Fair Value of Bitcoin (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Changes in Quantity of Bitcoin and Fair Value

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


	Quantity of bitcoin			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2024		40,289.1335		$	3,762,723
Purchases		18,755.1069			1,953,551
In-kind purchases		5.3800			620
Sales for the redemption of Shares		(17,902.3007	)		(1,779,500	)
Bitcoin transferred for Sponsor Fee		(60.5806	)		(6,018	)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		—			3,641
Net realized gain (loss) on investment in bitcoin sold for redemptions		—			37,591
Change in unrealized appreciation (depreciation) on investment in bitcoin		—			727,797
Ending balance as of September 30, 2025		41,086.7391		$	4,700,405

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

Bitwise Bitcoin ETF 10-Q