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

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

The following table presents information about the Trust’s investments at fair value:

The following table presents information about the Trust’s investments at fair value:

December 31, 2025		Level 1				Level 2				Level 3				Total
Bitcoin		$	505,489,906			$	—			$	—			$	505,489,906
Total Investments		$	505,489,906			$	—			$	—			$	505,489,906

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

The following represents the changes in quantity of bitcoin and the respective fair value:

The following represents the changes in quantity of bitcoin and the respective fair value:

		Bitcoin				Fair Value
Beginning Balance as of January 1, 2025			8,849			$	826,306,338
Bitcoin purchased			1,089				112,563,883
Bitcoin sold for the redemption of Shares			(4,154	)			(383,592,918	)
Bitcoin transferred to pay the Sponsor fee			(17	)			(1,699,428	)
Net Change in unrealized appreciation (depreciation) from investment in bitcoin			—				(184,888,192	)
Net Realized gain on investments in bitcoin			—				136,800,223
Ending balance as of December 31, 2025			5,767			$	505,489,906

		Bitcoin				Fair Value
Beginning Balance as of January 1, 2024 (a)			—			$	—
Bitcoin purchased			10,386				632,012,875
Bitcoin sold for the redemption of Shares			(1,523	)			(112,856,064	)
Bitcoin transferred to pay Sponsor fee			(14	)			(922,623	)
Net change in unrealized appreciation (depreciation) from investment in bitcoin			—				262,849,955
Net realized gain on investments in bitcoin			—				45,222,195
Ending balance as of December 31, 2024			8,849			$	826,306,338

^(a) The Trust did not hold bitcoin as of or prior to January 1, 2024

X

- Definition

Tabular disclosure of information about activity for crypto asset. Excludes information about crypto asset held for platform user.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476162/350-60-50-3

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- Definition

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

+ References

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

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

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

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

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