investment vehicle like the Trust, their experience
may be inadequate or unsuitable to manage the Trust.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has no meaningful history of past performance in managing investment vehicles like the Trust. Affiliates of the Sponsor
have operated similar products in Europe for several years. The past performances of the Sponsor&#8217;s management in other investment
vehicles, including their experiences in the bitcoin and private funds industries, are no indication of their ability to manage
an investment vehicle such as the Trust. If the experience of the Sponsor and its management is inadequate or unsuitable to manage
an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of the Shares could decrease if unanticipated operational or trading problems arise.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mechanisms and procedures governing the creation, redemption and offering of the Shares and storage of the bitcoins have been
developed specifically for this product. There may be unanticipated problems or issues with respect to the mechanics of the Trust&#8217;s
operations and the trading of the Shares that could have an adverse effect on an investment in the Shares. In addition, although
the Trust is not actively &#8220;managed&#8221; by traditional methods, to the extent that unanticipated operational or trading
problems or issues arise, the Sponsor&#8217;s past experience and qualifications may not be suitable for solving these problems
or issues.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Shares may trade at a price that is at, above or below the Trust&#8217;s Bitcoin Holdings per Share and any discount or premium
in the trading price relative to the Trust&#8217;s Bitcoin Holdings per Share may widen as a result of non-concurrent trading
hours.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares may trade on Nasdaq at, above or below the Trust&#8217;s Bitcoin Holdings per Share. The Trust&#8217;s Bitcoin Holdings
per Share will fluctuate with changes in the market value of the Trust&#8217;s assets. The trading price of the Shares will fluctuate
in accordance with changes in the Trust&#8217;s Bitcoin Holdings per Share as well as market supply and demand. The price difference
may be due, in large part, to the fact that supply and demand forces at work in the public trading market for Shares are closely
related, but not identical, to the same forces influencing the Bitcoin Index Price. Consequently, an Authorized Participant may
be able to create or redeem a Basket of Shares at a discount or a premium to the public trading price per Share.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants, or their clients or customers, may have an opportunity to participate directly in the spot markets and they may
profit in these instances if they can create a Basket at a discount to the public trading price of the Shares or can redeem a
Basket at a premium over the public trading price of the Shares. The Sponsor expects that the exploitation of such arbitrage opportunities
by Authorized Participants and their clients and customers will tend to cause the public trading price to track the Bitcoin Holdings
per Share closely over time. Such arbitrage opportunities will not be available to Shareholders who are not Authorized Participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price
of bitcoin.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor does not actively manage the bitcoin held by the Trust. This means that the Sponsor does not sell bitcoin at times when
its price is high, or acquire bitcoin at low prices in the expectation of future price increases. It also means that the Sponsor
does not make use of any of the hedging techniques available to professional bitcoin investors to attempt to reduce the risks
of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
Authorized Participants are able to purchase or sell large aggregations of bitcoins in the open market at prices that are different
than the Bitcoin Index Price, the arbitrage mechanism intended to keep the price of the Shares closely linked to the Bitcoin Index
Price may not function properly and the Shares may trade at a discount or premium to the Bitcoin Holdings per Share.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
arbitrage mechanism on which the Trust relies to keep the price of the Shares closely linked to the Bitcoin Index Price may not
function properly if Authorized Participants are able to purchase or sell large aggregations of bitcoins in the open market at
prices that are materially higher or lower than the Bitcoin Index Price. Authorized Participants may purchase or sell bitcoins
on public or private markets not included among the Bitcoin Exchanges included in the Index, and such transactions may take place
at prices materially higher or lower than the Bitcoin Index Price. Furthermore, while the Index provides a reference rate for
the price of bitcoin by identifying the principal exchange of bitcoin at any given time, the prices on each individual Bitcoin
Exchange are not necessarily equal to the value of a bitcoin as represented by the Index.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the average price variance between the Bitcoin Index Price and the price of bitcoins on the Bitcoin Exchanges, both individually
and as a group, has historically been immaterial, the price of bitcoins on an individual Bitcoin Exchange has historically been,
and could in the future be, materially higher or lower than the Bitcoin Index Price. Under either such circumstance, the arbitrage
mechanism will function to link the price of the Shares to the prices at which Authorized Participants are able to purchase or
sell large aggregations of bitcoins. To the extent such prices differ materially from the Bitcoin Index Price, the price of the
Shares may no longer track, whether temporarily or over time, the Bitcoin Index Price, which could adversely affect an investment
in the Trust by reducing investors&#8217; confidence in the Shares&#8217; ability to track the market price of bitcoins and the
Bitcoin Index Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Arbitrage
transactions intended to keep the price of Shares closely linked to the price of bitcoin may be problematic if the process for
the purchase and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the processes of creation and redemption of Shares (which depend on timely transfers of bitcoin to and by the Custodians) encounter
any unanticipated difficulties due to, for example, the price volatility of bitcoin, the insolvency, business failure or interruption,
default, failure to perform, security breach, or other problems affecting the Prime Broker or Custodians, the operational issues
that may arise from the initial implementation of an all-cash trade model to accommodate the change from the originally contemplated
in-kind creations and redemptions to cash creations and redemptions, the closing of digital asset trading platforms due to fraud,
failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by miners, or
other problems or disruptions affecting the Bitcoin Network, then potential market participants, such as the Authorized Participants
and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity
arising from discrepancies between the price of the Shares and the price of the underlying bitcoin may not take the risk that,
as a result of those difficulties, they may not be able to realize the profit they expect. Alternatively, in the case of a network
outage or other problems affecting the Bitcoin Network, the processing of transactions on the Bitcoin Network may be disrupted,
which in turn may prevent Bitcoin Trading Counterparties from depositing or withdrawing bitcoin from their accounts, which in
turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the
price of the Shares may fluctuate independently of the price of bitcoin and may fall or otherwise diverge from NAV. Furthermore,
in the event that the market for bitcoin should become relatively illiquid and thereby materially restrict opportunities for arbitraging
by delivering bitcoin in return for Baskets, the price of Shares may diverge from the value of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions
by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the
price of the Shares may fall or otherwise diverge from NAV.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution
due to potential operational issues arising from implementing a cash creation and redemption model, which involves greater operational
steps (and therefore execution risk) than the originally contemplated in-kind creation and redemption model, or the potential
unavailability or exhaustion of the Trade Credits, which the Trust would not be able to use in connection with in-kind creations
and redemptions. Such delays could cause the execution price associated with such trades to materially deviate from the Index
price used to determine the NAV. Even though the Authorized Participant is responsible for the dollar cost of such difference
in prices, Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead
to Authorized Participants, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity
arising from discrepancies between the price of the Shares and the price of the underlying bitcoin, to elect to not participate
in the Trust&#8217;s Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep
the price of the Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise
diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur
at a premium or discount to NAV, which could harm Shareholders by causing them to buy Shares at a price higher than the value
of the underlying bitcoin held by the Trust or to sell Shares at a price lower than the value of the underlying bitcoin held by
the Trust, causing Shareholders to suffer losses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
inability of Authorized Participants and market makers to hedge their bitcoin exposure may adversely affect the liquidity of Shares
and the value of an investment in the Shares. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants and market makers will generally want to hedge their exposure in connection with Basket creation and redemption orders.
To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient
bitcoin liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of bitcoin,
wide spreads between prices quoted on different digital asset trading platforms, etc.), such conditions may make it difficult
to create or redeem Baskets or cause them not to create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized
Participants and market makers to hedge their exposure to bitcoin may not function as intended, which may make it more difficult
for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which
Shares trade on the open market. To the extent Authorized Participants wish to use futures to hedge their exposure, note that
while growing in recent years, the market for exchange-traded bitcoin futures has a limited trading history and operational experience
and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures
markets. The liquidity of the market will depend on, among other things, the adoption of bitcoin and the commercial and speculative
interest in the market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Authorized Participants serve in such capacity for several competing exchange-traded bitcoin products, which could adversely affect
the market for the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust&#8217;s
Authorized Participants are expected to serve as authorized participants or market makers for one or more exchange-traded bitcoin
products that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust.
Furthermore, because there is no obligation on the part of the Authorized Participants to engage in creation and redemption or
market making activities with respect to the Trust&#8217;s Shares, decisions by the Authorized Participants to not engage with
the Trust or its Shares may result in a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently
of the price of Trust&#8217;s bitcoin (i.e., at a greater premium or discount to the Trust&#8217;s NAV).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
postponement, suspension or rejection of creation or redemption orders may adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor may suspend or reject creation or redemption orders, as applicable, for a variety of permitted
reasons under certain circumstances. To the extent such orders are suspended or rejected, the arbitrage mechanism resulting from
the process through which Authorized Participants create and redeem Shares directly with the Trust may fail to closely link the
price of the Shares to the value of the underlying bitcoins, as measured using the Bitcoin Index Price. If this is the case, the
liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the Bitcoin Index Price and may
fall.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the placement of in-cash creation and redemption orders requires additional administrative steps as compared to in-kind creation
and redemption orders, which could hinder arbitrage opportunities for in-cash creation and redemption orders. The Sponsor, Administrator
or Marketing Agent&#8217;s failure to quickly execute such administrative steps could cause a delay in the execution of an Authorized
Participant&#8217;s order, which could hinder an Authorized Participant&#8217;s ability to arbitrage the difference between the
Bitcoin Index Price and the price of the Shares, thereby impacting an Authorized Participant&#8217;s ability to keep the price
of the Shares closely linked to the Bitcoin Index Price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust could experience unforeseen difficulties in operating and maintaining key elements of its technical infrastructure.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Account has been designed specifically to provide security for the Trust&#8217;s assets and may be expanded, updated and
altered from time to time. Any effort to expand, update or alter the security system is likely to be complex, and unanticipated
delays in the completion of these projects may lead to unanticipated project costs, operational inefficiencies or vulnerabilities
to security breaches. In addition, there may be problems with the design or implementation of the Bitcoin Account or with an expansion
or upgrade thereto that are not evident during the testing phases of design and implementation, and that may only become apparent
after the Trust has utilized the infrastructure. Any issues relating to the performance and effectiveness of the security procedures
used by the Trust and the Custodians to protect the Bitcoin Account, such as algorithms, codes, passwords, multiple signature
systems, encryption and telephone call-backs (together, the &#8220;Security Procedures&#8221;), may have an adverse impact on
an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Procedures implemented by the Custodians are technical and complex, and the Trust depends on the Security Procedures
to protect the storage, acceptance and distribution of data relating to bitcoins and the digital wallets into which the Trust
deposits its bitcoins. The Security Procedures may not protect against all errors, software flaws (i.e., bugs) or vulnerabilities.
Defects in the Security Procedures may only be discovered after a failure in a Custodian&#8217;s safekeeping and storage of the
Trust&#8217;s bitcoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not uncommon for businesses in the bitcoin space to experience large losses due to fraud and breaches of their security systems.
For example, in September 2015, the global bitcoin payment agent BitPay lost approximately $1.8 million of bitcoins due to a hacker&#8217;s
fraudulent impersonation of BitPay&#8217;s CFO, whereby the hacker was able to access the CFO&#8217;s email account and successfully
request BitPay&#8217;s custodian to transfer funds.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Trust&#8217;s private keys required to transfer the Trust&#8217;s bitcoins are stored in vaults located across the world,
including but not limited to the United States, Europe, including Switzerland, and South America, which could be subject to (i)
hostile regulatory treatment of bitcoin, (ii) unforeseen social, economic or political unrest and (iii) natural or man-made disaster.
For example, one of the Custodian&#8217;s vaults is located in a South American country that could be considered to have an elevated
risk of hostile regulatory treatment and social, economic or political unrest, including high rates of inflation and general economic
mismanagement. If a vault were compromised, it could cause a possible delay in operations of up to 72 hours, which could have
a negative impact on the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust&#8217;s and the Custodians&#8217; ability to adopt technology in response to changing security needs or trends poses a challenge
to the safekeeping of the Trust&#8217;s bitcoins.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Exchanges and large holders of bitcoins must adapt to technological change in order to secure and safeguard client accounts. While
the Sponsor believes the Security Procedures in place have been reasonably designed to safeguard the Trust&#8217;s bitcoins from
theft, loss, destruction or other issues relating to hackers and technological attack, such assessment is based on known technology
and threats. As technological change occurs, the security threats to the Trust&#8217;s bitcoins will likely adapt and previously
unknown threats may emerge. Furthermore, the Sponsor believes that the Trust may become a more appealing target of security threats
as the size of the Trust&#8217;s assets grows. To the extent that the Trust or the Custodians are unable to identify and mitigate
or stop new security threats, the Trust&#8217;s bitcoins may be subject to theft, loss, destruction or other attack, which could
have a negative impact on the performance of the Shares or result in loss of the Trust&#8217;s assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Security
threats to the Bitcoin Account could result in the halting of Trust operations, the suspension of redemptions, and a loss of Trust
assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
breaches, computer malware and computer hacking attacks have been a prevalent concern in the Bitcoin Exchange Market since the
launch of the Bitcoin Network. Any security breach caused by hacking, which involves efforts to gain unauthorized access to information
or systems, or to cause intentional malfunctions or loss or corruption of data, software, hardware or other computer equipment,
and the inadvertent transmission of computer viruses, could harm the Trust&#8217;s business operations or result in loss of the
Trust&#8217;s assets. Any breach of the Trust&#8217;s infrastructure could result in damage to the Trust&#8217;s reputation and
reduce demand for the Shares, resulting in a reduction in the price of the Shares. Furthermore, the Sponsor believes that, as
the Trust&#8217;s assets grow, it may become a more appealing target for security threats such as hackers and malware.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes that the Security Procedures that the Sponsor and Custodians utilize are reasonably designed to safeguard the
Trust&#8217;s bitcoins from theft, loss, destruction or other issues relating to hackers and technological attack. Nevertheless,
the Security Procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that
may be borne by the Trust, absent gross negligence, willful misconduct or bad faith on the part of the Sponsor, the Custodians
or their agents.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance
of an employee of the Sponsor or the Custodians, or otherwise, and, as a result, an unauthorized party may obtain access to the
Bitcoin Account, private keys, data or bitcoins. Additionally, outside parties may attempt to fraudulently induce employees of
the Custodians or the Sponsor to disclose sensitive information in order to gain access to the Trust&#8217;s infrastructure. As
the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be
designed to remain dormant until a predetermined event and often are not recognized until launched against a target, the Sponsor
may be unable to anticipate these techniques or implement adequate preventative measures. If an actual or perceived breach of
the Bitcoin Account occurs, the market perception of the effectiveness of the Trust could be harmed, which could result in a reduction
in the price of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a security breach of the Bitcoin Account, the Trust may cease operations, suspend redemptions or suffer a reduction
in assets, the occurrence of each of which could result in a reduction in the price of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
loss of confidence or breach in the Trust&#8217;s security and technology policies may adversely affect the Trust and the value
of an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust, Sponsor, Custodians and each of their agents will take measures to protect the Trust and its bitcoins from unauthorized
access, damage or theft. However, it is possible that the Security Procedures in place may not prevent improper access to, or
damage or theft of the Trust&#8217;s bitcoins. A security breach could harm the Trust&#8217;s reputation or result in the loss
of some or all of the Trust&#8217;s bitcoins, which represent the Trust&#8217;s only asset. A resulting perception that the Security
Procedures do not adequately protect the Trust&#8217;s bitcoins could result in a loss of current or potential Shareholders, reducing
demand for, and price of, the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoin
transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly
executed bitcoin transactions could adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
transactions are not reversible without the consent and active participation of the recipient of the transaction. Once a transaction
has been verified and recorded in a block that is added to the Blockchain, an incorrect transfer of bitcoins or a theft of bitcoins
generally will not be reversible and the Trust may not be capable of seeking compensation for any such transfer or theft. Although
the Trust&#8217;s transfers of bitcoins will regularly be made to or from the Bitcoin Account, it is possible that, through computer
or human error, or through theft or criminal action, the Trust&#8217;s bitcoins could be transferred from the Prime Broker or
the Custodians in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, in September 2014, the Chinese Bitcoin Exchange Huobi announced that it had sent approximately 900 bitcoins and 8,000
litecoins (worth approximately $400,000 at the prevailing market prices at the time) to the wrong customers, although it claimed
that many customers returned the bitcoins and litecoins. To the extent that the Trust is unable to seek a corrective transaction
with such third party or is incapable of identifying the third party that has received the Trust&#8217;s bitcoins through error
or theft, the Trust will be unable to revert or otherwise recover incorrectly transferred Trust bitcoins. The Trust will also
be unable to convert or recover Trust bitcoins transferred to uncontrolled accounts. To the extent that the Trust is unable to
seek redress for such error or theft, such loss could adversely affect an investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust&#8217;s bitcoins may be subject to loss, damage, theft or restriction on access.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a risk that some or all of the Trust&#8217;s bitcoins could be lost, stolen or destroyed. The Sponsor believes that the Trust&#8217;s
bitcoins held in the Bitcoin Account will be an appealing target to hackers or malware distributors seeking to destroy, damage
or steal the Trust&#8217;s bitcoins. Although the Custodians use Security Procedures with various elements, neither the Custodians
nor the Sponsor can guarantee the prevention of such loss, damage or theft, whether caused intentionally, accidentally or by an
act of God. Access to the Trust&#8217;s bitcoins could also be restricted by natural events (such as an earthquake or flood) or
human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently,
an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders&#8217;
limited rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Transfer Agent, Cash Custodian, Prime Broker
and Custodians and the Trust&#8217;s lack of direct insurance protection expose the Trust and its Shareholders to the risk of
loss of the Trust&#8217;s bitcoin for which no person is liable.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a banking institution and is not a member of the FDIC or Securities Investor Protection Corporation (&#8220;SIPC&#8221;)
and, therefore, investments in the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions.
Likewise, the Custodians are not depository institutions and are not members of the FDIC or SIPC and, therefore, the Trust&#8217;s
assets held with the Custodians are not subject to FDIC or SIPC insurance coverage. In addition, neither the Trust nor the Sponsor
insure the Trust&#8217;s bitcoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Coinbase Custodian and BitGo have advised the Sponsor that it has insurance coverage, up to $320 million in the case of the
Coinbase Custodian, $250 million in the case of BitGo and $50 million in the case of Komainu, that covers losses of the digital
assets it custodies on behalf of its clients, including the Trust&#8217;s bitcoin, resulting from theft, Shareholders cannot be
assured that the Custodians will maintain adequate insurance, that such coverage will cover losses with respect to the Trust&#8217;s
bitcoins, or that sufficient insurance proceeds will be available to cover the Trust&#8217;s losses in full. The Custodians&#8217;
insurance may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced to share such insurance
proceeds with other clients or customers of such Custodian, which could reduce the amount of such proceeds that are available
to the Trust. In addition, the bitcoin insurance market is limited, and the level of insurance maintained by a Custodian may be
substantially lower than the assets of the Trust held by such Custodian. While the Custodians maintain certain capital reserve
requirements depending on the assets under custody, and such capital reserves may provide additional means to cover client asset
losses, the Trust cannot be assured that the Custodians will maintain capital reserves sufficient to cover actual or potential
losses with respect to the Trust&#8217;s digital assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
under each of the Custody Agreements, the respective Custodian&#8217;s liability is limited. With respect to the Coinbase Custody
Agreement, Coinbase Custody&#8217;s liability is limited as follows, among others: (i) other than with respect to claims and losses
arising from spot trading of bitcoin, or fraud or willful misconduct, the Mutually Capped Liabilities (defined below), the Coinbase
Custodian&#8217;s aggregate liability under the Coinbase Custody Agreement shall not exceed the greater of (A) the greater of
(x) $5 million and (y) the aggregate fees paid by the Trust to the Coinbase Custodian in the 12 months prior to the event giving
rise to the Custodian&#8217;s liability, and (B) the value of the affected bitcoin or cash giving rise to the Coinbase Custodian&#8217;s
liability; (ii) the Coinbase Custodian&#8217;s aggregate liability in respect of each cold storage address shall not exceed $100
million; (iii) in respect of the Coinbase Custodian&#8217;s obligations to indemnify the Trust and its affiliates against third-party
claims and losses to the extent arising out of or relating to, among others, the Coinbase Custodian&#8217;s gross negligence,
violation of its confidentiality, data protection and/or information security obligations, or violation of any law, rule or regulation
with respect to the provision of its services (the &#8220;Mutually Capped Liabilities&#8221;), the Coinbase Custodian&#8217;s
liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Coinbase Custodian
in the 12 months prior to the event giving rise to the Coinbase Custodian&#8217;s liability; and (iv) in respect of any incidental,
indirect, special, punitive, consequential or similar losses, the Coinbase Custodian is not liable, even if the Coinbase Custodian
has been advised of or knew or should have known of the possibility thereof. In general, the Coinbase Custodian is not liable
under the Coinbase Custody Agreement unless in the event of its negligence, fraud, material violation of applicable law or willful
misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Coinbase Custodian. In
the event of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust&#8217;s
bitcoins or failing to properly execute instructions on behalf of the Trust, the Coinbase Custodian&#8217;s liability with respect
to the Trust will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient
to cover the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance
maintained by the Coinbase Custodian may be insufficient to cover its liabilities to the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the BitGo Custody Agreement, BitGo and its affiliates, including their officers, directors, agents, and employees,
are not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized
or unauthorized use of the Trust or Sponsor&#8217;s site or services. This includes damages arising from any contract, tort, negligence,
strict liability, or other legal grounds, even if BitGo was previously advised of, knew, or should have known about the possibility
of such damages. However, this exclusion of liability does not extend to cases of BitGo&#8217;s fraud, willful misconduct, or
gross negligence. In situations of gross negligence, BitGo&#8217;s liability is specifically limited to the value of the digital
assets or fiat currency that were affected by the negligence. Additionally, the total liability of BitGo for direct damages is
capped at the fees paid or payable to them under the relevant agreement during the three-month period immediately preceding the
first incident that caused the liability.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, Komainu&#8217;s (and its affiliates&#8217;) liability arising out of or relating to the Komainu Custody Agreement will
be limited to those damages that are caused directly by Komainu&#8217;s failure to exercise such care and skill to be reasonably
expected of a professional custodian for hire of assets of the same type as the Trust&#8217;s assets, acting without gross negligence,
willful default or fraud. More particularly, Komainu&#8217;s liability is limited by the following, among others: (i) in no event
shall Komainu (or its affiliates) be liable for any reduction in the value of the Trust&#8217;s assets; (ii) in no event shall
Komainu (or its affiliates) be liable for any losses suffered or incurred due to an event (or series of connected events) which
could reasonably be considered to be outside of Komainu&#8217;s control; (iii) in no event shall Komainu (or its affiliates) be
liable for any indirect or consequential loss, loss of profits, contract, revenue, cost, opportunity, anticipated savings, business
and/or goodwill, in each case, arising out of or in connection with the Komainu Custody Agreement, even if that loss or damage
was reasonably foreseeable or Komainu (or its affiliates) was aware of the possibility of that loss or damage arising. To the
extent that Komainu (or its affiliates) is liable in accordance with the terms of the Komainu Custody Agreement, Komainu&#8217;s
(or its affiliates&#8217;) liability to the Trust in the case of Theft (a &#8220;Theft&#8221; is defined in the Komainu Custody
Agreement as unauthorized access to Komainu&#8217;s systems by a third party resulting in a reduction of the amount of the Trust&#8217;s
assets held by Komainu on behalf of the Trust) shall be limited to the higher of the service fees (paid and/or payable) by the
Trust to Komainu under the Komainu Custody Agreement during the twenty-four (24) month period immediately preceding the Theft,
or the actual amount received by Komainu under its insurance policies maintained, if any, for the Theft. Other than in the case
of Theft, to the extent that Komainu (or its affiliates) is liable given the limitation and exclusions outlined in the Komainu
Custody Agreement, Komainu (or its affiliates) shall not be liable to the Trust (whether arising in contract, tort (including
negligence), breach of statutory duty or otherwise) for any sum which would result in Komainu&#8217;s (or its affiliates) total
liability under the Komainu Custody Agreement to exceed the service fees paid or payable by the Trust to Komainu under the agreement
during the twelve (12) month period immediately preceding the event (or series of connected events) giving rise to the liability.</span></p>



