Net assets declined from $136.7 million at year-end 2025 to $64.2 million as of March 31, 2026. The Trust experienced a net decrease in net assets resulting from operations of $21.8 million for the quarter. Shares outstanding decreased from 4,860,535 to 2,940,535 due to the redemption of 1,920,000 shares. The Bitcoin price held by the Trust fell from $87,316 per unit at year-end 2025 to $67,832 per unit at the end of Q1 2026. Management fee expenses for the quarter totaled $108,491.