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Creation and Redemption of Shares
 12 Months Ended
Dec. 31, 2025
Creation and Redemption of Shares [Abstract]  
Creation and Redemption of Shares
  5. Creation and Redemption of Shares

 

The Trust creates and redeems Shares on a continuous basis but only in one or more Baskets (other than in the case of the Initial Seed Shares) consisting of 5,000 Shares or multiples thereof on the NAV of the date of the creation or redemption. Only “Authorized Participants”, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

 

Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “Bitcoin Counterparty”), to (i) purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting bitcoin amount in the Trust’s accounts with the Bitcoin Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant’s designee of, bitcoin to the Trust’s accounts with a Bitcoin Custodian in exchange for Shares.

 

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct a Bitcoin Custodian to transfer bitcoin to an Bitcoin Counterparty, who will sell the bitcoin to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through a Bitcoin Custodian, will deliver bitcoin to the Authorized Participant, or its designee in exchange for Shares.

   Year
Ended
December 31,
2025		   Year
Ended
December 31,
2024		   For the Period December 12, 2023 (initial Seed Creation Date) through December 31, 2023 
Activity in Capital Shares:            
Shares issued   172,675,000    286,680,000 #   6#
Shares redeemed   (198,990,000)   (146,610,006) #         - 
Net Change in Capital Shares   (26,315,000)   140,069,994    6#

 

#On June 13, 2025, the Share Split occurred. Historical shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.

 

(Amounts in thousands)  Year
Ended
December 31,
2025		   Year
Ended
December 31,
2024		   For the Period December 12, 2023 (initial Seed Creation Date) through December 31, 2023 
Activity in Capital Transactions            
Contributions for shares issued  $5,811,509   $5,904,040    
-
 ^
Distributions for shares redeemed   (6,636,170)   (3,443,401)   
     -
 
Net Change in Capital Transactions  $(824,661)  $2,460,639    
-
^

 

^ Amount rounds to less than $1,000.

 

Bitcoin purchased payable represents the quantity of bitcoin purchased for the creation of Shares where the bitcoin has not yet settled. Generally, bitcoin is transferred within two Business Days of the trade date.

 

(Amounts in thousands)  December 31,
2025		   December 31,
2024		 
           
Bitcoin purchased payable  $
     -
   $
       -
 

 

Bitcoin sold receivable represents the quantity of bitcoin sold for the redemption of Shares where the bitcoin has not yet been settled. Generally, bitcoin is transferred within two Business Days of the trade date.

 

(Amounts in thousands)  December 31,
2025		   December 31,
2024		 
           
Bitcoin sold receivable  $76,534   $11,227