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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
under the Prime Broker Agreement, the Prime Broker&#8217;s liability is limited as follows, among others: (i) other than with
respect to claims and losses arising from spot trading of bitcoin, or fraud or willful misconduct, or the PB Mutually Capped Liabilities
(defined below), the Prime Broker&#8217;s aggregate liability shall not exceed the greater of (A) the greater of (x) $5 million
and (y) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior to the event giving rise to the Prime
Broker&#8217;s liability, and (B) the value of the cash or affected bitcoin giving rise to the Prime Broker&#8217;s liability;
(ii) in respect of the Prime Broker&#8217;s obligations to indemnify the Trust and its affiliates against third-party claims and
losses to the extent arising out of or relating to, among others, the Prime Broker&#8217;s gross negligence, violation of its
confidentiality, data protection and/or information security obligations, violation of any law, rule or regulation with respect
to the provision of its services, or the full amount of the Trust&#8217;s assets lost due to the insolvency of or security event
at a Connected Trading Venue (as defined below) (the &#8220;PB Mutually Capped Liabilities&#8221;), the Prime Broker&#8217;s liability
shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Broker in the 12 months
prior to the event giving rise to the Prime Broker&#8217;s liability; and (iii) in respect of any incidental, indirect, special,
punitive, consequential or similar losses, the Prime Broker is not liable, even if the Prime Broker has been advised of or knew
or should have known of the possibility thereof. In general, with limited exceptions (such as for failing to execute an order),
the Prime Broker is not liable under the Prime Broker Agreement unless in the event of its gross negligence, fraud, material violation
of applicable law or willful misconduct. The Prime Broker is not liable for delays, suspension of operations, failure in performance,
or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime
Broker. These and the other limitations on the Prime Broker&#8217;s liability may allow it to avoid liability for potential losses
or may be insufficient to cover the value of such potential losses, even if the Prime Broker directly caused such losses. Both
the Trust and the Prime Broker and its affiliates (including the Coinbase Custodian) are required to indemnify each other under
certain circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
in the event of an insolvency or bankruptcy of the Prime Broker (in the case of the Trading Account) or the Custodians (in the
case of the Vault Accounts) in the future, given that the contractual protections and legal rights of customers with respect to
digital assets held on their behalf by third parties are relatively untested in the bankruptcy of an entity such as the Custodian
or Prime Broker in the virtual currency industry, there is a risk that customers&#8217; assets &#8211; including the Trust&#8217;s
assets &#8211; may be considered the property of the bankruptcy estate of the Prime Broker (in the case of the Trading Account)
or the Custodians (in the case of the Vault Accounts), and customers &#8211; including the Trust &#8211; may be at risk of being
treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on the value of such
assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Custody Agreement contains an agreement by the parties to treat the bitcoin credited to the Vault Account at the Coinbase
Custodian as financial assets under Article 8 of the New York Uniform Commercial Code (&#8220;Article 8&#8221;), in addition to
stating that the Coinbase Custodian will serve as fiduciary and custodian on the Trust&#8217;s behalf. The Coinbase Custodian&#8217;s
parent, Coinbase Global Inc., has stated in its most recent public securities filings that in light of the inclusion in its custody
agreements of provisions relating to Article 8 it believes that a court would not treat custodied digital assets as part of its
general estate in the event the Coinbase Custodian were to experience insolvency. However, due to the novelty of digital asset
custodial arrangements courts have not yet considered this type of treatment for custodied digital assets and it is not possible
to predict with certainty how they would rule in such a scenario. If either Custodian became subject to insolvency proceedings
and a court were to rule that the custodied bitcoin was part of such Custodian&#8217;s general estate and not the property of
the Trust, then the Trust would be treated as a general unsecured creditor in the respective Custodian&#8217;s insolvency proceedings
and the Trust could be subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy
of a Custodian, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets
held with such Custodian, all of which could significantly and negatively impact the Trust&#8217;s operations and the value of
the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the Prime Broker Agreement, there is a risk that the Trading Account, in which the Trust&#8217;s bitcoin and cash are
held in omnibus accounts by the Prime Broker (in the latter case, as described below in &#8220;&#8212;Loss of a critical banking
relationship for, or the failure of a bank used by, the Prime Broker could adversely impact the Trust&#8217;s ability to create
or redeem Baskets, or could cause losses to the Trust&#8221;), could be considered part of the Prime Broker&#8217;s bankruptcy
estate in the event of the Prime Broker&#8217;s bankruptcy. The Prime Broker Agreement contains an Article 8 opt-in clause with
respect to the Trust&#8217;s assets held in the Trading Account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker is not required to hold any of the bitcoin or cash in the Trust&#8217;s Trading Account in segregation. Within the
Trading Account, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular bitcoin
(and cash). Instead, the Trust&#8217;s Trading Account represents an entitlement to a <i>pro rata</i> share of the bitcoin (and
cash) the Prime Broker has allocated to the omnibus wallets the Prime Broker holds, as well as the accounts in the Prime Broker&#8217;s
name that the Prime Broker maintains at Connected Trading Venues (the &#8220;Connected Trading Venue&#8221;) (which are typically
held on an omnibus, rather than segregated, basis). If the Prime Broker suffers an insolvency event, there is a risk that the
Trust&#8217;s assets held in the Trading Account could be considered part of the Prime Broker&#8217;s bankruptcy estate and the
Trust could be treated as a general unsecured creditor of the Prime Broker, which could result in losses for the Trust and Shareholders.
Moreover, in the event of the bankruptcy of the Prime Broker, an automatic stay could go into effect and protracted litigation
could be required in order to recover the assets held with the Prime Broker, all of which could significantly and negatively impact
the Trust&#8217;s operations and the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a
result of any loss of bitcoin by the Custodians or Prime Broker, absent fraud, gross negligence, bad faith or willful misconduct
on the part of the Sponsor. As a result, the recourse of the Trust or the Shareholders to the Sponsor, including in the event
of a loss of bitcoin by the Custodians or Prime Broker, is limited.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shareholders&#8217; recourse against the Sponsor and the Trust&#8217;s other service providers for the services they provide to
the Trust, including, without limitation, those relating to the holding of bitcoin or the provision of instructions relating to
the movement of bitcoin, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, any of their affiliates, nor
any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations
or liabilities of any service provider to the Trust, including, without limitation, the Custodians and Prime Broker. In particular,
the Prime Broker Agreement and Coinbase Custody Agreement provide that neither the Sponsor nor its affiliates shall have any obligation
of any kind or nature whatsoever, by guaranty, enforcement or otherwise, with respect to the performance of any of the Trust&#8217;s
obligations, agreements, representations or warranties under the Prime Broker Agreement or Coinbase Custody Agreement or any transaction
thereunder. Consequently, a loss may be suffered with respect to the Trust&#8217;s bitcoin that is not covered by a Custodian&#8217;s
insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable
law, is limited.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Trade Credits are not available or become exhausted, the Trust may face delays in buying or selling bitcoin that may adversely
impact Shareholders; if the Trust does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender
and its affiliates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
avoid having to pre-fund purchases or sales of bitcoin in connection with cash creations and redemptions and sales of bitcoin
to pay the Sponsor&#8217;s Fee and any other Trust expenses not assumed by the Sponsor, to the extent applicable, the Trust may
borrow bitcoin or cash as trade credit (&#8220;Trade Credit&#8221;) from Coinbase Credit, Inc. (the &#8220;Trade Credit Lender&#8221;)
on a short-term basis pursuant to the Coinbase Post-Trade Financing Agreement (the &#8220;Trade Financing Agreement&#8221;). The
Trade Credit Lender is only required to extend Trade Credits to the Trust to the extent such bitcoin or cash is actually available
to the Trade Credit Lender. To the extent that Trade Credits are not available or become exhausted, (1) there may be delays in
the buying and selling of bitcoin related to cash creations and redemptions or the selling of bitcoin related to paying the Sponsor&#8217;s
Fee and any other Trust expenses, to the extent applicable, (2) Trust assets may be in held the Trading Account for a longer duration
than if Trade Credits were available, and (3) the execution price associated with such trades may deviate significantly from the
Index price used to determine the net asset value of the Trust. To the extent that the execution price for purchases and sales
of bitcoin related to creations and redemptions and sales of bitcoin in connection with paying the Sponsor&#8217;s Fee and any
other Trust expenses deviate significantly from the Index price used to determine the net asset value of the Trust, the Shareholders
may be negatively impacted because the added costs of such price deviations would be incurred by the Authorized Participants and
may be passed onto the Shareholders in the secondary market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust generally must repay Trade Credits by 6:00 p.m. ET (the &#8220;Settlement Deadline&#8221;) on the calendar day immediately
following the day the Trade Credit was extended by the Trade Credit Lender to the Trust (or, if such day is not a business day,
on the next business day). Pursuant to the Trade Financing Agreement, the Trust has granted a security interest, lien on, and
right of set-off against all of the Trust&#8217;s right, title and interest, in the Trust&#8217;s Trading Account and Vault Account
established pursuant to the Prime Broker Agreement and Coinbase Custody Agreement, in order to secure the repayment by the Trust
of the Trade Credits and financing fees to the Trade Credit Lender. If the Trust fails to repay the Trade Credits to the Trade
Credit Lender on time and in full, the Trade Credit Lender can take control of the Trust&#8217;s assets held at the Coinbase Custodian
or Prime Broker and liquidate them to repay the Trade Credit debt owed by the Trust to the Trade Credit Lender.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss
of a critical banking relationship for, or the failure of a bank used by, the Prime Broker could adversely impact the Trust&#8217;s
ability to create or redeem Baskets, or could cause losses to the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker may be used to facilitate the buying and selling or settlement of bitcoin by the Trust in connection with cash creations
and redemptions between the Trust and the Authorized Participants and the sale of bitcoin to pay Trust expenses not assumed by
the Sponsor. The Prime Broker relies on bank accounts to provide its trading platform services and including temporarily holding
any cash related to a customer&#8217;s purchase or sale of bitcoin. In particular, the Prime Broker has disclosed that customer
cash held by the Prime Broker, including the cash associated with the Trust&#8217;s Trading Account, is held in one or more banks&#8217;
accounts for the benefit of the Prime Broker&#8217;s customers, or in money market funds in compliance with Rule 2a-7 under the
Investment Company Act of 1940 and rated &#8220;AAA&#8221; by S&amp;P (or the equivalent from any eligible rating service), provided
that such investments are held in accounts in Coinbase&#8217;s name for the benefit of customers and are permitted and held in
accordance with state money-transmitter laws (&#8220;Money Market Funds&#8221;). The Prime Broker has represented to the Sponsor
that it has implemented the following policy with respect to the cash associated with the Trust&#8217;s Trading Account. First,
any cash related to the Trust&#8217;s purchase or sale of bitcoin will be held in an omnibus account in the Prime Broker&#8217;s
name for the benefit of (&#8220;FBO&#8221;) its customers at each of multiple FDIC-insured banks (an &#8220;FBO Account&#8221;),
or in a Money Market Fund. The amount of Trust cash held at each FBO Account shall be in an amount at each bank that is the lower
of (i) the FDIC insurance limit for deposit insurance and (ii) any bank-specific limit set by the Prime Broker for the applicable
bank. Deposit insurance does not apply to cash held in a Money Market Fund. The Prime Broker has agreed to title the accounts
in a manner designed to enable receipt of FDIC deposit insurance where applicable on a pass-through basis, but does not guarantee
that pass-through insurance will apply since such insurance is dependent on the compliance of the bank. Second, to the extent
the Trust&#8217;s cash in the Trading Account in aggregate exceeds the amounts that can be maintained at the banks on the foregoing
basis, the Prime Broker has represented that it currently conducts an overnight sweep of the excess into U.S. government money
market funds. The Sponsor has not independently verified the Prime Broker&#8217;s representations. To the extent that the Prime
Broker faces difficulty establishing or maintaining banking relationships, the loss of the Prime Broker&#8217;s banking partners
or the imposition of operational restrictions by these banking partners and the inability of the Prime Broker to utilize other
financial institutions may result in a disruption of creation and redemption activity of the Trust, or cause other operational
disruptions or adverse effects for the Trust. In the future, it is possible that the Prime Broker could be unable to establish
accounts with new banking partners or establish new banking relationships, or that the banks with which the Prime Broker is able
to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision as
the existing providers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust could also suffer losses in the event that a bank in which the Prime Broker holds customer cash, including the cash associated
with the Trust&#8217;s Trading Account (which is used by the Prime Broker to move cash flows associated with the Trust&#8217;s
orders to sell bitcoin in connection with payment of Trust expenses not assumed by the Sponsor), fails, becomes insolvent, enters
receivership, is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to its financial condition
or operational status. Recently, some banks have experienced financial distress. For example, on March 8, 2023, the California
Department of Financial Protection and Innovation (&#8220;DFPI&#8221;) announced that Silvergate Bank had entered voluntary liquidation,
and on March 10, 2023, Silicon Valley Bank, (&#8220;SVB&#8221;), was closed by the DFPI, which appointed the FDIC, as receiver.
Similarly, on March 12, 2023, the New York Department of Financial Services took possession of Signature Bank and appointed the
FDIC as receiver. A joint statement by the Department of the Treasury, the Federal Reserve and the FDIC on March 12, 2023, stated
that depositors in Signature and SVB will have access to all of their funds, including funds held in deposit accounts, in excess
of the insured amount. On May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and
Innovation, which appointed the FDIC as receiver. Following a bidding process, the FDIC entered into a purchase and assumption
agreement with JPMorgan Chase Bank, National Association, to acquire the substantial majority of the assets and assume certain
liabilities of First Republic Bank from the FDIC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker has historically maintained banking relationships with Silvergate Bank and Signature Bank. While the Sponsor does
not believe there is a direct risk to the Trust&#8217;s assets from the failures of Silvergate Bank or Signature Bank, in the
future, changing circumstances and market conditions, some of which may be beyond the Trust&#8217;s or the Sponsor&#8217;s control,
could impair the Trust&#8217;s ability to access any of the Trust&#8217;s cash held with the Prime Broker in the Trust&#8217;s
Trading Account or associated with the Trust&#8217;s orders to sell bitcoin in connection with payment of Trust expenses not assumed
by the Sponsor. If the Prime Broker were to experience financial distress or its financial condition is otherwise affected by
the failure of its banking partners, the Prime Broker&#8217;s ability to provide services to the Trust could be affected. Moreover,
the future failure of a bank at which the Prime Broker maintains customer cash, in the Trust&#8217;s Trading Account associated
with the Trust&#8217;s orders to sell bitcoin in connection with payment of Trust expenses not assumed by the Sponsor, could result
in losses to the Trust, to the extent the balances are not subject to deposit insurance, notwithstanding the regulatory requirements
to which the Prime Broker is subject or other potential protections. Although the Prime Broker has made certain representations
to the Sponsor regarding the Prime Broker&#8217;s maintenance of records in a manner reasonably designed to qualify for FDIC insurance
on a pass-through basis in connection with the accounts in which the Prime Broker maintains cash on behalf of its customers (including
the Trust), there can be no assurance that such pass-through insurance will ultimately be made available. In addition, the Trust
may maintain cash balances with the Prime Broker that are not insured or are in excess of the FDIC&#8217;s insurance limits, or
which are maintained by the Prime Broker at Money Market Funds and subject to the attendant risks (e.g., &#8220;breaking the buck&#8221;).
As a result, the Trust could suffer losses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bitcoins
held by the Trust are not subject to FDIC or SIPC protections.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or
Securities Investor Protection Corporation (&#8220;SIPC&#8221;) and, therefore, deposits held with or assets held by the Trust
are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The undivided interests in the
Trust&#8217;s bitcoins represented by Shares in the Trust are not insured directly by the Trustee or the Sponsor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Custodians&#8217; limited liability under the Custody Agreements may impair the ability of the Trust to recover losses relating
to its bitcoins and any recovery may be limited, even in the event of fraud, to the market value of the bitcoins at the time the
fraud is discovered.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Coinbase Custody Agreement, the Coinbase Custodian&#8217;s liability is limited to the greater of (i) the market value of
the Vault Account at the time the events giving rise to the liability occurred and (ii) the fair market value of the Vault Account
at the time that the Custodian notifies the Sponsor or Trustee in writing, or the Sponsor or the Trustee otherwise has actual
knowledge of the events giving rise to the liability.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Coinbase Custodian will not be liable for any delay in performance or any non-performance of any of its custodial
obligations under the Trust Agreement or any Authorized Participant Agreement by reason of any cause beyond its reasonable control,
including acts of God, war or terrorism. The Coinbase Custodian will also not be liable for any system failure or third-party
penetration of the Bitcoin Account, unless such system failure or third-party penetration is the result of gross negligence, bad
faith or willful misconduct on the part of the Custodian. As a result, the recourse of the Trust or the Shareholder, under New
York law, is limited.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the BitGo Custody Agreement, BitGo and its affiliates, including their officers, directors, agents, and employees, are not liable
for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized
use of the Trust or Sponsor&#8217;s site or services. This includes damages arising from any contract, tort, negligence, strict
liability, or other legal grounds, even if BitGo was previously advised of, knew, or should have known about the possibility of
such damages. However, this exclusion of liability does not extend to cases of BitGo&#8217;s fraud, willful misconduct, or gross
negligence. In situations of gross negligence, BitGo&#8217;s liability is specifically limited to the value of the digital assets
or fiat currency that were affected by the negligence. Additionally, the total liability of BitGo for direct damages is capped
at the fees paid or payable to them under the relevant agreement during the three-month period immediately preceding the first
incident that caused the liability.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, BitGo shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance,
or interruption of service which results directly or indirectly from any cause or condition beyond the reasonable control of BitGo,
including, but not limited to, any delay or failure due to an act of God, natural disasters, act of civil or military authorities,
act of terrorists, including, but not limited to, cyber-related terrorist acts, hacking, government restrictions, exchange or
market rulings, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services
or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond
the reasonable control of BitGo.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Komainu Custody Agreement, Komainu&#8217;s (or its affiliates&#8217;) liability to the Trust in the case of Theft is limited
to the greater of (i) the service fees paid or payable by the Trust to Komainu under the Komanu Custody Agreement during the 24-month
period immediately preceding the Theft, or (ii) the actual amount received by Komainu under its insurance policies maintained,
if any, for the Theft, or related to such claim, which shall be prorated across all clients impacted by such Theft. Other than
in the case of Theft, Komainu (or its affiliates) shall not be liable to the Trust (whether arising in contract, tort (including
negligence), breach of statutory duty or otherwise) for any sum which would result in Komainu&#8217;s (or its affiliates&#8217;)
total liability under the Komainu Custody Agreement to exceed the service fees paid or payable by the Trust to Komainu under the
Komainu Custody Agreement during the 12-month period immediately preceding the event giving rise to liability.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Komainu shall not be liable for any losses or for its failure to comply with its obligations under the Komainu Custody
Agreement if such losses or failure is caused by, or is directly or indirectly due to circumstances beyond Komainu&#8217;s reasonable
control (including industrial action or strike action; currency restrictions; suspension or disruption of the normal procedures
and practices of, or disruption of the infrastructure of, any settlement provider, clearing house, distributed ledger technology
network, securities market or exchange; acts, omissions or insolvency of a third party; failure of a material utility supply;
war damage; terrorist action; the act of any governmental agency or other competent authority; riot; pandemic or epidemic; fire;
or flood lock-out); provided, that Komainu shall: (i) notify the Trust in a timely manner of the occurrence of a perceived force
majeure event and its anticipated duration and impact; and (ii) use reasonable efforts to minimize the effects of the event.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust may not have adequate sources of recovery if its bitcoins are lost, stolen or destroyed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust&#8217;s bitcoins are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible
party may not have the financial resources sufficient to satisfy the Trust&#8217;s claim. For example, as to a particular event
of loss, the only source of recovery for the Trust might be limited to a Custodian or, to the extent identifiable, other responsible
third parties (for example, a thief or terrorist), any of which may not have the financial resources (including liability insurance
coverage) to satisfy a valid claim of the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
a Custody Agreement is terminated or a Custodian fails to provide services as required, the Sponsor may need to find and appoint
a replacement custodian, which could pose a challenge to the safekeeping of the Trust&#8217;s bitcoins, and the Trust&#8217;s
ability to continue to operate may be adversely affected. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is dependent on the Custodians and the Bitcoin Trading Counterparties to operate. The Custodians perform essential functions
in terms of safekeeping the Trust&#8217;s bitcoin in the Vault Accounts. In addition, the Bitcoin Trading Counterparties, including
Coinbase Custodian&#8217;s affiliate, Coinbase Inc., in its capacity as Prime Broker, facilitate the buying and selling or settlement
of bitcoin by the Trust in connection with cash creations and redemptions between the Trust and the Authorized Participants, the
selling or transfer of bitcoin to pay the Sponsor&#8217;s Fee, any other Trust expenses, to the extent applicable, and in extraordinary
circumstances, to liquidate the Trust&#8217;s bitcoin. If the Custodians or Bitcoin Trading Counterparties, including Prime Broker
fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Creation Units,
which could force the Trust to liquidate or adversely affect the price of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
the Sponsor could decide to replace one of the Custodians as a Custodian with custody of the Trust&#8217;s bitcoins, pursuant
to the Custody Agreements. Similarly, the Custodians or Prime Broker could terminate their applicable agreements. The Coinbase
Custodian or Coinbase Inc. could terminate services under the Coinbase Custody Agreement or the Prime Broker Agreement, respectively,
upon providing the applicable notice to the Trust for any reason, or immediately for Cause (a &#8220;Termination for Cause&#8221;
is defined in the Coinbase Custody Agreement as (i) the Trust materially breaching any provision of the Coinbase Custody Agreement;
(ii) the Trust becomes bankrupt or insolvent; or (iii) the Trust fails to pay and settle in full its obligations to the Coinbase
Custodian&#8217;s affiliate, the Trade Credit Lender (as defined below), which may, from time to time, provide financing to the
Trust in the form of Trade Credits). In addition, BitGo may terminate the BitGo Custody Agreement for any reason upon providing
at least thirty (30) days&#8217; written notice to the Trust and to the Sponsor, or immediately if BitGo perceives a risk of legal
or regulatory non-compliance associated with the Trust&#8217;s custodial account activity, among others. Komainu may terminate
the Komainu Custody Agreement for any reason upon providing at least three (3) months&#8217; written notice to the Trust, or immediately
upon written notice to the Trust if: (i) Komainu determines, in its sole discretion, that continued provision of the custody services
would result in violation of applicable law or regulation relating to either Komaniu or the Trust and the parties are unable to
amend the relevant provisions of the Komainu Custody Agreement, (ii) a force majeure event, as defined in the Komainu Custody
Agreement, continues for at least forty-five (45) days, or (iii) the Trust does not utilize the custody services set forth in
the Komainu Custody Agreement for a period of twelve (12) months from the effective date of the Komainu Custody Agreement. Transferring
maintenance responsibilities of a Vault Account at a Custodian to another custodian will likely 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Prime Broker, Coinbase Inc. does not guarantee uninterrupted access to the Trading Platform or the services it provides to the
Trust as Prime Broker. Under certain circumstances, Coinbase Inc. is permitted to halt or suspend trading on its trading platform,
or impose limits on the amount or size of, or reject, the Trust&#8217;s orders, including in the event of, among others, (a) delays,
suspension of operations, failure in performance, or interruption of service that are directly due to a cause or condition beyond
the reasonable control of Coinbase Inc., (b) the Trust has engaged in unlawful or abusive activities or fraud, (c) the acceptance
of the Trust&#8217;s order would cause the amount of Trade Credits extended to exceed the maximum amount of Trade Credit (as defined
below) that the Trust&#8217;s agreement with the Trade Credit Lender permits to be outstanding at any one time, or (d) a security
or technology issue occurred and is continuing that results in Coinbase Inc. being unable to provide trading services or accept
the Trust&#8217;s order, in each case, subject to certain protections for the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
if a Custodian or Coinbase Inc. becomes insolvent, suffers business failure, ceases business operations, defaults on or fails
to perform their obligations under their contractual agreements with the Trust, or abruptly discontinues the services they provide
to the Trust for any reason, the Trust&#8217;s operations would be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may not be able to find a party willing to serve as the custodian of the Trust&#8217;s bitcoin or as the Trust&#8217;s
broker under the same terms as the current Custody Agreements or Prime Broker Agreement or at all. To the extent that the Sponsor
is not able to find a suitable party willing to serve as the custodian or prime broker, 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 or prime broker agreement that is less favorable for the Trust, the value of the Shares
could be adversely affected. If the Trust is unable to find a replacement prime broker, its operations could be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust&#8217;s
bitcoin. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor could decide to replace one or both of the Custodians as the custodian of the Trust&#8217;s bitcoin. Transferring maintenance
responsibilities of the Trust&#8217;s account with a Custodian to another party will likely 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. The Sponsor may not be able to find a party willing to serve as the custodian under the same
terms as the current Custody Agreements. To the extent that the Sponsor is not able to find a suitable party willing to serve
as the custodian, the Sponsor may be required to terminate the Trust and liquidate the Trust&#8217;s bitcoin.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Custodians and Cash Custodian could become insolvent. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Custodians or Cash Custodian becomes insolvent or subject to a receivership or bankruptcy proceeding, the Trust&#8217;s operations
may be adversely affected, and there is a risk that the insolvency, receivership or bankruptcy of a Custodian may result in the
loss of all or a substantial portion of the Trust&#8217;s assets or in a significant delay in the Trust having access to those
assets. The Trust&#8217;s assets will be held in one or more accounts maintained for the Trust by the Custodians. Further, the
Custodians have agreed to hold Trust assets for the benefit of the Trust as the entitlement holder, and while the Trust assets
will be commingled with assets of the Custodians&#8217; other customers in an omnibus account, such assets will not be commingled
with either Custodian&#8217;s proprietary assets. While other types of assets held in a similarly segregated manner have been
deemed not to be part of the custodian&#8217;s bankruptcy estate under various regulatory regimes, bankruptcy courts have not
yet fully addressed the appropriate treatment of custodial holdings of digital assets and any such determination may be highly
fact-specific.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties
are relatively untested in a bankruptcy or receivership proceeding of an entity such as either Custodian, in the event of an insolvency,
receivership or bankruptcy proceeding with respect to a Custodian, there is a risk that the Trust&#8217;s assets may be considered
the property of the bankruptcy estate of such Custodian, and that customers of such Custodian &#8211; including the Trust &#8211;
may be at risk of being treated as general unsecured creditors of such Custodian and subject to the risk of total loss or markdowns
on value of such assets. Moreover, even if the Trust&#8217;s assets ultimately are not treated as part of a Custodian&#8217;s
bankruptcy estate, the automatic stay could apply until the bankruptcy court made such a determination, and the limited precedent
and fact-dependent nature of the determination could delay or preclude the return of such assets to the Trust. Further, the bankruptcy
court may permit a Custodian to retain possession or custody of its customers&#8217; assets until any claims the estate may have
against the customers (including the Trust) are resolved.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
actual or perceived business failure or interruption, default, failure to perform security breach or other problems affecting
a Custodian, Cash Custodian or Bitcoin Trading Counterparties could harm the Trust&#8217;s operations, result in partial or total
loss of the Trust&#8217;s assets, damage the Trust&#8217;s reputation and negatively affect the market perception of the effectiveness
of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Authorized Participant
Agreements.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant
portion of the Shares&#8217; daily trading volume on Nasdaq terminates its Authorized Participant Agreement, the liquidity of
the Shares would likely decrease, which could adversely affect the market price of, and an investment in, the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that an active trading market for the Shares will continue to develop.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance an active trading market of the Shares will develop on Nasdaq. The Sponsor may elect to terminate the Trust
if it determines, at its sole discretion, that the Trust is not an economically viable size, i.e., if the Trust fails to raise
sufficient revenue to cover the costs associated with launching and maintaining the Trust, which could result in the liquidation
of the Trust&#8217;s bitcoins at a time that is disadvantageous to Shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that Nasdaq halts trading in the Shares, whether on a temporary or permanent basis, investors may not be able to buy
or sell Shares, thus adversely affecting an investment in the Shares. If an active trading market for the Shares does not exist
or continue to exist, the market prices and liquidity of the Shares may be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous
to Shareholders, such as when the Bitcoin Index Price is lower than it was at the time when Shareholders purchased their Shares.
In such a case, when the Trust&#8217;s bitcoins are sold as part of the Trust&#8217;s liquidation, the resulting proceeds distributed
to Shareholders will be less than if the Bitcoin Index Price were higher at the time of sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust Agreement includes a provision that restricts the right of a beneficial owner of a statutory trust from bringing a derivative
action.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware law, the right of a beneficial owner of a statutory trust (such as a Shareholder of the Trust) to bring a derivative
action (i.e., to initiate a lawsuit in the name of a the statutory trust in order to assert a claim belonging to the statutory
trust against a fiduciary of the statutory trust or against a third party when the statutory trust&#8217;s management has refused
to do so) may be restricted by the terms of the governing instrument of the statutory trust. The Trust Agreement provides that
in addition to any other requirements of applicable law, no Shareholder shall have the right, power or authority to bring or maintain
a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not affiliates
of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action,
suit or other proceeding. Therefore, the Trust Agreement limits the likelihood that a Shareholder could successfully assert a
derivative action.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Administrator is solely responsible for determining the value of the bitcoins, and any errors, discontinuance or changes in such
valuation calculations may have an adverse effect on the value of the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator will determine the Trust&#8217;s Bitcoin Holdings and Bitcoin Holdings per Share on a daily basis as soon as practicable
after 4:00 p.m. ET on each business day. The Administrator&#8217;s determination is made utilizing data from the Custodians&#8217;
operations and the Bitcoin Index Price, calculated at 4:00 p.m. ET on such day. To the extent that the Trust&#8217;s Bitcoin Holdings
or Bitcoin Holdings per Share are incorrectly calculated, the Administrator may not be liable for any error and such misreporting
of valuation data could adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extraordinary
expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for the Sponsor&#8217;s Fee, the Sponsor has contractually assumed the Sponsor-assumed Fees, which are certain operational
and periodic expenses of the Trust. Extraordinary expenses of the Trust (for example, expenses relating to litigation) are not
assumed by the Sponsor and are instead borne by the Trust and paid through the sale of the Trust&#8217;s bitcoins. Because the
Trust does not generate any income, every time that it delivers bitcoins to the Sponsor for the Sponsor&#8217;s Fee or sells bitcoins
for the Additional Trust Expenses, the number of bitcoins represented by each Share will gradually decrease over time. In addition,
the Sponsor may, at its sole discretion, increase the Sponsor&#8217;s Fee or decrease the Sponsor-paid Expenses which could result
in a greater decline in the number of bitcoins that the Trust holds. Such an increase in the Sponsor&#8217;s Fee or decrease in
the Sponsor-paid Expenses could occur if the expenses of the Trust materially increase. Alternatively, the Sponsor could choose
to decrease the Sponsor&#8217;s Fee in response to competitive pressures from other digital currency financial vehicles similar
to the Trust. The Sponsor will balance such competitive pressures and the costs that it incurs in acting as Sponsor for the Trust
when determining the Sponsor&#8217;s Fee. The Sponsor has no current intention of increasing or decreasing the Sponsor&#8217;s
Fee or modifying the terms of the Trust Agreement related to Sponsor-paid Expenses, and there are no specific circumstances under
which the Sponsor has determined it would do so.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Trust&#8217;s delivery or sale of bitcoins to pay expenses or other operations of the Trust could result in Shareholders incurring
tax liability without an associated distribution from the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
that the Trust is treated as a grantor trust for U.S. federal income tax purposes, each delivery of bitcoins by the Trust to pay
the Sponsor&#8217;s Fee or other expenses and each sale of bitcoins by the Trust to pay Additional Trust Expenses will be a taxable
event to Shareholders. Thus, the Trust&#8217;s payment of expenses could result in Shareholders&#8217; incurring tax liability
without an associated distribution from the Trust. Any such tax liability could adversely affect an investment in the Shares.
See &#8220;Item 1. Business &#8212; U.S. Federal Income Tax Consequences.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Trust incurs extraordinary expenses in U.S. dollars, the Trust will sell bitcoins to pay these expenses. The sale of the Trust&#8217;s
bitcoins to pay expenses at a time of low bitcoin prices could adversely affect the value of the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will sell bitcoins held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis, irrespective
of then-current bitcoin prices on the Bitcoin Exchange Market. The Trust is not actively managed and no attempt will be made to
protect against or to take advantage of fluctuations in the price of bitcoins. Consequently, if the Trust incurs expenses in U.S.
dollars, the Trust&#8217;s bitcoins may be sold at a time when the bitcoin prices on the Bitcoin Exchange Market are low, resulting
in a negative impact on the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent,
the Administrator or the Custodians under the Trust Documents.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Documents, each of the Sponsor, the Trustee, the Transfer Agent, the Administrator, the Custodians and Prime Broker
has a right to be indemnified by the Trust for certain liabilities or expenses that it incurs without gross negligence, bad faith
or willful misconduct on its part. Therefore, the Sponsor, Trustee, Transfer Agent, the Administrator, Custodians or Prime Broker
may require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would
reduce the Trust&#8217;s Bitcoin Holdings and the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
property rights claims may adversely affect the Trust and an investment in the Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is not aware of any intellectual property rights claims that may prevent the Trust from operating and holding bitcoins;
however, third parties may assert intellectual property rights claims relating to the operation of the Trust and the mechanics
instituted for the investment in, holding of and transfer of bitcoins. Regardless of the merit of an intellectual property or
other legal action, any legal expenses to defend or payments to settle such claims would be Additional Trust Expenses and be borne
by the Trust through the sale of the Trust&#8217;s bitcoins. Additionally, a meritorious intellectual property rights claim could
prevent the Trust from operating and force the Sponsor to terminate the Trust and liquidate the Trust&#8217;s bitcoins. As a result,
an intellectual property rights claim against the Trust could adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Related to the Regulation of the Trust and the Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
do not have the protections associated with ownership of shares in an investment company registered under the Investment Company
Act or the protections afforded by the CEA.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Company 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 Investment Company Act requires the safekeeping and proper valuation
of fund assets, greatly restricts transactions with affiliates, limits leveraging, and imposes governance requirements as a check
on fund management.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not registered as an investment company under the Investment Company 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will not hold or trade in commodity futures contracts 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 adviser 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
changes or actions may alter the nature of an investment in the Shares or restrict the use of bitcoins or the operation of the
Bitcoin Network or the Bitcoin Exchange Market in a manner that adversely affects an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
bitcoins have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including
FinCEN, SEC, 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 IRS, and state financial institution regulators) have been examining
the Bitcoin Network, bitcoin users and the Bitcoin Exchange Market, with particular focus on the extent to which bitcoins can
be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of
exchanges or other service providers that hold bitcoins for users. Many of these state and federal agencies have issued consumer
advisories regarding the risks posed by bitcoins to investors. On-going and future regulatory actions 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2013 guidance, FinCEN took the position that any administrator or exchanger of convertible digital currencies, including bitcoins,
must register with FinCEN as a money transmitter and must comply with the AML regulations applicable to money transmitters. FinCEN
subsequently issued several interpretive letters clarifying which entities would be considered administrators or exchangers and
which would be considered mere &#8220;users&#8221; not subject to registration. The requirement that bitcoin exchangers that do
business in the U.S. register with FinCEN and comply with AML regulations may increase the cost of buying and selling bitcoins
and therefore may adversely affect their price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, the NYDFS finalized a rule that requires most businesses involved in digital currency business activity in or involving
New York, excluding merchants and consumers, to apply for a license, commonly known as a BitLicense, from the NYDFS and to comply
with AML, cybersecurity, consumer protection, and financial and reporting requirements, among others. As an alternative to the
BitLicense in New York, firms can apply for a charter to become limited purpose trust companies qualified to engage in digital
currency business activity. Other states have considered regimes similar to the BitLicense (for example, a bill in California
would have imposed a similar regime, although the bill was shelved), or have required digital currency businesses to register
with their states as money transmitters, such as Washington and Georgia, which results in digital currency businesses being subject
to requirements similar to those of NYDFS&#8217; BitLicense regime. Certain state regulators, such as the Texas Department of
Banking, Kansas Office of the State Bank Commissioner and the Illinois Department of Financial and Professional Regulation, have
found that mere transmission of bitcoin, without activities involving transmission of fiat currency, does not constitute money
transmission requiring licensure. The North Carolina Commissioner of Banks has issued guidance providing that North Carolina&#8217;s
money transmission regulations only apply to the transmission of digital currency and not its use. The inconsistency in applying
money transmitting licensure requirements to certain bitcoin businesses may make it more difficult for bitcoin businesses to provide
services, which may affect consumer adoption of bitcoin and its price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, the SEC has not asserted regulatory authority over the Bitcoin Network or bitcoin trading or ownership and has not expressed
the view that digital currencies, including bitcoin should be classified or treated as securities for purposes of U.S. federal
securities laws. However, the SEC has commented on bitcoin and bitcoin-related market developments and has taken action against
investment schemes involving bitcoin. For example, in the SEC&#8217;s recent review of proposed rule changes to list and trade
shares of certain bitcoin-related investment vehicles on public markets, they have stated that the bitcoin markets are not properly
regulated. The SEC asserts that this results in the public markets&#8217; inability to enter into surveillance-sharing agreements
that help address concerns regarding fraudulent or manipulative acts and practices.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the SEC were to determine that bitcoin is a security, the Trust and the Sponsor would be subject to additional regulatory and
compliance requirements under U.S. federal securities laws, including the Investment Company Act and, with respect to the Sponsor,
the Investment Advisers Act.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CFTC treats bitcoin and other digital currencies as &#8220;commodities&#8221; under the CEA, thereby asserting jurisdiction over
futures, swaps, and other CFTC-regulated derivatives that reference digital currencies. The CFTC has not, to date, taken the view
that bitcoin is a &#8220;commodity interest,&#8221; which is defined under the CEA to include futures, swaps, and other derivatives
based on commodities. Commodity interests are subject to CFTC regulation and thus, if bitcoin were to be deemed a commodity interest
by the CFTC, the Trust and the Sponsor would be subject to additional regulatory and compliance requirements under the CEA and
CFTC regulations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that future regulatory actions or policies limit the ability to exchange bitcoins or utilize them for payments, the
demand for bitcoins will be reduced and Authorized Participants may not seek to redeem Redemption Baskets in exchange for redemption
proceeds in bitcoins. Furthermore, regulatory actions may limit the ability of end-users to convert bitcoins into fiat currency
(for example, U.S. dollars) or use bitcoins to pay for goods and services. Such regulatory actions or policies would result in
a reduction of demand, and in turn, the Bitcoin Index Price and the price of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
foreign jurisdictions may, in the near future, adopt laws, regulations or directives that affect the Bitcoin Network, the Bitcoin
Exchange Market and their users, particularly Bitcoin Exchanges and service providers that fall within such jurisdictions&#8217;
regulatory scope. Such laws, regulations or directives may conflict with those of the United States and may negatively impact
the acceptance of bitcoins by users, merchants and service providers outside the United States and may therefore impede the growth
or sustainability of the bitcoin economy in the European Union, China, the United Kingdom, Australia, Japan, Russia, Israel, Poland,
India, Hong Kong, Canada, Singapore and the United States and globally, or otherwise negatively affect the value of bitcoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
U.S. state and Federal, and foreign regulators and legislatures have taken action against virtual currency businesses or enacted
restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual
currency activity. The value of bitcoins could thus be impacted by such adverse publicity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
regulatory changes or interpretations of an Authorized Participant&#8217;s activities require the regulation of an Authorized
Participant as a money services business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy
Act or as a money transmitter or virtual currency business under state regimes for the licensing of such businesses, an Authorized
Participant may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or
nonrecurring expenses to the Authorized Participant or increased commissions for the Authorized Participant&#8217;s clients, thereby
reducing the liquidity of the Trust.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the activities of an Authorized Participant cause it to be deemed a &#8220;money services business&#8221; under
the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, an Authorized Participant may be required
to comply with FinCEN regulations, including those that would mandate an Authorized Participant to implement AML programs, make
certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant may require it
to be licensed as a money transmitter or as a virtual currency business, such as under NYDFS&#8217;s BitLicense scheme.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
additional regulatory obligations may cause the Authorized Participant to incur extraordinary expenses, possibly increasing the
levels of the commissions that an Authorized Participant charges its clients in a material and adverse manner. If an Authorized
Participant determines not to comply with such additional regulatory and registration requirements, an Authorized Participant
may terminate its role as an Authorized Participant of the Trust. Such a termination may decrease the liquidity of the Trust.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
to the extent an Authorized Participant is found to have operated without appropriate state or federal licenses, it may be subject
to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which would
harm the reputation of the Trust or its Sponsor, decrease the liquidity of the Trust, and have a material adverse effect on the
price of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Banks
may not provide banking services, or may cut off banking services, to businesses that provide bitcoin-related services or that
accept bitcoin as payment, which could damage the public perception of bitcoin and the utility of bitcoin as a payment system
and could decrease the price of bitcoins and adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
number of companies that provide bitcoin-related services have been unable to find banks that are willing to provide them with
bank accounts and banking services. Similarly, a number of such companies have had their existing bank accounts closed by their
banks. Banks may refuse to provide bank accounts and other banking services to bitcoin-related companies or companies that accept
bitcoin for a number of reasons, such as perceived compliance risks or costs. The difficulty that many businesses that provide
bitcoin-related services have and may continue to have in finding banks willing to provide them with bank accounts and other banking
services may be currently decreasing the usefulness of bitcoin as a payment system and harming public perception of bitcoin or
could decrease its usefulness and harm its public perception in the future. Similarly, the usefulness of bitcoin as a payment
system and the public perception of bitcoin could be damaged if banks were to close the accounts of many or of a few key businesses
providing bitcoin-related services. This could decrease the price of bitcoins and therefore adversely affect an investment in
the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Digital
assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse
effect on the market price of such digital assets. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant portion of bitcoin is held by a small number of holders sometimes referred to as &#8220;whales.&#8221; These holders
have the ability to manipulate the price of bitcoin. Unlike the exchanges for more traditional assets, such as equity securities
and futures contracts, bitcoin and bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals
or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially
increases the price of bitcoin). Further, the largest bitcoin wallets are believed to hold, in aggregate, a significant percentage
of the bitcoins in circulation. Moreover, it is possible that other persons or entities control multiple wallets that collectively
hold a significant number of bitcoins, even if they individually only hold a small amount, and it is possible that some of these
wallets are controlled by the same person or entity. As a result of this concentration of ownership, large sales or distributions
by such holders could have an adverse effect on the market price of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be illegal now, or in the future, to acquire, own, hold, sell or use bitcoins in one or more countries, and ownership of,
holding or trading in Shares may also be considered illegal and subject to sanctions.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United States, China, Russia or other jurisdictions may take regulatory actions in the future that severely restrict the right
to acquire, own, hold, sell or use bitcoins or to exchange bitcoins for fiat currency. Such an action may also result in the restriction
of ownership, holding or trading in the Shares. Such a restriction could subject the Trust or its Sponsor to investigations, civil
or criminal fines and penalties, which could harm the reputation of the Trust or its Sponsor, and could result in the termination
and liquidation of the Trust at a time that is disadvantageous to Shareholders, or may adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
regulatory changes or interpretations of the Trust&#8217;s or Sponsor&#8217;s activities require registration as money services
businesses under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as money transmitters
or digital currency businesses under state regimes for the licensing of such businesses, the Trust and/or Sponsor could suffer
reputational harm and also extraordinary, recurring and/or nonrecurring expenses, which would adversely impact an investment in
the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
regulatory changes or interpretations of the Trust&#8217;s or Sponsor&#8217;s activities require the registration of the Trust
or Sponsor as a money services business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy
Act, the Trust or Sponsor may be required to register and comply with such regulations. If regulatory changes or interpretations
of the Trust&#8217;s or Sponsor&#8217;s activities require the licensing or other registration as a money transmitter or business
engaged in digital currency activity (e.g., under the New York BitLicense regime) (or equivalent designation) under state law
in any state in which the Trust or Sponsor operates, the Trust or Sponsor may be required to seek licensure or otherwise register
and comply with such state law. In the event of any such requirement, to the extent that the Sponsor decides to continue the Trust,
the required registrations, licensure and regulatory compliance steps may result in extraordinary, nonrecurring expenses to the
Trust. Regulatory compliance would include, among other things, implementing AML and consumer protection programs. The Sponsor
may also decide to terminate the Trust. Any termination of the Trust in response to the changed regulatory circumstances may be
at a time that is disadvantageous to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the Trust or its Sponsor is found to have operated without appropriate state or federal licenses, it may be subject
to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which would
harm the reputation of the Trust or its Sponsor, decrease the liquidity of the Trust, and have a material adverse effect on the
price of the Shares. If the Sponsor decides to comply with such additional federal or state regulatory obligations and continue
the Trust, the required registrations, licensure and regulatory compliance steps may result in extraordinary, nonrecurring expenses
to the Trust, possibly affecting an investment in the Shares in a material and adverse manner. Furthermore, the Trust and its
service providers may not be capable of complying with certain federal or state regulatory obligations applicable to money services
businesses&#8217; money transmitters and businesses involved in digital currency business activity. If the Sponsor determines
not to comply with such requirements, the Sponsor will act to dissolve and liquidate the Trust. Any such termination could result
in the liquidation of the Trust&#8217;s bitcoins at a time that is disadvantageous to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
changes or interpretations could cause the Trust and the Sponsor to register and comply with new regulations, resulting in potentially
extraordinary, nonrecurring expenses to the Trust.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
and future legislation, CFTC and SEC rulemaking and other regulatory developments may impact the manner in which bitcoins are
treated for classification and clearing purposes. In particular, bitcoins may be classified by the CFTC as &#8220;commodity interests&#8221;
under the CEA or may be classified by the SEC as &#8220;securities&#8221; under U.S. federal securities laws. As of the date of
this Annual Report, the Sponsor is not aware of any rules that have been proposed to regulate bitcoins as a commodity interest
or a security. Although several U.S. federal district courts have recently held for certain purposes that bitcoins are currency
or a form of money, these rulings are not definitive and the Sponsor and the Trust cannot be certain as to how future regulatory
developments will impact the treatment of bitcoins under the law. In the face of such developments, the required registrations
and compliance steps may result in extraordinary, nonrecurring expenses to the Trust. If the Sponsor decides to terminate the
Trust in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous
to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that bitcoins are deemed to fall within the definition of a &#8220;commodity interest&#8221; under the CEA, the Trust
and the Sponsor may be subject to additional regulation under the CEA and CFTC regulations. The Sponsor may be required to register
as a commodity pool operator or commodity trading advisor with the CFTC and become a member of the National Futures Association
and may be subject to additional regulatory requirements with respect to the Trust, including disclosure and reporting requirements.
These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially
and adversely impacting the Shares. If the Sponsor determines not to comply with such additional regulatory and registration requirements,
the Sponsor will terminate the Trust. Any such termination could result in the liquidation of the Trust&#8217;s bitcoins at a
time that is disadvantageous to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that bitcoins are deemed to fall within the definition of a security under U.S. federal securities laws, the Trust
and the Sponsor may be subject to additional requirements under the Investment Company Act and Investment Advisers Act. The Sponsor
may be required to register as an investment adviser under the Investment Advisers Act. Such additional registration may result
in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares.
If the Sponsor determines not to comply with such additional regulatory and registration requirements, the Sponsor will terminate
the Trust. Any such termination could result in the liquidation of the Trust&#8217;s bitcoins at a time that is disadvantageous
to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
treatment of the Trust for U.S. federal income tax purposes is uncertain.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust will be treated as a grantor trust for U.S. federal income tax purposes. Assuming
that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, a <i>pro rata</i> portion
of the Trust&#8217;s income, gain, losses and deductions will &#8220;flow through&#8221; to each beneficial owner of Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the IRS were successful in asserting that the Trust is not properly classified as a grantor trust, the Trust might be classified
as a partnership for U.S. federal income tax purposes, although due to the uncertain treatment of bitcoins for U.S. federal income
tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income
tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described
herein, although there might be certain differences, including with respect to the timing of recognition of gain or loss. In addition,
tax information reports provided to Shareholders would be made in a different form. If the Trust were not classified as either
a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes.
In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at a maximum marginal rate of 21%)
on its net taxable income and certain distributions made by the Trust to Shareholders would be taxable as dividends to the extent
of the Trust&#8217;s current and accumulated earnings and profits (which, in the case of a non-U.S. Shareholder, generally would
be subject to U.S. federal withholding tax at a 30% rate (or a lower rate provided by an applicable income tax treaty)).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
treatment of bitcoins for U.S. federal income tax purposes is uncertain.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust intends to take the position that each beneficial owner of Shares generally will be treated for U.S. federal income tax
purposes as the owner of an undivided interest in the bitcoins held in the Trust. Many significant aspects of the U.S. federal
income tax treatment of bitcoins are uncertain, and the Sponsor does not intend to request a ruling from the IRS on these issues.
On March 25, 2014, the IRS released a notice (the &#8220;Notice&#8221;), which discusses certain aspects of the treatment of virtual
currencies, such as bitcoins, for U.S. federal income tax purposes. In the Notice, the IRS stated that, for U.S. federal income
tax purposes, (i) bitcoins are &#8220;property&#8221; that is not currency and (ii) bitcoins may be held as capital assets. There
can be no assurance, however, that the IRS will not alter its position with respect to bitcoins in the future or that a court
would uphold the treatment set forth in the Notice. In addition, legislation has been introduced that would, if enacted, cause
bitcoins to be treated as currency for U.S. federal income tax purposes. If bitcoins were properly treated as currency for U.S.
federal income tax purposes, gains recognized on the disposition of bitcoins would constitute ordinary income, and losses recognized
on the disposition of bitcoins could be subject to special reporting requirements applicable to &#8220;reportable transactions.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notice does not address other significant aspects of the U.S. federal income tax treatment of bitcoins, including: (i) whether
bitcoins are properly treated as &#8220;commodities&#8221; for U.S. federal income tax purposes; (ii) whether bitcoins are properly
treated as &#8220;collectibles&#8221; for U.S. federal income tax purposes, (iii) the proper method of determining a holder&#8217;s
holding period and tax basis for bitcoins acquired at different times or at varying prices; and (iv) whether and how a holder
of bitcoins acquired at different times or at varying prices may designate, for U.S. federal income tax purposes, which of the
bitcoins is transferred in a subsequent sale, exchange or other disposition. Later, the IRS released a revenue ruling and a set
of &#8220;Frequently Asked Questions&#8221; (the &#8220;2019 Ruling &amp; FAQs&#8221;) that provide some additional guidance,
including guidance to the effect that, under certain circumstances, hard forks of digital assets are taxable events giving rise
to ordinary income and guidance with respect to the determination of the tax basis of digital assets. Recently, the IRS released
additional guidance confirming that staking income paid in digital assets is included in gross income. (the &#8220;2023 Ruling&#8221;
The 2019 Ruling and the 2023 Ruling, the &#8220;Rulings&#8221;). However, the Notice and the Rulings &amp; FAQs do not address
other significant aspects of the U.S. federal income tax treatment of digital assets. Moreover, although the Rulings &amp; FAQs
address the treatment of hard forks, there continues to be significant uncertainty with respect to the timing and amount of the
income inclusions. While the Rulings &amp; FAQs do not address most situations in which airdrops occur, it is clear from the reasoning
of the Rulings &amp; FAQs that the IRS generally would treat an airdrop as a taxable event giving rise to ordinary income.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
investors are urged to consult their tax advisers regarding the substantial uncertainty regarding the tax consequences of an investment
in bitcoins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
developments in the tax treatment of bitcoins could adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
New York State Department of Taxation and Finance (&#8220;NYDTF&#8221;) has issued guidance regarding the application of New York
State tax law to virtual currencies such as bitcoins. The NYDTF determined that New York State would follow the Notice with respect
to the treatment of virtual currencies such as bitcoins for state income tax purposes. Furthermore, the NYDTF took the position
that virtual currencies such as bitcoin are a form of &#8220;intangible property,&#8221; with the result that the purchase and
sale of bitcoins for fiat currency is not subject to New York state sales tax (although exchanges of bitcoin for other goods and
services may be subject to sales tax under barter transaction treatment). The New Jersey Division of Taxation has issued similar
guidance, while the taxing authorities of various states other than New York and New Jersey have issued guidance exempting the
acquisition and/or disposition of bitcoins from sales tax. It is unclear what further guidance on the treatment of bitcoins for
state tax purposes may be issued in the future. If a state does not follow the Notice, such state&#8217;s treatment of bitcoins
may have negative consequences, including the imposition of a greater tax burden on investors in bitcoin or the imposition of
a greater cost on the acquisition and disposition of bitcoins generally. Any such treatment may have a negative effect on the
prices of bitcoins in the Bitcoin Exchange Market and may adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
treatment of virtual currencies such as bitcoins for tax purposes by non-U.S. jurisdictions may differ from the treatment of virtual
currencies by the IRS or the NYDTF. If a foreign jurisdiction with a significant share of the market of bitcoin users imposes
onerous tax burdens on bitcoin users, or imposes sales or value-added tax on purchases and sales of bitcoins for fiat currency,
such actions could result in decreased demand for bitcoins in such jurisdiction, which could adversely affect the price of bitcoins
and the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Related to the Index</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Index, BRR and BRTI each have a limited history.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Index, which was introduced on February 28, 2022, is based on materially the same methodology (except calculation time) as the
BRR, which was first introduced on November 14, 2016, and is the rate on which bitcoin futures contracts are cash-settled in U.S.
dollars at the CME. The Index and the BRR have a limited history and their value is an average composite reference rate calculated
using volume-weighted trading price data from the Constituent Platforms. A longer history of actual performance through various
economic and market conditions would provide greater and more reliable information for an investor to assess the Index&#8217;s
performance. The Benchmark Administrator has substantial discretion at any time to change the methodology used to calculate the
Index, including the Constituent Platforms that contribute prices to the Trust&#8217;s NAV. The Benchmark Administrator does not
have any obligation to take the needs of the Trust, the Shareholders, or anyone else into consideration in connection with such
changes. There is no guarantee that the methodology currently used in calculating the Index will appropriately track the price
of bitcoin in the future. Neither the CME Group nor the Benchmark Administrator has any obligation to take the needs of the Trust
or the Shareholders into consideration in determining, composing, or calculating the Index or in the selection of the Constituent
Platforms used. The Constituent Platforms are chosen by the Benchmark Provider, under the oversight of the CME CF Cryptocurrency
Pricing Products Oversight Committee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pricing sources (Constituent Platforms) used by the Index are digital asset trading venues that facilitate the buying and selling
of bitcoin and other digital assets. Although many pricing sources refer to themselves as &#8220;exchanges,&#8221; they are not
registered with, or supervised by, the SEC or CFTC and do not meet the regulatory standards of a national securities exchange
or designated contract market. For these reasons, among others, purchases and sales of bitcoin may be subject to temporary distortions
or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention.
These circumstances could affect the price of bitcoin used in Index calculations and, therefore, could adversely affect the bitcoin
price as reflected by the Index.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Constituent Platforms have changed over time. For example, effective April 2017, Bitfinex and OKcoin were removed from the BRR
due to trading restrictions. On January 25, 2019, itBit was suspended from the BRR due to data quality issues, which suspension
was lifted on February 1, 2019 after the Benchmark Administrator confirmed that data quality assurance measures were in place
to identify the errors that the itBit data contained through a full match of parameters. On August 30, 2019, Gemini was added
to the BRR. The Benchmark Provider, under the oversight of the CME CF Cryptocurrency Pricing Products Oversight Committee, may
remove or add Constituent Platforms in the future at its discretion. For more information on the inclusion criteria for Constituent
Platforms in the Index, see &#8220;Use of the CME CF Bitcoin Reference Rate &#8211; New York Variant.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Index is based on various inputs which may include price data from various third-party digital asset trading platforms. Neither
the CME Group nor the Benchmark Administrator guarantees the validity of any of these inputs, which may be subject to technological
error, manipulative activity, or fraudulent reporting from their initial source.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust utilizes the Index to establish its NAV and NAV per Share. In the event that the Index is incorrectly calculated, is not
timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact an investment
in the Shares or the Trust&#8217;s operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BRTI also has a limited history and shares some of the same structural and methodological features and risks as the Index. The
Trust utilizes the BRTI to establish its ITV. While investors are capable of assessing the intra-day movement of the price of
the Shares and the bitcoin market price of bitcoin, Shareholders may use the ITV as a data point in their assessment of the value
of the Shares. In the event that the BRTI is incorrectly calculated, is not timely calculated or changes its calculation methodology
in the future, such an occurrence may adversely impact the utility of the ITV to Shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Index and BRTI are designed to accurately capture the market price of bitcoin, third parties may be able to purchase and sell
bitcoin on public or private markets not included among the Constituent Platforms of the Index and BRTI, and such transactions
may take place at prices materially higher or lower than the level of the Index used to establish the NAV. To the extent such
prices differ materially from the level of the Index used to establish the NAV, investors may lose confidence in the Shares&#8217;
ability to track the market price of bitcoin, which could adversely affect an investment in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Benchmark Administrator could experience systems failures or errors.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the computers or other facilities of the Benchmark Provider, data providers and/or relevant stock exchange malfunction for any
reason, calculation and dissemination of the Index may be delayed. Errors in Index data, the Index computations and/or construction
may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse
impact on the Trust and the Shareholders. Any of the foregoing may lead to errors in the Index, which may lead to a different
investment outcome for the Trust and its Shareholders than would have been the case had such events not occurred. The Index is
the reference price for calculating the Trust&#8217;s NAV. Consequently, losses or costs associated with the Index&#8217;s errors
or other risks described above will generally be borne by the Trust and the Shareholders and neither the Sponsor nor its affiliates
or agents make any representations or warranties regarding the foregoing.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Index is not available, the Trust&#8217;s holdings may be fair valued in accordance with the policy approved by the Sponsor.
To the extent the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual
market price of bitcoin, the price of the Shares may no longer track, whether temporarily or over time, the global market price
of bitcoin, which could adversely affect an investment in the Trust by reducing investors&#8217; confidence in the Shares&#8217;
ability to track the global market price of bitcoin. To the extent such prices differ materially from the market price for bitcoin,
investors may lose confidence in the Shares&#8217; ability to track the market price of bitcoins, which could adversely affect
the value of the Shares. The Sponsor does not anticipate that the need to &#8220;fair value&#8221; bitcoin will be a common occurrence.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Index could fail to track the global bitcoin price and a failure of the Index could adversely affect the value of the Shares</i></b><i>.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Index is intended to accurately capture the market price of bitcoin, third parties may be able to purchase and sell bitcoin
on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially
higher or lower than the Index price. Moreover, there may be variances in the prices of bitcoin on the various Constituent Platforms,
including as a result of differences in fee structures or administrative procedures on different Constituent Platforms. While
the Index provides a U.S. dollar-denominated composite for the price of bitcoin based on the volume-weighted price of a bitcoin
on certain Constituent Platforms, at any given time, the prices on each such Constituent Platform or pricing source may not be
equal to the value of a bitcoin as represented by the Index. It is possible that the price of bitcoins on the Constituent Platforms
could be materially higher or lower than the Index price. To the extent the Index price differs materially from the actual prices
available on a Constituent Platform, or the global market price of bitcoin, the price of the Shares may no longer track, whether
temporarily or over time, the global market price of bitcoin, which could adversely affect an investment in the Trust by reducing
investors&#8217; confidence in the Shares&#8217; ability to track the market price of bitcoin. To the extent such prices differ
materially from the Index price, investors may lose confidence in the Shares&#8217; ability to track the market price of bitcoins,
which could adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Sponsor can discontinue using the Index and use a different pricing or valuation methodology instead.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Trust to price its portfolio based on an index, benchmark or standard other than
the Index at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another
index, benchmark or standard better aligns with the Trust&#8217;s investment objective and strategy. The Sponsor may make this
decision for a number of reasons, including, but not limited to, a determination that the Index price of bitcoin differs materially
from the global market price of bitcoin and/or that third parties are able to purchase and sell bitcoin on public or private markets
not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the
Index price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that
the Sponsor intends to establish the Trust&#8217;s NAV by reference to an index, benchmark or standard other than the Index, it
will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust&#8217;s
annual or quarterly reports.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Index price used to calculate the value of the Trust&#8217;s bitcoin may be volatile, adversely affecting the value of the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of bitcoin on public digital asset trading platforms has a limited history, and during this history, bitcoin prices on the
digital asset markets more generally, and on digital asset trading platforms individually, have been volatile and subject to influence
by many factors, including operational interruptions. While the Index is designed to limit exposure to the interruption of individual
digital asset trading platforms, the Index price, and the price of bitcoin generally, remains subject to volatility experienced
by digital asset exchanges, and such volatility could adversely affect the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because the number of liquid and credible digital asset trading platforms is limited, the Index will necessarily be composed of
a limited number of digital asset trading platforms. If a digital asset trading platform were subjected to regulatory, volatility
or other pricing issues, the Benchmark Administrator would have limited ability to remove such digital asset trading platform
from the Index, which could skew the price of bitcoin as represented by the Index. Trading on a limited number of digital asset
trading platforms may result in less favorable prices and decreased liquidity of bitcoin and, therefore, could have an adverse
effect on the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Index price being used to determine the NAV of the Trust may not be consistent with GAAP. To the extent that the Trust&#8217;s
financial statements are determined using a different pricing source that is consistent with GAAP, the NAV reported in the Trust&#8217;s
periodic financial statements may differ, in some cases significantly, from the Trust&#8217;s NAV determined using the Index pricing.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will determine the NAV of the Trust on each business day based on the value of bitcoin as reflected by the Index. The methodology
used to calculate the Index price to value bitcoin in determining the NAV of the Trust may not be deemed consistent with GAAP.
To the extent the methodology used to calculate the Index is deemed inconsistent with GAAP, the Trust will utilize an alternative
GAAP-consistent pricing source for purposes of the Trust&#8217;s periodic financial statements. Creation and redemption of Baskets,
the Sponsor&#8217;s Fee and other expenses borne by the Trust will be determined using the Trust&#8217;s NAV determined daily
based on the Index. Such NAV of the Trust determined using the Index price may differ, in some cases significantly, from the NAV
reported in the Trust&#8217;s periodic financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Index is subject to the limitations of its methodology and the bitcoin market. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Though
the Index is designed to be representative of the bitcoin market or otherwise align with its stated objective, it may not be representative
in every case or achieve its stated objective in all instances. The Index is designed and calculated strictly to follow the rules
of its methodology, and any Index price or other output is limited in its usefulness to such design and calculation. In addition,
the Index will necessarily be composed of a limited number of potential principal markets, and thus the Index may not reflect
the value of bitcoin on crypto exchanges not considered in the Index. Furthermore, the Benchmark Administrator does not publicize
its methodology at any given time, which may limit the ability of investors to evaluate the bitcoin prices that establish the
value of the Index.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bitcoin market can be volatile, including those market interests that the Index intends to measure or upon which the Index is
dependent in order to achieve its stated objective. For example, illiquidity can have an impact on the quality or amount of data
available to the Benchmark Administrator for calculation, and may cause the Index to produce unpredictable or unanticipated results.
In addition, market trends and changes to market structure may render the objective of the Index unachievable or cause the Index
to become impractical to replicate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Related to Pricing.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s portfolio will be priced, including for purposes of determining the NAV, based on the Index. The price of bitcoin
in U.S. dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the
NAV.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV of the Trust will change as fluctuations occur in the market price of the Trust&#8217;s Bitcoin Holdings as reflected in the
Index. Shareholders should be aware that the public trading price per Share may be different from the NAV for a number of reasons,
including price volatility, trading activity, the closing of digital asset trading platforms due to fraud, failure, security breaches
or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not
identical, to the supply and demand forces influencing the market price of bitcoin.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
also should note that the size of the Trust in terms of total bitcoin held may change substantially over time and as Baskets are
created and redeemed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the value of the Trust&#8217;s Bitcoin Holdings or Bitcoin Holdings per Share is incorrectly calculated, neither
the Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect
the value of the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index
tracking risk. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Trust will attempt to structure its portfolio so that investments track the Index, the Trust may not achieve the desired degree
of correlation between its performance and that of the Index and thus may not achieve its investment objective. The difference
in performance may be due to factors such as fees, transaction costs, redemptions of, and subscriptions for, Shares, pricing differences
or the cost to the Trust of complying with various new or existing regulatory requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of bitcoin as reflected by the Index may be subject to momentum pricing due to speculation regarding future appreciation
in value, leading to greater volatility which could adversely affect an investment in the Shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts
for anticipated future appreciation in value. The Index is determined using data from various Bitcoin Exchanges. The Sponsor believes
that momentum pricing of bitcoin has resulted, and may continue to result, in speculation regarding future appreciation in the
value of bitcoin, inflating and making the Index more volatile. As a result, bitcoin may be more likely to fluctuate in value
due to changing investor confidence in future appreciation or depreciation in the Index, which could adversely affect an investment
in the Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Related to Potential Conflicts of Interest</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Potential
conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary
duties to the Trust and its Shareholders, which may permit them to favor their own interests to the detriment of the Trust and
its Shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will manage the business and affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates,
including the Benchmark Administrator and the Authorized Participants, on the one hand, and the Trust and its Shareholders, on
the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over
the Trust and its Shareholders. These potential conflicts include, among others, the following:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has
    no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its Shareholders
    in resolving conflicts of interest;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust has agreed
    to indemnify the Sponsor and its affiliates pursuant to the Trust Agreement;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor is responsible
    for allocating its own limited resources among different clients and potential future business ventures, to each of which
    it owes fiduciary duties;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor may
    select service providers that are affiliates, such as Komainu, which may create or give the appearance of a conflict of interest
    with Shareholders&#8217; best interest;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor&#8217;s
    staff also services affiliates of the Sponsor and their respective clients and cannot devote all of its, or their, respective
    time or resources to the management of the business and affairs of the Trust;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor, its
    affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including
    those that might be in direct competition with the Trust;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is an absence
    of arm&#8217;s-length negotiation with respect to certain terms of the Trust, and, where applicable, there has been no independent
    due diligence conducted with respect to this offering; and</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 30px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor decides
    whether to retain separate counsel, accountants or others to perform services for the Trust.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Prime
Broker.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Broker may have actual or potential conflicts of interest in connection with providing Prime Broker Services. The Prime
Broker provides various services to the Trust, including custody and settlement. The Prime Broker may also act as a Bitcoin Trading
Counterparty, meaning that it buys and sells bitcoin from and to the Trust in connection with the creation and redemption of Baskets.
This dual role may create a situation where the interests of the Prime Broker do not align with the interests of Shareholders.
As a result, the Prime Broker may have an incentive to favor its own interests and interests of its affiliates over those of the
Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has no control over the actions of the Prime Broker and relies on the Prime Broker to act in good faith and in compliance
with applicable laws and regulations and the Prime Broker Agreement, which requires the Prime Broker to have in place certain
policies and procedures designed to mitigate such conflicts. However, there can be no assurance that the Prime Broker will not
abuse its dual roles or that the Sponsor will be able to detect, prevent, or remedy any such abuse. The Trust may also have limited
recourse or ability to enforce its rights against the Prime Broker in the event of a dispute or breach. Therefore, the Prime Broker&#8217;s
conflicts of interest may adversely affect the Trust&#8217;s operations and performance, and may result in losses or liabilities
for the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Affiliates
of the Sponsor may invest in or trade bitcoin without regard to the interests of the Trust or its Shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliates
of the Sponsor have substantial direct investments in bitcoins. Such affiliates of the Sponsor are permitted to manage such investments,
taking into account their own interests, without regard to the interests of the Trust or its Shareholders. Affiliates of the Sponsor
may obtain exposure to bitcoin through investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that any substantial investment in bitcoins is initiated, materially increased or materially reduced, such investment
can affect the Bitcoin Index Price. The initiation of, or material increases in, a substantial investment in bitcoin may result
in an increase in the Bitcoin Index Price. A material reduction in a substantial investment may result in a decrease in the Bitcoin
Index Price, having a negative impact on the value of Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
cannot be assured of the Sponsor&#8217;s continued services, the discontinuance of which may be detrimental to the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
cannot be assured that the Sponsor will be willing or able to continue to serve as sponsor to the Trust for any length of time.
If the Sponsor discontinues its activities on behalf of the Trust and a substitute sponsor is not appointed, the Trust will terminate
and liquidate the bitcoins held by the Trust.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
of a substitute sponsor will not guarantee the Trust&#8217;s continued operation, successful or otherwise. Because a substitute
sponsor may have no experience managing a digital currency financial vehicle, a substitute sponsor may not have the experience,
knowledge or expertise required to ensure that the Trust will operate successfully or to continue to operate at all. Therefore,
the appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the
Trust may terminate.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Custodians owe no fiduciary duties to the Trust or the Shareholders, is not required to act in their best interest and could resign
or be removed by the Sponsor, which could trigger early termination of the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
of the Custodians is a trustee for, and owes no fiduciary duties to, the Trust or the Shareholders. In addition, the Custodians
have no duty to continue to act as a custodian of the Trust. The Custodians can terminate their role as custodian for any reason
whatsoever upon the notice period provided under the relevant Custody Agreement. The Custodians may also be terminated. If the
Custodians resign or are removed without replacement such that the Trust does not have an available custody solution for its bitcoin,
the Trust will dissolve in accordance with the terms of the Trust Agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Custodians&#8217; abilities to adopt technology in response to changing security needs or trends pose a challenge to the safekeeping
of the Trust&#8217;s bitcoins.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
history of the Bitcoin Exchange Market has shown that Bitcoin Exchanges and large holders of bitcoins must adapt to technological
change in order to secure and safeguard client accounts. While the Custodians are required in their respective agreements to safeguard
the Vault Accounts from theft, loss, destruction or other issues relating to hackers and technological attacks, their ability
to do so is based on known technology and threats. As technological change occurs, the security threats to the Vault Accounts
will likely adapt and previously unknown threats may emerge. Furthermore, the Sponsor believes that the Trust may become a more
appealing target of security threats as the size of the Trust&#8217;s assets grows. To the extent that the Custodians are unable
to identify and mitigate or stop new security threats, the Vault Accounts may be subject to theft, loss, destruction or other
attack, which could have a negative impact on the performance of the Shares or result in loss of the Trust&#8217;s assets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Sponsor and its affiliates, or another entity (i.e., a seed investor), may invest in the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, its affiliates, or a seed investor, may invest in the Trust at or near the establishment of the Trust, which may facilitate
the Trust achieving a specified size or scale. Seed investors may contribute all or a majority of the assets in the Trust. There
is a risk that such seed investors may redeem their investments in the Trust. Such redemptions could have a significant negative
impact on the Trust, including on its liquidity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
may be adversely affected by the lack of independent advisers representing investors in the Trust.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has consulted with counsel, accountants and other advisers regarding the formation and operation of the Trust. No counsel
has been appointed to represent an investor in connection with the offering of the Shares. Accordingly, an investor should consult
his, her or its own legal, tax and financial advisers regarding the desirability of an investment in the Shares. Lack of such
consultation may lead to an undesirable investment decision with respect to investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
may be adversely affected by the lack of regular shareholder meetings and no voting rights.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, Shareholders have limited voting rights and the Trust will not have regular Shareholder meetings and take
no part in the management or control of the Trust. Accordingly, Shareholders do not have the right to authorize actions, appoint
service providers or take other actions as may be taken by shareholders of other trusts or companies where shares carry such rights.
Shareholders, may, however, remove and replace the Sponsor by the affirmative vote of a majority of the outstanding Shares. The
Shareholders&#8217; limited voting rights, however, give almost all control under the Trust Agreement to the Sponsor and the Trustee.
The Sponsor may take actions in the operation of the Trust that may be adverse to the interests of Shareholders. The Sponsor&#8217;s
operation of the Trust could adversely affect an investment in the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka004"></span>Item
1B. Unresolved Staff Comments.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka005"></span>Item
1C. Cybersecurity.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000046" name="cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock"><p id="xdx_809_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_zcxWC3CrEK53" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_82F_zD9vHmOBHoi2">Cybersecurity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has adopted an organizational wide cybersecurity program. <span id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250101__20251231_z9KFVlrLfNjH" class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000047" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock">The program is administered by the Head of IT of the Sponsor
(the &#8220;Head of IT&#8221;). </ix:nonNumeric></span>The Sponsor&#8217;s objective, in the development and implementation of this comprehensive cybersecurity
program, is to create effective administrative, technical, and physical safeguards for the protection of personal information
of the organization and its clients.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Program
Details</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has designated the Head of IT to implement and maintain the cybersecurity program. The Head of IT may delegate any of
the Head of IT&#8217;s responsibilities to appropriate designees as long as the Head of IT remains primarily responsible for compliance
oversight and administration. The Head of IT is responsible for:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td style="width: 86.25pt"/><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
                                         implementation of the cybersecurity program;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"/><td style="width: 17.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ongoing
                                         employee education;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"/><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
                                         testing of the cybersecurity program&#8217;s safeguards;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluating
                                         the ability of each of our third party service providers to implement and maintain appropriate
                                         security measures for the personal information to which we have permitted them access,
                                         and requiring such third party service providers by contract to implement and maintain
                                         appropriate security measures.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing
                                         the scope of the security measures in the cybersecurity program at least annually, or
                                         whenever there is a material change in our business practices that may implicate the
                                         security or integrity of records containing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification
of Risks and Cybersecurity Governance</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
combat internal risks to the security, confidentiality, and/or integrity of any electronic records containing personal information,
and evaluating and improving, where necessary, the effectiveness of the current safeguards for limiting such risks, the Sponsor
has identified the following risks that are present to its business as well as procedures to help mitigate those risks:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Internal
Threats</span></span></p>

