BRRR — what changed in the latest 10-Q
A section-by-section comparison of BRRR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-12 vs the prior 10-Q · 2025-11-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +5 | −5 | ~8 | 16 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-12
CoinShares Bitcoin ETF (the “Trust”) was organized as a Delaware statutory trust on January 20, 2021. The fiscal year for the Trust is December 31st. The Trust issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of…
The Trust’s inception of operation was January 11, 2024. The Trust had no operations prior to January 11, 2024, other than matters relating to its organization and the registration of the Shares under the Securities Act of 1933, as amended (the “1933 Act”).
The offering of the Trust’s Shares is registered with the Securities and Exchange Commission (the “SEC”) in accordance with the 1933 Act.
The decrease in net assets from operations for the quarter ended March 31, 2026 was $120,689,754, resulting from a decrease in unrealized gain on the Trust’s bitcoin investment of $120,717,285, realized gains on the disposition of bitcoin of $316,512 and Sponsor Fees incurred of $288,981.
The net asset value per Share of $30.17 at January 21, 2025 was the highest during the quarter, compared with a low of $22.21 at March 10, 2025.
Text removed vs the prior filing · source: 10-Q · 2025-11-13
CoinShares Bitcoin ETF, formerly CoinShares Valkyrie Bitcoin Fund (the “Trust”), is a Delaware statutory trust formed on January 20, 2021. On July 25, 2025, the Trust filed a Certificate of Amendment to its Certificate of Trust to change its name from CoinShares Valkyrie Bitcoin Fund to CoinShares B…
The net asset value per Share of $19.22 at July 22, 2024 was the highest during the quarter, compared with a low of $15.05 at August 5, 2024.
The increase in net assets from operations for the quarter ended September 30, 2024 was $12,632,292, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $10,981,879, realized gains on the disposition of bitcoin of $1,994,668, and Sponsor Fees incurred of $344,255.
The Trust’s net asset value increased from $0 at December 31, 2023, to $569,655,239 at September 30, 2024. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which grew from 0 at December 31, 2023, to 31,720,000 at September 30, 2024, and an increase in the value o…
The increase in net assets from operations for the nine months ended September 30, 2024 was $33,564,168, resulting from an increase in unrealized gain on the Trust’s bitcoin investment of $19,227,215, realized gains on the disposition of bitcoin of $14,971,689, and net Sponsor Fees incurred of $634,…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice