Net assets decreased by $335.871 million in 2025, from $1,365.740 million to $1,029.869 million. Net decrease in net assets resulting from operations was $(165,855) thousand in 2025, a significant decline from a $664,634 thousand increase in 2024. The Trust experienced a net change in unrealized depreciation from Crypto Assets of $(270,937) thousand in 2025, compared to an appreciation of $680,194 thousand in 2024. Management fees increased to $33,478 thousand in 2025 from $25,807 thousand in 2024, attributed to an increase in the monthly average net assets. The management fee was reduced from 2.50% per annum to 0.75% per annum, effective upon the Trust's listing on NYSE Arca on December 9, 2025. Shares of the Trust were approved for listing and began trading on NYSE Arca, Inc. on December 9, 2025, under the ticker symbol BITW, after being withdrawn from OTCQX. The Trust redeemed 2,810,000 shares in the fourth quarter of 2025 at an average price of $60.97 per share. Bitcoin and Ethereum remain the primary holdings, representing 75.11% and 15.41% of total Portfolio Crypto Assets, respectively, as of December 31, 2025. Bitcoin's average price in 2025 was $101,625.05, reaching an all-time high of $125,492.00 on October 6, 2025, but subsequently falling 47.74% to $65,586.99 by February 27, 2026. The Trust's Principal Market NAV per share decreased to $59.01 at December 31, 2025, from $67.47 at December 31, 2024, reflecting a total return of -12.54% for 2025.