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

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<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                         must be communication to employees on the detailed provisions of the cybersecurity program
                                         at onboarding and annually.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
                                         to records containing client&#8217;s personal information shall be limited to those persons
                                         who are reasonably required to know such information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         security measures shall be reviewed at least annually, or whenever there is a material
                                         change in our business practices that may reasonably implicate the security or integrity
                                         of records containing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminated
                                         employees must return all records containing personal information, in any form, that
                                         may at the time of such termination be in the former employee&#8217;s possession.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         terminated employee&#8217;s physical and electronic access to personal information must
                                         be immediately blocked. Such terminated employee shall be required to surrender all keys,
                                         IDs or access codes or badges, business cards, and the like, that permit access to the
                                         firm&#8217;s premises or information. Moreover, such terminated employee&#8217;s remote
                                         electronic access to personal information must be disabled; his/her voicemail access,
                                         e-mail access, internet access, and passwords must be invalidated.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         employees&#8217; user ID&#8217;s and passwords must be managed in accordance to the Sponsor&#8217;s
                                         password policy.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are encouraged to report any suspicious or unauthorized use of customer information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are prohibited from keeping open files containing personal information on their computer
                                         screen when they are not at their desks. Employees are responsible for locking computer
                                         screen when away from workspace.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<td style="width: 86.2pt"/><td style="width: 18pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must not share login information with co-workers.</span></td>
</tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">External
Threats</span></span></p>

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

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<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date firewall protection (if applicable) and operating
                                         system security patches, reasonably designed to maintain the integrity of the personal
                                         information, installed on systems processing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date versions of system security agent software
                                         which must include malware protection and reasonably up-to-date patches and virus definitions,
                                         installed on systems processing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent technically feasible, personal information stored on portable devices, such
                                         as laptops or tablets, must be password protected, as must all records and files transmitted
                                         across public networks or wirelessly, to the extent technically feasible.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         computer systems must be monitored for unauthorized use of or access to personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Remote Client Access and Funds Transfer Requests</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Sponsor does not provide its clients with online account access nor does process funds transfer requests. If the firm&#8217;s
business changes to allow for remote client access and funds transfer requests, the Sponsor will update the cybersecurity program
accordingly by identifying the potential risks involved and implementing the appropriate safeguards to protect the client&#8217;s
personal information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Vendors and Other Third Parties</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor periodically conducts risk assessments with vendors and other third parties that have access to the Firm&#8217;s networks,
customer data, and other sensitive information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Detection
of Unauthorized Activity</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
who believe their terminal or computer systems have been subjected to unauthorized activity, or has otherwise been improperly
accessed or used, are required to report the situation to the Head of IT immediately to determine the course of action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor takes the issue of security seriously. Firm employees who use the technology and information resources of the firm must
be aware that they can be disciplined if they violate this policy. Upon violation of this policy, an employee may be subject to
discipline up to and including discharge. The specific discipline imposed will be determined by a case-by-case basis, taking into
consideration the nature and severity of the violation of the cybersecurity program, prior violations of the policy committed
by the individual, state and federal laws and all other relevant information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a case where the accused person is not a firm employee, the matter shall be submitted to the Head of IT. The Head of IT may refer
the information to law enforcement agencies and/or prosecutors for consideration as to whether criminal charges should be filed
against the alleged violator(s).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Updates
to the Cybersecurity Program</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Head of IT reviews the cybersecurity program on a periodic basis and updates the program based on changes in the firm&#8217;s
business, effectiveness of the safeguards, and any additional risk factors that become present. The Head of IT will inform management
of the results of the reviews and any recommendations for improved security arising out of the reviews.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if an incident occurs that is determined to be in violation of the cybersecurity program, there shall be an immediate mandatory
post-incident review of events and actions taken, if any, with a view to determining whether any changes in our security practices
are required to improve the security of personal information for which the Firm is responsible.</span></p>

</ix:nonNumeric><p id="xdx_812_zK2RN9qzE6VC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka006"></span>Item
2. Properties.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka007"></span>Item
3. Legal Proceedings.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka008"></span>Item
4. Mine Safety Disclosures.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka009"></span>PART
II</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka010"></span>Item
5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares of the Trust are listed in the accompanying table. The date the Shares of the Trust began trading, their symbols and their
primary listing exchange are indicated below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trust</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commencement
    of Operations</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ticker
    Symbol</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
    Bitcoin ETF</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    11, 2024</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRRR</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Nasdaq Stock Market, LLC</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of January 31, 2026, there were approximately 64 Direct Participants holding Shares of the Trust on behalf of their customers
as beneficial owners of Shares. Because most of the Trust&#8217;s Shares are held by brokers and other institutions on behalf
of Shareholders, we are unable to estimate the total number of Shareholders represented by these record holders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)
</b>In connection with redemptions of baskets held by an Authorized Participant, BRRR redeemed 227 baskets (comprising 1,135,000
Shares) during the three months ended December 31, 2025, at an average price per Share of $30.32. The following table provides
information about BRRR&#8217;s redemptions by Authorized Participants during the three months ended December 31, 2025:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Calendar Month</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number<br/> of Shares<br/> Redeemed</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average <br/> Price<br/> Paid per<br/> Share</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 73%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 2025</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">625,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">32.03</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2025</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">510,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28.23</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2025</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,135,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka011"></span>Item
6. [Reserved]</b></span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka012"></span>Item
7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified
in its entirety by reference to, our audited financial statements and related notes included elsewhere in this Annual Report,
which have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;).
The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results
could differ materially from those discussed in these forward-looking statements. </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
of the Trust</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business and operations of the Trust are described above under Part I, Item I under the heading &#8220;Business&#8221;, which
is incorporated into this Item by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objectives and Principal Investment Strategies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
Objectives</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the
CME CF Bitcoin Reference Rate &#8211; New York Variant (the &#8220;Index&#8221;), less the Trust&#8217;s liabilities and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principal
Investment Strategies</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin
as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major
bitcoin spot exchanges. The Sponsor is authorized under the Trust Agreement to substitute an alternative index, reference rate,
or other methodology for valuing bitcoin for the Index for purposes of the Trust&#8217;s investment objective and valuation policies
at its sole discretion and without Shareholder approval. The Shares are designed to provide investors with a cost-effective and
convenient way to invest in bitcoin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation
of Bitcoin; Use of the CME CF Bitcoin Reference Rate &#8211; New York Variant</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
each day other than a Saturday or a Sunday, or a day on which Nasdaq is closed for regular trading (a &#8220;Business Day&#8221;),
as soon as practicable after 4:00 p.m. ET, the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin
Reference Rate &#8211; New York Variant for the Bitcoin &#8211; U.S. Dollar trading pair (the &#8220;CF Benchmarks Index&#8221;)
and determines the net asset value of the Trust and the net asset value per Share (&#8220;NAV&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CF
Benchmarks Index is calculated as of 4:00 p.m. ET. The CF Benchmarks Index is designed based on the IOSCO Principles for Financial
Benchmarks and is a Registered Benchmark under UK Benchmark Regulations (&#8220;BMR&#8221;). The administrator of the CF Benchmarks
Index is CF Benchmarks Ltd. (the &#8220;Index Administrator&#8221;) a UK incorporated company, authorized and regulated by the
Financial Conduct Authority (&#8220;FCA&#8221;) of the UK as a Benchmark Administrator, under UK BMR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations for the Year Ended December 31, 2025</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
Ended December 31, 2025</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s net asset value decreased from $826,115,990 at December 31, 2024 to $505,380,907 at December 31, 2025. The change
in the Trust&#8217;s net assets resulted from an change in outstanding Shares, which decreased from 31,260,000 at December 31,
2024, to 20,425,000 at December 31, 2025, as a result of 3,855,000 Shares (771 Baskets) being created and 14,690,000 Shares (2,938
Baskets) being&#160;redeemed during the year, and a decrease in the value of bitcoin, which depreciated 6.14% from $93,381 at
December 31, 2024 to $87,650 at December 31, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value per Share decreased 6.38% from $26.43 at December 31, 2024 to $24.74 at December 31, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value per Share of $35.50 at October 6, 2025, was the highest during the year, compared with a low of $21.70 at April
8,&#160;2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in net assets from operations for the year ended December 31, 2025, was $49,706,048, resulting from an decrease in unrealized
gain on the Trust&#8217;s bitcoin investment of $184,888,192, realized gains on the disposition of bitcoin of $136,800,223, and
Sponsor Fees incurred of $1,618,079.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
Ended December 31, 2024</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s net asset value increased from $0 at December 31, 2023, to $826,115,990 at December 31, 2024. The change in the
Trust&#8217;s net assets resulted from an increase in outstanding Shares, which grew from 0 at December 31, 2023, to 31,260,000
at December 31, 2024, as a result of 36,635,000 Shares (7,327 Baskets) being created and 5,373,000 Shares (1,075 Baskets) being
redeemed during the year, and an increase in the value of bitcoin, which appreciated 103.7% from $45,853 at January 10, 2024 (the
initial share purchase date) to $93,381 at December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value per Share increased 103.3% from $13.00 at January 10, 2024 (the initial share purchase date) to $26.43 at December
31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value per Share of $30.15 at December 17, 2024 was the highest during the year, compared with a low of $11.12 at January
23, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in net assets from operations for the year ended December 31, 2024 was $306,959,179, resulting from an increase in unrealized
gain on the Trust&#8217;s bitcoin investment of $262,849,955, realized gains on the disposition of bitcoin of $45,222,195, and
Sponsor Fees incurred of $1,112,971.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Resources and Liquidity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust does not hold a cash balance except in connection with the creation and redemption of Baskets or to pay expenses not assumed
by the Sponsor. To the extent the Trust does not have available cash to facilitate redemptions or pay expenses not assumed by
the Sponsor, the Trust will sell bitcoin. When selling bitcoin on behalf of the Trust, the Sponsor endeavors to minimize the Trust&#8217;s
holdings of assets other than bitcoin. As a consequence, the Sponsor expects that the Trust will have an immaterial amount of
cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust&#8217;s
only sources of cash are proceeds from the sale of Baskets and bitcoin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor Fee accrues
at a unified annual rate of 0.25% of the Trust&#8217;s Bitcoin Holdings. As a result, the only ordinary expense of the Trust is
the Sponsor Fee. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off
Balance Sheet Arrangements and Contractual Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off balance sheet financing
arrangements and have no loan guarantee arrangements or off balance sheet arrangements of any kind other than agreements entered
into in the normal course of business, which may include indemnification provisions related to certain risks service providers
undertake in performing services for the Trust. While the Trust&#8217;s exposure under such indemnification provisions cannot
be estimated, these general business indemnifications are not expected to have a material impact on a Trust&#8217;s financial
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
Fee payments made to the Sponsor are calculated as a fixed percentage of the Trust&#8217;s Bitcoin Holdings. As such, the Sponsor
cannot anticipate the payment amounts that will be required under these arrangements for future periods as the Trust&#8217;s net
assets are not known until a future date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principal
Market and Fair Value Determination</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s periodic financial statements may not utilize the net asset value of the Trust determined by reference to the Index
to the extent the methodology used to calculate the Index is deemed not to be consistent with GAAP. The Trust&#8217;s periodic
financial statements will be prepared in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification Topic 820, &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC Topic 820&#8221;) and utilize
an exchange-traded price from the Trust&#8217;s principal market for bitcoin on the Trust&#8217;s financial statement measurement
date. Under US GAAP, such a price is expected to be deemed a Level 1 input in accordance with the ASC Topic 820 because it is
expected to be a quoted price in active markets for identical assets or liabilities. The Sponsor will determine at its sole discretion
the valuation sources and policies used to prepare the Trust&#8217;s financial statements in accordance with US GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine which market is the Trust&#8217;s principal market (or in the absence of a principal market, the most advantageous market)
for purposes of calculating the Trust&#8217;s financial statements, the Trust follows ASC 820-10, which outlines the application
of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for bitcoin in a current sale,
which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume
that bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous
market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent,
knowledgeable, and willing and able to transact. The Trust may transact through digital asset brokers or dealers, in multiple
markets, and its application of ASC 820-10 reflects this fact. The Trust anticipates that, while multiple venues and types of
markets will be available to the digital asset brokers or dealers from whom the Sponsor acquires or disposes of the Trust&#8217;s
bitcoin, the principal market in each scenario is determined by looking at the market-based level of volume and bitcoin trading
activity. Digital asset brokers or dealers may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets
and Exchange Markets (each as defined in the FASB ASC Master Glossary). Based on information reasonably available to the Trust,
Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange
Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market.
As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust&#8217;s principal market. The Trust
determines its principal market (or in the absence of a principal market the most advantageous market) on a quarterly basis to
determine which market is its Principal Market for the purpose of calculating fair value for the creation of quarterly and annual
financial statements. &#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has developed a process for identifying a principal market, as prescribed in ASC 820-10, which outlines the application
of fair value accounting. The process begins by identifying publicly available, well-established and reputable bitcoin trading
venues (Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates at
their sole discretion. The Sponsor then identifies the principal market for bitcoin during that period and uses the price for
bitcoin from that venue at 4:00 ET as the principal market price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
Company Considerations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is an investment company for US GAAP purposes and follows accounting and reporting guidance in accordance with the FASB
ASC Topic 946, Financial Services &#8211; Investment Companies. The Trust uses fair value as its method of accounting for bitcoin
in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment
company under the Investment Company Act of 1940. US GAAP requires management to make estimates and assumptions that affect the
reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these
differences could be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #231F20"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka013"></span>Item
7A. Quantitative and Qualitative Disclosures About Market Risk.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a smaller reporting company, the Trust is not required to provide the information required by this item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka014"></span>Item
8. Financial Statements and Supplementary Data.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Operations (Unaudited)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The&#160;following&#160;tables&#160;show&#160;the&#160;Trust&#8217;s&#160;quarterly&#160;financial&#160;information&#160;for&#160;2025&#160;and&#160;2024.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    Months Ended<br/>
    December 31, 2025<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    September 30, 2025<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    Months Ended<br/>
    June 30, 2025<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    Months Ended<br/>
    March 31, 2025<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">460,553</span></td><td style="width: 1%; padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
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    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">368,758</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">424,972</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">363,796</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">460,553</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Less:
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;Total
    expenses</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">368,758</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">424,972</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">363,796</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">460,553</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    investment income (loss)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(368,758</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(424,972</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(363,796</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(460,553</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    realized and unrealized gain (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin
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    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103,800</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">155,969</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105,238</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">213,658</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,971,758</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,018,556</span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    December 31, 2024<br/>
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    September 30, 2024<br/>
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    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
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    June 30, 2024<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Months Ended<br/>
    March 31, 2024<br/>
    Unaudited</span></td><td style="padding-bottom: 1pt; color: black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333,163</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,185</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(114,185</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">478,235</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">344,255</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">290,481</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    investment income (loss)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(478,235</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(344,255</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(290,481</span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    realized and unrealized gain (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;Net
    realized gain (loss) from:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">232,956</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,659</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89,728</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,899,009</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,887,293</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,250,506</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,994,668</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,977,021</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,981,879</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(82,428,503</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,673,839</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    realized and change in unrealized gain (loss) on investment</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">273,873,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,976,547</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,451,482</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,673,839</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,673,839</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss) per share</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.47</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.41</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.43</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of shares outstanding</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,259,076</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,007,989</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,752,088</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,253,642</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka015"></span>Item
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka016"></span>Item
9A. Controls and Procedures.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
Controls and Procedures</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
1934 Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and
forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial Officer
of the Sponsor to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of the Principal Executive Officer and the Principal Financial Officer of the Sponsor,
the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under 1934 Act Rule 13a-15(e).&#160;Based
on this evaluation, the Principal Executive Officer and the Principal Financial Officer of the Sponsor concluded that, as of December&#160;31,
2025, the Trust&#8217;s disclosure controls and procedures were effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Annual Report on Internal Control Over Financial Reporting</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&#8217;s management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under 1934 Act Rules&#160;13a-15(f) and 15d-15(f). The Trust&#8217;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that: (1)&#160;pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust&#8217;s assets, (2)&#160;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that the Trust&#8217;s receipts and expenditures are being made only in accordance
with appropriate authorizations; and (3)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the Trust&#8217;s assets that could have a material effect on the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor assessed the effectiveness of the Trust&#8217;s
internal control over financial reporting as of December 31, 2025. In making this assessment, they used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control&#8212;Integrated Framework
(2013). Their assessment included an evaluation of the design of the Trust&#8217;s internal control over financial reporting and
testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those
criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust
maintained effective internal control over financial reporting as of December 31, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in the Trust&#8217;s internal control over financial reporting that occurred during the year ended December 31,
2025, that have materially affected, or are reasonably likely to materially affect, the Trust&#8217;s internal control over financial
reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka017"></span>Item
9B. Other Information.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NoInsiderTradingFlag_dbT_c20250101__20251231_zMZGpExalfnE" class="xdx_phnt_RGlzY2xvc3VyZSAtIEluc2lkZXIgVHJhZGluZyBBcnJhbmdlbWVudHMA"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" format="ixt:booleantrue" id="Fact000051" name="brrr:NoInsiderTradingFlag">Not
applicable</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka018"></span>Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka019"></span>PART
III</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka020"></span>Item
10. Directors, Executive Officers and Corporate Governance.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Sponsor</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor.
The Sponsor is wholly-owned by a wholly owned subsidiary of CoinShares International Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background
and Principals</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Jean-Marie
Mognetti, Principal Executive Officer</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jean-Marie
Mognetti is the CEO and Co-founder of CoinShares International Limited (&#8220;CoinShares&#8221;), a leading global digital asset
manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array
of clients that include corporations, financial institutions, and individuals. A wholly owned subsidiary of CoinShares is the
parent company of the Sponsor. Mr. Mognetti holds a Masters in Mathematical Trading and Finance from Sir John Cass Business School.
He is a seasoned commodity trader, having developed advanced expertise in areas such as quantitative analysis, risk management,
and alpha generation. His skills extend to managing trading programs focused on macroeconomic commodities, notably cryptocurrencies.
Before co-founding CoinShares in 2014, Mr. Mognetti served as a quantitative trader at Hermes Commodities Fund Managers. His role
there was instrumental in establishing and implementing trading strategies based on rigorous quantitative risk management approaches.&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Charles
Butler, Principal Financial Officer and Principal Accounting Officer</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles
Butler trained with PricewaterhouseCoopers and is a fellow of the Institute of Chartered Accountants in England and Wales with
more than 20 years of financial services experience.&#160; Charles's experience covers audit, accountancy, funds, trusts, and
private wealth predominantly in the offshore financial services industry.&#160; Prior to joining CoinShares in September 2017,
Charles was a Senior Debt Fund Manager at BNP Paribas in Jersey.&#160; At CoinShares Charles has responsibility for finance and
tax matters, and is a director of a number of group companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among our executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general fiduciary duties that would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described
herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of
a fiduciary in its dealings with its beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms
all Shareholders, by subscribing to the Shares, are deemed to consent).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that the Trust shall indemnify, defend and hold harmless the Trustee (including in its individual capacity)
and any of the officers, directors, employees and agents of the Trustee (the &#8220;Indemnified Persons&#8221;) from and against
any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees
and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights under the
Trust Agreement), taxes and penalties of any kind and nature whatsoever (collectively, &#8220;Expenses&#8221;), to the extent
that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the
performance of the Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated thereby;
<i>provided, however</i>, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are
a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient
assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the
Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified
Person as if it were the primary obligor under the Trust Agreement; provided, however, that the Sponsor shall not be required
to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence
of an Indemnified Person. To the fullest extent permitted by law and by the requirement for treatment of the Trust as a grantor
trust for tax purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf
of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf of,
such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified
under the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware law, a beneficial owner of a statutory trust (such as a shareholder of the Trust) may, under certain circumstances, institute
legal action on behalf of himself and all other similarly situated beneficial owners (a &#8220;class action&#8221;) to recover
damages for violations of fiduciary duties, or on behalf of a statutory trust (a &#8220;derivative action&#8221;) to recover damages
from a third party where there has been a failure or refusal to institute proceedings to recover such damages. In addition, beneficial
owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights
under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have
suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from
the Sponsor where the losses result from a violation by the Sponsor of the anti-fraud provisions of the federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary describing in general terms the remedies available to shareholders under federal law is based on statutes, rules
and decisions as of the date of this Annual Report. As this is a rapidly developing and changing area of the law, shareholders
who believe that they may have a legal cause of action against any of the foregoing parties should consult their own counsel as
to their evaluation of the status of the applicable law at such time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Ethics</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has not adopted a code of ethics (&#8220;Code of Ethics&#8221;) as it is not required to do so under applicable laws, rules
and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000053" name="ecd:InsiderTrdPoliciesProcNotAdoptedTextBlock"><p id="xdx_802_eecd--InsiderTrdPoliciesProcNotAdoptedTextBlock_z8atXdLUhYs_zMslr2S7xFQZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insider
Trading Policies and Procedures</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust does not have directors, officers, or employees, it has not adopted insider trading policies and procedures governing
the purchase, sale and/or disposition of Trust securities by such persons.</span></p>

</ix:nonNumeric><p id="xdx_81C_zQbnSHaWFdAG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka021"></span>Item
11. Executive Compensation.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no employees or directors and is managed by the Sponsor.&#160; None of the officers of the Trust, or the members or
officers of the Sponsor receive compensation from the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor receives a Sponsor&#8217;s Fee from the Trust equal to a unified fee of 0.25% of the Trust&#8217;s Bitcoin Holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor irrevocably waived the Sponsor&#8217;s Fee from January 11, 2024, until April 10, 2024. The Sponsor&#8217;s Fee accrued
during the fiscal year ended December 31, 2024, was $1,263,370, of which $150,399 was waived.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&#8217;s Fee accrued during the fiscal year ended December 31, 2025, was $1,618,079.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka022"></span>Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka023"></span>Item
13. Certain Relationships and Related Transactions, and Director Independence.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 11 above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to CoinShares Co. assuming the role of Co-Sponsor and Sponsor, CoinShares Capital Markets (Jersey) Limited, an affiliate of the
Sponsor,served as a Bitcoin Trading Counterparty of the Trust. In such role, CoinShares Capital Markets (Jersey) Limited fulfilled
orders from the Trust for thepurchase and sale of bitcoin. No orders for the purchase or sale of bitcoin were executed with
CoinShares Capital Markets (Jersey) Limited on or sinceMarch 15, 2024, the date on which CoinShares Co. became a Co-Sponsor to the
Trust. During the period that CoinShares Capital Markets (Jersey)Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares
Capital Markets (Jersey) Limited fulfilled purchase orders with an approximatevalue of $295 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka024"></span>Item
14. Principal Accounting Fees and Services.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
to (4).&#160; Fees for services performed by Cohen &amp; Company, Ltd. (&#8220;Cohen &amp; Co&#8221;) for the years ended December
31, 2025 and 2024, were as follows:</span></p>

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



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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended</b></span><br/> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2025</b></span></p></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended</b></span><br/> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2024</b></span></p></td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left; padding-left: 5.75pt">Audit Fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">92,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.75pt">Audit-Related Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 5.75pt">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">All Other Fees</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1pt; padding-left: 5.75pt"><b>Total:</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><b>$</b></td><td style="border-bottom: Black 1pt solid; text-align: right"><b>107,000</b></td><td style="padding-bottom: 1pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><b>$</b></td><td style="border-bottom: Black 1pt solid; text-align: right"><b>28,000</b></td><td style="padding-bottom: 1pt; text-align: left"><b>&#160;</b></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
The Sponsor approved all of the services provided by Cohen &amp; Co described above.&#160; The Sponsor pre-approves all audit
and allowed non-audit services of the Trust&#8217;s independent registered public accounting firm, including all engagement fees
and terms.</span></p>

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


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    <div style="page-break-before: always; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka025"></span>PART
IV</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10ka026"></span>Item
15. Exhibits, Financial Statement Schedules.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)(1)
Financial Statements</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a list of the financial statements included herein, see Index to the Financial Statements on page F-1 of this Annual Report on
Form 10-K, incorporated into this Item by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)(1)
Financial Statement Schedules</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">No
financial statement schedules are filed herewith because (i) such schedules are not required or (ii) the information required
has been presented in the aforementioned financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)(1)
Exhibits</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following documents (unless otherwise indicated) are filed herewith and made a part of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b></b></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><b> Exhibit No.</b></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Exhibit Description</b></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"/></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">3.1**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000138713121001118/ex3-2.htm">Certificate
                                         of Trust, incorporated by reference to Exhibit 3.2 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on January 22, 2021</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">4.1**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937123001312/ex3-1.htm">First
                                         Amended and Restated Trust Agreement, incorporated by reference to Exhibit 3.1 of the
                                         Trust&#8217;s Registration Statement on Form S-1 (File No. 333-252344) filed on December
                                         29, 2023</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">4.2**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937124003612/ex3-3.htm">First
                                         Amendment to the Amended and Restated Trust Agreement, incorporated by reference to Exhibit
                                         3.3 of the Trust&#8217;s Registration Statement on Form S-1 (File No. 333-252344) filed
                                         on March 15, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">4.3**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937124007465/ex3-5.htm">Second
                                         Amendment to the First Amended and Restated Trust Agreement, incorporated by reference
                                         to Exhibit 4.4 of the Trust&#8217;s Current Report on Form 8-K (File No. 001-41909) filed
                                         on June 14, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">4.4**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937125009894/ex4-4.htm">Third
                                         Amendment to the First Amended and Restated Trust Agreement, incorporated by reference
                                         to Exhibit 4.5 of the Trust&#8217;s Current Report on Form 8-K (File No. 001-41909) filed
                                         on July 25, 2025</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">4.5**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1841175/000199937124004051/ex4-3.htm">Description of the Shares, incorporated by reference to Exhibit 4.3 of the Trust&#8217;s Annual Report on Form 10-K (File No. 001-41909) filed on March 27, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.1**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-1.htm">Coinbase
                                         Prime Broker Agreement, incorporated by reference to Exhibit 10.1 of the Trust&#8217;s
                                         Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.2**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         Custody Custodial Services Agreement (included as Exhibit A in <a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-1.htm">Exhibit
                                         10.1</a>)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.3**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         Post-Trade Financing Agreement (included as Exhibit C in <a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-1.htm">Exhibit
                                         10.1</a>)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.4**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-4.htm">Trust
                                         Administration Agreement, incorporated by reference to Exhibit 10.4 of the Trust&#8217;s
                                         Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.5**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-5.htm">Transfer
                                         Agency and Services Agreement, incorporated by reference to Exhibit 10.5 of the Trust&#8217;s
                                         Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.6**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937123001312/ex10-6.htm">Form
                                         of Authorized Participant Agreement, incorporated by reference to Exhibit 10.6 of the
                                         Trust&#8217;s Registration Statement on Form S-1 (File No. 333-252344) filed on December
                                         29, 2023</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.7**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-7.htm">Trust
                                         Accounting Agreement, incorporated by reference to Exhibit 10.7 of the Trust&#8217;s
                                         Registration Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.8**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-8.htm">Cash
                                         Custody Agreement, incorporated by reference to Exhibit 10.8 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.9**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937123001312/ex10-9.htm">Marketing
                                         Agent Agreement, incorporated by reference to Exhibit 10.9 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.10**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000183988224000518/ex10-10.htm">Index
                                         License Agreement, incorporated by reference to Exhibit 10.10 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on January 8, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.12**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937123001312/ex10-11.htm">Sponsor
                                         Agreement, incorporated by reference to Exhibit 10.12 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on December 29, 2023</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.13**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937124001340/ex10-14.htm">BitGo
                                         Custodial Services Agreement, incorporated by reference to Exhibit 10.14 of the Trust&#8217;s
                                         Registration Statement on Form S-1 (File No. 333-252344) filed on February 1, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">10.14**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937124003612/ex10-15.htm">Co-Sponsor
                                         Agreement, incorporated by reference to Exhibit 10.15 of the Trust&#8217;s Registration
                                         Statement on Form S-1 (File No. 333-252344) filed on March 15, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1841175/000199937124012737/ex10-16.htm">Komainu
                                         Custodial Services Agreement, incorporated by reference to Exhibit 10.16 of the Trust&#8217;s
                                         Current Report on Form 8-K (File No. 001-41909) filed on October 1, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Accounting Firm</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">31.1*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex31-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex31-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex32-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">32.2*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex32-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1841175/000199937124004051/ex97-1.htm">Erroneously Awarded Incentive-Based Compensation Clawback Policy, incorporated by reference to Exhibit 97.1 of the Trust&#8217;s Annual Report on Form 10-K (File No. 001-41909) filed on March 27, 2024</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
                                         XBRL Instance Document &#8211; the instance document does not appear in the Interactive
                                         Data File because XBRL tags are embedded within the Inline XBRL document</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
                                         XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
                                         XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 14.9pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 66.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
                                         XBRL Taxonomy Extension Label Linkbase Document</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                         Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: -0.5pt; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
filed.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this Report to be signed on its behalf by the undersigned*, thereunto duly authorized<b>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COINSHARES
    VALKYRIE BITCOIN FUND</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 39%; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    March 10, 2026</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jean-Marie Mognetti</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jean-Marie
    Mognetti</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Executive Officer</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"/>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"/></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COINSHARES
    VALKYRIE BITCOIN FUND</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    March 10, 2026</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Charles Butler</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles
    Butler</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"/>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Financial Officer and Principal Accounting Officer</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The Registrant is a trust and the persons are signing in their capacities as officers of CoinShares Co., the Sponsor of the Registrant.</span></p>

