BRRRMEDIUM SIGNALMANAGEMENT10-K

BRRR underwent a name change from CoinShares Valkyrie Bitcoin Fund to CoinShares Bitcoin ETF with corresponding sponsor changes, while experiencing a substantial decline in assets under management.

The rebranding from Valkyrie to CoinShares Bitcoin ETF reflects a management transition that formalized CoinShares Co. as the primary sponsor after previously serving in a co-sponsor role. This represents a consolidation of control under CoinShares following their appointment as co-sponsor in March 2024, which could bring operational efficiencies and clearer governance structure.

Comparing 2026-03-10 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The Trust experienced a notable contraction with total assets declining from $826.3M to $505.5M, representing a 38.8% decrease that likely reflects both bitcoin price movements and potential fund outflows during the period. Operating losses widened meaningfully from $1.1M to $1.6M, though total liabilities decreased from $190K to $109K. The proportional decline in both assets and stockholders' equity suggests the asset reduction was driven primarily by valuation changes rather than structural balance sheet deterioration.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-45.4%
-$1.1M→-$1.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Liabilities
Balance Sheet
-42.7%
$190K→$109K

Liabilities reduced 42.7% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-38.8%
$826.3M→$505.5M

Total assets contracted 38.8% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-38.8%
$826.1M→$505.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-28
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).
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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.
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