Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

In preparing these financial statements, management of the Trust has evaluated the financial statements for the period ended June 30, 2026, and for subsequent events through the date of this filing. Other than as described below, management noted no material events requiring either recognition or disclosure in the financial statements.

Staking of the Trust’s Crypto Assets. On July 23, 2026, the Trust entered into a Third Amendment to the Sponsor Agreement with the Sponsor to permit staking of the Trust’s crypto assets. On the same date, the Sponsor and CSC Delaware Trust Company, as Trustee, entered into a Sixth Amended and Restated Trust Agreement (the “Amended Trust Agreement”) reflecting the changes necessary to allow the Trust to commence staking activities. Among other things, the Amended Trust Agreement authorizes the Trust to participate, directly or indirectly, in the proof-of-stake validation protocols of the applicable Index Constituent networks, and creates a separate class of unlisted shares designated as the Sponsor Share, held exclusively by the Sponsor, which entitles the Sponsor to an allocation of Net Staking Income generated by the Trust’s staking activities.

Under the Amended Trust Agreement, after the staking services provider retains its portion of any staking income, the remaining Net Staking Income is allocated as follows: (i) 100% of Net Staking Income up to an amount equal to 25 basis points of the Trust’s net asset value attributable to the Common Shares (on an annualized basis) is allocated to the Sponsor, as holder of the Sponsor Share; and (ii) any Net Staking Income in excess of that threshold is allocated 40% to the Sponsor, as holder of the Sponsor Share, and 60% to the Trust for the benefit of holders of the Common Shares.

The Trust expects to commence staking activities promptly following the effectiveness of these agreements, subject to operational readiness. Staking activities are expected to be conducted through Coinbase Cloud Pte. Ltd., as the Trust’s initial staking services provider. A description of the Trust’s staking program, including the Sponsor Share, the allocation of staking income, the Trust’s liquidity risk policies and procedures, and the associated risk factors, is set forth in Prospectus Supplement No. 1, dated July 23, 2026, filed pursuant to Rule 424(b)(3). These agreements were entered into subsequent to June 30, 2026 and had no effect on the financial statements as of and for the period ended June 30, 2026.