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



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

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<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CoinShares
Bitcoin ETF</b>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
STATEMENTS</b>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index
</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="width: 94%; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 6%; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Financial Condition at December 31, 2025 and 2024 </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules
    of Investment at December 31, 2025 and 2024 </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Operations for the year ended December 31, 2025, and 2024 </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Changes in Net Assets for the year ended December 31, 2025, 2024, and the period December 21, 2023 (date of seed audit),
    through December 31, 2023 </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman,serif; text-indent: -12pt"><a href="#brrr10kb006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Financial Statements </span></a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
</table>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10kb001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Sponsor and Shareholders of&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF</span></p>

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

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000055" name="dei:AuditorOpinionTextBlock"><p id="xdx_800_edei--AuditorOpinionTextBlock_zVs3XOsruxOQ" style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Opinion
on the Financial Statements</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying statements of financial condition, including the schedules of investment, of CoinShares Bitcoin
ETF (the &#8220;Trust&#8221;) as of December 31, 2025 and December 31, 2024, the related statements of operations for the years
then ended, statements of changes in net assets for the years then ended and for the period from December 21, 2023 (date of seed
audit) through December 31, 2023, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December
31, 2025 and December 31, 2024, the results of its operations for the years then ended, and changes in its net assets for the
years then ended and for the period from December 21, 2023 (date of seed audit) through December 31, 2023, in conformity with
accounting principles generally accepted in the United States of America.</span></p>

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

</ix:nonNumeric><p id="xdx_81D_zmgmkhFVXZGr" style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Basis
for Opinion</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Trust&#8217;s management. Our responsibility is to express an opinion on the
Trust&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Trust in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or
fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Trust&#8217;s internal control over financial reporting. Accordingly,
we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of cash and digital assets
owned as of December 31, 2025 and December 31, 2024 by correspondence with the custodians. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of
the financial statements. We believe that our audits provide a reasonable basis for our opinion.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Trust&#8217;s auditor since 2023.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ COHEN
&amp; COMPANY, LTD.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--AuditorName_c20250101__20251231_zqeZZzFKMY52" class="xdx_phnt_RG9jdW1lbnQgLSBDb3ZlcgA_"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000056" name="dei:AuditorName">COHEN
&amp; COMPANY, LTD.</ix:nonNumeric></span>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--AuditorLocation_c20250101__20251231_zHffH5DL3nL1" class="xdx_phnt_RG9jdW1lbnQgLSBDb3ZlcgA_"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000057" name="dei:AuditorLocation">Milwaukee,
Wisconsin&#160;</ix:nonNumeric></span></span> <span id="xdx_90C_edei--AuditorFirmId_c20250101__20251231_zdBIdp8wUB87" class="xdx_phnt_RG9jdW1lbnQgLSBDb3ZlcgA_" style="display: none; visibility: hidden"><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" id="Fact000058" name="dei:AuditorFirmId">925</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
10, 2026</span></p>

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


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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10kb002"></span>Statements
of Financial Condition</b>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
December 31, 2025 and 2024</span></p>

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

<table id="xdx_30E_111_z0cZ7CWo9KC5" summary="xdx: Statement - Statements of Financial Condition" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zTfAO0bZmXOI" style="vertical-align: bottom">
    <td style="text-align: justify; padding-left: 0in">Assets</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 id="xdx_405_eus-gaap--Investments_i01I_maAzbaX_maAzsIi_zsVUtOm3DwSZ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_407_eus-gaap--Assets_i01TI_maCzMFz_mtAzsIi_zriEQqQRUZpD" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;&#160;&#160;&#160;Total assets</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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></tr>
<tr id="xdx_40A_eus-gaap--LiabilitiesAbstract_iB_zqapJ39mKBmr" style="vertical-align: bottom; background-color: White">
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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></tr>
<tr id="xdx_401_eus-gaap--ManagementFeePayable_i01I_maCz6dg_zMQlmDXtlAty" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_409_eus-gaap--Liabilities_i01TI_mtCz6dg_msCzMFz_z08OF4HyhkXU" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">&#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 id="xdx_40C_eus-gaap--AssetsNet_iTI_mtCzMFz_zV1da968bOBv" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
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<tr id="xdx_40D_eus-gaap--CommonStockSharesIssued_iI_zwI090AJy0Z_zPpzrJfomdgS" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">&#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 id="xdx_408_eus-gaap--NetAssetValuePerShare_iI_zB1ymffVUKY_zHQBClhUMHdx" style="vertical-align: bottom; background-color: White">
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</table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of the financial statements.</i>&#160;</span></p>


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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF</span>&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10kb003"></span>Schedules
of Investment</b></span></p>

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

<table cellpadding="0" id="xdx_309_111_zE232bIsSY0T" summary="xdx: Statement - Schedule of Investment" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="text-decoration: underline"><b>December 31, 2025</b></span></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Bitcoin</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Cost</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Fair Value</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>% of Net Assets</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zIK5Go0yhUiS">(a)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1E_zZ3sifz6gPjr" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000140" xml:lang="en-US">Represents less
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</tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of the financial statements.</i></span></p>

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


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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF</span>&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10kb004"></span>Statements
of Operations</b>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2025 and 2024</span></p>

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

<table cellpadding="0" id="xdx_303_113_zBBH5wft8XA2" summary="xdx: Statement - Statements of Operations" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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                                            the Year Ended</b></span></p> <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2025&#160;</b></span></p></td><td style="padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_492_20240101__20241231_z4O0JjefMgth" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
                                            the Year Ended</b></span></p> <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2024&#160;</b></span></p></td><td style="padding-bottom: 1pt; font-size: 10pt">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zZKbtM25reH6" style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0in">Expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--SponsorFees_i01_maOEzHg8_zc7I8CheGnuj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Sponsor fee (Note 4)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2025-01-01to2025-12-31" id="Fact000147" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,618,079</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
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<tr id="xdx_406_ecustom--SponsorFeesWaiver_i01N_di_msOEzHg8_zbKi6m8qJG0s" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_mtOEzHg8_msOILzGuG_z8O8YYYghN67" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;&#160;&#160;&#160;Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0in">Net investment income (loss)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2024-01-012024-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,112,971</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 5.4pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--GainLossOnInvestmentsAbstract_iB_ztVCw8ZQwvQD" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0in">Net realized and unrealized gain (loss)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40E_ecustom--NetRealizedGainLossFromAbstract_i01B_zoIg2DCd9v36" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0in">&#160;&#160;&#160;&#160;Net realized gain (loss) from:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_i02_maRIGLz6wN_zG2wtZD2t8V4" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin transferred to pay Sponsor fee</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr id="xdx_406_ecustom--GainLossOnSaleOfCryptoAssetForRedemptionOfShares_i02_maRIGLz6wN_zGshI1eezR71" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin sold for the redemption of Shares</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="brrr:GainLossOnSaleOfCryptoAssetForRedemptionOfShares" contextRef="From2025-01-01to2025-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,221,558</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_400_eus-gaap--RealizedInvestmentGainsLosses_i01T_maGLOIzmkj_mtRIGLz6wN_zmbkBCXgs2lv" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Net realized gain (loss)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2025-01-01to2025-12-31" id="Fact000171" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,800,223</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr id="xdx_402_eus-gaap--UnrealizedGainLossOnInvestments_i01_maGLOIzmkj_zPnzy4MaZmnL" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;Net change in unrealized gain (loss) on investment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2025-01-01to2025-12-31" id="Fact000174" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">184,888,192</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of the financial statements.</i>&#160;</span></p>


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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF</span>&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="brrr10kb005"></span>Statements
of Changes in Net Assets</b>&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2025 and 2024, and period ended December 31, 2023</span>&#160;</p>

<table cellpadding="0" id="xdx_302_114_z78AQOHzAjQ4" summary="xdx: Statement - Statements of Changes in Net Assets" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="color: black">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
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    December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>For the Period<br/>
    December 21, 2023 <br/>
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<tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zt2Dn5CX0Gtj" style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Creations</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0195">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_zODXBpyeaoib" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Redemptions</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2025-01-01to2025-12-31" id="Fact000197" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,655,403</ix:nonFraction></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0199">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40A_eus-gaap--OperatingIncomeLoss_zWnjDMyTsdcs" style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Net investment income (loss)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2025-01-01to2025-12-31" id="Fact000201" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,618,079</ix:nonFraction></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0203">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--RealizedInvestmentGainsLosses_ztlJugifiDYz" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: justify; padding-left: 0in">&#160;&#160;&#160;Net realized gain (loss) from investment</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2025-01-01to2025-12-31" id="Fact000205" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,800,223</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0207">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--UnrealizedGainLossOnInvestments_zRj8LbA7xrkR" style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0in">&#160;&#160;&#160;Net change in unrealized gain (loss) on investment</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(<ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2025-01-01to2025-12-31" id="Fact000209" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">184,888,192</ix:nonFraction></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_40C_eus-gaap--StockholdersEquity_iE_zqkutDLiOuuD" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: justify; padding-bottom: 2.5pt; padding-left: 0in">Net Assets &#8211; Ending Balance</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2025-12-31" id="Fact000213" format="ixt:numdotdecimal" decimals="0" unitRef="USD">505,380,907</ix:nonFraction></td><td style="padding-bottom: 2.5pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0215">&#8212;</span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left">&#160;</td></tr>
</table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zrEdHHA2NS60">(a)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F18_zWbbThlzAMDG" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><ix:footnote id="Footnote000216" xml:lang="en-US">The
Trust had not commenced operations as of December 31, 2023.</ix:footnote></span></td>
</tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of the financial statements.</i>&#160;</span></p>


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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Valkyrie Bitcoin Fund&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="brrr10kb006"></span>Notes
to the Financial Statements&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2025</span></p>

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

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000218" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_800_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zgejZyBYsNsJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<span id="xdx_824_zRguy3QMEKGb">Organization</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF (the &#8220;Trust&#8221;), formerly known as CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory
trust on January 20, 2021. The fiscal year for the Trust is December 31<sup>st</sup>. The trustee is CSC Delaware Trust Company
(the &#8220;Trustee&#8221;). On June 14, 2024, CoinShares Co., a Delaware corporation (the &#8220;Sponsor&#8221;), succeeded Valkyrie
Digital Assets LLC, a Delaware limited liability company (the &#8220;Initial Sponsor&#8221;), as the sponsor of the Trust. The
Sponsor is responsible for the day-to-day administration of the Trust. The Trust is governed by the provisions of the First Amended
and Restated Trust Agreement, as amended (the &#8220;Trust Agreement&#8221;), executed by the Sponsor and the Trustee. The Trust
is an exchange-traded fund that issues common shares of beneficial interest (&#8220;Shares&#8221;) representing units of fractional
undivided beneficial interests in its net assets. There are an unlimited number of authorized shares.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the
CME CF Bitcoin Reference Rate - New York Variant (the &#8220;Index&#8221;), less the Trust&#8217;s liabilities and expenses. In
seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin
as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major
bitcoin spot exchanges.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Trust&#8217;s Shares is registered with the Securities and Exchange Commission (&#8220;SEC&#8221;) in accordance
with the Securities Act of 1933.</span></p>

</ix:nonNumeric><p id="xdx_817_z5dyY2CKBO1b" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000220" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p id="xdx_802_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zSNRdfAzCbDK" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<span id="xdx_825_zuxf0r5HKp6f">Basis of Presentation and Summary of Significant Accounting Policies</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting
and reporting guidance under the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic
946, Financial Services &#8211; Investment Companies, but is not registered, and is not required to be registered, as an investment
company under the Investment Company Act of 1940, as amended.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS
Act&#8221;). The Trust will cease to be an &#8220;emerging growth company&#8221; upon the earliest of (i) it having $1.235 billion
or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing
more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the
fifth anniversary of its initial public offering.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to provide an auditor&#8217;s
attestation report on management&#8217;s assessment of the effectiveness of our system of internal control over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or comply with any new audit rules adopted by the PCAOB after April
5, 2012, unless the SEC determines otherwise.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of significant accounting policies consistently followed by the Trust in the preparation of financial statements.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of
America (&#8220;GAAP&#8221;).</span></p>

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

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000222" name="us-gaap:UseOfEstimates"><p id="xdx_84E_eus-gaap--UseOfEstimates_zDNd7kd9ezr5" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<span id="xdx_86C_zLa2Evd4C6QQ">Use of Estimates</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000224" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_ziS9drAmbhPx" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<span id="xdx_86D_zcJWB2WhCMbx">Investment Transactions</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are
recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined
on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred
or the changes in unrealized occurred.</span></p>

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

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

<ix:exclude><!-- Field: Page; Sequence: 7 -->
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<ix:exclude><p id="xdx_239_zmSGMpvuHwf1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust&#8217;s financial
statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation
sources and policies used to prepare the Trust&#8217;s financial statements in accordance with U.S. GAAP.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000227" name="us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies"><p id="xdx_84E_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zweaY16utxZS" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<span id="xdx_86C_zuFMLNknjef2">Indemnifications</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its affiliates (each a &#8220;Covered Person&#8221;) will be indemnified by the Trust and held harmless against any
loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered
Person&#8217;s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of
the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with
the provisions of the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor
and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable
fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any
time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,
operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor
the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence of such indemnified person.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,
which cannot be predicted with any certainty.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000229" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zRaLSBzHvIXJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<span id="xdx_86A_zGK31ELcqYGe">Federal Income Taxes</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,
as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially
all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather,
a pro rata portion of the Trust&#8217;s income, gain, losses and deductions will &#8220;flow through&#8221; to each beneficial
owner of Shares.</span></p>

</ix:nonNumeric><p id="xdx_85A_z4rMwNMcDqBZ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

</ix:nonNumeric><p id="xdx_81C_zVkZqSdNSg5v" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000231" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_806_eus-gaap--FairValueDisclosuresTextBlock_zl5WfxV9WOLm" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<span id="xdx_825_zCcrIZXo4zdB">Investment Valuation and Calculation of Net Asset Value (&#8220;NAV&#8221;)</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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&#8217;s policy is to value its investments at fair value.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&#8220;observable
inputs&#8221;), or they may be internally developed (&#8220;unobservable inputs&#8221;). 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:</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8212; Unadjusted quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8212; Inputs other than quoted prices included within Level&#160;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</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8212; Inputs that are unobservable for the asset or liability, including the Trust&#8217;s assumptions used in determining
the fair value of investments.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 8 -->
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000233" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z3tDWvHyUGc6" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Trust&#8217;s investments at fair value:</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_309_134_zKejjj3kajDA" summary="xdx: Disclosure - Schedule of information about Trust's assets and liabilities measured at fair value (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">December 31, 2025</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total</b></td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: justify; padding-bottom: 1pt">Bitcoin</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zEZZEVb2Qv1P" title="Bitcoin"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2025-12-31_us-gaap_FairValueInputsLevel1Member_custom_BitcoinMember" id="Fact000235" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">505,489,906</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHfHOOGUrRSX" title="Total Investments"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2025-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000243" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">505,489,906</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGEZkW7qshPw" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0247">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231_zrLfWw4tlWeK" title="Total Investments"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2025-12-31" id="Fact000249" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">505,489,906</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Level 1</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Level 3</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-bottom: 1pt">Bitcoin</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1Pv69k0iEUZ" title="Bitcoin"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2024-12-31_us-gaap_FairValueInputsLevel1Member_custom_BitcoinMember" id="Fact000251" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">826,306,338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_904_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zQ57pDH0TpQi" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0253">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_905_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zkEHrYqMcBlw" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0255">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_d0_c20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z2rzQhbESm6V" title="Bitcoin"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2024-12-31_custom_BitcoinMember" id="Fact000257" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">826,306,338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total Investments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4kvLF615QeF" title="Total Investments"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2024-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000259" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">826,306,338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ze1ylecLuTZT" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0261">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUA3KFEBWPiF" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0263">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_d0_c20241231_fKGEp_zI293yxLszhd" title="Total Investments"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2024-12-31" id="Fact000265" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">826,306,338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A7_zUfz3fIkBodM" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
were&#160;no&#160;transfers between Level&#160;1 and other Levels for the year ended December 31, 2025, or for the year ended
December 31, 2024.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described
above.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;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&#8217;s NAV per share is calculated by taking the Trust&#8217;s NAV divided by the total amount of
Shares outstanding.</span></p>

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

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000267" name="us-gaap:CryptoAssetActivityTableTextBlock"><p id="xdx_897_eus-gaap--CryptoAssetActivityTableTextBlock_zXxUGw8xwEK4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following represents the changes in quantity of bitcoin and the respective fair value:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-weight: bold; text-align: justify; padding-left: 5.4pt">Beginning Balance as of January 1, 2025</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zXa9HBLVTwUj" title="Beginning balance" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetNumberOfUnits" contextRef="AsOf2024-12-31_custom_BitcoinMember" id="Fact000269" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">8,849</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zlEWpRyPbs0f" title="Beginning balance, fair value" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2024-12-31_custom_BitcoinMember" id="Fact000271" format="ixt:numdotdecimal" decimals="0" unitRef="USD">826,306,338</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zT3g4gYaQ2Bd" title="Bitcoin purchased" style="text-align: right"><ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsPurchased" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000273" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">1,089</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--CryptoAssetPurchase_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zzAusuHmv933" title="Bitcoin purchased, fair value" style="text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetPurchase" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000275" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,563,883</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z5O2MZQAoOi" title="Bitcoin sold for the redemption of Shares" style="text-align: right">(<ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000277" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">4,154</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zf5UIf9ed4z1" title="Bitcoin sold for the redemption of Shares, fair value" style="text-align: right">(<ix:nonFraction name="us-gaap:CryptoAssetSale" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000279" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,592,918</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay the Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zk85Xe1m2IE9" title="Bitcoin transferred to pay the Sponsor fee" style="text-align: right">(<ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000281" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">17</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zWCDwqnK6ePc" title="Bitcoin transferred to pay the Sponsor fee, fair value" style="text-align: right">(<ix:nonFraction name="us-gaap:CryptoAssetPaymentForService" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000283" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,699,428</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zHXV3Svbpucb" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin" style="text-align: right">(<ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000285" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">184,888,192</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Net Realized gain on investments in bitcoin</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zRd1pFdJzV1c" title="Net Realized gain on investments in bitcoin" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2025-01-012025-12-31_custom_BitcoinMember" id="Fact000287" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,800,223</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt">Ending balance as of December 31, 2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zYAaXQ7pNqMd" title="Ending balance" style="text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetNumberOfUnits" contextRef="AsOf2025-12-31_custom_BitcoinMember" id="Fact000289" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">5,767</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iE_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zdd1f0ud4Erc" title="Ending balance, fair value" style="text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2025-12-31_custom_BitcoinMember" id="Fact000291" format="ixt:numdotdecimal" decimals="0" unitRef="USD">505,489,906</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>


<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beginning Balance as of January 1, 2024 <sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zRdhJQUnkeeb" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0293">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zVYD6dFGhnZ6" title="Beginning balance, fair value" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0295">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zRxaVCR4KII4" title="Bitcoin purchased" style="width: 12%; text-align: right"><ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsPurchased" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000297" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">10,386</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--CryptoAssetPurchase_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zhmkcciyyXsd" title="Bitcoin purchased, fair value" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetPurchase" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000299" format="ixt:numdotdecimal" decimals="0" unitRef="USD">632,012,875</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_ziru8n9QA2Uc" title="Bitcoin sold for the redemption of Shares" style="text-align: right">(<ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000301" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">1,523</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--CryptoAssetSale_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zHkuefhRHhka" title="Bitcoin sold for the redemption of Shares, fair value" style="text-align: right">(<ix:nonFraction name="us-gaap:CryptoAssetSale" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000303" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,856,064</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z6UMkz6zpV0d" title="Bitcoin transferred to pay the Sponsor fee" style="text-align: right">(<ix:nonFraction name="brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000305" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">14</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--CryptoAssetPaymentForService_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zirT0sYIiaYl" title="Bitcoin transferred to pay the Sponsor fee, fair value" style="text-align: right">(<ix:nonFraction name="us-gaap:CryptoAssetPaymentForService" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000307" format="ixt:numdotdecimal" decimals="0" unitRef="USD">922,623</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z1u3veg9z0De" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin" style="text-align: right"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000309" format="ixt:numdotdecimal" decimals="0" unitRef="USD">262,849,955</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Net realized gain on investments in bitcoin</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zfOwOILl29A" title="Net Realized gain on investments in bitcoin" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2024-01-012024-12-31_custom_BitcoinMember" id="Fact000311" format="ixt:numdotdecimal" decimals="0" unitRef="USD">45,222,195</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zukBQFCdLlL4" title="Ending balance" style="text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetNumberOfUnits" contextRef="AsOf2024-12-31_custom_BitcoinMember" id="Fact000313" format="ixt:numdotdecimal" decimals="INF" unitRef="Unit">8,849</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zypwilkIkv3d" title="Ending balance, fair value" style="text-align: right"><ix:nonFraction name="us-gaap:CryptoAssetFairValue" contextRef="AsOf2024-12-31_custom_BitcoinMember" id="Fact000315" format="ixt:numdotdecimal" decimals="0" unitRef="USD">826,306,338</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt; width: 5%"><sup id="xdx_F05_zs3upZ5GK37f">(a)</sup></td>
    <td id="xdx_F1B_zL8R80vuClh" style="text-align: justify; padding-left: 5.4pt; width: 95%"><ix:footnote id="Footnote000316" xml:lang="en-US">The Trust did not hold bitcoin as of or prior to January 1, 2024</ix:footnote></td><td style="width: 1%">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A0_zlVlTR69Jzsd" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

</ix:nonNumeric><p id="xdx_81D_zvbLAcrrYNvi" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000318" name="brrr:TrustExpensesTextBlock"><p id="xdx_800_ecustom--TrustExpensesTextBlock_zGSphiGC0Ho4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<span id="xdx_82B_zCycrbP8rL6_zozsAYmu0PuM">Trust Expenses</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust pays to the Sponsor a Sponsor fee (the &#8220;Sponsor Fee&#8221;) in accordance with the Trust Agreement. The Sponsor Fee
accrues daily by applying an annual rate of&#160;<span id="xdx_901_ecustom--SponsorFeesAnnualRate_pid_dp_c20250101__20251231_zf2wLXuZiqUr" title="Sponsor's fee annual rate"><ix:nonFraction name="brrr:SponsorFeesAnnualRate" contextRef="From2025-01-01to2025-12-31" id="Fact000320" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.25</ix:nonFraction>%</span> to the Trust&#8217;s bitcoin holdings. The Sponsor Fee is paid in bitcoins
at such times as determined in the Sponsor&#8217;s sole discretion. The Trust is not responsible for paying any fees or costs
associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing Agent fee, the Administrator
fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the
licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing,
legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration
of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust&#8217;s website.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 9 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&#160;</p></div>
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_234_zNsWizlfxjmz" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect subsidiary
of U.S. Bancorp, serves as the Trust&#8217;s fund accountant, fund administrator and the transfer agent of the Trust, pursuant
to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a
subsidiary of U.S. Bancorp and parent company of Fund Services, serves as the Trust&#8217;s cash custodian pursuant to a custody
agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paralel
Distributors LLC (the &#8220;Marketing Agent&#8221;) serves as the Trust&#8217;s marketing agent pursuant to a marketing agent
agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Custody Trust Company, LLC, <span style="background-color: white">BitGo Trust Company, Inc., and Komainu (Jersey) Limited</span>&#160;(the
&#8220;Custodians&#8221;) are custodians of the Trust.</span></p>

</ix:nonNumeric><p id="xdx_81C_zSCY4SDdc4c8" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000323" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z8uZu7WDh8Pv" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<span id="xdx_82A_z8TJPBcZVvOi">Creation and Redemption of Creation Units</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues Shares on an ongoing basis, but only in one or more blocks of&#160;<span id="xdx_90B_ecustom--BlockOfSharesIssued_pid_uShares_c20250101__20251231_zlDiIJUx1zJP" title="Block of shares issued"><ix:nonFraction name="brrr:BlockOfSharesIssued" contextRef="From2025-01-01to2025-12-31" id="Fact000325" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span>&#160;Shares (a &#8220;Basket&#8221;). The
Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing
basis from Authorized Participants.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
participants are the only persons that may place orders to create and redeem Baskets. Authorized participants must be (1) registered
broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to
register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets. In addition, an authorized
participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs,
transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market
related to the bitcoin being purchased or sold in connection with such order (the &#8220;Execution Charges&#8221;, and collectively
with the Transfer Agent Fee, the &#8220;Transaction Fees&#8221;). The Transaction Fees may be reduced, increased or otherwise
changed by the Sponsor.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000327" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zmbdPHKxwlT0" style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activity
in the number and value of Shares created and redeemed for the&#160;year ended December 31, 2025 and 2024, are as follows:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_134_zi4smNWbx6Rs" summary="xdx: Disclosure - Schedule of Activity in number and value of Shares created and redeemed (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Number of Shares</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Value of Shares</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; color: black; padding-left: 0in">Creations</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20250101__20251231_zwTIEf2uf51Y" title="Creations Number of Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2025-01-01to2025-12-31" id="Fact000329" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,855,000</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20240101__20241231_z5bLkEwYScDn" title="Creations Number of Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2024-01-012024-12-31" id="Fact000331" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,635,000</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20250101__20251231_zLlWKyj4g0CB" title="Creations Value of Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2025-01-01to2025-12-31" id="Fact000333" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,626,368</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20240101__20241231_zh998M1eov1z" title="Creations Value of Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2024-01-012024-12-31" id="Fact000335" format="ixt:numdotdecimal" decimals="0" unitRef="USD">632,095,951</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; padding-bottom: 1pt; padding-left: 0in">Redemptions</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20250101__20251231_zZyF2ju4HzBx" title="Redemptions Number of Shares">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="From2025-01-01to2025-12-31" id="Fact000337" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,690,000</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20240101__20241231_zRPmM2VQpTRR" title="Redemptions Number of Shares">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="From2024-01-012024-12-31" id="Fact000339" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,375,000</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20250101__20251231_zL05FIExaGva" title="Redemptions Value of Shares">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2025-01-01to2025-12-31" id="Fact000341" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,655,403</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_904_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20240101__20241231_zpyzGRe8TMqd" title="Redemptions Value of Shares">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2024-01-012024-12-31" id="Fact000343" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,939,140</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#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>
</table>

</ix:nonNumeric><p id="xdx_8AF_zIvlk1EYutJI" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

</ix:nonNumeric><p id="xdx_815_zjZf6jL9wl0x" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000353" name="us-gaap:InvestmentTextBlock"><p id="xdx_808_eus-gaap--InvestmentTextBlock_zlvchBOq6pcD" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<span id="xdx_823_zf7KHyrmrpK1">Investment Transactions</span></span></p>

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

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000355" name="us-gaap:InvestmentTableTextBlock"><p id="xdx_89C_eus-gaap--InvestmentTableTextBlock_zfP545QjhKNp" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_308_134_zz3B5OI72j9M" summary="xdx: Disclosure - Schedule of Cost of purchases and proceeds from sales of bitcoin by the Trust (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 94%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Purchases</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Sales</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98A_eus-gaap--PaymentsToAcquireInvestments_c20250101__20251231_zKZiJugf7xfi" title="Purchases" style="width: 23%; color: black; text-align: right"><ix:nonFraction name="us-gaap:PaymentsToAcquireInvestments" contextRef="From2025-01-01to2025-12-31" id="Fact000357" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,563,883</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_c20240101__20241231_zSgyH9cheQit" title="Purchases" style="width: 22%; color: black; text-align: right"><ix:nonFraction name="us-gaap:PaymentsToAcquireInvestments" contextRef="From2024-01-012024-12-31" id="Fact000359" format="ixt:numdotdecimal" decimals="0" unitRef="USD">632,012,875</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20251231_zMDTIGltxu8H" title="Sales" style="width: 22%; color: black; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2025-01-01to2025-12-31" id="Fact000361" format="ixt:numdotdecimal" decimals="0" unitRef="USD">385,292,346</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_984_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20240101__20241231_zppUVTmuISuU" title="Sales" style="width: 22%; color: black; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2024-01-012024-12-31" id="Fact000363" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,778,687</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <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>
</table>

</ix:nonNumeric><p id="xdx_8AA_z4EB2cq5YQJV" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_81F_zgOEJmsVzQpc" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000365" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_znzP9jtyGhM4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<span id="xdx_828_zqtDvCXCOVJ_zXLeA0lXm2Hz">Related Party Transactions</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
officers of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Initial Sponsor agreed to waive Sponsor fees for the first three months of the Trust&#8217;s operations, through April 10, 2024.
For the year ended December 31, 2024, the Trust incurred $<span id="xdx_900_eus-gaap--SponsorFees_c20240101__20241231_zw5i5mqlUBww" title="Sponsor fee (Note 4)"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2024-01-012024-12-31" id="Fact000367" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,263,370</ix:nonFraction></span>&#160;in Sponsor Fees, of which, $<span id="xdx_904_ecustom--SponsorFeesWaiver_c20240101__20241231_zgetLdzjV2ub" title="Less: Sponsor fee waiver"><ix:nonFraction name="brrr:SponsorFeesWaiver" contextRef="From2024-01-012024-12-31" id="Fact000369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,399</ix:nonFraction></span>&#160;was waived by
the Initial Sponsor. For the year ended December 31, 2025, the Trust incurred $<span id="xdx_90B_eus-gaap--SponsorFees_c20250101__20251231_zkJpoB3ayLBw" title="Sponsor fee (Note 4)"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2025-01-01to2025-12-31" id="Fact000371" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,618,079</ix:nonFraction></span> in Sponsor Fees.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<ix:exclude><p id="xdx_237_ziGtdM4JntLH" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2024, Valkyrie Funds LLC, at such time an affiliate of the Initial Sponsor, purchased&#160;<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_z4nHJ3PDYuA3" title="Creations Number of Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2024-01-092024-01-10_custom_ValkyrieFundsLLCMember" id="Fact000374" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span>&#160;Shares at a
per-Share price of&#160;$<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pii_uUSDPShares_c20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zd5HEwOagJA7" title="Share price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2024-01-10_custom_ValkyrieFundsLLCMember" id="Fact000376" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.00</ix:nonFraction></span>. Delivery of these Shares was made on January 11, 2024. Total proceeds to the Trust from the sale
of these Shares was&#160;$<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zo1Thj6qdzeZ" title="Proceeds from sale of shares"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2024-01-092024-01-10_custom_ValkyrieFundsLLCMember" id="Fact000378" format="ixt:numdotdecimal" decimals="0" unitRef="USD">520,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Trust entered into an agreement with CoinShares Co., a Delaware corporation, to act as Co-Sponsor of the Trust
in an advisory capacity. <span style="background-color: white">Effective June 14, 2024 (the &#8220;Effective Date&#8221;), the
Initial Sponsor withdrew as Co-Sponsor to the Trust. Pursuant to Section 6.9 of the Trust Agreement, on the Effective Date of
the Initial Sponsor&#8217;s withdrawal as Co-Sponsor to the Trust, CoinShares Co. automatically and without further action by
the Co-Sponsor, Trustee or the Shareholders (as defined in the Trust Agreement) became the successor Sponsor and has all the powers,
rights, duties and obligations of the Sponsor under the Trust Agreement.</span></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Prior
to CoinShares Co. assuming the role of Co-Sponsor and Sponsor, CoinShares Capital Markets (Jersey) Limited, an affiliate of the
Sponsor, served as a Bitcoin Trading Counterparty of the Trust. In such role, CoinShares Capital Markets (Jersey) Limited fulfilled
orders from the Trust for the purchase and sale of bitcoin. No orders for the purchase or sale of bitcoin were executed with CoinShares
Capital Markets (Jersey) Limited on or since March 15, 2024, the date on which CoinShares Co. became a Co-Sponsor to the Trust.
During the period that CoinShares Capital Markets (Jersey) Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares
Capital Markets (Jersey) Limited fulfilled purchase orders with an approximate value of $<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn6n6_c20240101__20240314__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CoinSharesCaptialMarketsJerseyLimitedMember_zrHtSMjNd2XD" title="Purchases order of Bitcoin"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2024-01-012024-03-14_custom_CoinSharesCaptialMarketsJerseyLimitedMember" id="Fact000380" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">295</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2025, affiliates of the Sponsor owned <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffiliatesOfSponsorMember_z6ZcskT1qo53" title="Shares owned"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2025-12-31_custom_AffiliatesOfSponsorMember" id="Fact000382" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,140,000</ix:nonFraction></span> Shares of the Trust.</span></p>

</ix:nonNumeric><p id="xdx_811_zrubgxvvfwsz" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000384" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zY4871MGooNr" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<span id="xdx_828_zKP3p0yrrkSE">Commitments and Contingencies</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The
Trust&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against
the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss
under these arrangements to be remote.</span></p>

</ix:nonNumeric><p id="xdx_812_zBREok4Vw5wc" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000386" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_808_eus-gaap--SegmentReportingDisclosureTextBlock_zYcpemNuCqAg" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">9.
<span id="xdx_821_ztRgQW5zJJ3o">Segment Reporting</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Principal Accounting Officer of the Sponsor performs the functions of the Trust&#8217;s&#160;Chief Operating Decision Maker (&#8220;CODM&#8221;).
The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with
its prospectus dated July 25, 2025 (the &#8220;Prospectus&#8221;). The Trust operates as a single operating and reporting segment
pursuant to its investment objective. The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks,
among other items. The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM
to assess segment performance and make resource allocations are consistent with the information presented within the Trust's financial
statements. The financial information provided to and reviewed by the CODM is presented within the Trust&#8217;s financial statements.</span></p>

</ix:nonNumeric><p id="xdx_814_ziJ0CF9nVHb3" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000388" name="us-gaap:InvestmentCompanyFinancialHighlightsTextBlock"><p id="xdx_805_eus-gaap--InvestmentCompanyFinancialHighlightsTextBlock_zlkSnns3MJXP" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<span id="xdx_825_zI0JIxr6J8Jl">Financial Highlights</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding
for the years ended December 31, 2025, and the period from January 10, 2024 (the initial share purchase date), through December
31, 2024. The total return at NAV is based on the change in NAV of a Share during the period and the total return at market value
is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period. An individual investor&#8217;s
return and ratios may vary based on the timing of capital transactions.</span></p>

<ix:exclude><p id="xdx_236_zacy6IJBIsZd" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

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    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&#160;</p></div>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000391" name="us-gaap:InvestmentCompanyFinancialHighlightsTableTextBlock"><p id="xdx_89C_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zdvwC6Vy7s5p" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Highlights</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December
31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" id="xdx_30A_134_zeLrDokHVvlv" summary="xdx: Disclosure - Schedule of Financial Highlights (Details)" style="width: 80%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
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<tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zev0MAWNbHkl" style="vertical-align: bottom">
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<tr id="xdx_409_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zXwgZjEmdaeT" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; font-family: Arial,sans-serif">&#160;</td>
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<tr id="xdx_40A_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maNetIncLoss_zuyB8ghR4ofO" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Net investment income (loss)</span></td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">(<ix:nonFraction name="us-gaap:InvestmentCompanyInvestmentIncomeLossPerShare" contextRef="From2025-01-01to2025-12-31" id="Fact000399" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.07</ix:nonFraction></span></td>
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    <td style="font-family: Arial,sans-serif">&#160;</td>
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<tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zApKD3UvDSvA" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)</span></td>
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    <td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif">&#160;</td>
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<tr id="xdx_406_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_iT_pid_uUSDPShares_mtNetIncLoss_zVC5K66gXSRH" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Net income (loss)</span></td>
    <td style="padding-bottom: 1pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif">&#160;</td>
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    <td style="padding-bottom: 1pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)</span></td>
    <td style="padding-bottom: 1pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare" contextRef="From2024-01-092024-12-31" id="Fact000406" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.43</ix:nonFraction></span></td>
    <td style="padding-bottom: 1pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zW1NjQLHq3Qh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Net asset value per Share, end of period</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2025-12-31" id="Fact000408" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">24.74</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-12-31" id="Fact000409" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">26.43</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zhdB64XCCZHw" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_ziKxzv137C4v" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Market Value per Share, end of period</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zrbdK7mJKLpM" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0in; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">Ratio to average net assets</span></td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif; text-align: right">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif; text-align: right">&#160;</td>
    <td style="font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pii_dp_zk1wvyn0Bj9r" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Net investment income (loss)</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
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<tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zojdOjyL82Ca" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:InvestmentCompanyExpenseRatioAfterIncentiveAllocation" contextRef="From2025-01-01to2025-12-31" id="Fact000426" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.25</ix:nonFraction></span></td>
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<tr id="xdx_405_eus-gaap--InvestmentCompanyTotalReturn_i01_pii_dp_zS2WkP631yyB" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Total return, at net asset value</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)%</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:InvestmentCompanyTotalReturn" contextRef="From2024-01-092024-12-31" id="Fact000430" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">103.31</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%<sup id="xdx_F4D_zqaCtgKC24Jk">(2)</sup></span></td></tr>
<tr id="xdx_406_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_zt7P7p8WgT0R" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Total return, at market value</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">(<ix:nonFraction name="us-gaap:InvestmentCompanyTotalReturnMarketValue" contextRef="From2025-01-01to2025-12-31" id="Fact000432" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">6.50</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)%</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif"><ix:nonFraction name="us-gaap:InvestmentCompanyTotalReturnMarketValue" contextRef="From2024-01-092024-12-31" id="Fact000433" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">103.46</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%<sup id="xdx_F43_zHx01oI3ygjJ">(2)</sup></span></td></tr>
</table>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="width: 0.25in">&#160;</td>
    <td style="font-family: Arial,sans-serif; width: 0.25in"><span style="font-family: Times New Roman,serif"><sup id="xdx_F08_zjizHPiV1g5H">(1)</sup>&#160;</span></td>
    <td style="font-family: Arial,sans-serif"><span id="xdx_F11_zqTPOGF7f2nb" style="font-family: Times New Roman,serif"><ix:footnote id="Footnote000434" xml:lang="en-US">Annualized</ix:footnote></span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif"><sup id="xdx_F07_zwo5xQ71vNYz">(2)</sup>&#160;</span></td>
    <td style="font-family: Arial,sans-serif"><span id="xdx_F1D_zAKxgZ4QlS34" style="font-family: Times New Roman,serif"><ix:footnote id="Footnote000435" xml:lang="en-US">Not annualized</ix:footnote></span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif"><sup id="xdx_F04_zIDKGVDdGFrl">(3)</sup>&#160;</span></td>
    <td style="font-family: Arial,sans-serif"><span id="xdx_F1B_zP4PduVjkXj3" style="font-family: Times New Roman,serif"><ix:footnote id="Footnote000436" xml:lang="en-US">Includes voluntary reimbursement of sponsor fees of <span id="xdx_90D_ecustom--SponsorFeesRate_pid_dp_c20240109__20241231_zU2TSl789Q4h" title="Sponsor's fee rate"><ix:nonFraction name="brrr:SponsorFeesRate" contextRef="From2024-01-092024-12-31" id="Fact000438" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.03</ix:nonFraction></span>%</ix:footnote></span></td>
    </tr>
</table>


</ix:nonNumeric><p id="xdx_8A0_zVDcQ55id8tT" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

</ix:nonNumeric><p id="xdx_81C_znJtZEQZTO7Z" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2025-01-01to2025-12-31" escape="true" id="Fact000440" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_z5TPFxgGa0Cy" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">11.<span id="xdx_821_zJqdEueUoMM2">Subsequent
Events</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no events requiring
adjustment or additional disclosure in the financial statements during the period.</span></p>

</ix:nonNumeric><p id="xdx_814_zzwGY1FITG1e" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; background-color: white"><A HREF="brrr_10k-123125.htm">CoinShares Bitcoin ETF 10-K</A></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
23.1</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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; text-align: justify">We hereby consent to the incorporation by reference
in the Registration Statement on Form S-1 (No. 333-252344) of CoinShares Bitcoin ETF of our report dated March 10, 2026 relating to the
financial statements, which appears in this Form 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="ex2301_001.jpg" ALT="" STYLE="height: 0.43in; width: 1.47in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cohen &amp; Company, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Milwaukee, Wisconsin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 10, 2026</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; background-color: white"><A HREF="brrr_10k-123125.htm">CoinShares Bitcoin ETF 10-K</A></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
31.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification
of Principal Executive Officer</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Jean-Marie Mognetti, certify that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
                                         have reviewed this Annual Report on Form&nbsp;10-K&nbsp;of CoinShares Bitcoin ETF;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and cash flows of the registrant as of, and for, the periods presented
                                         in this report;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e))
                                         and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
                                         and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 registrant&rsquo;s board of directors (or persons performing
                                         the equivalent functions):</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 90%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 10, 2026 </FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Jean-Marie Mognetti</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name: </TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Jean-Marie
Mognetti</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD>Principal Executive Officer&nbsp; <BR>
CoinShares Bitcoin ETF </TD></TR>
</TABLE>





