Fair Value of Bitcoin

6 Months Ended

Jun. 30, 2025

3. Fair Value of Bitcoin

As of June 30, 2025, the Trust held a net closing balance of 39,518.9512 bitcoin with a total market value of $4,247,792,870 based on the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") price of $107,487.49 per bitcoin used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $4,258,323,090 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $107,753.95, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the six-month period ended June 30, 2025:


	Quantity of bitcoin			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2024		40,289.1335		$	3,762,723
Purchases		12,169.6143			1,203,179
Sales for the redemption of Shares		(12,899.5160	)		(1,215,220	)
Bitcoin transferred for Sponsor Fee		(40.2806	)		(3,764	)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		—			2,183
Net realized gain (loss) on investment in bitcoin sold for redemptions		—			45,121
Change in unrealized appreciation (depreciation) on investment in bitcoin		—			464,101
Ending balance as of June 30, 2025		39,518.9512		$	4,258,323

As of December 31, 2024, the Trust held a net closing balance of 40,289.1335 bitcoin with a total market value of $3,776,314,581 based on the BRRNY price of $93,730.35, used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,762,723,445 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $93,393.01, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the period from January 10, 2024 (commencement of operations) to December 31, 2024:


	Quantity of bitcoin			Fair Value (amounts in thousands)
Beginning balance as of January 10, 2024 (commencement of operations)		—		$ —
Purchases		61,192.0644			3,709,316
Sales for the redemption of Shares		(20,859.6407	)		(1,533,874	)
Bitcoin transferred for Sponsor Fee		(43.2902	)		(2,987	)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		—			1,288
Net realized gain (loss) on investment in bitcoin sold for redemptions		—			(50,869	)
Change in unrealized appreciation (depreciation) on investment in bitcoin		—			1,639,849
Ending balance as of December 31, 2024		40,289.1335		$	3,762,723

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Bitwise Bitcoin ETF 10-Q