Franklin Templeton Digital Holdings Trust
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 17, 2026
EZBC$43.75-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001140361-25-041932
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-17.
0001140361-26-005787
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 43 previous paragraphs and 43 current paragraphs.
26 unchanged; 6 reworded; 9 added; 9 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
For the three months ended December 31, 2025, 500,000 Shares were issued in exchange for 289.3033 bitcoins and 600,000 Shares were redeemed in exchange for 347.1368 bitcoins. The Fund’s NAV per Share began the quarter at $66.11 and ended the quarter at $50.59. The 23.48% decrease in the Fund’s NAV from $66.11 at September 30, 2025 to $50.59 at December 31, 2025 is directly related to the 23.43% decrease in the price of bitcoin. The Fund’s NAV decreased slightly more than the price of bitcoin on a percentage basis due to the Sponsor’s fee of $278,172 for the quarter.
Current report
Net realized and change in unrealized loss on investment in bitcoin for the three months ended December 31, 2025, was approximately $156,834,907 which includes a realized gain of $161,331 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemptions of $6,304,550 and net change in unrealized depreciation on investment in bitcoin of approximately $163,300,788. Net realized and change in unrealized loss on investment in bitcoin for the period was driven by bitcoin price depreciation from $114,223.01 per unit as of September 30, 2025 to $87,463.03 per unit as of December 31, 2025. Net decrease in net assets resulting from operations was approximately $157,113,079 for the three months ended December 31, 2025, which consisted of the net realized and change in unrealized loss on investment in bitcoin of $156,834,907, and the Sponsor Fee of $278,172. Net assets decreased to approximately $500,874,538 on December 31, 2025. The decrease in net assets primarily resulted from the aforementioned bitcoin price depreciation and net capital share transactions of approximately $3,062,848.
Current report
For the three months ended December 31, 2024, 1,500,000 Shares were issued in exchange for 869.5836 bitcoins and 600,000 Shares were redeemed in exchange for 347.8288 bitcoins. The Fund’s NAV per Share began the period at $36.92 and ended the period at $54.11. The 46.56% increase in the Fund's NAV from $36.92 at September 30, 2024 to $54.11 at December 31, 2024 is directly related to the 46.62% increase in the price of bitcoin. The Fund's NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor's fee, which was $295,795 for the quarter.
Current report
Net realized and unrealized gain on investment in bitcoin for the three months ended December 31, 2024, was approximately $214,180,379 which includes a realized gain of $927 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemptions of $2,813,792 and net change in unrealized appreciation on investment in bitcoin of approximately $211,365,660. Net realized and unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $63,677.63 per unit as of September 30, 2024 to $93,365.36 per unit as of December 31, 2024. Net increase in net assets resulting from operations was approximately $213,884,584 for the three months ended December 31, 2024, which consisted of the net realized and unrealized gain on investment in bitcoin of $214,180,379, offset by the Sponsor Fee of $(295,795). Net assets increased to approximately $711,570,074 on December 31, 2024. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation and net capital share transactions of approximately of $45,394,849.
Current report
Results of Operations for the nine months ended December 31, 2025
Current report
Net realized and change in unrealized gain on investment in bitcoin for the nine months ended December 31, 2025, was approximately $110,238 which includes a realized gain of $318,730 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemptions of $22,457,335 and net change in unrealized depreciation on investment in bitcoin of approximately $22,665,827. Net realized and change in unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $82,956.00 per unit as of March 31, 2025 to $87,463.03 per unit as of December 31, 2025. Net decrease in net assets resulting from operations was approximately $701,916 for the nine months ended December 31, 2025, which consisted of the net realized and change in unrealized gain on investment in bitcoin of $110,238, offset by the Sponsor Fee of $812,154. Net assets increased to approximately $500,874,538 on December 31, 2025. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation and net capital share transactions of approximately of $90,719,111.
Current report
Results of Operations for the nine months ended December 31, 2024
Current report
For the nine months ended December 31, 2024, 7,350,000 Shares were issued in exchange for 4,262.4171 bitcoins and 2,550,000 Shares were redeemed in exchange for 1,478.794 bitcoins. The Fund’s NAV per Share began the period at $40.95 and ended the period at $54.11. The 32.14% increase in the Fund's NAV from $40.95 at March 31, 2024 to $54.11 at December 31, 2024 is directly related to the 32.25% increase in the price of bitcoin. The Fund's NAV increased slightly less than the price of bitcoin on a percentage basis due to the net Sponsor's fee post waiver, which was $419,080 for the period.