<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex31-2.htm
<DESCRIPTION>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; background-color: white"><A HREF="brrr_10k-123125.htm">CoinShares Bitcoin ETF 10-K</A></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 31.2</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certification of Principal
Financial and Accounting Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Pursuant to Section&nbsp;302
of the Sarbanes-Oxley Act of 2002</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">I, Charles Butler, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this Annual Report on Form&nbsp;10-K&nbsp;of CoinShares Bitcoin ETF;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">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 and cash flows 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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">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&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">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 registrant&rsquo;s 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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(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,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(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,serif">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 90%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    March 10, 2026 </FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 36%; border-bottom: Black 1pt solid">/s/ Charles Butler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Charles Butler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD> Principal Financial and Accounting Officer<BR>
    CoinShares Bitcoin ETF</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>ex32-1.htm
<DESCRIPTION>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; background-color: white"><A HREF="brrr_10k-123125.htm">CoinShares Bitcoin ETF 10-K</A></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 32.1</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certification of Principal
Executive Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="background-color: white">In connection with this Annual
Report on Form&nbsp;10-K&nbsp;for the year ended December 31, 2025 (the &ldquo;Report&rdquo;) of CoinShares Bitcoin ETF (the &ldquo;Registrant&rdquo;)
and each of its series, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, </FONT>Jean-Marie Mognetti<FONT STYLE="background-color: white">,
the Principal Executive Officer of the Registrant, hereby certify, that, to my knowledge:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="background-color: white">The Report fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended;&nbsp;<U>and</U></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><FONT STYLE="background-color: white">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Registrant.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 90%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 10, 2026 </FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Jean-Marie Mognetti</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name: </TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Jean-Marie
Mognetti</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD>Principal Executive Officer&nbsp; <BR>
CoinShares Bitcoin ETF </TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex32-2.htm
<DESCRIPTION>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; background-color: white"><A HREF="brrr_10k-123125.htm">CoinShares Bitcoin ETF 10-K</A></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 32.2</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certification of Principal
Financial and Accounting Officer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="background-color: white">In connection with this Annual
Report on Form&nbsp;10-K&nbsp;for the year ended December 31, 2025 (the &ldquo;Report&rdquo;) of CoinShares Bitcoin ETF (the &ldquo;Registrant&rdquo;)
and each of its series, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, </FONT>Charles Butler<FONT STYLE="background-color: white">,
the Principal Financial and Accounting Officer of the Registrant, hereby certify, that, to my knowledge:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="background-color: white">The Report fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended;&nbsp;<U>and</U></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><FONT STYLE="background-color: white">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Registrant.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 90%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    March 10, 2026 </FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 36%; border-bottom: Black 1pt solid">/s/ Charles Butler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Charles Butler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD> Principal Financial and Accounting Officer<BR>
    CoinShares Bitcoin ETF</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>brrr-20251231.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
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    <link:definitionLink xlink:type="extended" xlink:role="http://coinshares.com/role/ScheduleOfFinancialHighlightsDetails" xlink:title="999039 - Disclosure - Schedule of Financial Highlights (Details)" />
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>brrr-20251231_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.4b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_2_lbl" xml:lang="en-US">&#160;&#160;&#160;Net realized gain (loss) from investment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Net Assets &#8211; Ending Balance</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_IndividualAxis_lbl" xml:lang="en-US">Individual [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AdjToCompAxis" xlink:to="ecd_AdjToCompAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AdjToCompAxis_lbl" xml:lang="en-US">Adjustment to Compensation [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_MeasureAxis" xlink:to="ecd_MeasureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_MeasureAxis_lbl" xml:lang="en-US">Measure [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_PvpTableTextBlock" xlink:to="ecd_PvpTableTextBlock_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CoSelectedMeasureName_lbl" xml:lang="en-US">Company Selected Measure Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:to="ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock_lbl" xml:lang="en-US">Compensation Actually Paid vs. Total Shareholder Return</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:label="ecd_CompActuallyPaidVsNetIncomeTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:to="ecd_CompActuallyPaidVsNetIncomeTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CompActuallyPaidVsNetIncomeTextBlock_lbl" xml:lang="en-US">Compensation Actually Paid vs. Net Income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:label="ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:to="ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_lbl" xml:lang="en-US">Compensation Actually Paid vs. Company Selected Measure</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:label="ecd_TotalShareholderRtnVsPeerGroupTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:to="ecd_TotalShareholderRtnVsPeerGroupTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TotalShareholderRtnVsPeerGroupTextBlock_lbl" xml:lang="en-US">Total Shareholder Return Vs Peer Group</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:label="ecd_CompActuallyPaidVsOtherMeasureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:to="ecd_CompActuallyPaidVsOtherMeasureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CompActuallyPaidVsOtherMeasureTextBlock_lbl" xml:lang="en-US">Compensation Actually Paid vs. Other Measure</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TabularListTableTextBlock" xlink:label="ecd_TabularListTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TabularListTableTextBlock" xlink:to="ecd_TabularListTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TabularListTableTextBlock_lbl" xml:lang="en-US">Tabular List, Table</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TotalShareholderRtnAmt" xlink:label="ecd_TotalShareholderRtnAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TotalShareholderRtnAmt" xlink:to="ecd_TotalShareholderRtnAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TotalShareholderRtnAmt_lbl" xml:lang="en-US">Total Shareholder Return Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_PeerGroupTotalShareholderRtnAmt" xlink:label="ecd_PeerGroupTotalShareholderRtnAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_PeerGroupTotalShareholderRtnAmt" xlink:to="ecd_PeerGroupTotalShareholderRtnAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_PeerGroupTotalShareholderRtnAmt_lbl" xml:lang="en-US">Peer Group Total Shareholder Return Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net Income (Loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_CoSelectedMeasureAmt" xlink:label="ecd_CoSelectedMeasureAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_CoSelectedMeasureAmt" xlink:to="ecd_CoSelectedMeasureAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_CoSelectedMeasureAmt_lbl" xml:lang="en-US">Company Selected Measure Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_OtherPerfMeasureAmt" xlink:label="ecd_OtherPerfMeasureAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_OtherPerfMeasureAmt" xlink:to="ecd_OtherPerfMeasureAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_OtherPerfMeasureAmt_lbl" xml:lang="en-US">Other Performance Measure, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AdjToCompAmt" xlink:label="ecd_AdjToCompAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AdjToCompAmt" xlink:to="ecd_AdjToCompAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AdjToCompAmt_lbl" xml:lang="en-US">Adjustment to Compensation, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_PeoName" xlink:label="ecd_PeoName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_PeoName" xlink:to="ecd_PeoName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_PeoName_lbl" xml:lang="en-US">PEO Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_MeasureName" xlink:label="ecd_MeasureName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_MeasureName" xlink:to="ecd_MeasureName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_MeasureName_lbl" xml:lang="en-US">Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_NonGaapMeasureDescriptionTextBlock" xlink:label="ecd_NonGaapMeasureDescriptionTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_NonGaapMeasureDescriptionTextBlock" xlink:to="ecd_NonGaapMeasureDescriptionTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_NonGaapMeasureDescriptionTextBlock_lbl" xml:lang="en-US">Non-GAAP Measure Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_Additional402vDisclosureTextBlock" xlink:label="ecd_Additional402vDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_Additional402vDisclosureTextBlock" xlink:to="ecd_Additional402vDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_Additional402vDisclosureTextBlock_lbl" xml:lang="en-US">Additional 402(v) Disclosure</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_PnsnBnftsAdjFnTextBlock" xlink:label="ecd_PnsnBnftsAdjFnTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_PnsnBnftsAdjFnTextBlock" xlink:to="ecd_PnsnBnftsAdjFnTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_PnsnBnftsAdjFnTextBlock_lbl" xml:lang="en-US">Pension Benefits Adjustments, Footnote</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_EqtyAwrdsAdjFnTextBlock" xlink:label="ecd_EqtyAwrdsAdjFnTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_EqtyAwrdsAdjFnTextBlock" xlink:to="ecd_EqtyAwrdsAdjFnTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_EqtyAwrdsAdjFnTextBlock_lbl" xml:lang="en-US">Equity Awards Adjustments, Footnote</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ErrCompRecoveryTable" xlink:label="ecd_ErrCompRecoveryTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ErrCompRecoveryTable" xlink:to="ecd_ErrCompRecoveryTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ErrCompRecoveryTable_lbl" xml:lang="en-US">Erroneously Awarded Compensation Recovery [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_RestatementDateAxis" xlink:label="ecd_RestatementDateAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_RestatementDateAxis" xlink:to="ecd_RestatementDateAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_RestatementDateAxis_lbl" xml:lang="en-US">Restatement Determination Date [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_RestatementDeterminationDate" xlink:label="ecd_RestatementDeterminationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_RestatementDeterminationDate" xlink:to="ecd_RestatementDeterminationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_RestatementDeterminationDate_lbl" xml:lang="en-US">Restatement Determination Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AggtErrCompAmt" xlink:label="ecd_AggtErrCompAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AggtErrCompAmt" xlink:to="ecd_AggtErrCompAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AggtErrCompAmt_lbl" xml:lang="en-US">Aggregate Erroneous Compensation Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ErrCompAnalysisTextBlock" xlink:label="ecd_ErrCompAnalysisTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ErrCompAnalysisTextBlock" xlink:to="ecd_ErrCompAnalysisTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ErrCompAnalysisTextBlock_lbl" xml:lang="en-US">Erroneous Compensation Analysis</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:label="ecd_StkPrcOrTsrEstimationMethodTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:to="ecd_StkPrcOrTsrEstimationMethodTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_StkPrcOrTsrEstimationMethodTextBlock_lbl" xml:lang="en-US">Stock Price or TSR Estimation Method</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_OutstandingAggtErrCompAmt" xlink:label="ecd_OutstandingAggtErrCompAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_OutstandingAggtErrCompAmt" xlink:to="ecd_OutstandingAggtErrCompAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_OutstandingAggtErrCompAmt_lbl" xml:lang="en-US">Outstanding Aggregate Erroneous Compensation Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:label="ecd_AggtErrCompNotYetDeterminedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:to="ecd_AggtErrCompNotYetDeterminedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AggtErrCompNotYetDeterminedTextBlock_lbl" xml:lang="en-US">Aggregate Erroneous Compensation Not Yet Determined</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ForgoneRecoveryIndName" xlink:label="ecd_ForgoneRecoveryIndName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryIndName" xlink:to="ecd_ForgoneRecoveryIndName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ecd_ForgoneRecoveryIndName_lbl" xml:lang="en-US">Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:label="ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:to="ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_lbl" xml:lang="en-US">Forgone Recovery due to Expense of Enforcement, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:label="ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:to="ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_lbl" xml:lang="en-US">Forgone Recovery due to Violation of Home Country Law, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:label="ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:to="ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_lbl" xml:lang="en-US">Forgone Recovery due to Disqualification of Tax Benefits, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:label="ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:to="ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_lbl" xml:lang="en-US">Forgone Recovery, Explanation of Impracticability</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_OutstandingRecoveryIndName" xlink:label="ecd_OutstandingRecoveryIndName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_OutstandingRecoveryIndName" xlink:to="ecd_OutstandingRecoveryIndName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ecd_OutstandingRecoveryIndName_lbl" xml:lang="en-US">Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_OutstandingRecoveryCompAmt" xlink:label="ecd_OutstandingRecoveryCompAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_OutstandingRecoveryCompAmt" xlink:to="ecd_OutstandingRecoveryCompAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_OutstandingRecoveryCompAmt_lbl" xml:lang="en-US">Compensation Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:label="ecd_RestatementDoesNotRequireRecoveryTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:to="ecd_RestatementDoesNotRequireRecoveryTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_RestatementDoesNotRequireRecoveryTextBlock_lbl" xml:lang="en-US">Restatement does not require Recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardsCloseToMnpiDiscTable" xlink:label="ecd_AwardsCloseToMnpiDiscTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardsCloseToMnpiDiscTable" xlink:to="ecd_AwardsCloseToMnpiDiscTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardsCloseToMnpiDiscTable_lbl" xml:lang="en-US">Awards Close in Time to MNPI Disclosures [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US">Award Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardTmgMnpiDiscTextBlock" xlink:label="ecd_AwardTmgMnpiDiscTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardTmgMnpiDiscTextBlock" xlink:to="ecd_AwardTmgMnpiDiscTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardTmgMnpiDiscTextBlock_lbl" xml:lang="en-US">Award Timing MNPI Disclosure</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardTmgMethodTextBlock" xlink:label="ecd_AwardTmgMethodTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardTmgMethodTextBlock" xlink:to="ecd_AwardTmgMethodTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardTmgMethodTextBlock_lbl" xml:lang="en-US">Award Timing Method</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardTmgPredtrmndFlag" xlink:label="ecd_AwardTmgPredtrmndFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardTmgPredtrmndFlag" xlink:to="ecd_AwardTmgPredtrmndFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardTmgPredtrmndFlag_lbl" xml:lang="en-US">Award Timing Predetermined</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardTmgMnpiCnsdrdFlag" xlink:label="ecd_AwardTmgMnpiCnsdrdFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardTmgMnpiCnsdrdFlag" xlink:to="ecd_AwardTmgMnpiCnsdrdFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardTmgMnpiCnsdrdFlag_lbl" xml:lang="en-US">Award Timing MNPI Considered</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:label="ecd_AwardTmgHowMnpiCnsdrdTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:to="ecd_AwardTmgHowMnpiCnsdrdTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardTmgHowMnpiCnsdrdTextBlock_lbl" xml:lang="en-US">Award Timing, How MNPI Considered</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_MnpiDiscTimedForCompValFlag" xlink:label="ecd_MnpiDiscTimedForCompValFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_MnpiDiscTimedForCompValFlag" xlink:to="ecd_MnpiDiscTimedForCompValFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_MnpiDiscTimedForCompValFlag_lbl" xml:lang="en-US">MNPI Disclosure Timed for Compensation Value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:label="ecd_AwardsCloseToMnpiDiscTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:to="ecd_AwardsCloseToMnpiDiscTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardsCloseToMnpiDiscTableTextBlock_lbl" xml:lang="en-US">Awards Close in Time to MNPI Disclosures, Table</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardsCloseToMnpiDiscIndName" xlink:label="ecd_AwardsCloseToMnpiDiscIndName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardsCloseToMnpiDiscIndName" xlink:to="ecd_AwardsCloseToMnpiDiscIndName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ecd_AwardsCloseToMnpiDiscIndName_lbl" xml:lang="en-US">Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardUndrlygSecuritiesAmt" xlink:label="ecd_AwardUndrlygSecuritiesAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardUndrlygSecuritiesAmt" xlink:to="ecd_AwardUndrlygSecuritiesAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardUndrlygSecuritiesAmt_lbl" xml:lang="en-US">Underlying Securities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardExrcPrice" xlink:label="ecd_AwardExrcPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardExrcPrice" xlink:to="ecd_AwardExrcPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardExrcPrice_lbl" xml:lang="en-US">Exercise Price</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_AwardGrantDateFairValue" xlink:label="ecd_AwardGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardGrantDateFairValue" xlink:to="ecd_AwardGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardGrantDateFairValue_lbl" xml:lang="en-US">Fair Value as of Grant Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_UndrlygSecurityMktPriceChngPct" xlink:label="ecd_UndrlygSecurityMktPriceChngPct" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_UndrlygSecurityMktPriceChngPct" xlink:to="ecd_UndrlygSecurityMktPriceChngPct_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_UndrlygSecurityMktPriceChngPct_lbl" xml:lang="en-US">Underlying Security Market Price Change</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_InsiderTradingArrLineItems" xlink:label="ecd_InsiderTradingArrLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTradingArrLineItems" xlink:to="ecd_InsiderTradingArrLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_InsiderTradingArrLineItems_lbl" xml:lang="en-US">Insider Trading Arrangements [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_MtrlTermsOfTrdArrTextBlock" xlink:label="ecd_MtrlTermsOfTrdArrTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_MtrlTermsOfTrdArrTextBlock" xlink:to="ecd_MtrlTermsOfTrdArrTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_MtrlTermsOfTrdArrTextBlock_lbl" xml:lang="en-US">Material Terms of Trading Arrangement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrIndName" xlink:label="ecd_TrdArrIndName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrIndName" xlink:to="ecd_TrdArrIndName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ecd_TrdArrIndName_lbl" xml:lang="en-US">Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrIndTitle" xlink:label="ecd_TrdArrIndTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrIndTitle" xlink:to="ecd_TrdArrIndTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrIndTitle_lbl" xml:lang="en-US">Title</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_Rule10b51ArrAdoptedFlag" xlink:label="ecd_Rule10b51ArrAdoptedFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_Rule10b51ArrAdoptedFlag" xlink:to="ecd_Rule10b51ArrAdoptedFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_Rule10b51ArrAdoptedFlag_lbl" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_NonRule10b51ArrAdoptedFlag" xlink:label="ecd_NonRule10b51ArrAdoptedFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_NonRule10b51ArrAdoptedFlag" xlink:to="ecd_NonRule10b51ArrAdoptedFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_NonRule10b51ArrAdoptedFlag_lbl" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Adopted</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrAdoptionDate" xlink:label="ecd_TrdArrAdoptionDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrAdoptionDate" xlink:to="ecd_TrdArrAdoptionDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrAdoptionDate_lbl" xml:lang="en-US">Adoption Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_Rule10b51ArrTrmntdFlag" xlink:label="ecd_Rule10b51ArrTrmntdFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_Rule10b51ArrTrmntdFlag" xlink:to="ecd_Rule10b51ArrTrmntdFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_Rule10b51ArrTrmntdFlag_lbl" xml:lang="en-US">Rule 10b5-1 Arrangement Terminated</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_NonRule10b51ArrTrmntdFlag" xlink:label="ecd_NonRule10b51ArrTrmntdFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_NonRule10b51ArrTrmntdFlag" xlink:to="ecd_NonRule10b51ArrTrmntdFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_NonRule10b51ArrTrmntdFlag_lbl" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Terminated</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrTerminationDate" xlink:label="ecd_TrdArrTerminationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrTerminationDate" xlink:to="ecd_TrdArrTerminationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrTerminationDate_lbl" xml:lang="en-US">Termination Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrExpirationDate" xlink:label="ecd_TrdArrExpirationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrExpirationDate" xlink:to="ecd_TrdArrExpirationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrExpirationDate_lbl" xml:lang="en-US">Expiration Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrDuration" xlink:label="ecd_TrdArrDuration" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrDuration" xlink:to="ecd_TrdArrDuration_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrDuration_lbl" xml:lang="en-US">Arrangement Duration</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_TrdArrSecuritiesAggAvailAmt" xlink:label="ecd_TrdArrSecuritiesAggAvailAmt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrSecuritiesAggAvailAmt" xlink:to="ecd_TrdArrSecuritiesAggAvailAmt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrSecuritiesAggAvailAmt_lbl" xml:lang="en-US">Aggregate Available</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_NoInsiderTradingFlag" xlink:label="brrr_NoInsiderTradingFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_NoInsiderTradingFlag" xlink:to="brrr_NoInsiderTradingFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_NoInsiderTradingFlag_lbl" xml:lang="en-US">No Insider Trading [Flag]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_InsiderTradingPoliciesProcLineItems" xlink:label="ecd_InsiderTradingPoliciesProcLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTradingPoliciesProcLineItems" xlink:to="ecd_InsiderTradingPoliciesProcLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_InsiderTradingPoliciesProcLineItems_lbl" xml:lang="en-US">Insider Trading Policies and Procedures [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:label="ecd_InsiderTrdPoliciesProcAdoptedFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:to="ecd_InsiderTrdPoliciesProcAdoptedFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_InsiderTrdPoliciesProcAdoptedFlag_lbl" xml:lang="en-US">Insider Trading Policies and Procedures Adopted</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2025/ecd-2025.xsd#ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:label="ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:to="ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock_lbl" xml:lang="en-US">Insider Trading Policies and Procedures</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:to="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_lbl" xml:lang="en-US">Cybersecurity Risk Management, Strategy, and Governance [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:to="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedFlag" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementProcessesIntegratedFlag" xlink:to="cyd_CybersecurityRiskManagementProcessesIntegratedFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedFlag_lbl" xml:lang="en-US">Cybersecurity Risk Management Processes Integrated [Flag]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock" xlink:to="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Management Processes Integrated [Text Block]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:to="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xml:lang="en-US">Cybersecurity Risk Management Third Party Engaged [Flag]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:to="us-gaap_InvestmentsAllOtherInvestmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsAllOtherInvestmentsAbstract_lbl" xml:lang="en-US">Investments, All Other Investments [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTextBlock" xlink:label="us-gaap_InvestmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTextBlock" xlink:to="us-gaap_InvestmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentTextBlock_lbl" xml:lang="en-US">Investment Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link: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]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Reporting</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyAbstract" xlink:label="us-gaap_InvestmentCompanyAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyAbstract" xlink:to="us-gaap_InvestmentCompanyAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyAbstract_lbl" xml:lang="en-US">Investment Company [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl" xml:lang="en-US">Financial Highlights</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="us-gaap_SubsequentEventsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" xlink:type="arc" />
      <link: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]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies" xlink:label="us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies" xlink:to="us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies_lbl" xml:lang="en-US">Indemnifications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Federal Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xml:lang="en-US">The following table presents information about the Trust&#8217;s investments at fair value:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetActivityTableTextBlock" xlink:label="us-gaap_CryptoAssetActivityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetActivityTableTextBlock" xlink:to="us-gaap_CryptoAssetActivityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetActivityTableTextBlock_lbl" xml:lang="en-US">The following represents the changes in quantity of bitcoin and the respective fair value:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xml:lang="en-US">Activity in the number and value of Shares created and redeemed for the year ended December 31, 2025 and 2024, are as follows:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTableTextBlock" xlink:label="us-gaap_InvestmentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTableTextBlock" xlink:to="us-gaap_InvestmentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentTableTextBlock_lbl" xml:lang="en-US">For the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl" xml:lang="en-US">Financial Highlights</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable" xlink:label="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable" xlink:to="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable_lbl" xml:lang="en-US">Fair Value, off-Balance-Sheet Risk [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" xlink:label="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" xlink:to="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl" xml:lang="en-US">Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CryptoAssetFairValue_2_lbl" xml:lang="en-US">Bitcoin</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedAtFairValue_2_lbl" xml:lang="en-US">Total Investments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetNumberOfUnits" xlink:to="us-gaap_CryptoAssetNumberOfUnits_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CryptoAssetNumberOfUnits_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CryptoAssetFairValue_3_lbl" xml:lang="en-US">Beginning balance, fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_CryptoAssetNumberOfUnitsPurchased" xlink:label="brrr_CryptoAssetNumberOfUnitsPurchased" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsPurchased" xlink:to="brrr_CryptoAssetNumberOfUnitsPurchased_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_CryptoAssetNumberOfUnitsPurchased_lbl" xml:lang="en-US">Bitcoin purchased</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetPurchase" xlink:label="us-gaap_CryptoAssetPurchase" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetPurchase" xlink:to="us-gaap_CryptoAssetPurchase_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetPurchase_lbl" xml:lang="en-US">Bitcoin purchased, fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" xlink:label="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" xlink:to="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_lbl" xml:lang="en-US">Bitcoin sold for the redemption of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetSale" xlink:label="us-gaap_CryptoAssetSale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetSale" xlink:to="us-gaap_CryptoAssetSale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CryptoAssetSale_lbl" xml:lang="en-US">Bitcoin sold for the redemption of Shares, fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" xlink:label="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" xlink:to="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_lbl" xml:lang="en-US">Bitcoin transferred to pay the Sponsor fee</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetPaymentForService" xlink:label="us-gaap_CryptoAssetPaymentForService" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetPaymentForService" xlink:to="us-gaap_CryptoAssetPaymentForService_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CryptoAssetPaymentForService_lbl" xml:lang="en-US">Bitcoin transferred to pay the Sponsor fee, fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_2_lbl" xml:lang="en-US">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealizedInvestmentGainsLosses_3_lbl" xml:lang="en-US">Net Realized gain on investments in bitcoin</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetNumberOfUnits" xlink:to="us-gaap_CryptoAssetNumberOfUnits_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CryptoAssetNumberOfUnits_3_lbl" xml:lang="en-US">Ending balance</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CryptoAssetFairValue_4_lbl" xml:lang="en-US">Ending balance, fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_SponsorFeesAnnualRate" xlink:label="brrr_SponsorFeesAnnualRate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_SponsorFeesAnnualRate_lbl" xml:lang="en-US">Sponsor's fee annual rate</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Creations Number of Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_2_lbl" xml:lang="en-US">Creations Value of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Redemptions Number of Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_2_lbl" xml:lang="en-US">Redemptions Value of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net change in Shares created and redeemed Number of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="us-gaap_StockholdersEquityPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:to="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net change in Shares created and redeemed Value of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="brrr-20251231.xsd#brrr_BlockOfSharesIssued" xlink:label="brrr_BlockOfSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_BlockOfSharesIssued" xlink:to="brrr_BlockOfSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_BlockOfSharesIssued_lbl" xml:lang="en-US">Block of shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="us-gaap_PaymentsToAcquireInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInvestments" xlink:to="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US">Related Party Transaction [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SponsorFees_2_lbl" xml:lang="en-US">Sponsor fee (Note 4)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_SponsorFeesWaiver_2_lbl" xml:lang="en-US">Less: Sponsor fee waiver</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="us-gaap_SharesIssuedPricePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="us-gaap_SharesIssuedPricePerShare_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Proceeds from sale of shares</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyTotalReturnMarketValue" xlink:to="us-gaap_InvestmentCompanyTotalReturnMarketValue_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_SponsorFeesRate_lbl" xml:lang="en-US">Sponsor's fee rate</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_BitcoinMember_doc" xml:lang="en-US">Bitcoin.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_SponsorFeesWaiver_doc" xml:lang="en-US">Amount of sponsor fee waiver during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_TrustExpensesTextBlock" xlink:to="brrr_TrustExpensesTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_TrustExpensesTextBlock_doc" xml:lang="en-US">The entire disclosure for trust expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_SponsorFeesAnnualRate" xlink:to="brrr_SponsorFeesAnnualRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_SponsorFeesAnnualRate_doc" xml:lang="en-US">Annual rate of Sponsor's fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_BlockOfSharesIssued" xlink:to="brrr_BlockOfSharesIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_BlockOfSharesIssued_doc" xml:lang="en-US">Number of shares in block issued (a "Basket").</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_ValkyrieFundsLLCMember" xlink:to="brrr_ValkyrieFundsLLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_ValkyrieFundsLLCMember_doc" xml:lang="en-US">Valkyrie Funds LLC.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_AffiliatesOfSponsorMember" xlink:to="brrr_AffiliatesOfSponsorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_AffiliatesOfSponsorMember_doc" xml:lang="en-US">Affiliates of Sponsor.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_NoInsiderTradingFlag" xlink:to="brrr_NoInsiderTradingFlag_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_NoInsiderTradingFlag_doc" xml:lang="en-US">Indicates no disclosure of Rule 10b5-1 plan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_AssetsNetPercentOfNetAssets" xlink:to="brrr_AssetsNetPercentOfNetAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_AssetsNetPercentOfNetAssets_doc" xml:lang="en-US">Net Assets, Percent of Net Assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CoinSharesCaptialMarketsJerseyLimitedMember" xlink:to="brrr_CoinSharesCaptialMarketsJerseyLimitedMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_CoinSharesCaptialMarketsJerseyLimitedMember_doc" xml:lang="en-US">CoinShares Captial Markets (Jersey) Limited .</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_NetRealizedGainLossFromAbstract" xlink:to="brrr_NetRealizedGainLossFromAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_NetRealizedGainLossFromAbstract_doc" xml:lang="en-US">Net realized gain (loss) from: [Abstract]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsPurchased" xlink:to="brrr_CryptoAssetNumberOfUnitsPurchased_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_CryptoAssetNumberOfUnitsPurchased_doc" xml:lang="en-US">Number of crypto asset units purchased.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" xlink:to="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_doc" xml:lang="en-US">Number of crypto asset units sold for the redemption of shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" xlink:to="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_doc" xml:lang="en-US">Number of crypto asset units transferred to pay Sponsor fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares" xlink:to="brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares_doc" xml:lang="en-US">Gain (loss) related to the sale of crypto asset for the redemption of shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_SponsorFeesRate" xlink:to="brrr_SponsorFeesRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="brrr_SponsorFeesRate_doc" xml:lang="en-US">Annual rate of Sponsor's fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_2_lbl" xml:lang="en-US">Net Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetCost" xlink:to="us-gaap_CryptoAssetCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetCost_2_lbl" xml:lang="en-US">Crypto Asset, Cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_AssetsNetPercentOfNetAssets" xlink:to="brrr_AssetsNetPercentOfNetAssets_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_AssetsNetPercentOfNetAssets_3_lbl" xml:lang="en-US">Net Assets, Percent of Net Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestments_2_lbl" xml:lang="en-US">Gain (Loss) on Investments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Equity, Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_3_lbl" xml:lang="en-US">Stock Repurchased During Period, Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_ForgoneRecoveryIndName" xlink:to="ecd_ForgoneRecoveryIndName_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_ForgoneRecoveryIndName_2_lbl" xml:lang="en-US">Forgone Recovery, Individual Name</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_OutstandingRecoveryIndName" xlink:to="ecd_OutstandingRecoveryIndName_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_OutstandingRecoveryIndName_2_lbl" xml:lang="en-US">Outstanding Recovery, Individual Name</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_AwardsCloseToMnpiDiscIndName" xlink:to="ecd_AwardsCloseToMnpiDiscIndName_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_AwardsCloseToMnpiDiscIndName_2_lbl" xml:lang="en-US">Awards Close in Time to MNPI Disclosures, Individual Name</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_TrdArrIndName" xlink:to="ecd_TrdArrIndName_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ecd_TrdArrIndName_2_lbl" xml:lang="en-US">Trading Arrangement, Individual Name</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_TrustExpensesTextBlock" xlink:to="brrr_TrustExpensesTextBlock_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_TrustExpensesTextBlock_3_lbl" xml:lang="en-US">Trust Expenses [TextBlock]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_2_lbl" xml:lang="en-US">Investment, Policy [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_2_lbl" xml:lang="en-US">Investment Company, Financial Highlights [Table Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares" xlink:to="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_3_lbl" xml:lang="en-US">Crypto Asset, Number of Units Sold for Redemption of Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetSale" xlink:to="us-gaap_CryptoAssetSale_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetSale_2_lbl" xml:lang="en-US">Crypto Asset, Sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee" xlink:to="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_3_lbl" xml:lang="en-US">Crypto Asset, Number of Units Transferred to Pay Sponsor Fee</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetPaymentForService" xlink:to="us-gaap_CryptoAssetPaymentForService_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetPaymentForService_2_lbl" xml:lang="en-US">Crypto Asset, Payment for Service</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_2_lbl" xml:lang="en-US">Stock Repurchased During Period, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_2_lbl" xml:lang="en-US">Stock Issued During Period, Shares, Period Increase (Decrease)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:to="us-gaap_StockholdersEquityPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityPeriodIncreaseDecrease_2_lbl" xml:lang="en-US">Stockholders' Equity, Period Increase (Decrease)</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyMarketValuePerShare" xlink:to="us-gaap_InvestmentCompanyMarketValuePerShare_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyMarketValuePerShare_3_lbl" xml:lang="en-US">Investment Company, Market Value, Per Share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_2_lbl" xml:lang="en-US">Investment Company, Investment Income (Loss) Ratio</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>brrr-20251231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
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</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_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001841175<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_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">86-6430837<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_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">437
                                     Madison Avenue, 28th Floor<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_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New
        York<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_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<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_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10022<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_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(615)<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_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">909-6421<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_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Shares of Beneficial Interest<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_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BRRR<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_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<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_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<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_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<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_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<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_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<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_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<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_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<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_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<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_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<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_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<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_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77,524,467<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_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,405,000<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_dei_DocumentsIncorporatedByReferenceTextBlock', window );">Documents Incorporated by Reference [Text Block]</a></td>
<td class="text">None<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_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">false<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_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [Flag]</a></td>
<td class="text">false<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_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">COHEN
& COMPANY, LTD.<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_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Milwaukee,
Wisconsin&#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_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">925<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<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 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>
<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_AmendmentFlag</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_AuditorFirmId">
<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>PCAOB issued Audit Firm Identifier</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-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_AuditorFirmId</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:nonemptySequenceNumberItemType</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_AuditorLocation">
<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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_AuditorLocation</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:internationalNameItemType</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_AuditorName">
<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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_AuditorName</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:internationalNameItemType</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_CityAreaCode">
<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>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>
<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_CityAreaCode</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_CoverAbstract">
<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>Cover page.</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_CoverAbstract</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: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_dei_CurrentFiscalYearEndDate">
<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>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>
<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_CurrentFiscalYearEndDate</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:gMonthDayItemType</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_DocumentAnnualReport">
<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 annual 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-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_DocumentAnnualReport</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_DocumentFinStmtErrorCorrectionFlag">
<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 any of the financial statement period in the filing include a restatement due to error correction.</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-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_DocumentFinStmtErrorCorrectionFlag</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_DocumentFiscalPeriodFocus">
<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>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>
<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_DocumentFiscalPeriodFocus</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:fiscalPeriodItemType</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_DocumentFiscalYearFocus">
<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>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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</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:gYearItemType</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_DocumentPeriodEndDate">
<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>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_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_DocumentsIncorporatedByReferenceTextBlock">
<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>Documents incorporated by reference.</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-23<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_DocumentsIncorporatedByReferenceTextBlock</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>dtr-types:textBlockItemType</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_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_EntityPublicFloat">
<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 aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.</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_EntityPublicFloat</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: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_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_EntityVoluntaryFilers">
<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' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</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_EntityVoluntaryFilers</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_EntityWellKnownSeasonedIssuer">
<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' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</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 230<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_EntityWellKnownSeasonedIssuer</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_IcfrAuditorAttestationFlag">
<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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_IcfrAuditorAttestationFlag</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_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>
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<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">
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<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">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Financial Condition - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 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="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 );">&#160;&#160;&#160;Investments in bitcoin, at fair value (cost $427,528,143 and $563,456,383&#160;at December 31, 2025, and December 31, 2024, respectively)</a></td>
<td class="nump">$ 505,489,906<span></span>
</td>
<td class="nump">$ 826,306,338<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 );">&#160;&#160;&#160;&#160;&#160;&#160;Total assets</a></td>
<td class="nump">505,489,906<span></span>
</td>
<td class="nump">826,306,338<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="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_ManagementFeePayable', window );">&#160;&#160;&#160;Sponsor fees payable</a></td>
<td class="nump">108,999<span></span>
</td>
<td class="nump">190,348<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_Liabilities', window );">&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</a></td>
<td class="nump">108,999<span></span>
</td>
<td class="nump">190,348<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_AssetsNet', window );">Net assets</a></td>
<td class="nump">$ 505,380,907<span></span>
</td>
<td class="nump">$ 826,115,990<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_CommonStockSharesIssued', window );">Shares issued and outstanding, no par value, Unlimited shares authorized</a></td>
<td class="nump">20,425,000<span></span>
</td>
<td class="nump">31,260,000<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</a></td>
<td class="nump">$ 24.74<span></span>
</td>
<td class="nump">$ 26.43<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<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>
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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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<td><strong> Name:</strong></td>
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<td>instant</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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</div></td></tr>
</table>
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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>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<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>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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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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<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>
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<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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<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>
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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>instant</td>
</tr>
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</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>
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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: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>
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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_us-gaap_ManagementFeePayable">
<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 fee payable for management of fund or trust.</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(12)(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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ManagementFeePayable</td>
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<tr>
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<td>us-gaap_</td>
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<tr>
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<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_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>
</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R3.htm
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<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">
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<body>
<span style="display: none;">v3.25.4</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 Financial Condition (Parenthetical) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsAbstract', window );"><strong>Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in bitcoin, cost</a></td>
<td class="nump">$ 563,456,383<span></span>
</td>
<td class="nump">$ 427,528,143<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 );">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>
</table>
<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_ScheduleOfInvestmentsAbstract">
<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_ScheduleOfInvestmentsAbstract</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>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
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<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">
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<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Schedule of Investment<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2025 </div>
<div>USD ($) </div>
<div>Unit</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>Unit</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_CryptoAssetHoldingLineItems', window );"><strong>Crypto Asset, Holding [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="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_InvestmentOwnedPercentOfNetAssets', window );">Total investment % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_InvestmentOwnedAtCost', window );">Total investment, cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 427,528,143<span></span>
</td>
<td class="nump">$ 563,456,383<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_InvestmentOwnedAtFairValue', window );">Total investment, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">505,489,906<span></span>
</td>
<td class="nump">826,306,338<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_NonInvestmentAssetsLessNonInvestmentLiabilities', window );">Other assets and liabilities, net, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (108,999)<span></span>
</td>
<td class="num">$ (190,348)<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_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Other assets and liabilities, net % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</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>
</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_AssetsNet', window );">Net assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 505,380,907<span></span>
</td>
<td class="nump">$ 826,115,990<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_brrr_AssetsNetPercentOfNetAssets', window );">Net Assets, Percent of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_RangeAxis=srt_MaximumMember', window );">Maximum [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="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_CryptoAssetHoldingLineItems', window );"><strong>Crypto Asset, Holding [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="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_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Other assets and liabilities, net % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.05%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_CryptoAssetAxis=brrr_BitcoinMember', window );">Bitcoin [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="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_CryptoAssetHoldingLineItems', window );"><strong>Crypto Asset, Holding [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="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_CryptoAssetNumberOfUnits', window );">Bitcoin | Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,767<span></span>
</td>
<td class="nump">8,849<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_CryptoAssetCost', window );">Investment in bitcoin, cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 427,528,143<span></span>
</td>
<td class="nump">$ 563,456,383<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_CryptoAssetFairValue', window );">Investment in bitcoin, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 505,489,906<span></span>
</td>
<td class="nump">$ 826,306,338<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_InvestmentOwnedPercentOfNetAssets', window );">Total investment % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<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">The Trust did not hold bitcoin as of or prior to January 1, 2024</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Represents less
than <span class="xdx_phnt_U3RhdGVtZW50IC0gU2NoZWR1bGUgb2YgSW52ZXN0bWVudAA_" id="xdx_904_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_iI_pid_dp_uPure_c20251231__srt--RangeAxis__srt--MaximumMember_zk56R2JtJnLc" title="Other assets and liabilities, net % of Net Assets">0.05%</span> of net assets.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_AssetsNetPercentOfNetAssets">
<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 Assets, Percent 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;">brrr_AssetsNetPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_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_CryptoAssetCost">
<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 crypto asset. 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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_CryptoAssetCost</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_CryptoAssetFairValue">
<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 crypto asset. 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: 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> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<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_CryptoAssetFairValue</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_CryptoAssetHoldingLineItems">
<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>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>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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_CryptoAssetHoldingLineItems</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_CryptoAssetNumberOfUnits">
<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 restricted and unrestricted crypto asset units held. Excludes crypto asset units 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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_CryptoAssetNumberOfUnits</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:integerItemType</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_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_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>
<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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-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_InvestmentOwnedAtFairValue</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_InvestmentOwnedPercentOfNetAssets">
<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 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>
</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:percentItemType</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_NonInvestmentAssetsLessNonInvestmentLiabilities">
<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 noninvestment asset (liability) representing difference between aggregate value of investments, including, but not limited to, long and short positions, and 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 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(2))<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_NonInvestmentAssetsLessNonInvestmentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</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_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets">
<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 noninvestment asset and liability, including, but not limited to, long and short positions, to 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;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets</td>
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<tr>
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<tr>
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<td>instant</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<td><strong> Data Type:</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CryptoAssetAxis=brrr_BitcoinMember</td>
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<span style="display: none;">v3.25.4</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 Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">&#160;&#160;&#160;Sponsor fee (Note 4)</a></td>
<td class="nump">$ 1,618,079<span></span>
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<td class="nump">$ 1,263,370<span></span>
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</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_brrr_SponsorFeesWaiver', window );">&#160;&#160;&#160;Less: Sponsor fee waiver</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(150,399)<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_OperatingExpenses', window );">&#160;&#160;&#160;&#160;&#160;&#160;Total expenses</a></td>
<td class="nump">1,618,079<span></span>
</td>
<td class="nump">1,112,971<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_OperatingIncomeLoss', window );">Net investment income (loss)</a></td>
<td class="num">(1,618,079)<span></span>
</td>
<td class="num">(1,112,971)<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_brrr_NetRealizedGainLossFromAbstract', window );"><strong>&#160;&#160;&#160;&#160;Net realized gain (loss) from:</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_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin transferred to pay Sponsor fee</a></td>
<td class="nump">578,665<span></span>
</td>
<td class="nump">418,343<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_brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares', window );">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bitcoin sold for the redemption of Shares</a></td>
<td class="nump">136,221,558<span></span>
</td>
<td class="nump">44,803,852<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_RealizedInvestmentGainsLosses', window );">&#160;&#160;&#160;Net realized gain (loss)</a></td>
<td class="nump">136,800,223<span></span>
</td>
<td class="nump">45,222,195<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_UnrealizedGainLossOnInvestments', window );">&#160;&#160;&#160;Net change in unrealized gain (loss) on investment</a></td>
<td class="num">(184,888,192)<span></span>
</td>
<td class="nump">262,849,955<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_GainLossOnInvestments', window );">Net realized and change in unrealized gain (loss) on investment</a></td>
<td class="num">(48,087,969)<span></span>
</td>
<td class="nump">308,072,150<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_NetIncomeLoss', window );">Net income (loss)</a></td>
<td class="num">$ (49,706,048)<span></span>
</td>
<td class="nump">$ 306,959,179<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_EarningsPerShareBasic', window );">Net income (loss) per share</a></td>
<td class="num">$ (2.20)<span></span>
</td>
<td class="nump">$ 11.59<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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of shares outstanding</a></td>
<td class="nump">22,613,466<span></span>
</td>
<td class="nump">26,491,896<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares">
<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>Gain (loss) related to the sale of crypto asset for the 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;">brrr_GainLossOnSaleOfCryptoAssetForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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_brrr_NetRealizedGainLossFromAbstract">
<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 (loss) from: [Abstract]</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;">brrr_NetRealizedGainLossFromAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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_brrr_SponsorFeesWaiver">
<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 sponsor fee waiver during the period.</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;">brrr_SponsorFeesWaiver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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_EarningsPerShareBasic">
<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 amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</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 260<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/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1<br><br>Reference 4: 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https://asc.fasb.org/1943274/2147481538/470-20-65-4<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_EarningsPerShareBasic</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>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_GainLossOnInvestments">
<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 (loss) on investment.</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(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: 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(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<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_GainLossOnInvestments</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_GainLossOnSaleOfTrustAssetsToPayExpenses">
<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>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</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_GainLossOnSaleOfTrustAssetsToPayExpenses</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_NetIncomeLoss">
<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 portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</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_NetIncomeLoss</td>
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<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">
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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 net result for the period of deducting operating expenses from operating revenues.</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_OperatingIncomeLoss</td>
</tr>
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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>
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<td><strong> Balance Type:</strong></td>
<td>credit</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_RealizedInvestmentGainsLosses">
<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) 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 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-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_RealizedInvestmentGainsLosses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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>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>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<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>Amount of 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<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_UnrealizedGainLossOnInvestments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<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 [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</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 260<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/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<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_WeightedAverageNumberOfSharesOutstandingBasic</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>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<span style="display: none;">v3.25.4</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 Changes in Net Assets - USD ($)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><sup>[1]</sup></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Net Assets &#8211; Opening Balance</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="nump">$ 826,115,990<span></span>
</td>
<td class="text"> <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 );">&#160;&#160;&#160;Creations</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="nump">112,626,368<span></span>
</td>
<td class="nump">632,095,951<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_StockRepurchasedDuringPeriodValue', window );">&#160;&#160;&#160;Redemptions</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="num">(383,655,403)<span></span>
</td>
<td class="num">(112,939,140)<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_OperatingIncomeLoss', window );">&#160;&#160;&#160;Net investment income (loss)</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="num">(1,618,079)<span></span>
</td>
<td class="num">(1,112,971)<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_RealizedInvestmentGainsLosses', window );">&#160;&#160;&#160;Net realized gain (loss) from investment</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="nump">136,800,223<span></span>
</td>
<td class="nump">45,222,195<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_UnrealizedGainLossOnInvestments', window );">&#160;&#160;&#160;Net change in unrealized gain (loss) on investment</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="num">(184,888,192)<span></span>
</td>
<td class="nump">262,849,955<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_StockholdersEquity', window );">Net Assets &#8211; Ending Balance</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="nump">$ 505,380,907<span></span>
</td>
<td class="nump">$ 826,115,990<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><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">The
Trust had not commenced operations as of December 31, 2023.</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_OperatingIncomeLoss">
<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 net result for the period of deducting operating expenses from operating 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 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><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 220<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476153/220-40-55-14<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31<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_OperatingIncomeLoss</td>
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<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>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized 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 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-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>
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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>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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
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<span style="display: none;">v3.25.4</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>Pay vs Performance Disclosure - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection v<br> -Paragraph 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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Trading Policies and Procedures</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust does not have directors, officers, or employees, it has not adopted insider trading policies and procedures governing
the purchase, sale and/or disposition of Trust securities by such persons.</span></p>

