CoinShares Bitcoin ETF
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 13, 2025
BRRR$21.34-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001999371-25-011250
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001999371-25-017663
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 42 previous paragraphs and 42 current paragraphs.
30 unchanged; 11 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 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 (1)
Current report
The net asset value per Share increased 2.4% from $17.54 at June 30, 2024 to $17.96 at September 30, 2024.
Removed paragraphs (1)
Previous report
The increase in net assets from operations for the three months ended June 30, 2025 was $141,141,457, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $130,366,125, realized gains on the disposition of bitcoin of $11,139,128, and Sponsor Fees incurred of $363,796.
Reworded paragraphs (11)
Previous wording
The Trust’s net asset value increased from $480,386,204 at March 31, 2025, to $625,787,170 at June 30, 2025. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 20,450,000 at March 31, 2025, to 20,705,000 at June 30, 2025, as a result of 1,645,000 Shares being created and 1,390,000 Shares being redeemed during the quarter, and an increase in the value of bitcoin, which appreciated 28.7% from $83,057 at March 31, 2025, to $106,930 at June 30, 2025. The net asset value per Share increased 28.7% from $23.49 at March 31, 2025, to $30.22 at June 30, 2025.
Current wording
The Trust’s net asset value increased from $625,905,470 at June 30, 2025, to $682,460,646 at September 30, 2025. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 20,705,000 at June, 2025, to 21,120,000 at September 30, 2025, as a result of 1,160,000 Shares being created and 745,000 Shares being redeemed during the quarter, and an increase in the value of bitcoin, which appreciated 7.0% from $106,930 at June 30, 2025, to $114,394 at September 30, 2025. The net asset value per Share increased 6.9% from $30.22 at June 30, 2025, to $32.31 at September 30, 2025.
Previous wording
The net asset value per Share of $31.54 at May 22, 2025 was the highest during the quarter, compared with a low of $21.70 at April 8, 2025.
Current wording
The net asset value per Share of $34.56 at August 13, 2025 was the highest during the quarter, compared with a low of $29.85 at July 1, 2025.
Previous wording
The Trust’s net asset value decreased from $543,197,988 at March 31, 2024, to $518,313,439 at June 30, 2024. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which grew from 27,075,000 at March 31, 2024, to 29,545,000 at June 30, 2024, as a result of 4,960,000 Shares (992 Baskets) being created and 2,490,000 Shares (498 Baskets) being redeemed during the quarter, and a decrease in the value of bitcoin, which depreciated 12.5% from $70,764 at March 31, 2024, to $61,910 at June 30, 2024. The net asset value per Share decreased 12.6% from $20.06 at March 31, 2024 to $17.54 at June 30, 2024.
Current wording
The Trust’s net asset value increased from $518,313,439 at June 30, 2024, to $569,655,239 at September 30, 2024. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which grew from 29,545,000 at June 30, 2024, to 31,720,000 at September 30, 2024, as a result of 2,730,000 Shares being created and 555,000 Shares being redeemed during the quarter, and an increase in the value of bitcoin, which appreciated 2.4% from $61,910 at June 30, 2024, to $63,418 at September 30, 2024.
Previous wording
The net asset value per Share of $20.36 at April 8, 2024 was the highest during the quarter, compared with a low of $16.42 at May 1, 2024.
Current wording
The net asset value per Share of $19.22 at July 22, 2024 was the highest during the quarter, compared with a low of $15.05 at August 5, 2024.
Previous wording
The decrease in net assets from operations for the quarter ended June 30, 2024 was $69,741,963, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment of $82,428,503, realized gains on the disposition of bitcoin of $12,977,021, and Sponsor Fees incurred of $290,481.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2024 was $12,632,292, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $10,981,879, realized gains on the disposition of bitcoin of $1,994,668, and Sponsor Fees incurred of $344,255.
