Note 2 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

Activity in Bitcoin [Table Text Block]

Three Months Ended September 30, 2025	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		696,875		$	53,376,118,281		$	74,720,071,026		$	—
Bitcoin purchased(a)		86,526			10,027,666,255			10,027,666,255			—
Bitcoin sold for the redemption of shares		(12,944	)		(1,031,277,204	)		(1,475,656,961	)		444,379,757
Bitcoin sold to pay expenses		(446	)		(35,091,335	)		(50,019,045	)		14,927,710
Net realized gain		—			—			459,307,467			—
Net change in unrealized appreciation/depreciation		—			—			4,271,556,131			—
Ending balance		770,011		$	62,337,415,997		$	87,952,924,873		$	459,307,467

Three Months Ended September 30, 2024	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		306,979		$	17,749,065,590		$	19,453,015,133		$	—
Bitcoin purchased		60,053			3,796,560,491			3,796,560,491			—
Bitcoin sold for the redemption of shares		(391	)		(22,898,817	)		(22,812,387	)		(86,430	)
Bitcoin sold to pay expenses		(193	)		(11,212,559	)		(10,650,112	)		(562,447	)
Net realized loss		—			—			(648,877	)		—
Net change in unrealized appreciation/depreciation		—			—			119,089,128			—
Ending balance		366,448		$	21,511,514,705		$	23,334,553,376		$	(648,877	)

Nine Months Ended September 30, 2025	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		551,918		$	37,372,942,571		$	51,530,013,513		$	—
Bitcoin purchased(a)		277,414			29,274,422,450			29,274,422,450			—
Bitcoin sold for the redemption of shares		(58,162	)		(4,224,068,823	)		(5,547,231,539	)		1,323,162,716
Bitcoin sold to pay expenses		(1,159	)		(85,880,201	)		(116,935,988	)		31,055,787
Net realized gain		—			—			1,354,218,503			—
Net change in unrealized appreciation/depreciation		—			—			11,458,437,934			—
Ending balance		770,011		$	62,337,415,997		$	87,952,924,873		$	1,354,218,503

Nine Months Ended September 30, 2024	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		—		$	—		$	—		$	—
Bitcoin purchased		367,805			21,589,313,309			21,589,313,309			—
Bitcoin sold for the redemption of shares		(1,031	)		(59,047,292	)		(59,833,750	)		786,458
Bitcoin sold to pay expenses		(326	)		(18,751,312	)		(19,643,995	)		892,683
Net realized gain		—			—			1,679,141			—
Net change in unrealized appreciation/depreciation		—			—			1,823,038,671			—
Ending balance		366,448		$	21,511,514,705		$	23,334,553,376		$	1,679,141