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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cybersecurity Risk Management and Strategy Disclosure<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract', window );"><strong>Cybersecurity Risk Management, Strategy, and Governance [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_cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock', window );">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</a></td>
<td class="text"><p id="xdx_809_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_zcxWC3CrEK53" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_82F_zD9vHmOBHoi2">Cybersecurity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has adopted an organizational wide cybersecurity program. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250101__20251231_z9KFVlrLfNjH">The program is administered by the Head of IT of the Sponsor
(the &#8220;Head of IT&#8221;). </span>The Sponsor&#8217;s objective, in the development and implementation of this comprehensive cybersecurity
program, is to create effective administrative, technical, and physical safeguards for the protection of personal information
of the organization and its clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Program
Details</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has designated the Head of IT to implement and maintain the cybersecurity program. The Head of IT may delegate any of
the Head of IT&#8217;s responsibilities to appropriate designees as long as the Head of IT remains primarily responsible for compliance
oversight and administration. The Head of IT is responsible for:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
                                         implementation of the cybersecurity program;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ongoing
                                         employee education;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
                                         testing of the cybersecurity program&#8217;s safeguards;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluating
                                         the ability of each of our third party service providers to implement and maintain appropriate
                                         security measures for the personal information to which we have permitted them access,
                                         and requiring such third party service providers by contract to implement and maintain
                                         appropriate security measures.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing
                                         the scope of the security measures in the cybersecurity program at least annually, or
                                         whenever there is a material change in our business practices that may implicate the
                                         security or integrity of records containing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification
of Risks and Cybersecurity Governance</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
combat internal risks to the security, confidentiality, and/or integrity of any electronic records containing personal information,
and evaluating and improving, where necessary, the effectiveness of the current safeguards for limiting such risks, the Sponsor
has identified the following risks that are present to its business as well as procedures to help mitigate those risks:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Internal
Threats</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                         must be communication to employees on the detailed provisions of the cybersecurity program
                                         at onboarding and annually.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
                                         to records containing client&#8217;s personal information shall be limited to those persons
                                         who are reasonably required to know such information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         security measures shall be reviewed at least annually, or whenever there is a material
                                         change in our business practices that may reasonably implicate the security or integrity
                                         of records containing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminated
                                         employees must return all records containing personal information, in any form, that
                                         may at the time of such termination be in the former employee&#8217;s possession.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         terminated employee&#8217;s physical and electronic access to personal information must
                                         be immediately blocked. Such terminated employee shall be required to surrender all keys,
                                         IDs or access codes or badges, business cards, and the like, that permit access to the
                                         firm&#8217;s premises or information. Moreover, such terminated employee&#8217;s remote
                                         electronic access to personal information must be disabled; his/her voicemail access,
                                         e-mail access, internet access, and passwords must be invalidated.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         employees&#8217; user ID&#8217;s and passwords must be managed in accordance to the Sponsor&#8217;s
                                         password policy.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are encouraged to report any suspicious or unauthorized use of customer information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are prohibited from keeping open files containing personal information on their computer
                                         screen when they are not at their desks. Employees are responsible for locking computer
                                         screen when away from workspace.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 86.2pt"></td><td style="width: 18pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must not share login information with co-workers.</span></td>
</tr></table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.7pt 0pt 50.2pt; text-align: justify; text-indent: 0.5in"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">External
Threats</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date firewall protection (if applicable) and operating
                                         system security patches, reasonably designed to maintain the integrity of the personal
                                         information, installed on systems processing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date versions of system security agent software
                                         which must include malware protection and reasonably up-to-date patches and virus definitions,
                                         installed on systems processing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent technically feasible, personal information stored on portable devices, such
                                         as laptops or tablets, must be password protected, as must all records and files transmitted
                                         across public networks or wirelessly, to the extent technically feasible.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         computer systems must be monitored for unauthorized use of or access to personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Remote Client Access and Funds Transfer Requests</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Sponsor does not provide its clients with online account access nor does process funds transfer requests. If the firm&#8217;s
business changes to allow for remote client access and funds transfer requests, the Sponsor will update the cybersecurity program
accordingly by identifying the potential risks involved and implementing the appropriate safeguards to protect the client&#8217;s
personal information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Vendors and Other Third Parties</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor periodically conducts risk assessments with vendors and other third parties that have access to the Firm&#8217;s networks,
customer data, and other sensitive information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Detection
of Unauthorized Activity</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
who believe their terminal or computer systems have been subjected to unauthorized activity, or has otherwise been improperly
accessed or used, are required to report the situation to the Head of IT immediately to determine the course of action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor takes the issue of security seriously. Firm employees who use the technology and information resources of the firm must
be aware that they can be disciplined if they violate this policy. Upon violation of this policy, an employee may be subject to
discipline up to and including discharge. The specific discipline imposed will be determined by a case-by-case basis, taking into
consideration the nature and severity of the violation of the cybersecurity program, prior violations of the policy committed
by the individual, state and federal laws and all other relevant information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a case where the accused person is not a firm employee, the matter shall be submitted to the Head of IT. The Head of IT may refer
the information to law enforcement agencies and/or prosecutors for consideration as to whether criminal charges should be filed
against the alleged violator(s).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Updates
to the Cybersecurity Program</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Head of IT reviews the cybersecurity program on a periodic basis and updates the program based on changes in the firm&#8217;s
business, effectiveness of the safeguards, and any additional risk factors that become present. The Head of IT will inform management
of the results of the reviews and any recommendations for improved security arising out of the reviews.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if an incident occurs that is determined to be in violation of the cybersecurity program, there shall be an immediate mandatory
post-incident review of events and actions taken, if any, with a view to determining whether any changes in our security practices
are required to improve the security of personal information for which the Firm is responsible.</span></p>

<span></span>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cybersecurity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract', window );"><strong>Cybersecurity Risk Management, Strategy, and Governance [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_cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock', window );">Cybersecurity</a></td>
<td class="text"><p id="xdx_809_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_zcxWC3CrEK53" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_82F_zD9vHmOBHoi2">Cybersecurity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has adopted an organizational wide cybersecurity program. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250101__20251231_z9KFVlrLfNjH">The program is administered by the Head of IT of the Sponsor
(the &#8220;Head of IT&#8221;). </span>The Sponsor&#8217;s objective, in the development and implementation of this comprehensive cybersecurity
program, is to create effective administrative, technical, and physical safeguards for the protection of personal information
of the organization and its clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Program
Details</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has designated the Head of IT to implement and maintain the cybersecurity program. The Head of IT may delegate any of
the Head of IT&#8217;s responsibilities to appropriate designees as long as the Head of IT remains primarily responsible for compliance
oversight and administration. The Head of IT is responsible for:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
                                         implementation of the cybersecurity program;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ongoing
                                         employee education;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.25pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
                                         testing of the cybersecurity program&#8217;s safeguards;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluating
                                         the ability of each of our third party service providers to implement and maintain appropriate
                                         security measures for the personal information to which we have permitted them access,
                                         and requiring such third party service providers by contract to implement and maintain
                                         appropriate security measures.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing
                                         the scope of the security measures in the cybersecurity program at least annually, or
                                         whenever there is a material change in our business practices that may implicate the
                                         security or integrity of records containing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification
of Risks and Cybersecurity Governance</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
combat internal risks to the security, confidentiality, and/or integrity of any electronic records containing personal information,
and evaluating and improving, where necessary, the effectiveness of the current safeguards for limiting such risks, the Sponsor
has identified the following risks that are present to its business as well as procedures to help mitigate those risks:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Internal
Threats</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                         must be communication to employees on the detailed provisions of the cybersecurity program
                                         at onboarding and annually.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
                                         to records containing client&#8217;s personal information shall be limited to those persons
                                         who are reasonably required to know such information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         security measures shall be reviewed at least annually, or whenever there is a material
                                         change in our business practices that may reasonably implicate the security or integrity
                                         of records containing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminated
                                         employees must return all records containing personal information, in any form, that
                                         may at the time of such termination be in the former employee&#8217;s possession.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         terminated employee&#8217;s physical and electronic access to personal information must
                                         be immediately blocked. Such terminated employee shall be required to surrender all keys,
                                         IDs or access codes or badges, business cards, and the like, that permit access to the
                                         firm&#8217;s premises or information. Moreover, such terminated employee&#8217;s remote
                                         electronic access to personal information must be disabled; his/her voicemail access,
                                         e-mail access, internet access, and passwords must be invalidated.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
                                         employees&#8217; user ID&#8217;s and passwords must be managed in accordance to the Sponsor&#8217;s
                                         password policy.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are encouraged to report any suspicious or unauthorized use of customer information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                         are prohibited from keeping open files containing personal information on their computer
                                         screen when they are not at their desks. Employees are responsible for locking computer
                                         screen when away from workspace.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<td style="width: 86.2pt"></td><td style="width: 18pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must not share login information with co-workers.</span></td>
</tr></table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.7pt 0pt 50.2pt; text-align: justify; text-indent: 0.5in"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">External
Threats</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date firewall protection (if applicable) and operating
                                         system security patches, reasonably designed to maintain the integrity of the personal
                                         information, installed on systems processing personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify; padding-right: 6.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor will maintain reasonably up-to-date versions of system security agent software
                                         which must include malware protection and reasonably up-to-date patches and virus definitions,
                                         installed on systems processing personal information.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent technically feasible, personal information stored on portable devices, such
                                         as laptops or tablets, must be password protected, as must all records and files transmitted
                                         across public networks or wirelessly, to the extent technically feasible.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 86.2pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify; padding-right: 6.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         computer systems must be monitored for unauthorized use of or access to personal information.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Remote Client Access and Funds Transfer Requests</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Sponsor does not provide its clients with online account access nor does process funds transfer requests. If the firm&#8217;s
business changes to allow for remote client access and funds transfer requests, the Sponsor will update the cybersecurity program
accordingly by identifying the potential risks involved and implementing the appropriate safeguards to protect the client&#8217;s
personal information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Vendors and Other Third Parties</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor periodically conducts risk assessments with vendors and other third parties that have access to the Firm&#8217;s networks,
customer data, and other sensitive information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Detection
of Unauthorized Activity</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
who believe their terminal or computer systems have been subjected to unauthorized activity, or has otherwise been improperly
accessed or used, are required to report the situation to the Head of IT immediately to determine the course of action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor takes the issue of security seriously. Firm employees who use the technology and information resources of the firm must
be aware that they can be disciplined if they violate this policy. Upon violation of this policy, an employee may be subject to
discipline up to and including discharge. The specific discipline imposed will be determined by a case-by-case basis, taking into
consideration the nature and severity of the violation of the cybersecurity program, prior violations of the policy committed
by the individual, state and federal laws and all other relevant information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a case where the accused person is not a firm employee, the matter shall be submitted to the Head of IT. The Head of IT may refer
the information to law enforcement agencies and/or prosecutors for consideration as to whether criminal charges should be filed
against the alleged violator(s).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Updates
to the Cybersecurity Program</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Head of IT reviews the cybersecurity program on a periodic basis and updates the program based on changes in the firm&#8217;s
business, effectiveness of the safeguards, and any additional risk factors that become present. The Head of IT will inform management
of the results of the reviews and any recommendations for improved security arising out of the reviews.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if an incident occurs that is determined to be in violation of the cybersecurity program, there shall be an immediate mandatory
post-incident review of events and actions taken, if any, with a view to determining whether any changes in our security practices
are required to improve the security of personal information for which the Firm is responsible.</span></p>

<span></span>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Opinion on the Financial Statements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_dei_AuditorLineItems', window );"><strong>Auditor [Line Items]</strong></a></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_AuditorOpinionTextBlock', window );">Opinion on the Financial Statements</a></td>
<td class="text"><p id="xdx_800_edei--AuditorOpinionTextBlock_zVs3XOsruxOQ" style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Opinion
on the Financial Statements</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying statements of financial condition, including the schedules of investment, of CoinShares Bitcoin
ETF (the &#8220;Trust&#8221;) as of December 31, 2025 and December 31, 2024, the related statements of operations for the years
then ended, statements of changes in net assets for the years then ended and for the period from December 21, 2023 (date of seed
audit) through December 31, 2023, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December
31, 2025 and December 31, 2024, the results of its operations for the years then ended, and changes in its net assets for the
years then ended and for the period from December 21, 2023 (date of seed audit) through December 31, 2023, in conformity with
accounting principles generally accepted in the United States of America.</span></p>

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

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X<br> -Number 210<br> -Section 2<br> -Subsection 2<br></p></div>
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<span style="display: none;">v3.25.4</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">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
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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_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization</a></td>
<td class="text"><p id="xdx_800_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zgejZyBYsNsJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<span id="xdx_824_zRguy3QMEKGb">Organization</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CoinShares
Bitcoin ETF (the &#8220;Trust&#8221;), formerly known as CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory
trust on January 20, 2021. The fiscal year for the Trust is December 31<sup>st</sup>. The trustee is CSC Delaware Trust Company
(the &#8220;Trustee&#8221;). On June 14, 2024, CoinShares Co., a Delaware corporation (the &#8220;Sponsor&#8221;), succeeded Valkyrie
Digital Assets LLC, a Delaware limited liability company (the &#8220;Initial Sponsor&#8221;), as the sponsor of the Trust. The
Sponsor is responsible for the day-to-day administration of the Trust. The Trust is governed by the provisions of the First Amended
and Restated Trust Agreement, as amended (the &#8220;Trust Agreement&#8221;), executed by the Sponsor and the Trustee. The Trust
is an exchange-traded fund that issues common shares of beneficial interest (&#8220;Shares&#8221;) representing units of fractional
undivided beneficial interests in its net assets. There are an unlimited number of authorized shares.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the
CME CF Bitcoin Reference Rate - New York Variant (the &#8220;Index&#8221;), less the Trust&#8217;s liabilities and expenses. In
seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin
as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major
bitcoin spot exchanges.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Trust&#8217;s Shares is registered with the Securities and Exchange Commission (&#8220;SEC&#8221;) in accordance
with the Securities Act of 1933.</span></p>

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<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>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock', window );">Basis of Presentation and Summary of Significant Accounting Policies</a></td>
<td class="text"><p id="xdx_802_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zSNRdfAzCbDK" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<span id="xdx_825_zuxf0r5HKp6f">Basis of Presentation and Summary of Significant Accounting Policies</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting
and reporting guidance under the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic
946, Financial Services &#8211; Investment Companies, but is not registered, and is not required to be registered, as an investment
company under the Investment Company Act of 1940, as amended.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS
Act&#8221;). The Trust will cease to be an &#8220;emerging growth company&#8221; upon the earliest of (i) it having $1.235 billion
or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing
more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the
fifth anniversary of its initial public offering.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to provide an auditor&#8217;s
attestation report on management&#8217;s assessment of the effectiveness of our system of internal control over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or comply with any new audit rules adopted by the PCAOB after April
5, 2012, unless the SEC determines otherwise.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of significant accounting policies consistently followed by the Trust in the preparation of financial statements.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of
America (&#8220;GAAP&#8221;).</span></p>

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

<p id="xdx_84E_eus-gaap--UseOfEstimates_zDNd7kd9ezr5" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<span id="xdx_86C_zLa2Evd4C6QQ">Use of Estimates</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.</span></p>

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

<p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_ziS9drAmbhPx" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<span id="xdx_86D_zcJWB2WhCMbx">Investment Transactions</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are
recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined
on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred
or the changes in unrealized occurred.</span></p>

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

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





<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust&#8217;s financial
statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation
sources and policies used to prepare the Trust&#8217;s financial statements in accordance with U.S. GAAP.</span></p>

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

<p id="xdx_84E_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zweaY16utxZS" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<span id="xdx_86C_zuFMLNknjef2">Indemnifications</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its affiliates (each a &#8220;Covered Person&#8221;) will be indemnified by the Trust and held harmless against any
loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered
Person&#8217;s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of
the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with
the provisions of the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor
and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable
fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any
time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,
operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor
the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence of such indemnified person.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,
which cannot be predicted with any certainty.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zRaLSBzHvIXJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<span id="xdx_86A_zGK31ELcqYGe">Federal Income Taxes</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,
as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially
all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather,
a pro rata portion of the Trust&#8217;s income, gain, losses and deductions will &#8220;flow through&#8221; to each beneficial
owner of Shares.</span></p>

<p id="xdx_85A_z4rMwNMcDqBZ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

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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 the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe 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/2009/role/commonPracticeRef<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>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investment Valuation and Calculation of Net Asset Value (&#8220;NAV&#8221;)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [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_FairValueDisclosuresTextBlock', window );">Investment Valuation and Calculation of Net Asset Value (&#8220;NAV&#8221;)</a></td>
<td class="text"><p id="xdx_806_eus-gaap--FairValueDisclosuresTextBlock_zl5WfxV9WOLm" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<span id="xdx_825_zCcrIZXo4zdB">Investment Valuation and Calculation of Net Asset Value (&#8220;NAV&#8221;)</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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&#8217;s policy is to value its investments at fair value.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&#8220;observable
inputs&#8221;), or they may be internally developed (&#8220;unobservable inputs&#8221;). 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:</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8212; Unadjusted quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8212; Inputs other than quoted prices included within Level&#160;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</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8212; Inputs that are unobservable for the asset or liability, including the Trust&#8217;s assumptions used in determining
the fair value of investments.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>



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

<p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z3tDWvHyUGc6" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Trust&#8217;s investments at fair value:</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_309_134_zKejjj3kajDA" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Schedule of information about Trust's assets and liabilities measured at fair value (Details)">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">December 31, 2025</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total</b></td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: justify; padding-bottom: 1pt">Bitcoin</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zEZZEVb2Qv1P" title="Bitcoin">505,489,906</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_903_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zNywgtcjAFIm" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0237">&#8212;</span></span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_90C_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zR0GKVywUvxA" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0239">&#8212;</span></span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z7mPHYEoyOyn" title="Bitcoin">505,489,906</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHfHOOGUrRSX" title="Total Investments">505,489,906</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzcSvNCEeTSb" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0245">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGEZkW7qshPw" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0247">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231_zrLfWw4tlWeK" title="Total Investments">505,489,906</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Level 1</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-bottom: 1pt">Bitcoin</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1Pv69k0iEUZ" title="Bitcoin">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_905_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zkEHrYqMcBlw" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0255">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total Investments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4kvLF615QeF" title="Total Investments">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_d0_c20241231_fKGEp_zI293yxLszhd" title="Total Investments">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

<p id="xdx_8A7_zUfz3fIkBodM" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
were&#160;no&#160;transfers between Level&#160;1 and other Levels for the year ended December 31, 2025, or for the year ended
December 31, 2024.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described
above.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;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&#8217;s NAV per share is calculated by taking the Trust&#8217;s NAV divided by the total amount of
Shares outstanding.</span></p>

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

<p id="xdx_897_eus-gaap--CryptoAssetActivityTableTextBlock_zXxUGw8xwEK4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following represents the changes in quantity of bitcoin and the respective fair value:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-weight: bold; text-align: justify; padding-left: 5.4pt">Beginning Balance as of January 1, 2025</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zXa9HBLVTwUj" style="width: 12%; text-align: right" title="Beginning balance">8,849</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zlEWpRyPbs0f" style="width: 12%; text-align: right" title="Beginning balance, fair value">826,306,338</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zT3g4gYaQ2Bd" style="text-align: right" title="Bitcoin purchased">1,089</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--CryptoAssetPurchase_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zzAusuHmv933" style="text-align: right" title="Bitcoin purchased, fair value">112,563,883</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z5O2MZQAoOi" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(4,154</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zf5UIf9ed4z1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(383,592,918</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay the Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zk85Xe1m2IE9" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(17</td><td style="text-align: left">)</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Net Realized gain on investments in bitcoin</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt">Ending balance as of December 31, 2025</td><td>&#160;</td>
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<p style="margin: 0">&#160;</p>

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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beginning Balance as of January 1, 2024 <sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zRdhJQUnkeeb" style="text-align: right" title="Beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0293">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zRxaVCR4KII4" style="width: 12%; text-align: right" title="Bitcoin purchased">10,386</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_ziru8n9QA2Uc" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(1,523</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--CryptoAssetSale_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zHkuefhRHhka" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(112,856,064</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z6UMkz6zpV0d" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(14</td><td style="text-align: left">)</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z1u3veg9z0De" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">262,849,955</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Net realized gain on investments in bitcoin</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zfOwOILl29A" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin">45,222,195</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt">Ending balance as of December 31, 2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zukBQFCdLlL4" style="text-align: right" title="Ending balance">8,849</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zypwilkIkv3d" style="text-align: right" title="Ending balance, fair value">826,306,338</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; padding-left: 5.4pt; width: 5%"><sup id="xdx_F05_zs3upZ5GK37f">(a)</sup></td>
    <td id="xdx_F1B_zL8R80vuClh" style="text-align: justify; padding-left: 5.4pt; width: 95%">The Trust did not hold bitcoin as of or prior to January 1, 2024</td><td style="width: 1%">&#160;</td></tr>
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<p id="xdx_8A0_zlVlTR69Jzsd" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
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<span style="display: none;">v3.25.4</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<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 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_brrr_DisclosureTrustExpensesAbstract', window );"><strong>Trust Expenses</strong></a></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_brrr_TrustExpensesTextBlock', window );">Trust Expenses</a></td>
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<span id="xdx_82B_zCycrbP8rL6_zozsAYmu0PuM">Trust Expenses</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust pays to the Sponsor a Sponsor fee (the &#8220;Sponsor Fee&#8221;) in accordance with the Trust Agreement. The Sponsor Fee
accrues daily by applying an annual rate of&#160;<span id="xdx_901_ecustom--SponsorFeesAnnualRate_pid_dp_c20250101__20251231_zf2wLXuZiqUr" title="Sponsor's fee annual rate">0.25%</span> to the Trust&#8217;s bitcoin holdings. The Sponsor Fee is paid in bitcoins
at such times as determined in the Sponsor&#8217;s sole discretion. The Trust is not responsible for paying any fees or costs
associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing Agent fee, the Administrator
fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the
licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing,
legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration
of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust&#8217;s website.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>





<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect subsidiary
of U.S. Bancorp, serves as the Trust&#8217;s fund accountant, fund administrator and the transfer agent of the Trust, pursuant
to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a
subsidiary of U.S. Bancorp and parent company of Fund Services, serves as the Trust&#8217;s cash custodian pursuant to a custody
agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paralel
Distributors LLC (the &#8220;Marketing Agent&#8221;) serves as the Trust&#8217;s marketing agent pursuant to a marketing agent
agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Custody Trust Company, LLC, <span style="background-color: white">BitGo Trust Company, Inc., and Komainu (Jersey) Limited</span>&#160;(the
&#8220;Custodians&#8221;) are custodians of the Trust.</span></p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for trust expenses.</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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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Creation and Redemption of Creation Units<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_EquityAbstract', window );"><strong>Equity [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_StockholdersEquityNoteDisclosureTextBlock', window );">Creation and Redemption of Creation Units</a></td>
<td class="text"><p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z8uZu7WDh8Pv" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<span id="xdx_82A_z8TJPBcZVvOi">Creation and Redemption of Creation Units</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues Shares on an ongoing basis, but only in one or more blocks of&#160;<span id="xdx_90B_ecustom--BlockOfSharesIssued_pid_uShares_c20250101__20251231_zlDiIJUx1zJP" title="Block of shares issued">5,000</span>&#160;Shares (a &#8220;Basket&#8221;). The
Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing
basis from Authorized Participants.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
participants are the only persons that may place orders to create and redeem Baskets. Authorized participants must be (1) registered
broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to
register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets. In addition, an authorized
participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs,
transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market
related to the bitcoin being purchased or sold in connection with such order (the &#8220;Execution Charges&#8221;, and collectively
with the Transfer Agent Fee, the &#8220;Transaction Fees&#8221;). The Transaction Fees may be reduced, increased or otherwise
changed by the Sponsor.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_89A_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zmbdPHKxwlT0" style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activity
in the number and value of Shares created and redeemed for the&#160;year ended December 31, 2025 and 2024, are as follows:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_134_zi4smNWbx6Rs" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Activity in number and value of Shares created and redeemed (Details)">
<tr style="vertical-align: bottom">
    <td><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Number of Shares</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black">&#160;</td></tr>
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    <td style="width: 40%; color: black; padding-left: 0in">Creations</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20250101__20251231_zwTIEf2uf51Y" title="Creations Number of Shares">3,855,000</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20240101__20241231_z5bLkEwYScDn" title="Creations Number of Shares">36,635,000</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20250101__20251231_zLlWKyj4g0CB" title="Creations Value of Shares">112,626,368</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20240101__20241231_zh998M1eov1z" title="Creations Value of Shares">632,095,951</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td></tr>
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    <td style="color: black; padding-bottom: 1pt; padding-left: 0in">Redemptions</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20250101__20251231_zZyF2ju4HzBx" title="Redemptions Number of Shares">(14,690,000</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20240101__20241231_zRPmM2VQpTRR" title="Redemptions Number of Shares">(5,375,000</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20250101__20251231_zL05FIExaGva" title="Redemptions Value of Shares">(383,655,403</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_904_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20240101__20241231_zpyzGRe8TMqd" title="Redemptions Value of Shares">(112,939,140</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left; padding-left: 0in">Net change in Shares created and redeemed</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20250101__20251231_zADhGmJyclEC" title="Net change in Shares created and redeemed Number of Shares">(10,835,000</span></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20240101__20241231_z3gApS6JzKlz" title="Net change in Shares created and redeemed Number of Shares">31,260,000</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><span id="xdx_908_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20250101__20251231_zxJTZ9S8qhX7" title="Net change in Shares created and redeemed Value of Shares">(271,029,035</span></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><span id="xdx_902_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20240101__20241231_z7fKLgKtQYzX" title="Net change in Shares created and redeemed Value of Shares">519,156,811</span></td><td style="color: black; text-align: left">&#160;</td></tr>
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    <td>&#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>
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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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<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;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investment Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 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_InvestmentsAllOtherInvestmentsAbstract', window );"><strong>Investments, All Other Investments [Abstract]</strong></a></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_InvestmentTextBlock', window );">Investment Transactions</a></td>
<td class="text"><p id="xdx_808_eus-gaap--InvestmentTextBlock_zlvchBOq6pcD" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<span id="xdx_823_zf7KHyrmrpK1">Investment Transactions</span></span></p>

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

<p id="xdx_89C_eus-gaap--InvestmentTableTextBlock_zfP545QjhKNp" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_c20240101__20241231_zSgyH9cheQit" style="width: 22%; color: black; text-align: right" title="Purchases">632,012,875</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20251231_zMDTIGltxu8H" style="width: 22%; color: black; text-align: right" title="Sales">385,292,346</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_984_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20240101__20241231_zppUVTmuISuU" style="width: 22%; color: black; text-align: right" title="Sales">113,778,687</td><td style="width: 1%; color: black; text-align: left">&#160;</td></tr>
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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>
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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for 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/2009/role/commonPracticeRef<br> -Topic 320<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/320/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Topic 321<br> -Publisher FASB<br> -URI https://asc.fasb.org/321/tableOfContent<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Topic 325<br> -Publisher FASB<br> -URI https://asc.fasb.org/325/tableOfContent<br></p></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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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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>
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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_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions</a></td>
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<span id="xdx_828_zqtDvCXCOVJ_zXLeA0lXm2Hz">Related Party Transactions</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
officers of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Initial Sponsor agreed to waive Sponsor fees for the first three months of the Trust&#8217;s operations, through April 10, 2024.
For the year ended December 31, 2024, the Trust incurred $<span id="xdx_900_eus-gaap--SponsorFees_c20240101__20241231_zw5i5mqlUBww" title="Sponsor fee (Note 4)">1,263,370</span>&#160;in Sponsor Fees, of which, $<span id="xdx_904_ecustom--SponsorFeesWaiver_c20240101__20241231_zgetLdzjV2ub" title="Less: Sponsor fee waiver">150,399</span>&#160;was waived by
the Initial Sponsor. For the year ended December 31, 2025, the Trust incurred $<span id="xdx_90B_eus-gaap--SponsorFees_c20250101__20251231_zkJpoB3ayLBw" title="Sponsor fee (Note 4)">1,618,079</span> in Sponsor Fees.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>





<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2024, Valkyrie Funds LLC, at such time an affiliate of the Initial Sponsor, purchased&#160;<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_z4nHJ3PDYuA3" title="Creations Number of Shares">40,000</span>&#160;Shares at a
per-Share price of&#160;$<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pii_uUSDPShares_c20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zd5HEwOagJA7" title="Share price">13.00</span>. Delivery of these Shares was made on January 11, 2024. Total proceeds to the Trust from the sale
of these Shares was&#160;$<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zo1Thj6qdzeZ" title="Proceeds from sale of shares">520,000</span>.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Trust entered into an agreement with CoinShares Co., a Delaware corporation, to act as Co-Sponsor of the Trust
in an advisory capacity. <span style="background-color: white">Effective June 14, 2024 (the &#8220;Effective Date&#8221;), the
Initial Sponsor withdrew as Co-Sponsor to the Trust. Pursuant to Section 6.9 of the Trust Agreement, on the Effective Date of
the Initial Sponsor&#8217;s withdrawal as Co-Sponsor to the Trust, CoinShares Co. automatically and without further action by
the Co-Sponsor, Trustee or the Shareholders (as defined in the Trust Agreement) became the successor Sponsor and has all the powers,
rights, duties and obligations of the Sponsor under the Trust Agreement.</span></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Prior
to CoinShares Co. assuming the role of Co-Sponsor and Sponsor, CoinShares Capital Markets (Jersey) Limited, an affiliate of the
Sponsor, served as a Bitcoin Trading Counterparty of the Trust. In such role, CoinShares Capital Markets (Jersey) Limited fulfilled
orders from the Trust for the purchase and sale of bitcoin. No orders for the purchase or sale of bitcoin were executed with CoinShares
Capital Markets (Jersey) Limited on or since March 15, 2024, the date on which CoinShares Co. became a Co-Sponsor to the Trust.
During the period that CoinShares Capital Markets (Jersey) Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares
Capital Markets (Jersey) Limited fulfilled purchase orders with an approximate value of $<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn6n6_c20240101__20240314__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CoinSharesCaptialMarketsJerseyLimitedMember_zrHtSMjNd2XD" title="Purchases order of Bitcoin">295</span> million.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
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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;">v3.25.4</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 Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 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>
<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_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies</a></td>
<td class="text"><p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zY4871MGooNr" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<span id="xdx_828_zKP3p0yrrkSE">Commitments and Contingencies</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The
Trust&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against
the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss
under these arrangements to be remote.</span></p>

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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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
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<td class="text">&#160;<span></span>
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<td class="text"><p id="xdx_808_eus-gaap--SegmentReportingDisclosureTextBlock_zYcpemNuCqAg" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">9.
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Principal Accounting Officer of the Sponsor performs the functions of the Trust&#8217;s&#160;Chief Operating Decision Maker (&#8220;CODM&#8221;).
The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with
its prospectus dated July 25, 2025 (the &#8220;Prospectus&#8221;). The Trust operates as a single operating and reporting segment
pursuant to its investment objective. The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks,
among other items. The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM
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statements. The financial information provided to and reviewed by the CODM is presented within the Trust&#8217;s financial statements.</span></p>

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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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p></div>
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<span style="display: none;">v3.25.4</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">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_InvestmentCompanyAbstract', window );"><strong>Investment Company [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 );">Financial Highlights</a></td>
<td class="text"><p id="xdx_805_eus-gaap--InvestmentCompanyFinancialHighlightsTextBlock_zlkSnns3MJXP" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<span id="xdx_825_zI0JIxr6J8Jl">Financial Highlights</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding
for the years ended December 31, 2025, and the period from January 10, 2024 (the initial share purchase date), through December
31, 2024. The total return at NAV is based on the change in NAV of a Share during the period and the total return at market value
is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period. An individual investor&#8217;s
return and ratios may vary based on the timing of capital transactions.</span></p>



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



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

<p id="xdx_89C_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zdvwC6Vy7s5p" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Highlights</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December
31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024.</span></p>

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

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

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

<table cellpadding="0" cellspacing="0" id="xdx_30A_134_zeLrDokHVvlv" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Schedule of Financial Highlights (Details)">
<tr style="vertical-align: bottom">
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<tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zev0MAWNbHkl" style="vertical-align: bottom">
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    <td style="width: 1%; font-family: Arial,sans-serif">&#160;</td>
    <td style="width: 1%; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
    <td style="width: 11%; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">13.00</span></td>
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    <td style="font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">(0.07</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">26.43</span></td>
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<tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zhdB64XCCZHw" style="vertical-align: bottom; background-color: White">
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    <td style="font-family: Arial,sans-serif">&#160;</td>
    <td style="font-family: Arial,sans-serif">&#160;</td>
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<p style="margin: 0"></p>

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    <td style="font-family: Arial,sans-serif"><span id="xdx_F11_zqTPOGF7f2nb" style="font-family: Times New Roman,serif">Annualized</span></td>
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<tr style="vertical-align: bottom">
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<p id="xdx_8A0_zVDcQ55id8tT" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

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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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<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>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
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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_SubsequentEventsTextBlock', window );">Subsequent Events</a></td>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no events requiring
adjustment or additional disclosure in the financial statements during the period.</span></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 );">- 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>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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>
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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_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p id="xdx_84E_eus-gaap--UseOfEstimates_zDNd7kd9ezr5" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.</span></p>

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

<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_us-gaap_InvestmentPolicyTextBlock', window );">Investment Transactions</a></td>
<td class="text"><p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_ziS9drAmbhPx" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<span id="xdx_86D_zcJWB2WhCMbx">Investment Transactions</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are
recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined
on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred
or the changes in unrealized occurred.</span></p>

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

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





<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust&#8217;s financial
statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation
sources and policies used to prepare the Trust&#8217;s financial statements in accordance with U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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_GuaranteesIndemnificationsAndWarrantiesPolicies', window );">Indemnifications</a></td>
<td class="text"><p id="xdx_84E_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zweaY16utxZS" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<span id="xdx_86C_zuFMLNknjef2">Indemnifications</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its affiliates (each a &#8220;Covered Person&#8221;) will be indemnified by the Trust and held harmless against any
loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered
Person&#8217;s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of
the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with
the provisions of the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor
and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable
fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any
time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,
operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor
the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence of such indemnified person.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,
which cannot be predicted with any certainty.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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_IncomeTaxPolicyTextBlock', window );">Federal Income Taxes</a></td>
<td class="text"><p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zRaLSBzHvIXJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<span id="xdx_86A_zGK31ELcqYGe">Federal Income Taxes</span></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,
as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially
all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather,
a pro rata portion of the Trust&#8217;s income, gain, losses and deductions will &#8220;flow through&#8221; to each beneficial
owner of Shares.</span></p>

<span></span>
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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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investment in financial asset.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investment Valuation and Calculation of Net Asset Value (&#8220;NAV&#8221;) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total</b></td><td style="padding-bottom: 1pt">&#160;</td></tr>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHfHOOGUrRSX" title="Total Investments">505,489,906</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzcSvNCEeTSb" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0245">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGEZkW7qshPw" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0247">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231_zrLfWw4tlWeK" title="Total Investments">505,489,906</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-bottom: 1pt">Bitcoin</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1Pv69k0iEUZ" title="Bitcoin">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_904_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zQ57pDH0TpQi" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0253">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_905_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zkEHrYqMcBlw" title="Bitcoin"><span style="-sec-ix-hidden: xdx2ixbrl0255">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_d0_c20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z2rzQhbESm6V" title="Bitcoin">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total Investments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4kvLF615QeF" title="Total Investments">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUA3KFEBWPiF" title="Total Investments"><span style="-sec-ix-hidden: xdx2ixbrl0263">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_d0_c20241231_fKGEp_zI293yxLszhd" title="Total Investments">826,306,338</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

<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_CryptoAssetActivityTableTextBlock', window );">The following represents the changes in quantity of bitcoin and the respective fair value:</a></td>
<td class="text"><p id="xdx_897_eus-gaap--CryptoAssetActivityTableTextBlock_zXxUGw8xwEK4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following represents the changes in quantity of bitcoin and the respective fair value:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-weight: bold; text-align: justify; padding-left: 5.4pt">Beginning Balance as of January 1, 2025</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zXa9HBLVTwUj" style="width: 12%; text-align: right" title="Beginning balance">8,849</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zlEWpRyPbs0f" style="width: 12%; text-align: right" title="Beginning balance, fair value">826,306,338</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zT3g4gYaQ2Bd" style="text-align: right" title="Bitcoin purchased">1,089</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--CryptoAssetPurchase_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zzAusuHmv933" style="text-align: right" title="Bitcoin purchased, fair value">112,563,883</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z5O2MZQAoOi" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(4,154</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zf5UIf9ed4z1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(383,592,918</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay the Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zk85Xe1m2IE9" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(17</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zWCDwqnK6ePc" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value">(1,699,428</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zHXV3Svbpucb" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin">(184,888,192</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Net Realized gain on investments in bitcoin</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zRd1pFdJzV1c" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin">136,800,223</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt">Ending balance as of December 31, 2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zYAaXQ7pNqMd" style="text-align: right" title="Ending balance">5,767</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iE_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zdd1f0ud4Erc" style="text-align: right" title="Ending balance, fair value">505,489,906</td><td style="text-align: left">&#160;</td></tr>
</table>


<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bitcoin</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beginning Balance as of January 1, 2024 <sup>(a)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zRdhJQUnkeeb" style="text-align: right" title="Beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0293">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zVYD6dFGhnZ6" style="text-align: right" title="Beginning balance, fair value"><span style="-sec-ix-hidden: xdx2ixbrl0295">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Bitcoin purchased</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zRxaVCR4KII4" style="width: 12%; text-align: right" title="Bitcoin purchased">10,386</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--CryptoAssetPurchase_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zhmkcciyyXsd" style="width: 12%; text-align: right" title="Bitcoin purchased, fair value">632,012,875</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin sold for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_ziru8n9QA2Uc" style="text-align: right" title="Bitcoin sold for the redemption of Shares">(1,523</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--CryptoAssetSale_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zHkuefhRHhka" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value">(112,856,064</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 5.4pt">Bitcoin transferred to pay Sponsor fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z6UMkz6zpV0d" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee">(14</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td id="xdx_F1B_zL8R80vuClh" style="text-align: justify; padding-left: 5.4pt; width: 95%">The Trust did not hold bitcoin as of or prior to January 1, 2024</td><td style="width: 1%">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Creation and Redemption of Creation Units (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 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_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></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_ScheduleOfStockholdersEquityTableTextBlock', window );">Activity in the number and value of Shares created and redeemed for the year ended December 31, 2025 and 2024, are as follows:</a></td>
<td class="text"><p id="xdx_89A_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zmbdPHKxwlT0" style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activity
in the number and value of Shares created and redeemed for the&#160;year ended December 31, 2025 and 2024, are as follows:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_134_zi4smNWbx6Rs" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Activity in number and value of Shares created and redeemed (Details)">
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    <td><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
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    <td>&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
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    <td style="width: 40%; color: black; padding-left: 0in">Creations</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20250101__20251231_zwTIEf2uf51Y" title="Creations Number of Shares">3,855,000</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
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    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right"><span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20250101__20251231_zLlWKyj4g0CB" title="Creations Value of Shares">112,626,368</span></td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20250101__20251231_zL05FIExaGva" title="Redemptions Value of Shares">(383,655,403</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
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    <td style="color: black; text-align: left; padding-left: 0in">Net change in Shares created and redeemed</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20250101__20251231_zADhGmJyclEC" title="Net change in Shares created and redeemed Number of Shares">(10,835,000</span></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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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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<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;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investment Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_InvestmentsAllOtherInvestmentsAbstract', window );"><strong>Investments, All Other Investments [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_InvestmentTableTextBlock', window );">For the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:</a></td>
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the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:</span></p>

