Creations and Redemptions of Shares

3 Months Ended

Sep. 30, 2025

Equity [Abstract]

Creations and Redemptions of Shares

5. Creations and Redemptions of Shares

At September 30, 2025 and June 30, 2025, there were an unlimited number of Shares authorized by the Fund. The Fund creates and redeems Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of tokens of each Fund Component to the Fund, or the distribution of tokens of each Fund Component by the Fund, plus cash representing the U.S. Dollar portion, if any. As of September 30, 2025, the amount of tokens of each Fund Component required for each Creation Basket or redemption Basket was determined by dividing (x) the total amount of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of tokens of each Fund Component payable as the Manager’s Fee and the amount of tokens of such Fund Component payable as a portion of Additional Fund Expenses (as defined in Note 7), by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0004 Bitcoin, 0.0022 Ether, 1.0701 XRP, 0.0097 SOL, and 0.6545 ADA at September 30, 2025. Each Share represented approximately 0.0004 Bitcoin, 0.0022 Ether, 1.0632 XRP, 0.0094 SOL, and 0.6580 ADA at June 30, 2025.

The cost basis of investments in each Fund Component recorded by the Fund is the fair value of each Fund Component, as determined by the Fund, at 4:00 p.m., New York time, on the date of transfer to the Fund by the Authorized Participant, or Liquidity Provider, based on the Creation Baskets. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors. The Authorized Participant or Liquidity Provider may realize significant profits buying, selling, creating, and, if permitted, redeeming Shares as a result of changes in the value of Shares or each Fund Component. In addition, the Authorized Participant or Liquidity Provider may realize significant profits through the sale of digital assets during a Fund Rebalancing Period.

On October 15, 2024, NYSE Arca filed an application with the SEC pursuant to Rule 19b-4 under the Exchange Act to list the Shares of the Fund on NYSE Arca. On April 1, 2025, the Manager filed with the SEC a registration statement on Form S-3, as amended through September 18, 2025, to register the Shares of the Fund under the Securities Act of 1933. On September 18, 2025, the SEC approved NYSE Arca’s 19b-4 application to list the Shares of the Fund on NYSE Arca as an exchange-traded product and on September 18, 2025, the Manager authorized the commencement of a redemption program once the registration statement on Form S-3, as amended, was declared effective.

	Three Months Ended September 30,
	2025			2024
Activity in Number of Shares Issued and Redeemed:
Shares issued		120,000			-
Shares redeemed		(2,740,000	)		-
Net Change in Number of Shares Issued and Redeemed		(2,620,000	)		-

	Three Months Ended September 30,
(Amounts in thousands)	2025			2024
Activity in Value of Shares Issued and Redeemed:
Shares issued	$	6,432		$	-
Shares redeemed		(151,128	)		-
Net Change in Value of Shares Issued and Redeemed	$	(144,696	)	$	-

The Fund Component receivables represents the value of the Fund Components covered by contractually binding orders for the creation of Shares where the digital assets have not yet been transferred to the Fund’s accounts. Generally, ownership of the Fund Components is transferred within no more than two business days of the trade date.

	As of September 30,
(Amounts in thousands)	2025		2024
Bitcoin receivable	$	-	$	-
Ether receivable		-		-
XRP receivable		-		-
SOL receivable		-		-
ADA receivable		-		-
AVAX receivable		-		-
Total	$	-	$	-

The Fund Component payables represents the value of the Fund Components covered by contractually binding orders for the redemption of Shares where the digital assets have not yet been transferred out of the Fund’s accounts. Generally, ownership of the Fund Components is transferred within no more than two business days of the trade date.

	As of September 30,
(Amounts in thousands)	2025		2024
Bitcoin payable	$	-	$	-
Ether payable		-		-
XRP payable		-		-
SOL payable		-		-
ADA payable		-		-
AVAX payable		-		-
Total	$	-	$	-