Fair Value of Investments in Digital Assets

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Investments in Digital Assets

3. Fair Value of Investments in Digital Assets

The Fund Components are held by the Custodian on behalf of the Fund and are carried at fair value. The following table represents the fair value of each Fund Component using the price provided at 4:00 p.m., New York time, by the relevant Digital Asset Trading Platform Market considered to be its principal market, as determined by the Fund:

Fund Component	Principal Market	September 30, 2025		June 30, 2025
Bitcoin	Crypto.com	$	114,401.99	$	107,753.95
Ether	Crypto.com	$	4,161.61	$	2,516.23
XRP	Coinbase	$	2.86	$	2.32
SOL	Coinbase	$	208.92	$	157.80
ADA	Coinbase	$	0.80	$	0.59

The following represents the changes in quantity of each Fund Component and their respective fair values:

(Amounts in thousands, except Bitcoin amounts)	Quantity			Fair Value
Bitcoin balance at June 30, 2024		5,990.49484890		$	370,987
Bitcoin contributed		-			-
Net Bitcoin distributed from portfolio rebalancing		(86.13516106	)		(7,792	)
Bitcoin distributed for Manager's Fee, related party		(146.61647351	)		(12,294	)
Net change in unrealized appreciation on investment in Bitcoin		-			252,302
Net realized gain on investment in Bitcoin		-			17,216
Bitcoin balance at June 30, 2025		5,757.74321433		$	620,419
Bitcoin contributed		43.21575624			4,721
Bitcoin redeemed		(986.81319085	)		(110,692	)
Net Bitcoin distributed from portfolio rebalancing		(11.31358359	)		(1,320	)
Bitcoin distributed for Manager’s Fee, related party		(32.41528405	)		(3,713	)
Net change in unrealized appreciation on investment in Bitcoin		-			(66,617	)
Net realized gain on investment in Bitcoin sold for rebalancing		-			1,181
Net realized gain on investment in Bitcoin sold to pay expenses		-			3,307
Net realized gain on investment in Bitcoin sold for redemption of Shares		-			98,459
Bitcoin balance at September 30, 2025		4,770.41691208		$	545,745

(Amounts in thousands, except Ether amounts)	Quantity			Fair Value
Ether balance at June 30, 2024		36,577.59452337		$	125,205
Ether contributed		-			-
Net Ether distributed from portfolio rebalancing		(677.32474886	)		(2,176	)
Ether distributed for Manager's Fee, related party		(892.53888068	)		(2,404	)
Net change in unrealized appreciation on investment in Ether		-			(36,331	)
Net realized gain on investment in Ether		-			3,794
Ether balance at June 30, 2025		35,007.73089383		$	88,088
Ether contributed		262.18571424			1,056
Ether redeemed		(5,986.89793031	)		(24,862	)
Net Ether distributed from portfolio rebalancing		(144.54990172	)		(541	)
Ether distributed for Manager’s Fee, related party		(196.82167784	)		(766	)
Net change in unrealized appreciation on investment in Ether		-			34,484
Net realized gain on investment in Ether sold for rebalancing		-			468
Net realized gain on investment in Ether sold to pay expenses		-			666
Net realized gain on investment in Ether sold for redemption of Shares		-			21,851
Ether balance at September 30, 2025		28,941.64709820		$	120,444

(Amounts in thousands, except XRP amounts)	Quantity			Fair Value
XRP balance at June 30, 2024		16,719,307.919340		$	7,917
XRP contributed		-			-
Net XRP contributed from portfolio rebalancing		573,017.276190			648
XRP distributed for Manager's Fee, related party		(421,555.293104	)		(695	)
Net change in unrealized appreciation on investment in XRP		-			30,822
Net realized gain on investment in XRP		-			448
XRP balance at June 30, 2025		16,870,769.902426		$	39,140
XRP contributed		128,423.038068			358
XRP redeemed		(2,932,484.796374	)		(8,383	)
Net XRP contributed from portfolio rebalancing		205,224.496447			629
XRP distributed for Manager’s Fee, related party		(95,819.888766	)		(284	)
Net change in unrealized appreciation on investment in XRP		-			2,335
Net realized gain on investment in XRP sold for rebalancing		-			-
Net realized gain on investment in XRP sold to pay expenses		-			223
Net realized gain on investment in XRP sold for redemption of Shares		-			6,525
XRP balance at September 30, 2025		14,176,112.751801		$	40,543

(Amounts in thousands, except SOL amounts)	Quantity			Fair Value
SOL balance at June 30, 2024		135,348.78720949		$	19,574
SOL contributed		-			-
Net SOL contributed from portfolio rebalancing		16,607.55009890			2,425
SOL distributed for Manager's Fee, related party		(3,556.38124866	)		(597	)
Net change in unrealized appreciation on investment in SOL		-			1,849
Net realized gain on investment in SOL		-			166
SOL balance at June 30, 2025		148,399.95605973		$	23,417
SOL contributed		1,168.80868332			235
SOL redeemed		(26,689.24318586	)		(5,736	)
Net SOL contributed from portfolio rebalancing		7,001.82661641			1,229
SOL distributed for Manager’s Fee, related party		(861.16667256	)		(163	)
Net change in unrealized appreciation on investment in SOL		-			5,536
Net realized loss on investment in SOL sold for rebalancing		-			(1	)
Net realized gain on investment in SOL sold to pay expenses		-			55
Net realized gain on investment in SOL sold for redemption of Shares		-			2,383
SOL balance at September 30, 2025		129,020.18150104		$	26,955

(Amounts in thousands, except ADA amounts)	Quantity			Fair Value
ADA balance at June 30, 2024		-		$	-
ADA contributed		-			-
Net ADA contributed from portfolio rebalancing		10,568,299.628398			11,727
ADA distributed for Manager's Fee, related party		(127,897.376884	)		(96	)
Net change in unrealized depreciation on investment in ADA		-			(5,523	)
Net realized gain on investment in ADA		-			50
ADA balance at June 30, 2025		10,440,402.251514		$	6,158
ADA contributed		78,550.240584			62
ADA redeemed		(1,793,660.932427	)		(1,455	)
Net ADA contributed from portfolio rebalancing		4,425.609104			3
ADA distributed for Manager’s Fee, related party		(58,865.863878	)		(46	)
Net change in unrealized depreciation on investment in ADA		-			2,796
Net realized gain on investment in ADA sold for rebalancing		-			-
Net realized loss on investment in ADA sold to pay expenses		-			(19	)
Net realized loss on investment in ADA sold for redemption of Shares		-			(551	)
ADA balance at September 30, 2025		8,670,851.304897		$	6,948

(Amounts in thousands, except AVAX amounts)	Quantity			Fair Value
AVAX balance at June 30, 2024		114,955.66479380		$	3,273
AVAX contributed		-			-
Net AVAX distributed from portfolio rebalancing		(113,418.90243682	)		(4,832	)
AVAX distributed for Manager's Fee, related party		(1,536.76235698	)		(47	)
Net change in unrealized depreciation on investment in AVAX		-			1,014
Net realized gain on investment in AVAX		-			592
AVAX balance at June 30, 2025		-		$	-