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

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<tr style="vertical-align: bottom">
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    <td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>Sales</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td></tr>
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    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2025</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td><td style="color: black; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; color: black"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98A_eus-gaap--PaymentsToAcquireInvestments_c20250101__20251231_zKZiJugf7xfi" style="width: 23%; color: black; text-align: right" title="Purchases">112,563,883</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_c20240101__20241231_zSgyH9cheQit" style="width: 22%; color: black; text-align: right" title="Purchases">632,012,875</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td id="xdx_98B_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20251231_zMDTIGltxu8H" style="width: 22%; color: black; text-align: right" title="Sales">385,292,346</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black">&#160;</td>
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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>
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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of 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/2009/role/commonPracticeRef<br> -Topic 320<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/320/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Topic 321<br> -Publisher FASB<br> -URI https://asc.fasb.org/321/tableOfContent<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Topic 325<br> -Publisher FASB<br> -URI https://asc.fasb.org/325/tableOfContent<br></p></div>
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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;">v3.25.4</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">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_InvestmentCompanyAbstract', window );"><strong>Investment Company [Abstract]</strong></a></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_InvestmentCompanyFinancialHighlightsTableTextBlock', window );">Financial Highlights</a></td>
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Highlights</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December
31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024.</span></p>

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

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

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

<table cellpadding="0" cellspacing="0" id="xdx_30A_134_zeLrDokHVvlv" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Schedule of Financial Highlights (Details)">
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    <td colspan="2" id="xdx_49F_20250101__20251231_z47fuX6eIbqT" style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><span style="font-family: Times New Roman,serif"><b>Year
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    <td colspan="2" style="font-family: Arial,sans-serif; text-align: right">&#160;</td>
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    <td style="font-family: Arial,sans-serif">&#160;</td>
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    <td style="width: 1%; font-family: Arial,sans-serif">&#160;</td>
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    <td style="width: 11%; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">13.00</span></td>
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    <td style="padding-left: 5.4pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">&#160;&#160;Net investment income (loss)</span></td>
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    <td style="font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">(0.07</span></td>
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<tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zApKD3UvDSvA" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">24.74</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">26.43</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">13.00</span></td>
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<tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_ziKxzv137C4v" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">24.73</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
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    <td style="font-family: Arial,sans-serif">&#160;</td>
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<tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zojdOjyL82Ca" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">0.25</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">0.25</span></td>
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<tr id="xdx_408_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_i01_pii_dp_zyyEJyZ5CDrQ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">0.25</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">0.22</span></td>
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)%</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">103.31</span></td>
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<tr id="xdx_406_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_zt7P7p8WgT0R" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">(6.50</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"><span style="font-family: Times New Roman,serif">)%</span></td>
    <td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"><span style="font-family: Times New Roman,serif">103.46</span></td>
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<p style="margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
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    <td style="font-family: Arial,sans-serif; width: 0.25in"><span style="font-family: Times New Roman,serif"><sup id="xdx_F08_zjizHPiV1g5H">(1)</sup>&#160;</span></td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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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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<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;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Schedule of information about Trust's assets and liabilities measured at fair value (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><sup>[1]</sup></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Total Investments</a></td>
<td class="nump">$ 505,489,906<span></span>
</td>
<td class="nump">$ 826,306,338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="text">&#160;<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_srt_CryptoAssetAxis=brrr_BitcoinMember', window );">Bitcoin [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_CryptoAssetFairValue', window );">Bitcoin</a></td>
<td class="nump">505,489,906<span></span>
</td>
<td class="nump">826,306,338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Fair Value, Inputs, Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_InvestmentOwnedAtFairValue', window );">Total Investments</a></td>
<td class="nump">505,489,906<span></span>
</td>
<td class="nump">826,306,338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Fair Value, Inputs, Level 1 [Member] | Bitcoin [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_CryptoAssetFairValue', window );">Bitcoin</a></td>
<td class="nump">505,489,906<span></span>
</td>
<td class="nump">826,306,338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_InvestmentOwnedAtFairValue', window );">Total Investments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | Bitcoin [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_CryptoAssetFairValue', window );">Bitcoin</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Fair Value, Inputs, Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_InvestmentOwnedAtFairValue', window );">Total Investments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Fair Value, Inputs, Level 3 [Member] | Bitcoin [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems', window );"><strong>Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" 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_CryptoAssetFairValue', window );">Bitcoin</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><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">The Trust did not hold bitcoin as of or prior to January 1, 2024</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_CryptoAssetFairValue">
<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 crypto asset. 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: 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> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<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_CryptoAssetFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems">
<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>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>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 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 825<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478898/942-825-50-1<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_FairValueOffBalanceSheetRisksDisclosureInformationLineItems</td>
</tr>
<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>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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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CryptoAssetAxis=brrr_BitcoinMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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 );">- 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>
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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 );">- 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>
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<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
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<td><strong> Balance Type:</strong></td>
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<td></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R30.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">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The following represents the changes in quantity of bitcoin and the respective fair value: (Details)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>Unit</div>
</th>
<th class="th">
<div>Dec. 31, 2025 </div>
<div>USD ($) </div>
<div>Unit</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>Unit</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetHoldingLineItems', window );"><strong>Crypto Asset, Holding [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (184,888,192)<span></span>
</td>
<td class="nump">$ 262,849,955<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_RealizedInvestmentGainsLosses', window );">Net Realized gain on investments in bitcoin</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 136,800,223<span></span>
</td>
<td class="nump">$ 45,222,195<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_CryptoAssetAxis=brrr_BitcoinMember', window );">Bitcoin [Member]</a></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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetHoldingLineItems', window );"><strong>Crypto Asset, Holding [Line Items]</strong></a></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_CryptoAssetNumberOfUnits', window );">Beginning balance | Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,849<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_CryptoAssetFairValue', window );">Beginning balance, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 826,306,338<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></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_brrr_CryptoAssetNumberOfUnitsPurchased', window );">Bitcoin purchased | Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,089<span></span>
</td>
<td class="nump">10,386<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_CryptoAssetPurchase', window );">Bitcoin purchased, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 112,563,883<span></span>
</td>
<td class="nump">$ 632,012,875<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares', window );">Bitcoin sold for the redemption of Shares | Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,154)<span></span>
</td>
<td class="num">(1,523)<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_CryptoAssetSale', window );">Bitcoin sold for the redemption of Shares, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (383,592,918)<span></span>
</td>
<td class="num">$ (112,856,064)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee', window );">Bitcoin transferred to pay the Sponsor fee | Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(17)<span></span>
</td>
<td class="num">(14)<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_CryptoAssetPaymentForService', window );">Bitcoin transferred to pay the Sponsor fee, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,699,428)<span></span>
</td>
<td class="num">$ (922,623)<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_UnrealizedGainLossOnInvestments', window );">Net Change in unrealized appreciation (depreciation) from investment in bitcoin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(184,888,192)<span></span>
</td>
<td class="nump">262,849,955<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_RealizedInvestmentGainsLosses', window );">Net Realized gain on investments in bitcoin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 136,800,223<span></span>
</td>
<td class="nump">$ 45,222,195<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_CryptoAssetNumberOfUnits', window );">Ending balance | Unit</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5,767<span></span>
</td>
<td class="nump">8,849<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_CryptoAssetFairValue', window );">Ending balance, fair value</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 505,489,906<span></span>
</td>
<td class="nump">$ 826,306,338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><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">The
Trust had not commenced operations as of December 31, 2023.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The Trust did not hold bitcoin as of or prior to January 1, 2024</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_CryptoAssetNumberOfUnitsPurchased">
<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 crypto asset units purchased.</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>
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<td>duration</td>
</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 crypto asset units sold for the 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;">brrr_CryptoAssetNumberOfUnitsSoldForRedemptionOfShares</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<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_brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee">
<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 crypto asset units transferred to pay Sponsor fee.</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;">brrr_CryptoAssetNumberOfUnitsTransferredToPaySponsorFee</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 crypto asset. 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: 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> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<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_CryptoAssetFairValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetHoldingLineItems">
<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>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>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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_CryptoAssetHoldingLineItems</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetNumberOfUnits">
<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 restricted and unrestricted crypto asset units held. Excludes crypto asset units 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/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<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_CryptoAssetNumberOfUnits</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:integerItemType</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_CryptoAssetPaymentForService">
<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 decrease in crypto asset from payment for service. 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 50<br> -Paragraph 3<br> -Subparagraph (b)<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_CryptoAssetPaymentForService</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_CryptoAssetPurchase">
<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 in crypto asset from purchase. 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 50<br> -Paragraph 3<br> -Subparagraph (a)<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_CryptoAssetPurchase</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_CryptoAssetSale">
<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 decrease in crypto asset from sale. 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 50<br> -Paragraph 3<br> -Subparagraph (b)<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_CryptoAssetSale</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_RealizedInvestmentGainsLosses">
<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) 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 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-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_RealizedInvestmentGainsLosses</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_UnrealizedGainLossOnInvestments">
<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) on investment.</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 (b)<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_UnrealizedGainLossOnInvestments</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_srt_CryptoAssetAxis=brrr_BitcoinMember">
<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;">srt_CryptoAssetAxis=brrr_BitcoinMember</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>
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<SEQUENCE>44
<FILENAME>R31.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">
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<body>
<span style="display: none;">v3.25.4</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 (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 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_brrr_DisclosureTrustExpensesAbstract', window );"><strong>Trust Expenses</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_brrr_SponsorFeesAnnualRate', window );">Sponsor's fee annual rate</a></td>
<td class="nump">0.25%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_DisclosureTrustExpensesAbstract">
<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;">brrr_DisclosureTrustExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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_brrr_SponsorFeesAnnualRate">
<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>Annual rate of Sponsor's fee.</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;">brrr_SponsorFeesAnnualRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R32.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;">v3.25.4</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 Activity in number and value of Shares created and redeemed (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><sup>[1]</sup></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Creations Number of Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">3,855,000<span></span>
</td>
<td class="nump">36,635,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Creations Value of Shares</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="nump">$ 112,626,368<span></span>
</td>
<td class="nump">$ 632,095,951<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_StockRepurchasedDuringPeriodShares', window );">Redemptions Number of Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(14,690,000)<span></span>
</td>
<td class="num">(5,375,000)<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_StockRepurchasedDuringPeriodValue', window );">Redemptions Value of Shares</a></td>
<td colspan="2" class="text"> <span></span>
</td>
<td class="num">$ (383,655,403)<span></span>
</td>
<td class="num">$ (112,939,140)<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_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease', window );">Net change in Shares created and redeemed Number of Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(10,835,000)<span></span>
</td>
<td class="nump">31,260,000<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_StockholdersEquityPeriodIncreaseDecrease', window );">Net change in Shares created and redeemed Value of Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">$ (271,029,035)<span></span>
</td>
<td class="nump">$ 519,156,811<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><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">The
Trust had not commenced operations as of December 31, 2023.</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_EquityAbstract">
<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_EquityAbstract</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_StockIssuedDuringPeriodSharesNewIssues">
<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 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>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</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:sharesItemType</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_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease">
<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 period in the number of shares issued.</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://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 3: 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(5))<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_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease</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:sharesItemType</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_StockIssuedDuringPeriodValueNewIssues">
<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>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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</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_StockRepurchasedDuringPeriodShares">
<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 that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury 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> -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 (c)<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)(2))<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>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodShares</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:sharesItemType</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_StockRepurchasedDuringPeriodValue">
<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>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury 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> -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 (c)<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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodValue</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_StockholdersEquityPeriodIncreaseDecrease">
<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) in stockholders' equity 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://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 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-3<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 (d)<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(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: 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>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityPeriodIncreaseDecrease</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>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Creation and Redemption of Creation Units (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2025 </div>
<div>shares</div>
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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_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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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_brrr_BlockOfSharesIssued', window );">Block of shares issued</a></td>
<td class="nump">5,000<span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_BlockOfSharesIssued">
<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 in block issued (a "Basket").</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;">brrr_BlockOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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>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_EquityAbstract">
<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_EquityAbstract</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>
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</div>
</body>
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</DOCUMENT>
<DOCUMENT>
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<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">
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<span style="display: none;">v3.25.4</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 Cost of purchases and proceeds from sales of bitcoin by the Trust (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsAllOtherInvestmentsAbstract', window );"><strong>Investments, All Other Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInvestments', window );">Purchases</a></td>
<td class="nump">$ 112,563,883<span></span>
</td>
<td class="nump">$ 632,012,875<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_ProceedsFromSaleMaturityAndCollectionsOfInvestments', window );">Sales</a></td>
<td class="nump">$ 385,292,346<span></span>
</td>
<td class="nump">$ 113,778,687<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAllOtherInvestmentsAbstract">
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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;">us-gaap_InvestmentsAllOtherInvestmentsAbstract</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_PaymentsToAcquireInvestments">
<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 outflow associated with the purchase of all investments (debt, security, other) 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> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<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_PaymentsToAcquireInvestments</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_ProceedsFromSaleMaturityAndCollectionsOfInvestments">
<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 sale, maturity and collection of all investments such as debt, security and so forth 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> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<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_ProceedsFromSaleMaturityAndCollectionsOfInvestments</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>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 10, 2024</div></th>
<th class="th"><div>Mar. 14, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor fee (Note 4)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,618,079<span></span>
</td>
<td class="nump">$ 1,263,370<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_brrr_SponsorFeesWaiver', window );">Less: Sponsor fee waiver</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 150,399<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_StockIssuedDuringPeriodSharesNewIssues', window );">Creations Number of Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,855,000<span></span>
</td>
<td class="nump">36,635,000<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_ValkyrieFundsLLCMember', window );">Valkyrie Funds LLC [Member]</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_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</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_StockIssuedDuringPeriodSharesNewIssues', window );">Creations Number of Shares</a></td>
<td class="nump">40,000<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_SharesIssuedPricePerShare', window );">Share price</a></td>
<td class="nump">$ 13.00<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_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of shares</a></td>
<td class="nump">$ 520,000<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=brrr_CoinSharesCaptialMarketsJerseyLimitedMember', window );">CoinShares Captial Markets (Jersey) Limited [Member]</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_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</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_RelatedPartyTransactionAmountsOfTransaction', window );">Purchases order of Bitcoin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 295,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_AffiliatesOfSponsorMember', window );">Affiliates of Sponsor [Member]</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_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</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_CommonStockSharesOutstanding', window );">Shares owned</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,140,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_SponsorFeesWaiver">
<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 sponsor fee waiver during the period.</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;">brrr_SponsorFeesWaiver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</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_CommonStockSharesOutstanding">
<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 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>
</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: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_us-gaap_ProceedsFromIssuanceOfCommonStock">
<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 from the additional capital contribution to the entity.</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_ProceedsFromIssuanceOfCommonStock</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>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_RelatedPartyTransactionAmountsOfTransaction">
<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 transactions with related party during the financial reporting period.</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 (c)<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAmountsOfTransaction</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_RelatedPartyTransactionLineItems">
<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>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>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 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-3<br><br>Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-13<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)(2)(i))<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)(c)(2)(ii))<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 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></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_RelatedPartyTransactionLineItems</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_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>
</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_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>
</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_StockIssuedDuringPeriodSharesNewIssues">
<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 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>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</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:sharesItemType</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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_ValkyrieFundsLLCMember">
<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_ValkyrieFundsLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_CoinSharesCaptialMarketsJerseyLimitedMember">
<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_CoinSharesCaptialMarketsJerseyLimitedMember</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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_AffiliatesOfSponsorMember">
<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_RelatedPartyTransactionsByRelatedPartyAxis=brrr_AffiliatesOfSponsorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<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>
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Schedule of Financial Highlights (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 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_InvestmentCompanyFinancialHighlightsRollForward', window );"><strong>Net Asset Value</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 26.43<span></span>
</td>
<td class="nump">$ 13.00<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_us-gaap_InvestmentCompanyInvestmentIncomeLossPerShare', window );">&#160;&#160;Net investment income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.07)<span></span>
</td>
<td class="num">(0.04)<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_InvestmentCompanyGainLossOnInvestmentPerShare', window );">&#160;&#160;Net realized and change in unrealized Gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.62)<span></span>
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<td class="nump">13.47<span></span>
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<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_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare', window );">&#160;&#160;Net income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.69)<span></span>
</td>
<td class="nump">13.43<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_NetAssetValuePerShare', window );">&#160;&#160;Net asset value per Share, end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24.74<span></span>
</td>
<td class="nump">26.43<span></span>
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</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_InvestmentCompanyMarketValuePerShare', window );">&#160;&#160;Market Value per Share, beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26.45<span></span>
</td>
<td class="nump">13.00<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_InvestmentCompanyMarketValuePerShare', window );">&#160;&#160;Market Value per Share, end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 24.73<span></span>
</td>
<td class="nump">$ 26.45<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_InvestmentCompanyFinancialRatiosAbstract', window );"><strong>Ratio to average net 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_InvestmentCompanyInvestmentIncomeLossRatio', window );">&#160;&#160;Net investment income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(0.25%)<span></span>
</td>
<td class="num">(0.22%)<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_InvestmentCompanyExpenseRatioBeforeIncentiveAllocation', window );">&#160;&#160;Gross expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.25%<span></span>
</td>
<td class="nump">0.25%<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_InvestmentCompanyExpenseRatioAfterIncentiveAllocation', window );">&#160;&#160;Net expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">0.25%<span></span>
</td>
<td class="nump">0.22%<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_InvestmentCompanyTotalReturn', window );">&#160;&#160;Total return, at net asset value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(6.39%)<span></span>
</td>
<td class="nump">103.31%<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_InvestmentCompanyTotalReturnMarketValue', window );">&#160;&#160;Total return, at market value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(6.50%)<span></span>
</td>
<td class="nump">103.46%<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_brrr_SponsorFeesRate', window );">Sponsor's fee rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.03%<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">Annualized</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Includes voluntary reimbursement of sponsor fees of <span id="xdx_90D_ecustom--SponsorFeesRate_pid_dp_c20240109__20241231_zU2TSl789Q4h" title="Sponsor's fee rate">0.03</span>%</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Not annualized</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_brrr_SponsorFeesRate">
<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>Annual rate of Sponsor's fee.</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;">brrr_SponsorFeesRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>brrr_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_InvestmentCompanyExpenseRatioAfterIncentiveAllocation">
<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 expense, after incentive allocation, 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 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-13<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_InvestmentCompanyExpenseRatioAfterIncentiveAllocation</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:percentItemType</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_InvestmentCompanyExpenseRatioBeforeIncentiveAllocation">
<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, before incentive allocation, 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>
<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_InvestmentCompanyExpenseRatioBeforeIncentiveAllocation</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:percentItemType</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_InvestmentCompanyFinancialHighlightsRollForward">
<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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</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_InvestmentCompanyFinancialHighlightsRollForward</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_InvestmentCompanyFinancialRatiosAbstract">
<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_InvestmentCompanyFinancialRatiosAbstract</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_InvestmentCompanyGainLossOnInvestmentPerShare">
<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 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>
<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_InvestmentCompanyGainLossOnInvestmentPerShare</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>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_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare">
<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 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>
<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_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare</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>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_InvestmentCompanyInvestmentIncomeLossPerShare">
<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-basic-share or unit amount, after investment expense, of dividend and interest investment income (loss) from investment held 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 (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<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_InvestmentCompanyInvestmentIncomeLossPerShare</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>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_InvestmentCompanyInvestmentIncomeLossRatio">
<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 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>
<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_InvestmentCompanyInvestmentIncomeLossRatio</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:percentItemType</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_InvestmentCompanyMarketValuePerShare">
<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>Market value per share of investment portfolio by investment company. Includes, but is not limited to, per unit, membership interest, or other ownership interest.</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 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<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_InvestmentCompanyMarketValuePerShare</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_InvestmentCompanyTotalReturn">
<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 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>
<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_InvestmentCompanyTotalReturn</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:percentItemType</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_InvestmentCompanyTotalReturnMarketValue">
<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 increase (decrease) in portfolio market value assuming reinvestment of dividend and capital gain distribution.</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 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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    <cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000046">&lt;p id="xdx_809_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_zcxWC3CrEK53" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span id="xdx_82F_zD9vHmOBHoi2"&gt;Cybersecurity&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Overview&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has adopted an organizational wide cybersecurity program. &lt;span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250101__20251231_z9KFVlrLfNjH"&gt;The program is administered by the Head of IT of the Sponsor
(the &#x201c;Head of IT&#x201d;). &lt;/span&gt;The Sponsor&#x2019;s objective, in the development and implementation of this comprehensive cybersecurity
program, is to create effective administrative, technical, and physical safeguards for the protection of personal information
of the organization and its clients.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Program
Details&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has designated the Head of IT to implement and maintain the cybersecurity program. The Head of IT may delegate any of
the Head of IT&#x2019;s responsibilities to appropriate designees as long as the Head of IT remains primarily responsible for compliance
oversight and administration. The Head of IT is responsible for:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.25pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Initial
                                         implementation of the cybersecurity program;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.25pt"&gt;&lt;/td&gt;&lt;td style="width: 17.9pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Ongoing
                                         employee education;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.25pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Regular
                                         testing of the cybersecurity program&#x2019;s safeguards;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Evaluating
                                         the ability of each of our third party service providers to implement and maintain appropriate
                                         security measures for the personal information to which we have permitted them access,
                                         and requiring such third party service providers by contract to implement and maintain
                                         appropriate security measures.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Reviewing
                                         the scope of the security measures in the cybersecurity program at least annually, or
                                         whenever there is a material change in our business practices that may implicate the
                                         security or integrity of records containing personal information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Identification
of Risks and Cybersecurity Governance&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;To
combat internal risks to the security, confidentiality, and/or integrity of any electronic records containing personal information,
and evaluating and improving, where necessary, the effectiveness of the current safeguards for limiting such risks, the Sponsor
has identified the following risks that are present to its business as well as procedures to help mitigate those risks:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Internal
Threats&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;There
                                         must be communication to employees on the detailed provisions of the cybersecurity program
                                         at onboarding and annually.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Access
                                         to records containing client&#x2019;s personal information shall be limited to those persons
                                         who are reasonably required to know such information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;All
                                         security measures shall be reviewed at least annually, or whenever there is a material
                                         change in our business practices that may reasonably implicate the security or integrity
                                         of records containing personal information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Terminated
                                         employees must return all records containing personal information, in any form, that
                                         may at the time of such termination be in the former employee&#x2019;s possession.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
                                         terminated employee&#x2019;s physical and electronic access to personal information must
                                         be immediately blocked. Such terminated employee shall be required to surrender all keys,
                                         IDs or access codes or badges, business cards, and the like, that permit access to the
                                         firm&#x2019;s premises or information. Moreover, such terminated employee&#x2019;s remote
                                         electronic access to personal information must be disabled; his/her voicemail access,
                                         e-mail access, internet access, and passwords must be invalidated.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
                                         employees&#x2019; user ID&#x2019;s and passwords must be managed in accordance to the Sponsor&#x2019;s
                                         password policy.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employees
                                         are encouraged to report any suspicious or unauthorized use of customer information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employees
                                         are prohibited from keeping open files containing personal information on their computer
                                         screen when they are not at their desks. Employees are responsible for locking computer
                                         screen when away from workspace.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employees
must not share login information with co-workers.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.7pt 0pt 50.2pt; text-align: justify; text-indent: 0.5in"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;External
Threats&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Sponsor will maintain reasonably up-to-date firewall protection (if applicable) and operating
                                         system security patches, reasonably designed to maintain the integrity of the personal
                                         information, installed on systems processing personal information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.15pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                         Sponsor will maintain reasonably up-to-date versions of system security agent software
                                         which must include malware protection and reasonably up-to-date patches and virus definitions,
                                         installed on systems processing personal information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;To
                                         the extent technically feasible, personal information stored on portable devices, such
                                         as laptops or tablets, must be password protected, as must all records and files transmitted
                                         across public networks or wirelessly, to the extent technically feasible.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 86.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 6.1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;All
                                         computer systems must be monitored for unauthorized use of or access to personal information.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Risks
Associated with Remote Client Access and Funds Transfer Requests&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Currently,
the Sponsor does not provide its clients with online account access nor does process funds transfer requests. If the firm&#x2019;s
business changes to allow for remote client access and funds transfer requests, the Sponsor will update the cybersecurity program
accordingly by identifying the potential risks involved and implementing the appropriate safeguards to protect the client&#x2019;s
personal information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Risks
Associated with Vendors and Other Third Parties&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor periodically conducts risk assessments with vendors and other third parties that have access to the Firm&#x2019;s networks,
customer data, and other sensitive information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Detection
of Unauthorized Activity&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Employees
who believe their terminal or computer systems have been subjected to unauthorized activity, or has otherwise been improperly
accessed or used, are required to report the situation to the Head of IT immediately to determine the course of action.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor takes the issue of security seriously. Firm employees who use the technology and information resources of the firm must
be aware that they can be disciplined if they violate this policy. Upon violation of this policy, an employee may be subject to
discipline up to and including discharge. The specific discipline imposed will be determined by a case-by-case basis, taking into
consideration the nature and severity of the violation of the cybersecurity program, prior violations of the policy committed
by the individual, state and federal laws and all other relevant information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
a case where the accused person is not a firm employee, the matter shall be submitted to the Head of IT. The Head of IT may refer
the information to law enforcement agencies and/or prosecutors for consideration as to whether criminal charges should be filed
against the alleged violator(s).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Updates
to the Cybersecurity Program&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Head of IT reviews the cybersecurity program on a periodic basis and updates the program based on changes in the firm&#x2019;s
business, effectiveness of the safeguards, and any additional risk factors that become present. The Head of IT will inform management
of the results of the reviews and any recommendations for improved security arising out of the reviews.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Furthermore,
if an incident occurs that is determined to be in violation of the cybersecurity program, there shall be an immediate mandatory
post-incident review of events and actions taken, if any, with a view to determining whether any changes in our security practices
are required to improve the security of personal information for which the Firm is responsible.&lt;/span&gt;&lt;/p&gt;

</cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock>
    <cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000047">The program is administered by the Head of IT of the Sponsor
(the &#x201c;Head of IT&#x201d;). </cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock>
    <brrr:NoInsiderTradingFlag contextRef="From2025-01-01to2025-12-31" id="Fact000051">true</brrr:NoInsiderTradingFlag>
    <ecd:InsiderTrdPoliciesProcNotAdoptedTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000053">&lt;p id="xdx_802_eecd--InsiderTrdPoliciesProcNotAdoptedTextBlock_z8atXdLUhYs_zMslr2S7xFQZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Insider
Trading Policies and Procedures&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the Trust does not have directors, officers, or employees, it has not adopted insider trading policies and procedures governing
the purchase, sale and/or disposition of Trust securities by such persons.&lt;/span&gt;&lt;/p&gt;

</ecd:InsiderTrdPoliciesProcNotAdoptedTextBlock>
    <dei:AuditorOpinionTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000055">&lt;p id="xdx_800_edei--AuditorOpinionTextBlock_zVs3XOsruxOQ" style="font: 10pt Times New Roman,serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Opinion
on the Financial Statements&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;We
have audited the accompanying statements of financial condition, including the schedules of investment, of CoinShares Bitcoin
ETF (the &#x201c;Trust&#x201d;) as of December 31, 2025 and December 31, 2024, the related statements of operations for the years
then ended, statements of changes in net assets for the years then ended and for the period from December 21, 2023 (date of seed
audit) through December 31, 2023, and the related notes (collectively referred to as the &#x201c;financial statements&#x201d;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December
31, 2025 and December 31, 2024, the results of its operations for the years then ended, and changes in its net assets for the
years then ended and for the period from December 21, 2023 (date of seed audit) through December 31, 2023, in conformity with
accounting principles generally accepted in the United States of America.&lt;/span&gt;&lt;/p&gt;

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

</dei:AuditorOpinionTextBlock>
    <dei:AuditorName contextRef="From2025-01-01to2025-12-31" id="Fact000056">COHEN &amp; COMPANY, LTD.</dei:AuditorName>
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      contextRef="From2024-01-012024-12-31"
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      unitRef="USDPShares">-2.20</us-gaap:EarningsPerShareBasic>
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      contextRef="From2024-01-012024-12-31"
      decimals="INF"
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      contextRef="From2024-01-012024-12-31"
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      decimals="0"
      id="Fact000214"
      unitRef="USD">826115990</us-gaap:StockholdersEquity>
    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000218">&lt;p id="xdx_800_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zgejZyBYsNsJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.
&lt;span id="xdx_824_zRguy3QMEKGb"&gt;Organization&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;CoinShares
Bitcoin ETF (the &#x201c;Trust&#x201d;), formerly known as CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory
trust on January 20, 2021. The fiscal year for the Trust is December 31&lt;sup&gt;st&lt;/sup&gt;. The trustee is CSC Delaware Trust Company
(the &#x201c;Trustee&#x201d;). On June 14, 2024, CoinShares Co., a Delaware corporation (the &#x201c;Sponsor&#x201d;), succeeded Valkyrie
Digital Assets LLC, a Delaware limited liability company (the &#x201c;Initial Sponsor&#x201d;), as the sponsor of the Trust. The
Sponsor is responsible for the day-to-day administration of the Trust. The Trust is governed by the provisions of the First Amended
and Restated Trust Agreement, as amended (the &#x201c;Trust Agreement&#x201d;), executed by the Sponsor and the Trustee. The Trust
is an exchange-traded fund that issues common shares of beneficial interest (&#x201c;Shares&#x201d;) representing units of fractional
undivided beneficial interests in its net assets. There are an unlimited number of authorized shares.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
investment objective of the Trust is for the Shares to reflect the performance of the value of a bitcoin as represented by the
CME CF Bitcoin Reference Rate - New York Variant (the &#x201c;Index&#x201d;), less the Trust&#x2019;s liabilities and expenses. In
seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the value of bitcoin
as reflected by the Index, which is an independently calculated value based on an aggregation of executed trade flow of major
bitcoin spot exchanges.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
offering of the Trust&#x2019;s Shares is registered with the Securities and Exchange Commission (&#x201c;SEC&#x201d;) in accordance
with the Securities Act of 1933.&lt;/span&gt;&lt;/p&gt;

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000220">&lt;p id="xdx_802_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zSNRdfAzCbDK" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2.
&lt;span id="xdx_825_zuxf0r5HKp6f"&gt;Basis of Presentation and Summary of Significant Accounting Policies&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting
and reporting guidance under the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Codification Topic
946, Financial Services &#x2013; Investment Companies, 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;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust is an &#x201c;emerging growth company&#x201d; as defined in the Jumpstart Our Business Startups Act of 2012 (the &#x201c;JOBS
Act&#x201d;). The Trust will cease to be an &#x201c;emerging growth company&#x201d; upon the earliest of (i) it having $1.235 billion
or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing
more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the
fifth anniversary of its initial public offering.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to provide an auditor&#x2019;s
attestation report on management&#x2019;s assessment of the effectiveness of our system of internal control over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or comply with any new audit rules adopted by the PCAOB after April
5, 2012, unless the SEC determines otherwise.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following is a summary of significant accounting policies consistently followed by the Trust in the preparation of financial statements.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of
America (&#x201c;GAAP&#x201d;).&lt;/span&gt;&lt;/p&gt;

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

&lt;p id="xdx_84E_eus-gaap--UseOfEstimates_zDNd7kd9ezr5" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(a)
&lt;span id="xdx_86C_zLa2Evd4C6QQ"&gt;Use of Estimates&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.&lt;/span&gt;&lt;/p&gt;

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

&lt;p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_ziS9drAmbhPx" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(b)
&lt;span id="xdx_86D_zcJWB2WhCMbx"&gt;Investment Transactions&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are
recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined
on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred
or the changes in unrealized occurred.&lt;/span&gt;&lt;/p&gt;

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

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





&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust&#x2019;s financial
statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation
sources and policies used to prepare the Trust&#x2019;s financial statements in accordance with U.S. GAAP.&lt;/span&gt;&lt;/p&gt;

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

&lt;p id="xdx_84E_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zweaY16utxZS" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(c)
&lt;span id="xdx_86C_zuFMLNknjef2"&gt;Indemnifications&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor and its affiliates (each a &#x201c;Covered Person&#x201d;) will be indemnified by the Trust and held harmless against any
loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered
Person&#x2019;s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of
the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with
the provisions of the Trust Agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor
and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable
fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any
time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,
operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor
the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence of such indemnified person.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,
which cannot be predicted with any certainty.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zRaLSBzHvIXJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(d)
&lt;span id="xdx_86A_zGK31ELcqYGe"&gt;Federal Income Taxes&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,
as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially
all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather,
a pro rata portion of the Trust&#x2019;s income, gain, losses and deductions will &#x201c;flow through&#x201d; to each beneficial
owner of Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85A_z4rMwNMcDqBZ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:UseOfEstimates contextRef="From2025-01-01to2025-12-31" id="Fact000222">&lt;p id="xdx_84E_eus-gaap--UseOfEstimates_zDNd7kd9ezr5" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(a)
&lt;span id="xdx_86C_zLa2Evd4C6QQ"&gt;Use of Estimates&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.&lt;/span&gt;&lt;/p&gt;

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

</us-gaap:UseOfEstimates>
    <us-gaap:InvestmentPolicyTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000224">&lt;p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_ziS9drAmbhPx" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(b)
&lt;span id="xdx_86D_zcJWB2WhCMbx"&gt;Investment Transactions&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust purchases bitcoin upon the net creation of Shares and sells bitcoin upon the net redemption of Shares. Transactions are
recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined
on a specific identification basis and are recognized in the statement of operations in the period in which the sale occurred
or the changes in unrealized occurred.&lt;/span&gt;&lt;/p&gt;

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

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





&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust utilizes an exchange traded price from the principal market for bitcoin as of 4:00 p.m. ET on the Trust&#x2019;s financial
statement measurement date to value the bitcoin held by the Trust. The Sponsor determines in its sole discretion the valuation
sources and policies used to prepare the Trust&#x2019;s financial statements in accordance with U.S. GAAP.&lt;/span&gt;&lt;/p&gt;

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

</us-gaap:InvestmentPolicyTextBlock>
    <us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies contextRef="From2025-01-01to2025-12-31" id="Fact000227">&lt;p id="xdx_84E_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zweaY16utxZS" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(c)
&lt;span id="xdx_86C_zuFMLNknjef2"&gt;Indemnifications&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor and its affiliates (each a &#x201c;Covered Person&#x201d;) will be indemnified by the Trust and held harmless against any
loss, judgment, liability, expense incurred or amount paid in settlement of any claim sustained by it in connection with the Covered
Person&#x2019;s activities for the Trust, without fraud, gross negligence, bad faith, willful misconduct or a material breach of
the Trust Agreement on the part of such indemnified party arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, any Participant Agreement) or any actions taken in accordance with
the provisions of the Trust Agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trustee and any of the officers, directors, employees and agents of the Trustee shall be indemnified by the Trust as primary obligor
and held harmless against any loss, damage, liability, claim, action, suit, cost, expense, disbursement (including the reasonable
fees and expenses of counsel), tax or penalty of any kind and nature whatsoever, arising out of, imposed upon or asserted at any
time against such indemnified person in connection with the performance of its obligations under the Trust Agreement, the creation,
operation or termination of the Trust or the transactions contemplated therein; provided, however, that neither the Trust nor
the Sponsor shall be required to indemnify any such indemnified person for any such expenses which are a result of the willful
misconduct, bad faith or gross negligence of such indemnified person.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust,
which cannot be predicted with any certainty.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000229">&lt;p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zRaLSBzHvIXJ" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(d)
&lt;span id="xdx_86A_zGK31ELcqYGe"&gt;Federal Income Taxes&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor intends to take the position that the Trust will be treated as a grantor trust under the Internal Revenue Code of 1986,
as amended. If so qualified, the Trust will not be subject to U.S. federal income tax to the extent it distributes substantially
all of its investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Rather,
a pro rata portion of the Trust&#x2019;s income, gain, losses and deductions will &#x201c;flow through&#x201d; to each beneficial
owner of Shares.&lt;/span&gt;&lt;/p&gt;

</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000231">&lt;p id="xdx_806_eus-gaap--FairValueDisclosuresTextBlock_zl5WfxV9WOLm" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.
&lt;span id="xdx_825_zCcrIZXo4zdB"&gt;Investment Valuation and Calculation of Net Asset Value (&#x201c;NAV&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;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.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;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&#x2019;s policy is to value its investments at fair value.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&#x201c;observable
inputs&#x201d;), or they may be internally developed (&#x201c;unobservable inputs&#x201d;). 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:&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
1 &#x2014; Unadjusted quoted prices in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
2 &#x2014; Inputs other than quoted prices included within Level&#160;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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Level
3 &#x2014; Inputs that are unobservable for the asset or liability, including the Trust&#x2019;s assumptions used in determining
the fair value of investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



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

&lt;p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z3tDWvHyUGc6" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table presents information about the Trust&#x2019;s investments at fair value:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_309_134_zKejjj3kajDA" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Schedule of information about Trust's assets and liabilities measured at fair value (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;December 31, 2025&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 40%; text-align: justify; padding-bottom: 1pt"&gt;Bitcoin&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zEZZEVb2Qv1P" title="Bitcoin"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_903_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zNywgtcjAFIm" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0237"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_90C_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zR0GKVywUvxA" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0239"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z7mPHYEoyOyn" title="Bitcoin"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 2.5pt"&gt;Total Investments&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHfHOOGUrRSX" title="Total Investments"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzcSvNCEeTSb" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0245"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGEZkW7qshPw" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0247"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231_zrLfWw4tlWeK" title="Total Investments"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-bottom: 1pt"&gt;Bitcoin&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1Pv69k0iEUZ" title="Bitcoin"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zQ57pDH0TpQi" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0253"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_905_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zkEHrYqMcBlw" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0255"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_d0_c20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z2rzQhbESm6V" title="Bitcoin"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"&gt;Total Investments&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4kvLF615QeF" title="Total Investments"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_909_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ze1ylecLuTZT" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0261"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_907_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUA3KFEBWPiF" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0263"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_901_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_d0_c20241231_fKGEp_zI293yxLszhd" title="Total Investments"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A7_zUfz3fIkBodM" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;There
were&#160;no&#160;transfers between Level&#160;1 and other Levels for the year ended December 31, 2025, or for the year ended
December 31, 2024.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust fair values investments for financial statement purposes, categorizing those investments using the hierarchy as described
above.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;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&#x2019;s NAV per share is calculated by taking the Trust&#x2019;s NAV divided by the total amount of
Shares outstanding.&lt;/span&gt;&lt;/p&gt;