Current report
Net realized and unrealized gain on investment in bitcoin for the nine months ended December 31, 2024, was approximately $180,685,417 which includes a realized loss of $1,920 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemption of $1,659,645 and net change in unrealized appreciation on investment in bitcoin of approximately $179,027,692. Net realized and unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $70,596.99 per unit as of March 31, 2024 to $93,365.36 per unit as of December 31, 2024. Net increase in net assets resulting from operations was approximately $180,266,337 for the nine months ended December 31, 2024, which consisted of the net realized and unrealized gain on investment in bitcoin of $180,685,417, offset by the net Sponsor's fee post waiver of $419,080. Net assets increased to approximately $711,570,074 on December 31, 2024. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation and net capital share transactions of approximately $189,402,632.
Removed paragraphs (9)
Previous report
For the three months ended September 30, 2025, 1,400,000 Shares were issued in exchange for 810.3845 of bitcoin and 300,000 Shares were redeemed in exchange for 173.6506 of bitcoin. The Fund’s NAV per Share began the period at $62.86 and ended the period at $66.11. The 5.17% increase in the Fund’s NAV from $62.86 at June 30, 2025 to $66.11 at September 30, 2025 is directly related to the 5.22% increase in the price of bitcoin. The Fund’s NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee of $296,673 for the period.
Previous report
Net realized and change in unrealized gain on investment in bitcoin for the three months ended September 30, 2025, was approximately $28,407,027 which includes a realized gain of $93,759 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemptions of $7,197,214 and net change in unrealized appreciation on investment in bitcoin of approximately $21,116,054. Net realized and change in unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $108,560.00 per unit as of June 30, 2025 to $114,223.01 per unit as of September 30, 2025. Net increase in net assets resulting from operation was approximately $28,110,354 for the three months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in bitcoin of $28,407,027, offset by the Sponsor Fee of $296,673. Net assets increased to approximately $661,050,465 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation and net capital share transactions of approximately of $73,510,896.
Previous report
For the three months ended September 30, 2024, 3,050,000 Shares were issued in exchange for 1,768.8331 bitcoins and 950,000 Shares were redeemed in exchange for 550.9655 bitcoins. The Fund’s NAV per Share began the period at $36.75 and ended the period at $36.92. The increase in NAV per Share was due to a higher price of bitcoin of $63,677.63 at period end, which represented an increase of 0.49% from $63,369.30 at June 30, 2024.
Previous report
The change in net assets from operations for the three months ended September 30, 2024 was $2,672,031, which was due to (i) payment of the Sponsor’s Fee of $192,723, (ii) Less waiver and reimbursement of $69,438, and (iii) a net change in realized gain (loss) from bitcoin sold for redemptions and unrealized appreciation on investment in bitcoin of $2,795,316.
Previous report
Results of Operations for the six months ended September 30, 2025
Previous report
Net realized and change in unrealized gain on investment in bitcoin for the six months ended September 30, 2025, was approximately $156,945,145 which includes a realized gain of $157,400 on the sale of bitcoin to pay the Sponsor Fee, net realized gain on investment in bitcoin sold for redemptions of $16,152,784 and net change in unrealized appreciation on investment in bitcoin of approximately $140,634,961. Net realized and change in unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $82,956.00 per unit as of March 31, 2025 to $114,223.01 per unit as of September 30, 2025. Net increase in net assets resulting from operation was approximately $156,411,163 for the six months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in bitcoin of $156,945,145, offset by the Sponsor Fee of $533,982. Net assets increased to approximately $661,050,465 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation and net capital share transactions of approximately of $93,781,959.
Previous report
Results of Operations for the six months ended September 30, 2024
Previous report
For the six months ended September 30, 2024, 5,850,000 Shares were issued in exchange for 3,392.8311 bitcoins and 1,950,000 Shares were redeemed in exchange for 1,130.9639 bitcoins. The Fund’s NAV per Share began the period at $40.95 and ended the period at $36.92. The decrease in NAV per Share was due to a lower price of bitcoin of $63,677.63 at period end, which represented a decrease of 9.80% from $70,596.99 at March 31, 2024.
Previous report
For the six months ended September 30, 2024, net decrease in net assets resulting from operations was $33,618,247, which was due to (i) payment of the Sponsor’s Fee of $368,406, (ii) Less waiver and reimbursement of $245,121, and (iii) net realized loss and change in unrealized depreciation on investment in bitcoin of $33,494,962.
