Ark 21Shares Bitcoin ETF

Previous wording

The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds bitcoin at its Custodians and the Administrator values the Shares daily based on the Pricing Benchmark. The Trust is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the bitcoin held by the Trust. On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark. The Sponsor intends to enter into a licensing agreement with FTSE on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust.

Current wording

The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Pricing Benchmark, as adjusted for the Trust’s expenses and other liabilities. FTSE International Limited is the Pricing Benchmark Provider. The Pricing Benchmark is designed to track the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds bitcoin and the Administrator values the Shares daily based on the Pricing Benchmark. The Sponsor does not actively manage the bitcoin held by the Trust. Prior to August 27, 2026, the Trust used the Prior Pricing Benchmark. On August 20, 2026, the Sponsor entered into a licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark and on August 27, 2026, the Trust began valuing its Shares and calculating its net asset value by reference to the Pricing Benchmark. Accordingly, the change in pricing benchmark provider had no material impact on the Trust's net asset value, the fair value measurement of the Trust's bitcoin, or the Trust's results of operations, and does not represent a change in accounting principle. The change was applied prospectively from the date the successor benchmark became effective.

Previous wording

The Trust issues Shares only in Creation Baskets of 5,000 or multiples thereof. Creation Baskets are issued and redeemed in exchange for cash or bitcoin. Individual Shares will not be redeemed by the Trust but are listed and traded on the Exchange under the ticker symbol “ARKB.” The Trust issues Shares in Creation Baskets on a continuous basis at the applicable NAV per Share on the creation order date.

Current wording

The Trust issues Shares only in Creation Baskets of 5,000 or multiples thereof. Creation Baskets are issued and redeemed in exchange for cash or in-kind in bitcoin. Individual Shares will not be redeemed by the Trust but are listed and traded on the Exchange under the ticker symbol “ARKB.” The Trust issues Shares in Creation Baskets on a continuous basis at the applicable NAV per Share on the creation order date.

Previous wording

The Trust pays the unitary Sponsor Fee of 0.21% of the Trust’s NAV (the “Sponsor Fee”). The Sponsor agreed to waive the entire Sponsor Fee for (i) a nine-month period which commenced on January 11, 2024 (the day the Trust’s Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion in February 2024, at which time the waiver period ended. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in bitcoin weekly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of bitcoin payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

Current wording

The Trust pays the unitary Sponsor Fee of 0.21% of the Trust’s NAV (the “Sponsor Fee”). The Sponsor agreed to waive the entire Sponsor Fee for (i) a nine-month period which commenced on January 11, 2024 (the day the Trust’s Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion in February 2024, at which time the waiver period ended. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in bitcoin at least quarterly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of bitcoin payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

Previous wording

As of June 30, 2026, the Trust had a net closing balance of 32,178.2280 bitcoins with a value of $1,885,818, based on the Pricing Benchmark Price of $58,605.41 on June 30, 2026 (CME CF Bitcoin Reference Rate – New York Variant, non-GAAP methodology). As of June 30, 2026, the total market value of the Trust’s bitcoin was $1,889,314, based on the price of a bitcoin in the principal market of $58,714.04 on June 30, 2026.

Current wording

As of September 30, 2026, the Trust had a net closing balance of 34,578.4206 bitcoins with a value of $2,895,110, based on the Pricing Benchmark Price of $83,725.93 on September 30, 2026 (FTSE Bitcoin Index, non-GAAP methodology). As of September 30, 2026, the total market value of the Trust’s bitcoin was $2,889,089, based on the price of a bitcoin in the principal market of $83,551.79 on September 30, 2026.

Previous wording

Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(274,735), consisting of a net change in unrealized depreciation on investment in bitcoin of $(87,975), a net realized loss of $(185,186) on bitcoin sold for the redemption of Shares, a net realized loss of $(287) on bitcoin sold to pay the Sponsor Fee, a net realized gain of $28 on in-kind liabilities paid, a net change in unrealized loss on the Sponsor Fee payable of $(3), and a net investment loss of $(1,312). The Sponsor Fee of $1,312 was the Trust’s only expense during the quarter.

Current wording

Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $800,365, resulting from a net change in unrealized appreciation on investment in bitcoin of $877,544 and a net realized gain of $9,717 on bitcoin distributed for in-kind redemptions, partially offset by a net realized loss of $(85,410) from bitcoin sold and distributed for the cash redemption of Shares, a net realized loss of $(108) from bitcoin sold to pay the Sponsor Fee, a net realized loss of $(76) on in-kind liabilities paid, a net change in unrealized loss on Sponsor Fee payable of $(9), and a net investment loss of $(1,293). The Sponsor Fee of $1,293 was the Trust’s only expense during the quarter.

Previous wording

The Trust’s NAV decreased from $3,305,323 on December 31, 2025 to $1,889,240 on June 30, 2026, a 42.84% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of bitcoin, which fell 32.91% from $87,515.28 on December 31, 2025 to $58,714.04 on June 30, 2026. The decrease in the Trust’s NAV was further amplified by a net decrease in outstanding Shares, which fell from 113,755,000 Shares on December 31, 2025 to 97,015,000 Shares on June 30, 2026, a result of 57,760,000 Shares being created and 74,500,000 Shares being redeemed during the period.

Current wording

The Trust’s Principal Market NAV decreased from $3,305,323 on December 31, 2025 to $2,889,039 on September 30, 2026, a 12.59% decrease. The decrease in the Trust’s Principal Market NAV resulted primarily from a decrease in the price of bitcoin, which fell 4.53% from $87,515.28 on December 31, 2025 to $83,551.79 on September 30, 2026. The decrease in the Trust’s Principal Market NAV was further amplified by a net decrease in outstanding Shares, which fell from 113,755,000 Shares on December 31, 2025 to 104,310,000 Shares on September 30, 2026, a result of 94,620,000 Shares being created and 104,065,000 Shares being redeemed during the period.

Previous wording

The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the Sponsor Fee. The Sponsor agreed to waive the entire Sponsor Fee for (i) a nine-month period which commenced on January 11, 2024 (the day the Trust’s Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion in February 2024, at which time the waiver period ended. In exchange for the Sponsor Fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Trust, including but not limited to the following: fees charged by the Sub-Adviser, Administrator, the Custodians, the Transfer Agent and the Trustee, the Marketing Fee, the Exchange’s listing fees, typical maintenance and transaction fees of the Depository Trust Company (“DTC”), U.S. Securities and Exchange (“SEC”) registration fees, printing and mailing costs, website fees, tax reporting fees, audit fees, license fees and expenses, up to $100,000 per annum in ordinary legal fees and expenses. The Sponsor bears expenses in connection with the Trust’s organization and initial offering costs.

Current wording

The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the Sponsor Fee. The Sponsor agreed to waive the entire Sponsor Fee for (i) a nine-month period which commenced on January 11, 2024 (the day the Trust’s Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion in February 2024, at which time the waiver period ended. In exchange for the Sponsor Fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Trust, including but not limited to the following: fees charged by the Sub-Adviser, Administrator, the Custodians, the Transfer Agent and the Trustee, the Marketing Fee, the Exchange’s listing fees, typical maintenance and transaction fees of the Depository Trust Company (“DTC”), U.S. Securities and Exchange Commission (“SEC”) registration fees, printing and mailing costs, website fees, tax reporting fees, audit fees, license fees and expenses, up to $100,000 per annum in ordinary legal fees and expenses. The Sponsor bears expenses in connection with the Trust’s organization and initial offering costs.