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

&lt;p id="xdx_897_eus-gaap--CryptoAssetActivityTableTextBlock_zXxUGw8xwEK4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following represents the changes in quantity of bitcoin and the respective fair value:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Beginning Balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zXa9HBLVTwUj" style="width: 12%; text-align: right" title="Beginning balance"&gt;8,849&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zlEWpRyPbs0f" style="width: 12%; text-align: right" title="Beginning balance, fair value"&gt;826,306,338&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: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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 id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zT3g4gYaQ2Bd" style="text-align: right" title="Bitcoin purchased"&gt;1,089&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 id="xdx_98D_eus-gaap--CryptoAssetPurchase_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zzAusuHmv933" style="text-align: right" title="Bitcoin purchased, fair value"&gt;112,563,883&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(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin sold for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z5O2MZQAoOi" style="text-align: right" title="Bitcoin sold for the redemption of Shares"&gt;(4,154&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zf5UIf9ed4z1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value"&gt;(383,592,918&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin transferred to pay the Sponsor fee&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zk85Xe1m2IE9" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee"&gt;(17&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zWCDwqnK6ePc" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value"&gt;(1,699,428&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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;&#x2014;&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 id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zHXV3Svbpucb" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin"&gt;(184,888,192&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;Net Realized gain on investments in bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zRd1pFdJzV1c" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin"&gt;136,800,223&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Ending balance as of December 31, 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zYAaXQ7pNqMd" style="text-align: right" title="Ending balance"&gt;5,767&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;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iE_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zdd1f0ud4Erc" style="text-align: right" title="Ending balance, fair value"&gt;505,489,906&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zRdhJQUnkeeb" style="text-align: right" title="Beginning balance"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0293"&gt;&#x2014;&lt;/span&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;$&lt;/td&gt;&lt;td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zVYD6dFGhnZ6" style="text-align: right" title="Beginning balance, fair value"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0295"&gt;&#x2014;&lt;/span&gt;&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: White"&gt;
    &lt;td style="width: 70%; text-align: justify; padding-left: 5.4pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zRxaVCR4KII4" style="width: 12%; text-align: right" title="Bitcoin purchased"&gt;10,386&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_985_eus-gaap--CryptoAssetPurchase_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zhmkcciyyXsd" style="width: 12%; text-align: right" title="Bitcoin purchased, fair value"&gt;632,012,875&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(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin sold for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_ziru8n9QA2Uc" style="text-align: right" title="Bitcoin sold for the redemption of Shares"&gt;(1,523&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--CryptoAssetSale_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zHkuefhRHhka" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value"&gt;(112,856,064&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin transferred to pay Sponsor fee&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_981_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z6UMkz6zpV0d" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee"&gt;(14&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_987_eus-gaap--CryptoAssetPaymentForService_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zirT0sYIiaYl" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value"&gt;(922,623&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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;&#x2014;&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 id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z1u3veg9z0De" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin"&gt;262,849,955&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: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;Net realized gain on investments in bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zfOwOILl29A" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin"&gt;45,222,195&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zukBQFCdLlL4" style="text-align: right" title="Ending balance"&gt;8,849&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;$&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zypwilkIkv3d" style="text-align: right" title="Ending balance, fair value"&gt;826,306,338&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt; width: 5%"&gt;&lt;sup id="xdx_F05_zs3upZ5GK37f"&gt;(a)&lt;/sup&gt;&lt;/td&gt;
    &lt;td id="xdx_F1B_zL8R80vuClh" style="text-align: justify; padding-left: 5.4pt; width: 95%"&gt;The Trust did not hold bitcoin as of or prior to January 1, 2024&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A0_zlVlTR69Jzsd" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000233">&lt;p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z3tDWvHyUGc6" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table presents information about the Trust&#x2019;s investments at fair value:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_309_134_zKejjj3kajDA" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Schedule of information about Trust's assets and liabilities measured at fair value (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;December 31, 2025&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 40%; text-align: justify; padding-bottom: 1pt"&gt;Bitcoin&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_zEZZEVb2Qv1P" title="Bitcoin"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_903_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zNywgtcjAFIm" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0237"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_90C_eus-gaap--CryptoAssetFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zR0GKVywUvxA" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0239"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z7mPHYEoyOyn" title="Bitcoin"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 2.5pt"&gt;Total Investments&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHfHOOGUrRSX" title="Total Investments"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzcSvNCEeTSb" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0245"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--InvestmentOwnedAtFairValue_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGEZkW7qshPw" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0247"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20251231_zrLfWw4tlWeK" title="Total Investments"&gt;505,489,906&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-bottom: 1pt"&gt;Bitcoin&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--BitcoinMember_z1Pv69k0iEUZ" title="Bitcoin"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--BitcoinMember_zQ57pDH0TpQi" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0253"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_905_eus-gaap--CryptoAssetFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--BitcoinMember_zkEHrYqMcBlw" title="Bitcoin"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0255"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--CryptoAssetFairValue_iI_pp0p0_d0_c20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z2rzQhbESm6V" title="Bitcoin"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"&gt;Total Investments&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4kvLF615QeF" title="Total Investments"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_909_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ze1ylecLuTZT" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0261"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_907_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUA3KFEBWPiF" title="Total Investments"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0263"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span id="xdx_901_eus-gaap--InvestmentOwnedAtFairValue_iI_pp0p0_d0_c20241231_fKGEp_zI293yxLszhd" title="Total Investments"&gt;826,306,338&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2025-12-31_us-gaap_FairValueInputsLevel1Member_custom_BitcoinMember"
      decimals="0"
      id="Fact000235"
      unitRef="USD">505489906</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000241"
      unitRef="USD">505489906</us-gaap:CryptoAssetFairValue>
    <us-gaap:InvestmentOwnedAtFairValue
      contextRef="AsOf2025-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="0"
      id="Fact000243"
      unitRef="USD">505489906</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:InvestmentOwnedAtFairValue
      contextRef="AsOf2025-12-31"
      decimals="0"
      id="Fact000249"
      unitRef="USD">505489906</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2024-12-31_us-gaap_FairValueInputsLevel1Member_custom_BitcoinMember"
      decimals="0"
      id="Fact000251"
      unitRef="USD">826306338</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000257"
      unitRef="USD">826306338</us-gaap:CryptoAssetFairValue>
    <us-gaap:InvestmentOwnedAtFairValue
      contextRef="AsOf2024-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="0"
      id="Fact000259"
      unitRef="USD">826306338</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:InvestmentOwnedAtFairValue
      contextRef="AsOf2024-12-31"
      decimals="0"
      id="Fact000265"
      unitRef="USD">826306338</us-gaap:InvestmentOwnedAtFairValue>
    <us-gaap:CryptoAssetActivityTableTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000267">&lt;p id="xdx_897_eus-gaap--CryptoAssetActivityTableTextBlock_zXxUGw8xwEK4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following represents the changes in quantity of bitcoin and the respective fair value:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Beginning Balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zXa9HBLVTwUj" style="width: 12%; text-align: right" title="Beginning balance"&gt;8,849&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zlEWpRyPbs0f" style="width: 12%; text-align: right" title="Beginning balance, fair value"&gt;826,306,338&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: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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 id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zT3g4gYaQ2Bd" style="text-align: right" title="Bitcoin purchased"&gt;1,089&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 id="xdx_98D_eus-gaap--CryptoAssetPurchase_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zzAusuHmv933" style="text-align: right" title="Bitcoin purchased, fair value"&gt;112,563,883&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(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin sold for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_z5O2MZQAoOi" style="text-align: right" title="Bitcoin sold for the redemption of Shares"&gt;(4,154&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zf5UIf9ed4z1" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value"&gt;(383,592,918&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin transferred to pay the Sponsor fee&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zk85Xe1m2IE9" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee"&gt;(17&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--CryptoAssetPaymentForService_iN_di_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zWCDwqnK6ePc" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value"&gt;(1,699,428&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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;&#x2014;&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 id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zHXV3Svbpucb" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin"&gt;(184,888,192&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;Net Realized gain on investments in bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zRd1pFdJzV1c" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin"&gt;136,800,223&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Ending balance as of December 31, 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zYAaXQ7pNqMd" style="text-align: right" title="Ending balance"&gt;5,767&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;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iE_c20250101__20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zdd1f0ud4Erc" style="text-align: right" title="Ending balance, fair value"&gt;505,489,906&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iS_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zRdhJQUnkeeb" style="text-align: right" title="Beginning balance"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0293"&gt;&#x2014;&lt;/span&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;$&lt;/td&gt;&lt;td id="xdx_982_eus-gaap--CryptoAssetFairValue_iS_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_fYQ_____zVYD6dFGhnZ6" style="text-align: right" title="Beginning balance, fair value"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0295"&gt;&#x2014;&lt;/span&gt;&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: White"&gt;
    &lt;td style="width: 70%; text-align: justify; padding-left: 5.4pt"&gt;Bitcoin purchased&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsPurchased_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zRxaVCR4KII4" style="width: 12%; text-align: right" title="Bitcoin purchased"&gt;10,386&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_985_eus-gaap--CryptoAssetPurchase_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zhmkcciyyXsd" style="width: 12%; text-align: right" title="Bitcoin purchased, fair value"&gt;632,012,875&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(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin sold for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsSoldForRedemptionOfShares_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_ziru8n9QA2Uc" style="text-align: right" title="Bitcoin sold for the redemption of Shares"&gt;(1,523&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--CryptoAssetSale_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zHkuefhRHhka" style="text-align: right" title="Bitcoin sold for the redemption of Shares, fair value"&gt;(112,856,064&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;Bitcoin transferred to pay Sponsor fee&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_981_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_di_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z6UMkz6zpV0d" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee"&gt;(14&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_987_eus-gaap--CryptoAssetPaymentForService_iN_di_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zirT0sYIiaYl" style="text-align: right" title="Bitcoin transferred to pay the Sponsor fee, fair value"&gt;(922,623&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&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;&#x2014;&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 id="xdx_989_eus-gaap--UnrealizedGainLossOnInvestments_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_z1u3veg9z0De" style="text-align: right" title="Net Change in unrealized appreciation (depreciation) from investment in bitcoin"&gt;262,849,955&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: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;Net realized gain on investments in bitcoin&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_986_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zfOwOILl29A" style="border-bottom: Black 1pt solid; text-align: right" title="Net Realized gain on investments in bitcoin"&gt;45,222,195&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: justify; padding-left: 5.4pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td id="xdx_989_eus-gaap--CryptoAssetNumberOfUnits_iE_uUnit_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zukBQFCdLlL4" style="text-align: right" title="Ending balance"&gt;8,849&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;$&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--CryptoAssetFairValue_iE_c20240101__20241231__srt--CryptoAssetAxis__custom--BitcoinMember_zypwilkIkv3d" style="text-align: right" title="Ending balance, fair value"&gt;826,306,338&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt; width: 5%"&gt;&lt;sup id="xdx_F05_zs3upZ5GK37f"&gt;(a)&lt;/sup&gt;&lt;/td&gt;
    &lt;td id="xdx_F1B_zL8R80vuClh" style="text-align: justify; padding-left: 5.4pt; width: 95%"&gt;The Trust did not hold bitcoin as of or prior to January 1, 2024&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</us-gaap:CryptoAssetActivityTableTextBlock>
    <us-gaap:CryptoAssetNumberOfUnits
      contextRef="AsOf2024-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000269"
      unitRef="Unit">8849</us-gaap:CryptoAssetNumberOfUnits>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000271"
      unitRef="USD">826306338</us-gaap:CryptoAssetFairValue>
    <brrr:CryptoAssetNumberOfUnitsPurchased
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000273"
      unitRef="Unit">1089</brrr:CryptoAssetNumberOfUnitsPurchased>
    <us-gaap:CryptoAssetPurchase
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000275"
      unitRef="USD">112563883</us-gaap:CryptoAssetPurchase>
    <brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000277"
      unitRef="Unit">4154</brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares>
    <us-gaap:CryptoAssetSale
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000279"
      unitRef="USD">383592918</us-gaap:CryptoAssetSale>
    <brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000281"
      unitRef="Unit">17</brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee>
    <us-gaap:CryptoAssetPaymentForService
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000283"
      unitRef="USD">1699428</us-gaap:CryptoAssetPaymentForService>
    <us-gaap:UnrealizedGainLossOnInvestments
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000285"
      unitRef="USD">-184888192</us-gaap:UnrealizedGainLossOnInvestments>
    <us-gaap:RealizedInvestmentGainsLosses
      contextRef="From2025-01-012025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000287"
      unitRef="USD">136800223</us-gaap:RealizedInvestmentGainsLosses>
    <us-gaap:CryptoAssetNumberOfUnits
      contextRef="AsOf2025-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000289"
      unitRef="Unit">5767</us-gaap:CryptoAssetNumberOfUnits>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2025-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000291"
      unitRef="USD">505489906</us-gaap:CryptoAssetFairValue>
    <brrr:CryptoAssetNumberOfUnitsPurchased
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000297"
      unitRef="Unit">10386</brrr:CryptoAssetNumberOfUnitsPurchased>
    <us-gaap:CryptoAssetPurchase
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000299"
      unitRef="USD">632012875</us-gaap:CryptoAssetPurchase>
    <brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000301"
      unitRef="Unit">1523</brrr:CryptoAssetNumberOfUnitsSoldForRedemptionOfShares>
    <us-gaap:CryptoAssetSale
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000303"
      unitRef="USD">112856064</us-gaap:CryptoAssetSale>
    <brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000305"
      unitRef="Unit">14</brrr:CryptoAssetNumberOfUnitsTransferredToPaySponsorFee>
    <us-gaap:CryptoAssetPaymentForService
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000307"
      unitRef="USD">922623</us-gaap:CryptoAssetPaymentForService>
    <us-gaap:UnrealizedGainLossOnInvestments
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000309"
      unitRef="USD">262849955</us-gaap:UnrealizedGainLossOnInvestments>
    <us-gaap:RealizedInvestmentGainsLosses
      contextRef="From2024-01-012024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000311"
      unitRef="USD">45222195</us-gaap:RealizedInvestmentGainsLosses>
    <us-gaap:CryptoAssetNumberOfUnits
      contextRef="AsOf2024-12-31_custom_BitcoinMember"
      decimals="INF"
      id="Fact000313"
      unitRef="Unit">8849</us-gaap:CryptoAssetNumberOfUnits>
    <us-gaap:CryptoAssetFairValue
      contextRef="AsOf2024-12-31_custom_BitcoinMember"
      decimals="0"
      id="Fact000315"
      unitRef="USD">826306338</us-gaap:CryptoAssetFairValue>
    <brrr:TrustExpensesTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000318">&lt;p id="xdx_800_ecustom--TrustExpensesTextBlock_zGSphiGC0Ho4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.
&lt;span id="xdx_82B_zCycrbP8rL6_zozsAYmu0PuM"&gt;Trust Expenses&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust pays to the Sponsor a Sponsor fee (the &#x201c;Sponsor Fee&#x201d;) in accordance with the Trust Agreement. The Sponsor Fee
accrues daily by applying an annual rate of&#160;&lt;span id="xdx_901_ecustom--SponsorFeesAnnualRate_pid_dp_c20250101__20251231_zf2wLXuZiqUr" title="Sponsor's fee annual rate"&gt;0.25%&lt;/span&gt; to the Trust&#x2019;s bitcoin holdings. The Sponsor Fee is paid in bitcoins
at such times as determined in the Sponsor&#x2019;s sole discretion. The Trust is not responsible for paying any fees or costs
associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor Fee.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing Agent fee, the Administrator
fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the
licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing,
legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration
of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust&#x2019;s website.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (&#x201c;Fund Services&#x201d;), an indirect subsidiary
of U.S. Bancorp, serves as the Trust&#x2019;s fund accountant, fund administrator and the transfer agent of the Trust, pursuant
to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a
subsidiary of U.S. Bancorp and parent company of Fund Services, serves as the Trust&#x2019;s cash custodian pursuant to a custody
agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Paralel
Distributors LLC (the &#x201c;Marketing Agent&#x201d;) serves as the Trust&#x2019;s marketing agent pursuant to a marketing agent
agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Coinbase
Custody Trust Company, LLC, &lt;span style="background-color: white"&gt;BitGo Trust Company, Inc., and Komainu (Jersey) Limited&lt;/span&gt;&#160;(the
&#x201c;Custodians&#x201d;) are custodians of the Trust.&lt;/span&gt;&lt;/p&gt;

</brrr:TrustExpensesTextBlock>
    <brrr:SponsorFeesAnnualRate
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000320"
      unitRef="Pure">0.0025</brrr:SponsorFeesAnnualRate>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000323">&lt;p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z8uZu7WDh8Pv" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.
&lt;span id="xdx_82A_z8TJPBcZVvOi"&gt;Creation and Redemption of Creation Units&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust issues Shares on an ongoing basis, but only in one or more blocks of&#160;&lt;span id="xdx_90B_ecustom--BlockOfSharesIssued_pid_uShares_c20250101__20251231_zlDiIJUx1zJP" title="Block of shares issued"&gt;5,000&lt;/span&gt;&#160;Shares (a &#x201c;Basket&#x201d;). The
Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing
basis from Authorized Participants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized
participants are the only persons that may place orders to create and redeem Baskets. Authorized participants must be (1) registered
broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to
register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized
participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets. In addition, an authorized
participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs,
transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market
related to the bitcoin being purchased or sold in connection with such order (the &#x201c;Execution Charges&#x201d;, and collectively
with the Transfer Agent Fee, the &#x201c;Transaction Fees&#x201d;). The Transaction Fees may be reduced, increased or otherwise
changed by the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zmbdPHKxwlT0" style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Activity
in the number and value of Shares created and redeemed for the&#160;year ended December 31, 2025 and 2024, are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" id="xdx_307_134_zi4smNWbx6Rs" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Activity in number and value of Shares created and redeemed (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Number of Shares&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Value of Shares&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 40%; color: black; padding-left: 0in"&gt;Creations&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20250101__20251231_zwTIEf2uf51Y" title="Creations Number of Shares"&gt;3,855,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20240101__20241231_z5bLkEwYScDn" title="Creations Number of Shares"&gt;36,635,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20250101__20251231_zLlWKyj4g0CB" title="Creations Value of Shares"&gt;112,626,368&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20240101__20241231_zh998M1eov1z" title="Creations Value of Shares"&gt;632,095,951&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="color: black; padding-bottom: 1pt; padding-left: 0in"&gt;Redemptions&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20250101__20251231_zZyF2ju4HzBx" title="Redemptions Number of Shares"&gt;(14,690,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20240101__20241231_zRPmM2VQpTRR" title="Redemptions Number of Shares"&gt;(5,375,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20250101__20251231_zL05FIExaGva" title="Redemptions Value of Shares"&gt;(383,655,403&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20240101__20241231_zpyzGRe8TMqd" title="Redemptions Value of Shares"&gt;(112,939,140&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="color: black; text-align: left; padding-left: 0in"&gt;Net change in Shares created and redeemed&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20250101__20251231_zADhGmJyclEC" title="Net change in Shares created and redeemed Number of Shares"&gt;(10,835,000&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20240101__20241231_z3gApS6JzKlz" title="Net change in Shares created and redeemed Number of Shares"&gt;31,260,000&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20250101__20251231_zxJTZ9S8qhX7" title="Net change in Shares created and redeemed Value of Shares"&gt;(271,029,035&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20240101__20241231_z7fKLgKtQYzX" title="Net change in Shares created and redeemed Value of Shares"&gt;519,156,811&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&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;/table&gt;

&lt;p id="xdx_8AF_zIvlk1EYutJI" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <brrr:BlockOfSharesIssued
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000325"
      unitRef="Shares">5000</brrr:BlockOfSharesIssued>
    <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000327">&lt;p id="xdx_89A_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zmbdPHKxwlT0" style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Activity
in the number and value of Shares created and redeemed for the&#160;year ended December 31, 2025 and 2024, are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" id="xdx_307_134_zi4smNWbx6Rs" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Activity in number and value of Shares created and redeemed (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Number of Shares&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Value of Shares&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 40%; color: black; padding-left: 0in"&gt;Creations&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20250101__20251231_zwTIEf2uf51Y" title="Creations Number of Shares"&gt;3,855,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_maSSE1_c20240101__20241231_z5bLkEwYScDn" title="Creations Number of Shares"&gt;36,635,000&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20250101__20251231_zLlWKyj4g0CB" title="Creations Value of Shares"&gt;112,626,368&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: black; text-align: right"&gt;&lt;span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSSE2_c20240101__20241231_zh998M1eov1z" title="Creations Value of Shares"&gt;632,095,951&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="color: black; padding-bottom: 1pt; padding-left: 0in"&gt;Redemptions&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20250101__20251231_zZyF2ju4HzBx" title="Redemptions Number of Shares"&gt;(14,690,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_iN_di_msSSE1_c20240101__20241231_zRPmM2VQpTRR" title="Redemptions Number of Shares"&gt;(5,375,000&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20250101__20251231_zL05FIExaGva" title="Redemptions Value of Shares"&gt;(383,655,403&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: black; text-align: right"&gt;&lt;span id="xdx_904_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_msSSE2_c20240101__20241231_zpyzGRe8TMqd" title="Redemptions Value of Shares"&gt;(112,939,140&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="color: black; text-align: left; padding-left: 0in"&gt;Net change in Shares created and redeemed&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20250101__20251231_zADhGmJyclEC" title="Net change in Shares created and redeemed Number of Shares"&gt;(10,835,000&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtSSE1_c20240101__20241231_z3gApS6JzKlz" title="Net change in Shares created and redeemed Number of Shares"&gt;31,260,000&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_908_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20250101__20251231_zxJTZ9S8qhX7" title="Net change in Shares created and redeemed Value of Shares"&gt;(271,029,035&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;)&lt;/td&gt;&lt;td style="color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;span id="xdx_902_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_iT_mtSSE2_c20240101__20241231_z7fKLgKtQYzX" title="Net change in Shares created and redeemed Value of Shares"&gt;519,156,811&lt;/span&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&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;/table&gt;

</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000329"
      unitRef="Shares">3855000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="From2024-01-012024-12-31"
      decimals="INF"
      id="Fact000331"
      unitRef="Shares">36635000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000333"
      unitRef="USD">112626368</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000335"
      unitRef="USD">632095951</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockRepurchasedDuringPeriodShares
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000337"
      unitRef="Shares">14690000</us-gaap:StockRepurchasedDuringPeriodShares>
    <us-gaap:StockRepurchasedDuringPeriodShares
      contextRef="From2024-01-012024-12-31"
      decimals="INF"
      id="Fact000339"
      unitRef="Shares">5375000</us-gaap:StockRepurchasedDuringPeriodShares>
    <us-gaap:StockRepurchasedDuringPeriodValue
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000341"
      unitRef="USD">383655403</us-gaap:StockRepurchasedDuringPeriodValue>
    <us-gaap:StockRepurchasedDuringPeriodValue
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000343"
      unitRef="USD">112939140</us-gaap:StockRepurchasedDuringPeriodValue>
    <us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000345"
      unitRef="Shares">-10835000</us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease>
    <us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease
      contextRef="From2024-01-012024-12-31"
      decimals="INF"
      id="Fact000347"
      unitRef="Shares">31260000</us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease>
    <us-gaap:StockholdersEquityPeriodIncreaseDecrease
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000349"
      unitRef="USD">-271029035</us-gaap:StockholdersEquityPeriodIncreaseDecrease>
    <us-gaap:StockholdersEquityPeriodIncreaseDecrease
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000351"
      unitRef="USD">519156811</us-gaap:StockholdersEquityPeriodIncreaseDecrease>
    <us-gaap:InvestmentTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000353">&lt;p id="xdx_808_eus-gaap--InvestmentTextBlock_zlvchBOq6pcD" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.
&lt;span id="xdx_823_zf7KHyrmrpK1"&gt;Investment Transactions&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p id="xdx_89C_eus-gaap--InvestmentTableTextBlock_zfP545QjhKNp" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_308_134_zz3B5OI72j9M" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 94%; margin-right: auto" summary="xdx: Disclosure - Schedule of Cost of purchases and proceeds from sales of bitcoin by the Trust (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Purchases&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Sales&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--PaymentsToAcquireInvestments_c20250101__20251231_zKZiJugf7xfi" style="width: 23%; color: black; text-align: right" title="Purchases"&gt;112,563,883&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_c20240101__20241231_zSgyH9cheQit" style="width: 22%; color: black; text-align: right" title="Purchases"&gt;632,012,875&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20251231_zMDTIGltxu8H" style="width: 22%; color: black; text-align: right" title="Sales"&gt;385,292,346&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20240101__20241231_zppUVTmuISuU" style="width: 22%; color: black; text-align: right" title="Sales"&gt;113,778,687&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&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;/table&gt;

&lt;p id="xdx_8AA_z4EB2cq5YQJV" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:InvestmentTextBlock>
    <us-gaap:InvestmentTableTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000355">&lt;p id="xdx_89C_eus-gaap--InvestmentTableTextBlock_zfP545QjhKNp" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the year ended December 31, 2025 and 2024, the cost of purchases and proceeds from sales of bitcoin by the Trust, were as follows:&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_308_134_zz3B5OI72j9M" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 94%; margin-right: auto" summary="xdx: Disclosure - Schedule of Cost of purchases and proceeds from sales of bitcoin by the Trust (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Purchases&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;Sales&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2025&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="color: black; padding-bottom: 1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: center"&gt;&lt;b&gt;December 31, 2024&lt;/b&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; color: black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98A_eus-gaap--PaymentsToAcquireInvestments_c20250101__20251231_zKZiJugf7xfi" style="width: 23%; color: black; text-align: right" title="Purchases"&gt;112,563,883&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_c20240101__20241231_zSgyH9cheQit" style="width: 22%; color: black; text-align: right" title="Purchases"&gt;632,012,875&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_98B_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20250101__20251231_zMDTIGltxu8H" style="width: 22%; color: black; text-align: right" title="Sales"&gt;385,292,346&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: black"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;$&lt;/td&gt;&lt;td id="xdx_984_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_c20240101__20241231_zppUVTmuISuU" style="width: 22%; color: black; text-align: right" title="Sales"&gt;113,778,687&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&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;/table&gt;

</us-gaap:InvestmentTableTextBlock>
    <us-gaap:PaymentsToAcquireInvestments
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000357"
      unitRef="USD">112563883</us-gaap:PaymentsToAcquireInvestments>
    <us-gaap:PaymentsToAcquireInvestments
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000359"
      unitRef="USD">632012875</us-gaap:PaymentsToAcquireInvestments>
    <us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000361"
      unitRef="USD">385292346</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
    <us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000363"
      unitRef="USD">113778687</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000365">&lt;p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_znzP9jtyGhM4" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.
&lt;span id="xdx_828_zqtDvCXCOVJ_zXLeA0lXm2Hz"&gt;Related Party Transactions&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Certain
officers of the Trust are affiliated with the Sponsor and are not paid any fees by the Trust for serving in such capacities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Initial Sponsor agreed to waive Sponsor fees for the first three months of the Trust&#x2019;s operations, through April 10, 2024.
For the year ended December 31, 2024, the Trust incurred $&lt;span id="xdx_900_eus-gaap--SponsorFees_c20240101__20241231_zw5i5mqlUBww" title="Sponsor fee (Note 4)"&gt;1,263,370&lt;/span&gt;&#160;in Sponsor Fees, of which, $&lt;span id="xdx_904_ecustom--SponsorFeesWaiver_c20240101__20241231_zgetLdzjV2ub" title="Less: Sponsor fee waiver"&gt;150,399&lt;/span&gt;&#160;was waived by
the Initial Sponsor. For the year ended December 31, 2025, the Trust incurred $&lt;span id="xdx_90B_eus-gaap--SponsorFees_c20250101__20251231_zkJpoB3ayLBw" title="Sponsor fee (Note 4)"&gt;1,618,079&lt;/span&gt; in Sponsor Fees.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
January 10, 2024, Valkyrie Funds LLC, at such time an affiliate of the Initial Sponsor, purchased&#160;&lt;span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pii_uShares_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_z4nHJ3PDYuA3" title="Creations Number of Shares"&gt;40,000&lt;/span&gt;&#160;Shares at a
per-Share price of&#160;$&lt;span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pii_uUSDPShares_c20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zd5HEwOagJA7" title="Share price"&gt;13.00&lt;/span&gt;. Delivery of these Shares was made on January 11, 2024. Total proceeds to the Trust from the sale
of these Shares was&#160;$&lt;span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20240109__20240110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ValkyrieFundsLLCMember_zo1Thj6qdzeZ" title="Proceeds from sale of shares"&gt;520,000&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
March 15, 2024, the Trust entered into an agreement with CoinShares Co., a Delaware corporation, to act as Co-Sponsor of the Trust
in an advisory capacity. &lt;span style="background-color: white"&gt;Effective June 14, 2024 (the &#x201c;Effective Date&#x201d;), the
Initial Sponsor withdrew as Co-Sponsor to the Trust. Pursuant to Section 6.9 of the Trust Agreement, on the Effective Date of
the Initial Sponsor&#x2019;s withdrawal as Co-Sponsor to the Trust, CoinShares Co. automatically and without further action by
the Co-Sponsor, Trustee or the Shareholders (as defined in the Trust Agreement) became the successor Sponsor and has all the powers,
rights, duties and obligations of the Sponsor under the Trust Agreement.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;Prior
to CoinShares Co. assuming the role of Co-Sponsor and Sponsor, CoinShares Capital Markets (Jersey) Limited, an affiliate of the
Sponsor, served as a Bitcoin Trading Counterparty of the Trust. In such role, CoinShares Capital Markets (Jersey) Limited fulfilled
orders from the Trust for the purchase and sale of bitcoin. No orders for the purchase or sale of bitcoin were executed with CoinShares
Capital Markets (Jersey) Limited on or since March 15, 2024, the date on which CoinShares Co. became a Co-Sponsor to the Trust.
During the period that CoinShares Capital Markets (Jersey) Limited was a Bitcoin Trading Counterparty of the Trust, CoinShares
Capital Markets (Jersey) Limited fulfilled purchase orders with an approximate value of $&lt;span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn6n6_c20240101__20240314__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CoinSharesCaptialMarketsJerseyLimitedMember_zrHtSMjNd2XD" title="Purchases order of Bitcoin"&gt;295&lt;/span&gt; million.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;As
of December 31, 2025, affiliates of the Sponsor owned &lt;span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffiliatesOfSponsorMember_z6ZcskT1qo53" title="Shares owned"&gt;18,140,000&lt;/span&gt; Shares of the Trust.&lt;/span&gt;&lt;/p&gt;

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:SponsorFees
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000367"
      unitRef="USD">1263370</us-gaap:SponsorFees>
    <brrr:SponsorFeesWaiver
      contextRef="From2024-01-012024-12-31"
      decimals="0"
      id="Fact000369"
      unitRef="USD">150399</brrr:SponsorFeesWaiver>
    <us-gaap:SponsorFees
      contextRef="From2025-01-01to2025-12-31"
      decimals="0"
      id="Fact000371"
      unitRef="USD">1618079</us-gaap:SponsorFees>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="From2024-01-092024-01-10_custom_ValkyrieFundsLLCMember"
      decimals="INF"
      id="Fact000374"
      unitRef="Shares">40000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:SharesIssuedPricePerShare
      contextRef="AsOf2024-01-10_custom_ValkyrieFundsLLCMember"
      decimals="INF"
      id="Fact000376"
      unitRef="USDPShares">13.00</us-gaap:SharesIssuedPricePerShare>
    <us-gaap:ProceedsFromIssuanceOfCommonStock
      contextRef="From2024-01-092024-01-10_custom_ValkyrieFundsLLCMember"
      decimals="0"
      id="Fact000378"
      unitRef="USD">520000</us-gaap:ProceedsFromIssuanceOfCommonStock>
    <us-gaap:RelatedPartyTransactionAmountsOfTransaction
      contextRef="From2024-01-012024-03-14_custom_CoinSharesCaptialMarketsJerseyLimitedMember"
      decimals="-6"
      id="Fact000380"
      unitRef="USD">295000000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
    <us-gaap:CommonStockSharesOutstanding
      contextRef="AsOf2025-12-31_custom_AffiliatesOfSponsorMember"
      decimals="INF"
      id="Fact000382"
      unitRef="Shares">18140000</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000384">&lt;p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zY4871MGooNr" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.
&lt;span id="xdx_828_zKP3p0yrrkSE"&gt;Commitments and Contingencies&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;In
the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The
Trust&#x2019;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against
the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss
under these arrangements to be remote.&lt;/span&gt;&lt;/p&gt;

</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000386">&lt;p id="xdx_808_eus-gaap--SegmentReportingDisclosureTextBlock_zYcpemNuCqAg" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;9.
&lt;span id="xdx_821_ztRgQW5zJJ3o"&gt;Segment Reporting&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"&gt;The
Principal Accounting Officer of the Sponsor performs the functions of the Trust&#x2019;s&#160;Chief Operating Decision Maker (&#x201c;CODM&#x201d;).
The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with
its prospectus dated July 25, 2025 (the &#x201c;Prospectus&#x201d;). The Trust operates as a single operating and reporting segment
pursuant to its investment objective. The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks,
among other items. The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM
to assess segment performance and make resource allocations are consistent with the information presented within the Trust's financial
statements. The financial information provided to and reviewed by the CODM is presented within the Trust&#x2019;s financial statements.&lt;/span&gt;&lt;/p&gt;

</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:InvestmentCompanyFinancialHighlightsTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000388">&lt;p id="xdx_805_eus-gaap--InvestmentCompanyFinancialHighlightsTextBlock_zlkSnns3MJXP" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.
&lt;span id="xdx_825_zI0JIxr6J8Jl"&gt;Financial Highlights&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding
for the years ended December 31, 2025, and the period from January 10, 2024 (the initial share purchase date), through December
31, 2024. The total return at NAV is based on the change in NAV of a Share during the period and the total return at market value
is based on the change in market value of a Share on the Nasdaq Stock Market, LLC during the period. An individual investor&#x2019;s
return and ratios may vary based on the timing of capital transactions.&lt;/span&gt;&lt;/p&gt;



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



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

&lt;p id="xdx_89C_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zdvwC6Vy7s5p" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
Highlights&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December
31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024.&lt;/span&gt;&lt;/p&gt;

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

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

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_30A_134_zeLrDokHVvlv" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Schedule of Financial Highlights (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49F_20250101__20251231_z47fuX6eIbqT" style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;b&gt;Year
    Ended &lt;br/&gt; December 31, 2025&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20240109__20241231_zOaOadunzIk7" style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;b&gt;Period
    Ended&lt;br/&gt; December 31, 2024&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zev0MAWNbHkl" style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;Net Asset Value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zXwgZjEmdaeT" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 45%; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net Asset Value per Share, beginning of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 4%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 5%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40A_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maNetIncLoss_zuyB8ghR4ofO" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net investment income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.07&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.04&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zApKD3UvDSvA" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net realized and change in unrealized Gain (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(1.62&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.47&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_iT_pid_uUSDPShares_mtNetIncLoss_zVC5K66gXSRH" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(1.69&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_403_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zW1NjQLHq3Qh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net asset value per Share, end of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;24.74&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zhdB64XCCZHw" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Market Value per Share, beginning of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.45&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_ziKxzv137C4v" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Market Value per Share, end of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;24.73&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.45&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zrbdK7mJKLpM" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 0in; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;Ratio to average net assets&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pii_dp_zk1wvyn0Bj9r" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net investment income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)%&lt;sup id="xdx_F4B_zODMpYAc6MBh"&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zojdOjyL82Ca" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Gross expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F43_zGOjSpYmCydY"&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_i01_pii_dp_zyyEJyZ5CDrQ" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F4D_zG4dK56culw7"&gt;(1)(3)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentCompanyTotalReturn_i01_pii_dp_zS2WkP631yyB" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Total return, at net asset value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(6.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;103.31&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F4D_zqaCtgKC24Jk"&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_zt7P7p8WgT0R" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Total return, at market value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(6.50&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;103.46&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F43_zHx01oI3ygjJ"&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin: 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 0.25in"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; width: 0.25in"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F08_zjizHPiV1g5H"&gt;(1)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F11_zqTPOGF7f2nb" style="font-family: Times New Roman,serif"&gt;Annualized&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F07_zwo5xQ71vNYz"&gt;(2)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F1D_zAKxgZ4QlS34" style="font-family: Times New Roman,serif"&gt;Not annualized&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F04_zIDKGVDdGFrl"&gt;(3)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F1B_zP4PduVjkXj3" style="font-family: Times New Roman,serif"&gt;Includes voluntary reimbursement of sponsor fees of &lt;span id="xdx_90D_ecustom--SponsorFeesRate_pid_dp_c20240109__20241231_zU2TSl789Q4h" title="Sponsor's fee rate"&gt;0.03&lt;/span&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8A0_zVDcQ55id8tT" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:InvestmentCompanyFinancialHighlightsTextBlock>
    <us-gaap:InvestmentCompanyFinancialHighlightsTableTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000391">&lt;p id="xdx_89C_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zdvwC6Vy7s5p" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
Highlights&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following financial highlights relate to investment performance and operations for a Share outstanding for the year ended December
31, 2025, and the period January 10, 2024 (initial share purchase date), through December 31, 2024.&lt;/span&gt;&lt;/p&gt;

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

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

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

&lt;table cellpadding="0" cellspacing="0" id="xdx_30A_134_zeLrDokHVvlv" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Schedule of Financial Highlights (Details)"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49F_20250101__20251231_z47fuX6eIbqT" style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;b&gt;Year
    Ended &lt;br/&gt; December 31, 2025&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20240109__20241231_zOaOadunzIk7" style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;b&gt;Period
    Ended&lt;br/&gt; December 31, 2024&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyFinancialHighlightsRollForward_zev0MAWNbHkl" style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;Net Asset Value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zXwgZjEmdaeT" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 45%; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net Asset Value per Share, beginning of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 4%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 5%; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40A_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maNetIncLoss_zuyB8ghR4ofO" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net investment income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.07&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.04&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maNetIncLoss_zApKD3UvDSvA" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net realized and change in unrealized Gain (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(1.62&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.47&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_iT_pid_uUSDPShares_mtNetIncLoss_zVC5K66gXSRH" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(1.69&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_403_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zW1NjQLHq3Qh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net asset value per Share, end of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;24.74&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_eus-gaap--InvestmentCompanyMarketValuePerShare_iS_pid_uUSDPShares_zhdB64XCCZHw" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Market Value per Share, beginning of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.45&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;13.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_ziKxzv137C4v" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Market Value per Share, end of period&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;24.73&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;26.45&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zrbdK7mJKLpM" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 0in; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;Ratio to average net assets&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pii_dp_zk1wvyn0Bj9r" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net investment income (loss)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;)%&lt;sup id="xdx_F4B_zODMpYAc6MBh"&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentCompanyExpenseRatioBeforeIncentiveAllocation_i01_pii_dp_zojdOjyL82Ca" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Gross expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F43_zGOjSpYmCydY"&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_i01_pii_dp_zyyEJyZ5CDrQ" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Net expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.25&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F4D_zG4dK56culw7"&gt;(1)(3)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentCompanyTotalReturn_i01_pii_dp_zS2WkP631yyB" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Total return, at net asset value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(6.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;103.31&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F4D_zqaCtgKC24Jk"&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentCompanyTotalReturnMarketValue_i01_pid_dp_uPure_zt7P7p8WgT0R" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&#160;&#160;Total return, at market value&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;(6.50&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font-family: Arial,sans-serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;103.46&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;sup id="xdx_F43_zHx01oI3ygjJ"&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin: 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 0.25in"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif; width: 0.25in"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F08_zjizHPiV1g5H"&gt;(1)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F11_zqTPOGF7f2nb" style="font-family: Times New Roman,serif"&gt;Annualized&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F07_zwo5xQ71vNYz"&gt;(2)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F1D_zAKxgZ4QlS34" style="font-family: Times New Roman,serif"&gt;Not annualized&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span style="font-family: Times New Roman,serif"&gt;&lt;sup id="xdx_F04_zIDKGVDdGFrl"&gt;(3)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-family: Arial,sans-serif"&gt;&lt;span id="xdx_F1B_zP4PduVjkXj3" style="font-family: Times New Roman,serif"&gt;Includes voluntary reimbursement of sponsor fees of &lt;span id="xdx_90D_ecustom--SponsorFeesRate_pid_dp_c20240109__20241231_zU2TSl789Q4h" title="Sponsor's fee rate"&gt;0.03&lt;/span&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;/table&gt;


</us-gaap:InvestmentCompanyFinancialHighlightsTableTextBlock>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-12-31"
      decimals="INF"
      id="Fact000396"
      unitRef="USDPShares">26.43</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-01-08"
      decimals="INF"
      id="Fact000397"
      unitRef="USDPShares">13.00</us-gaap:NetAssetValuePerShare>
    <us-gaap:InvestmentCompanyInvestmentIncomeLossPerShare
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000399"
      unitRef="USDPShares">-0.07</us-gaap:InvestmentCompanyInvestmentIncomeLossPerShare>
    <us-gaap:InvestmentCompanyInvestmentIncomeLossPerShare
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000400"
      unitRef="USDPShares">-0.04</us-gaap:InvestmentCompanyInvestmentIncomeLossPerShare>
    <us-gaap:InvestmentCompanyGainLossOnInvestmentPerShare
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000402"
      unitRef="USDPShares">-1.62</us-gaap:InvestmentCompanyGainLossOnInvestmentPerShare>
    <us-gaap:InvestmentCompanyGainLossOnInvestmentPerShare
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000403"
      unitRef="USDPShares">13.47</us-gaap:InvestmentCompanyGainLossOnInvestmentPerShare>
    <us-gaap:InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000405"
      unitRef="USDPShares">-1.69</us-gaap:InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare>
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      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000406"
      unitRef="USDPShares">13.43</us-gaap:InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2025-12-31"
      decimals="INF"
      id="Fact000408"
      unitRef="USDPShares">24.74</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-12-31"
      decimals="INF"
      id="Fact000409"
      unitRef="USDPShares">26.43</us-gaap:NetAssetValuePerShare>
    <us-gaap:InvestmentCompanyMarketValuePerShare
      contextRef="AsOf2024-12-31"
      decimals="INF"
      id="Fact000411"
      unitRef="USDPShares">26.45</us-gaap:InvestmentCompanyMarketValuePerShare>
    <us-gaap:InvestmentCompanyMarketValuePerShare
      contextRef="AsOf2024-01-08"
      decimals="INF"
      id="Fact000412"
      unitRef="USDPShares">13.00</us-gaap:InvestmentCompanyMarketValuePerShare>
    <us-gaap:InvestmentCompanyMarketValuePerShare
      contextRef="AsOf2025-12-31"
      decimals="INF"
      id="Fact000414"
      unitRef="USDPShares">24.73</us-gaap:InvestmentCompanyMarketValuePerShare>
    <us-gaap:InvestmentCompanyMarketValuePerShare
      contextRef="AsOf2024-12-31"
      decimals="INF"
      id="Fact000415"
      unitRef="USDPShares">26.45</us-gaap:InvestmentCompanyMarketValuePerShare>
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      id="Fact000420"
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    <us-gaap:InvestmentCompanyInvestmentIncomeLossRatio
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000421"
      unitRef="Pure">-0.0022</us-gaap:InvestmentCompanyInvestmentIncomeLossRatio>
    <us-gaap:InvestmentCompanyExpenseRatioBeforeIncentiveAllocation
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000423"
      unitRef="Pure">0.0025</us-gaap:InvestmentCompanyExpenseRatioBeforeIncentiveAllocation>
    <us-gaap:InvestmentCompanyExpenseRatioBeforeIncentiveAllocation
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000424"
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      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000426"
      unitRef="Pure">0.0025</us-gaap:InvestmentCompanyExpenseRatioAfterIncentiveAllocation>
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      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000427"
      unitRef="Pure">0.0022</us-gaap:InvestmentCompanyExpenseRatioAfterIncentiveAllocation>
    <us-gaap:InvestmentCompanyTotalReturn
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000429"
      unitRef="Pure">-0.0639</us-gaap:InvestmentCompanyTotalReturn>
    <us-gaap:InvestmentCompanyTotalReturn
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000430"
      unitRef="Pure">1.0331</us-gaap:InvestmentCompanyTotalReturn>
    <us-gaap:InvestmentCompanyTotalReturnMarketValue
      contextRef="From2025-01-01to2025-12-31"
      decimals="INF"
      id="Fact000432"
      unitRef="Pure">-0.0650</us-gaap:InvestmentCompanyTotalReturnMarketValue>
    <us-gaap:InvestmentCompanyTotalReturnMarketValue
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000433"
      unitRef="Pure">1.0346</us-gaap:InvestmentCompanyTotalReturnMarketValue>
    <brrr:SponsorFeesRate
      contextRef="From2024-01-092024-12-31"
      decimals="INF"
      id="Fact000438"
      unitRef="Pure">0.0003</brrr:SponsorFeesRate>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2025-01-01to2025-12-31" id="Fact000440">&lt;p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_z5TPFxgGa0Cy" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;11.&lt;span id="xdx_821_zJqdEueUoMM2"&gt;Subsequent
Events&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;The
Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no events requiring
adjustment or additional disclosure in the financial statements during the period.&lt;/span&gt;&lt;/p&gt;

</us-gaap:SubsequentEventsTextBlock>
    <link:footnoteLink
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