The Trust's net assets decreased to approximately $3.367 billion as of December 31, 2025, from $3.762 billion at December 31, 2024. The Principal Market NAV per Share decreased by 6.45% for the year ended December 31, 2025, closing at $47.57, compared to $50.85 at December 31, 2024. The bitcoin BRRNY price depreciated from $93,730.35 per bitcoin on December 31, 2024, to $87,315.53 per bitcoin on December 31, 2025. Net investment loss for 2025 was $8.132 million, up from $3.671 million in 2024, primarily due to the expiration of the Sponsor Fee waiver on July 10, 2024. The Trust experienced a net change in unrealized depreciation on investment in bitcoin of $299.207 million in 2025, contrasting with a net change in unrealized appreciation of $1.639 billion in 2024. Total Shares outstanding decreased from 73,980,000 at December 31, 2024, to 70,780,000 at December 31, 2025. The Trust's investment objective is to provide shareholders with exposure to the value of bitcoin held by the Trust, less operational expenses and liabilities, using the CME CF Bitcoin Reference Rate New York Variant (BRRNY) for NAV calculation. The Trust operates under a passive management strategy, meaning the Sponsor does not actively manage bitcoin holdings or employ hedging techniques.