BTCW — what changed in the latest 10-Q
A section-by-section comparison of BTCW'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 · 2026-08-12 vs the prior 10-Q · 2026-05-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +11 | −5 | ~13 | 14 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
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
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 · 2026-08-12
Bitcoin delivered negative performance during the second quarter of 2026 as a combination of exchange-traded fund outflows, a more hawkish U.S. interest rate outlook, and shifting investor preferences weighed on digital asset performance. After showing resilience earlier in the quarter, bitcoin came…
Net realized and unrealized gain on investment in bitcoin for the three months ended June 30, 2025 was $37,254,550 which includes a realized gain of $35,251 on the sale of bitcoin to pay the Sponsor Fee, a realized gain of $5,477,209 on the sale of bitcoin to meet redemptions and a net change in unr…
Bitcoin bounced back in the second quarter of 2025, rallying over 30%. The rebound was driven by strong investment demand with U.S. spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence. Regulatory progress also supported the rally, with the C…
For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Net realized and unrealized loss on investment in bitcoin for the six months ended June 30, 2026 was $(55,201,133) which includes a net realized gain of $14,858 on the sale of bitcoin to pay the Sponsor Fee and a net change in unrealized appreciation/depreciation on investment in bitcoin of $(55,215…
Text removed vs the prior filing · source: 10-Q · 2026-05-13
Bitcoin traded lower during the first quarter of 2026. Digital asset markets experienced elevated volatility amid a combination of shifting global risk sentiment, tighter financial conditions, and ongoing uncertainty surrounding macroeconomic policy and regulatory developments. Periods of risk avers…
Net realized and unrealized loss on investment in bitcoin for the three months ended March 31, 2025 was $(40,123,061) which includes a net change in unrealized appreciation/depreciation on investment in bitcoin of $(90,966,656). Net realized and unrealized loss on investment in bitcoin for the three…
Bitcoin performed negatively in the first quarter of 2025 leading to losses for the Trust. While prices initially continued their year-end 2024 rally driven by the excitement from President Trump’s election, mounting economic concerns took the center stage for the rest of the quarter. Another headwi…
† The date shown pertains to the Principal Market Price low. The date pertaining to the Reference Rate Price low was 2/5/26.
‡ The Reference Rate Price shown is as of the last business day during the period.
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