CoinShares Bitcoin ETF
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-28.
0001999371-25-003309
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-10.
0001999371-26-005527
Item 7. 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 30 previous paragraphs and 36 current paragraphs.
28 unchanged; 2 reworded; 4 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 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 (4)
Current report
Year Ended December 31, 2025
Current report
The Trust’s net asset value decreased from $826,115,990 at December 31, 2024 to $505,380,907 at December 31, 2025. The change in the Trust’s net assets resulted from an change in outstanding Shares, which decreased from 31,260,000 at December 31, 2024, to 20,425,000 at December 31, 2025, as a result of 3,855,000 Shares (771 Baskets) being created and 14,690,000 Shares (2,938 Baskets) being redeemed during the year, and a decrease in the value of bitcoin, which depreciated 6.14% from $93,381 at December 31, 2024 to $87,650 at December 31, 2025.
Current report
The net asset value per Share decreased 6.38% from $26.43 at December 31, 2024 to $24.74 at December 31, 2025.
Current report
Year Ended December 31, 2024
Reworded paragraphs (2)
Previous wording
The net asset value per Share of $30.15 at December 17, 2024 was the highest during the quarter, compared with a low of $11.12 at January 23, 2024.
Current wording
The net asset value per Share of $30.15 at December 17, 2024 was the highest during the year, compared with a low of $11.12 at January 23, 2024.
Previous wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor Fee accrues at an annual rate of 0.25% of the Trust’s Bitcoin Holdings. As a result, the only ordinary expense of the Trust is the Sponsor Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Current wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor Fee accrues at a unified annual rate of 0.25% of the Trust’s Bitcoin Holdings. As a result, the only ordinary expense of the Trust is the Sponsor Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The net asset value per Share of $35.50 at October 6, 2025, was the highest during the year, compared with a low of $21.70 at April 8, 2025.
Current report — wording carried from elsewhere
The decrease in net assets from operations for the year ended December 31, 2025, was $49,706,048, resulting from an decrease in unrealized gain on the Trust’s bitcoin investment of $184,888,192, realized gains on the disposition of bitcoin of $136,800,223, and Sponsor Fees incurred of $1,618,079.