Fair Value of Bitcoin

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

3. Fair Value of Bitcoin

The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of June 30, 2025, and December 31, 2024:

	Number		Per Bitcoin		Amount at		Fair Value Measurement Category
June 30, 2025	of Bitcoin		Fair Value		Fair Value		Level 1		Level 2		Level 3

Investment in Bitcoin		1,926.50	$	107,753.95	$	207,588,327	$	207,588,327	$	-	$	-

	Number		Per Bitcoin		Amount at		Fair Value Measurement Category
December 31, 2024	of Bitcoin		Fair Value		Fair Value		Level 1		Level 2		Level 3

Investment in Bitcoin		1,937.86	$	93,393.01	$	180,982,533	$	-	$	180,982,533	$	-

The Trust determined the fair value per Bitcoin using the price provided at 4:00 p.m., New York time, by principal market.

The Management Fee payable accrued in Bitcoin is converted into United States dollar amount at the period-end Bitcoin Market Price. The fluctuations arising from the effect of changes in liability denominated in Bitcoin are included with the net realized or unrealized appreciation or depreciation on investment in Bitcoin in the statements of operations.

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

	Bitcoin			Fair Value
Balance at January 1, 2025		1,937.86		$	180,982,533
		-			-
Bitcoin distributed for Management Fee, related party		(4.72	)		(447,332	)
Bitcoin distributed for other fees		(6.64	)		(588,511	)
Net realized gain on investment in Bitcoin		-			995,155
Net change in unrealized appreciation on investment in Bitcoin		-			26,646,482
Balance at June 30, 2025		1,926.50		$	207,588,327

Net realized gain on the transfer of Bitcoins to pay the Management Fee and other expenses for the six months ended June 30, 2025, was $995,469, which includes $995,155 net realized gain on investment in Bitcoin, and $314 net realized gain resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized appreciation on investment in Bitcoin for the six months ended June 30, 2025, was $26,640,962, which includes net change in unrealized appreciation on investment in Bitcoin of $26,646,482, and $5,520 net unrealized depreciation due to changes in value of liabilities denominated in Bitcoin.

The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2024:

	Bitcoin			Fair Value
Balance at January 1, 2024		2,750.14		$	115,545,433
Bitcoin distributed for redemptions		(788.11	)		(54,057,318	)
Bitcoin distributed for Management Fee, related party		(10.82	)		(672,027	)
Bitcoin distributed for other fees		(13.35	)		(813,233	)
Net realized gain on investment in Bitcoin		-			52,631,033
Net change in unrealized appreciation on investment in Bitcoin		-			68,348,645
Balance at December 31, 2024		1,937.86		$	180,982,533

Net realized gain on the transfer of Bitcoins to pay the Management Fee, redemptions, and other expenses for the year ended December 31, 2024, was $52,607,095, which includes $52,631,033 net realized gain on investment in Bitcoin, and $23,938 net realized loss resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized appreciation on investment in Bitcoin for the year ended December 31, 2024, was $68,351,967, which includes net change in unrealized appreciation on investment in Bitcoin of $68,348,645, and $3,322 net unrealized appreciation due to changes in value of liabilities denominated in Bitcoin.

3. Fair Value of Bitcoin

The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of December 31, 2024, and December 31, 2023:

	Number		Per Bitcoin Fair		Amount at		Fair Value Measurement Category
December 31, 2024	of Bitcoin		Value		Fair Value		Level 1		Level 2		Level 3

Investment in Bitcoin		1,937.86	$	93,393.01	$	180,982,533	$	-	$	180,982,533	$	-

	Number		Per Bitcoin Fair		Amount at		Fair Value Measurement Category
December 31, 2023	of Bitcoin		Value		Fair Value		Level 1		Level 2		Level 3

Investment in Bitcoin		2,750.14	$	42,014.39	$	115,545,433	$	-	$	115,545,433	$	-

The Trust determined the fair value per Bitcoin using the price provided at 4:00 p.m., New York time, by principal market on the last business day of the reporting period.

The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2024:

	Bitcoin			Fair Value
Balance at January 1, 2024		2,750.14			115,545,433
Bitcoin distributed for redemptions		(788.11	)		(54,057,318	)
Bitcoin distributed for Management Fee, related party		(10.82	)		(672,027	)
Bitcoin distributed for other fees		(13.35	)		(813,233	)
Net realized gain on investment in Bitcoin		-			52,631,033
Net change in unrealized appreciation on investment in Bitcoin		-			68,348,645
Balance at December 31, 2024		1,937.86			180,982,533

The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2023:

	Bitcoin			Fair Value
Balance at January 1, 2023		2,792.88			46,253,445
Bitcoin distributed for Management Fee, related party		(13.57	)		(376,173	)
Bitcoin distributed for other fees		(29.17	)		(832,036	)
Net realized gain on investment in Bitcoin		-			1,055,021
Net change in unrealized depreciation on investment in Bitcoin		-			69,445,176
Balance at December 31, 2023		2,750.14			115,545,433

Net realized gain on the transfer of Bitcoins to pay the Management Fee and other expenses for the year ended December 31, 2023, was $1,039,910, which includes $1,055,021 net realized gain on investment in Bitcoin, and $15,111 net realized loss resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized appreciation on investment in Bitcoin for the year ended December 31, 2023, was $69,445,270, which includes net change in unrealized appreciation on investment in Bitcoin of $69,445,176, and $94 net unrealized appreciation due to changes in value of liabilities denominated in Bitcoin.

- 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

Osprey Bitcoin Trust S-1/A