CoinShares Bitcoin ETF

For fiscal year 2025, the company reported a net loss of $49.7 million, driven by a net realized and change in unrealized gain (loss) on investment of -$48.1 million and net investment income (loss) of -$1.6 million. The net realized gain (loss) was $136.8 million, primarily from Bitcoin sold for the redemption of Shares ($136.2 million) and Bitcoin transferred to pay Sponsor fee ($579,000), offset by a net change in unrealized gain (loss) on investment of -$184.9 million. Total expenses were $1.6 million, consisting of Sponsor fee of $1.6 million less Sponsor fee waiver of $150,000. The balance sheet shows total assets of $505.5 million, with investments in Bitcoin at fair value of $505.5 million (cost $427,528,143), total liabilities of $109,000, and net assets of $505.4 million. Net asset value per Share was $25, with 20.4 million shares issued and outstanding. The weighted average number of shares outstanding was 22.6 million, and net income (loss) per share was -$2.

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