Concentration Risk

3 Months Ended

Mar. 31, 2026

Concentration Risk [Abstract]

Concentration Risk

9. Concentration Risk

The majority of the Trust’s assets are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the price of bitcoin. Accordingly, a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of bitcoin include negative perception of crypto assets; a lack of stability and standardized regulation in the crypto asset markets; the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government mandated regulation; and a loss of investor confidence.

In addition to bitcoin, the Fund holds investments in other crypto assets, including Ethereum, XRP, Solana, Cardano, Chainlink, and Stellar, which collectively represented approximately 23% and 25% of the Fund's net assets as of March 31, 2026 and December 31, 2025, respectively. These crypto assets are subject to risks similar to those of bitcoin, including price volatility, regulatory uncertainty, and limited adoption. A decline in the value of any of these assets, or adverse developments affecting the broader crypto asset market, could also have a material adverse effect on the Fund's net asset value.