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SIGNIFICANT ACCOUNTING POLICIES (Policies)
Dec. 26, 2023
Accounting Policies [Abstract]  
Indemnifications

Indemnifications - The Trust Agreement provides that the Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a “Sponsor Indemnified Party”) will be indemnified by the Fund and held harmless against any loss, liability or expense incurred under the Trust Agreement without fraud, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. The Fund’s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

 
Use of Estimates

Use of Estimates - The preparation of financial statements in conformity with GAAP, requires management to make certain 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 and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

 
Income Taxes

Income Taxes - The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Fund itself will not be subject to United States federal income tax. Instead, the Fund’s income and expenses will “flow through” to the shareholders. Consequently, each sale of bitcoin by the Fund would constitute a taxable event to shareholders.