ADDED
As of January 31, 2026, the Registrant had 21,405,000 shares outstanding.
Summary CoinShares Bitcoin ETF (the Trust ), formerly CoinShares Valkyrie Bitcoin Fund, was organized as a Delaware statutory trust on January 20, 2021.
On March 15, 2024, CoinShares Co., a Delaware corporation, was appointed as the co-sponsor of the Trust.
(the Sponsor ) succeeded Valkyrie Digital Assets LLC, a Delaware limited liability company (the Initial Sponsor ), as the sponsor of the Trust.
The Trust is an exchange-traded fund that sells or redeems common shares of beneficial interest ( Shares ) in blocks of 5,000 Shares (a Basket ) based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities).
The offering of the Trust s Shares is registered with the Securities and Exchange Commission (the SEC ) in accordance with the 1933 Act.
Information About Bitcoin, Bitcoin Markets and Regulation of Bitcoin The following provides a more detailed description of bitcoin and various elements of the bitcoin ecosystem.
Each Bitcoin Network wallet address is associated with a unique public key and private key pair, both of which are lengthy alphanumeric codes, derived together and possessing a unique relationship.
The public key is visible to the public and analogous to the Bitcoin Network wallet.
As of January 31, 2026, approximately 19.96 million bitcoin have been mined.
REMOVED
Summary CoinShares Valkyrie Bitcoin Fund (the Trust ) was organized as a Delaware statutory trust on January 20, 2021.
CoinShares Co., a Delaware corporation, is the sponsor of the Trust (the Sponsor ), CSC Delaware Trust Company f/k/a Delaware Trust Company is the trustee of the Trust (the Trustee ), U.S.
The Trust sells or redeems its Shares in blocks of 5,000 Shares (a Basket ) based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities).
served in an advisory capacity to the Trust and Valkyrie Digital Assets, LLC, a Delaware limited liability company (the Initial Sponsor ).
1 Information About Bitcoin, Bitcoin Markets and Regulation of Bitcoin This section of the Annual Report provides a more detailed description of bitcoin, including information about the historical development of bitcoin, how a person holds bitcoin, how to use bitcoin in transactions, how to trade bitcoin, the exchange market where bitcoin can be bought, held and sold, the bitcoin OTC market and bitcoin mining.
Each Bitcoin Network address, or wallet, is associated with a unique public key and private key pair, both of which are lengthy alphanumeric codes, derived together and possessing a unique relationship.
The public key is visible to the public and analogous to the Bitcoin Network address.
As of February 28, 2024, approximately 19.8 million bitcoin have been mined.
Custody of the Trust s Assets The Custodians custody all of the Trust s bitcoin, other than that which may be maintained in a trading account (the Trading Account ) with the Prime Broker in accounts that are required to be segregated from the assets held by the Custodians as principal and the assets of its other customers (the Vault Accounts ).
A portion of the Trust s bitcoin holdings and cash holdings from time to time may be held with the Prime Broker in the Trading Account in connection with creations and redemptions of Baskets utilizing the Prime Broker as Bitcoin Trading Counterparty and any sales of bitcoin to pay the Sponsor s Fee and Trust expenses not assumed by the Sponsor.