Quarterly Report
Filed: 2026-05-12
Key Insights
- Bitcoin holdings declined significantly from 5,767 BTC (Dec 31, 2025) to 6,303 BTC (Mar 31, 2026), but net assets fell sharply from $505.4M to $429.7M due to a $120.7M unrealized loss on bitcoin holdings, indicating substantial price depreciation during Q1 2026.
- Net asset value per share dropped 22.3% from $24.74 to $19.24 in just one quarter, reflecting severe bitcoin price weakness that directly impacts investor returns in this single-asset ETF.
- Share count increased from 20.4M to 22.3M despite the asset decline, suggesting new investor inflows during a period of price weakness, though sponsor fee revenue declined 37% year-over-year from $460,553 to $288,981.
- The ETF experienced a net loss of $120.7M in Q1 2026 versus $76.6M in Q1 2025, with the larger loss driven entirely by bitcoin price depreciation rather than operational issues, making this a market-driven performance concern.