Creation and Redemption of Creation Units

9 Months Ended

Sep. 30, 2025

Creation and Redemption of Creation Units

5. Creation and Redemption of Creation Units

The Trust issues Shares on an ongoing basis, but only in one or more blocks of 5,000 Shares (a “Basket”). The Trust issues Baskets of Shares to certain authorized participants on an ongoing basis and redeems Shares in Baskets on an ongoing basis from Authorized Participants.

Authorized participants are the only persons that may place orders to create and redeem Baskets. Authorized participants must be (1) registered broker-dealers or other securities market participants, such as banks or other financial institutions, that are not required to register as broker-dealers to engage in securities transactions as described below, and (2) Depository Trust Company participants.

Authorized participants pay the transfer agent a fee for each order they place to create or redeem one or more Baskets. In addition, an authorized participant is required to reimburse the Trust or the Sponsor, as applicable, for any operational processing and brokerage costs, transfers fees, network fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the bitcoin being purchased or sold in connection with such order (the “Execution Charges”, and collectively with the Transfer Agent Fee, the “Transaction Fees”). The Transaction Fees may be reduced, increased or otherwise changed by the Sponsor.

Activity in the number and value of Shares created and redeemed for the nine months ended September 30, 2025 and 2024 are as follows:

	Number of Shares						Value of Shares
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Creations		3,415,000			34,770,000		$	97,728,354		$	590,573,402
Redemptions		(13,555,000	)		(3,050,000	)	$	(349,239,983	)	$	(54,482,331	)
Net change in Shares created and redeemed		(10,140,000	)		31,720,000		$	(251,511,629	)	$	536,091,071

- Definition

The entire disclosure for equity.

+ References

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+ Details

CoinShares Bitcoin ETF 10-Q