Quarterly Report
Filed: 2026-05-13
Key Insights
- Bitcoin holdings increased significantly from $139M (December 31, 2025) to $147.3M (March 31, 2026) at fair value, representing approximately 5.9% growth in the fund's core asset during Q1 2026.
- The fund maintains a minimal cost basis gap ($148M cost vs $147.3M fair value), indicating the bitcoin was acquired at prices very close to current valuations with negligible unrealized losses.
- Outstanding shares remained stable at 2,045,000 shares as of March 31, 2026, suggesting no significant dilution or share redemptions during the quarter, supporting consistent fund structure and investor base stability.
- As a smaller reporting company and emerging growth company, BTCW has reduced regulatory compliance burdens, though it remains a non-accelerated filer subject to standard 10-Q quarterly reporting requirements.