Reworded paragraphs (6)
Previous wording
The Fund issues Shares only to eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”). Creation Units are redeemable only by Authorized Participants. Creation Units are issued and redeemed in exchange for cash. Individual Shares will not be redeemed by the Fund but the Shares are listed and traded on the Exchange under the ticker symbol “EZBC”. The market price of the Shares may be different than the Fund’s NAV per Share. The Fund issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date.
Current wording
The Fund issues and redeems Shares only to eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”). Creation Units are redeemable only by Authorized Participants. Individual Shares will not be redeemed by the Fund. As of the period covered by this report, Creation Units are issued and redeemed in exchange for cash. The Shares are listed and traded on the Exchange under the ticker symbol “EZBC”. The market price of the Shares may be different than the Fund’s NAV per Share. The Fund issues and redeems Shares in Creation Units on a continuous basis at the applicable NAV per Share on the transaction order date.
Previous wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For a period from January 12, 2024 to August 2, 2024, the Sponsor waived a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver would be equal to 0.00% of the net asset value of the Fund for the first $10.0 billion of the Fund’s assets. Fees accrued for the quarter ended September 30, 2025 were $296,639. Prior to the implementation of the waiver, for the one day period January 11, 2024, the Fund accrued the Sponsor fee of 0.29% ($21). In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports and/or on the Fund’s website for the Fund.
Current wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any bitcoin network fees or other similar transaction fees, in connection with any sales of bitcoin necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any bitcoin network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For a period from January 12, 2024 to August 2, 2024, the Sponsor waived a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver would be equal to 0.00% of the net asset value of the Fund for the first $10.0 billion of the Fund’s assets. Prior to the implementation of the waiver, for the one day period January 11, 2024, the Fund accrued the Sponsor fee of 0.29% ($21). In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports and/or on the Fund’s website for the Fund. Fees accrued for the quarter ended December 31, 2025 were $278,172.
Previous wording
NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as substitute for Principal Market and Principal Market NAV per Share, respectively.
Current wording
NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as substitute for Principal Market NAV and Principal Market NAV per Share, respectively.
Previous wording
At September 30, 2025, the Custodian held 5,789.9639 bitcoins on behalf of the Fund, with a market value of $661,347,104 (cost: $423,536,877) based on the Principal Market Price at period end.
Current wording
At December 31, 2025, the Custodian held 5,727.6529 bitcoins on behalf of the Fund, with a market value of $500,957,877 (cost: $426,448,438) based on the Principal Market Price at period end.
Previous wording
For the six months ended September 30, 2025, 2,450,000 Shares were issued in exchange for 1,418.5352 of bitcoin and 1,000,000 Shares were redeemed in exchange for 579.0817 of bitcoin. The Fund’s NAV per Share began the period at $48.05 and ended the period at $66.11. The 37.59% increase in the Fund’s NAV from $48.05 at March 31, 2025 to $66.11 at September 30, 2025 is directly related to the 37.69% increase in the price of bitcoin. The Fund’s NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee of $533,982 for the period.
Current wording
For the nine months ended December 31, 2025, 2,950,000 Shares were issued in exchange for 1,707.8385 bitcoins and 1,600,000 Shares were redeemed in exchange for 926.2185 bitcoins. The Fund’s NAV per Share began the period at $48.05 and ended the period at $50.59. The 5.29% increase in the Fund’s NAV from $48.05 at March 31, 2025 to $50.59 at December 31, 2025 is directly related to the 5.43% increase in the price of bitcoin. The Fund’s NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee of $812,154 for the period.
Previous wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. From January 12, 2024 to August 2, 2024, the Sponsor waived a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver would be equal to 0.00% of the net asset value of the Fund for the first $10.0 billion of the Fund’s assets. Fees accrued for the quarter ended September 30, 2025 were $296,639. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports and/or on the Sponsor’s website for the Fund.
Current wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell bitcoin as needed to pay the Sponsor’s fee. From January 12, 2024 to August 2, 2024, the Sponsor waived a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver would be equal to 0.00% of the net asset value of the Fund for the first $10.0 billion of the Fund’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports and/or on the Sponsor’s website for the Fund. Fees accrued for the quarter ended December 31, 2025 were $278,172.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Results of Operations for the quarter ended December 31, 2025
Current report — wording carried from elsewhere
Results of Operations for the quarter ended December 31, 2024
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Results of Operations for the three months ended September 30, 2025
Previous report — wording carried elsewhere
Results of Operations for the three months ended September 30, 2024