The Trust is an exchange-traded fund (ETF) listed on Cboe BZX Exchange, Inc. under the ticker symbol BTCW, which commenced trading on January 11, 2024. Its investment objective is to gain exposure to the price of bitcoin, less expenses and liabilities of the Trust's operations, by holding bitcoin and valuing shares daily based on the CME CF Bitcoin Reference Rate New York Variant. Net assets decreased significantly from $360,517,232 at December 31, 2024, to $139,686,992 at December 31, 2025. The Trust reported a net investment loss of $(515,401) for the fiscal year ended December 31, 2025, compared to $(290,625) for the fiscal year ended December 31, 2024. A net realized and unrealized loss on investment in bitcoin of $(36,154,047) was recorded for FY2025, primarily due to a net decrease in unrealized appreciation of $(94,408,359). This loss was driven by bitcoin price depreciation from $93,358.58 per bitcoin as of December 31, 2024, to $87,418.55 per bitcoin as of December 31, 2025. The total return (based on NAV per Share) for FY2025 was (6.59)%. In contrast, for FY2024, net assets increased to $360,517,232, with a total return of 98.08%, driven by bitcoin price appreciation from $46,411.68 (January 10, 2024) to $93,358.58 (December 31, 2024). The Sponsor Fee is 0.25% per annum of the Trust's average daily net assets; a waiver on the first $1 billion of assets expired on July 11, 2024. The Trust sells bitcoin to cover the Sponsor Fee and any non-assumed expenses, leading to a decrease in the amount of bitcoin represented by each Share over time. As of February 28, 2026, the Trust had 1,825,000 shares outstanding.