Previous wording
The Six Months Ended June 30, 2025 and 2024
Current wording
The Nine Months Ended September 30, 2025 and 2024
Previous wording
The Trust’s net asset value decreased from $826,115,990 at December 31, 2024, to $625,787,170 at June 30, 2025. The change in the Trust’s net assets resulted from a decrease in outstanding Shares, which fell from 31,260,000 at December 31, 2024, to 20,705,000 at June 30, 2025, and an increase in the value of bitcoin, which appreciated 14.5% from $93,381 at December 31, 2024, to $106,930 at June 30, 2025. The net asset value per Share increased 14.3% from $26.43 at December 31, 2024, to $30.22 at June 30, 2025.
Current wording
The Trust’s net asset value decreased from $826,115,990 at December 31, 2024, to $682,460,646 at September 30, 2025. The change in the Trust’s net assets resulted from a decrease in outstanding Shares, which fell from 31,260,000 at December 31, 2024, to 21,120,000 at September 30, 2025, and an increase in the value of bitcoin, which appreciated 22.5% from $93,381 at December 31, 2024, to $114,394 at September 30, 2025. The net asset value per Share increased 22.2% from $26.43 at December 31, 2024, to $32.31 at September 30, 2025.
Previous wording
The increase in net assets from operations for the six months ended June 30, 2025 was $64,528,638, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment of $51,464,017, realized gains on the disposition of bitcoin of $116,817,004, and Sponsor Fees incurred of $824,349.
Current wording
The increase in net assets from operations for the nine months ended September 30, 2025 was $107,856,285, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment of $16,289,482, realized gains on the disposition of bitcoin of $125,395,088, and Sponsor Fees incurred of $1,249,321.
Previous wording
The Trust’s net asset value decreased from $0 at December 31, 2023, to $518,313,439 at June 30, 2024. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which grew from 0 at December 31, 2023, to 29,545,000 at June 30, 2024, and an increase in the value of bitcoin, which appreciated 35.0% from $45,853 at January 10, 2024 (the initial share purchase date), to $61,910 at June 30, 2024. The net asset value per Share increased 34.9% from $13.00 at January 10, 2024 (the initial share purchase date), to $17.54 at June 30, 2024.
Current wording
The Trust’s net asset value increased from $0 at December 31, 2023, to $569,655,239 at September 30, 2024. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which grew from 0 at December 31, 2023, to 31,720,000 at September 30, 2024, and an increase in the value of bitcoin, which appreciated 38.3% from $45,853 at January 10, 2024 (the initial share purchase date), to $63,418 at September 30, 2024. The net asset value per Share increased 38.2% from $13.00 at January 10, 2024 (the initial share purchase date), to $17.96 at September 30, 2024.
Previous wording
The increase in net assets from operations for the six months ended June 30, 2024 was $20,931,876, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $8,245,336, realized gains on the disposition of bitcoin of $12,977,021, and Sponsor Fees incurred of $290,481.
Current wording
The increase in net assets from operations for the nine months ended September 30, 2024 was $33,564,168, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $19,227,215, realized gains on the disposition of bitcoin of $14,971,689, and net Sponsor Fees incurred of $634,736.
Previous wording
The Sponsor has developed a process for identifying a principal market, as prescribed in ASC 820-10, which outlines the application of fair value accounting. The process begins by identifying publicly available, well-established and reputable bitcoin trading venues (Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates at their sole discretion. The Sponsor then identifies the principal market for bitcoin during that period and uses the price for bitcoin from that venue as of end of day Eastern time as the principal market price.
Current wording
The Sponsor has developed a process for identifying a principal market, as prescribed in ASC 820-10, which outlines the application of fair value accounting. The process begins by identifying publicly available, well-established and reputable bitcoin trading venues (Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates at their sole discretion. The Sponsor then identifies the principal market for bitcoin during that period and uses the price for bitcoin from that venue as of 4:00 p.m. ET as the principal market price.