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

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

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

March 31, 2026 (Unaudited)		Level 1				Level 2				Level 3				Total
Bitcoin		$	429,823,599			$	—			$	—			$	429,823,599
Total Investments		$	429,823,599			$	—			$	—			$	429,823,599

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

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, 2026			5,767			$	505,489,906
Bitcoin purchased			708				57,447,385
Bitcoin sold for the redemption of Shares			(168	)			(12,405,521	)
Bitcoin transferred to pay the Sponsor fee			(4	)			(307,398	)
Net Change in unrealized appreciation (depreciation) from investment in bitcoin			—				(120,717,285	)
Net Realized gain (loss) on investments in bitcoin			—				316,512
Ending balance as of March 31, 2026			6,303			$	429,823,599

		Bitcoin				Fair Value
Beginning Balance as of January 1, 2025			8,849			$	826,306,338
Bitcoin purchased			173				17,543,529
Bitcoin sold for the redemption of Shares			(3,231	)			(286,671,014	)
Bitcoin transferred to pay the Sponsor fee			(7	)			(642,079	)
Net change in unrealized appreciation (depreciation) from investment in bitcoin			—				(181,830,142	)
Net realized gain (loss) on investments in bitcoin			—				105,677,876
Ending balance as of March 31, 2025			5,784			$	480,384,508

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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X

- Definition

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

+ References

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

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

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

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

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- References

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