EZBC — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-06-29

• The Fund issues Shares on a continuous basis. A block of 50,000 Shares is called a “Creation Unit.” The Fund issues and redeems Shares only in blocks of 50,000 or multiples thereof based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid remuneration due to the Sponsor …

• The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of bitcoin and/or cash as determined by the Administrator on each day that Cboe BZX Exchange is open for regular trading. For creation transactions conducted in cash, the…

• The Fund creates and redeems Shares on a continuous basis but only in Creation Units consisting of 50,000 Shares or multiples thereof. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. …

• The Fund issues Shares only in Creation Units of 50,000 or multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s Fee and any accrued but unpaid expenses or liabilities), which may be in exchange for cash. On any Business Day, an Authorize…

• A creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. The Authorized Participant shall pay to the Administrator (1) a transaction fee on each purchase order and (2) the transfer, processing and other transaction costs…

Text removed vs the prior filing · source: 10-K · 2025-06-30

• The Fund creates and redeems Shares on a continuous basis but only in Creation Units consisting of 50,000 Shares or multiples thereof. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. …

• The Fund creates and redeems Shares on a continuous basis but only in Creation Units consisting of 50,000 Shares or multiples thereof. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. …

• The Authorized Participants deliver only cash to create Shares and receive only cash when redeeming Shares. Further, Authorized Participants do not directly or indirectly purchase, hold, deliver, or receive bitcoin as part of the creation or redemption process or otherwise direct the Fund or a third…

• The Fund creates Shares by receiving bitcoin from a third-party that is not the Authorized Participant and the Fund—not the Authorized Participant—is responsible for selecting the third-party to deliver the bitcoin. Further, the third-party does not act as an agent of the Authorized Participant with…

• The Fund issues Shares only in Creation Units of 50,000 or multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities), solely in exchange for cash. On any Business Day, an Authorized Part…

Text added vs the prior filing · source: 10-K · 2026-06-29

• Disruptions or other problems in the supply chain for bitcoin mining hardware and difficulties in obtaining new hardware could cause harm to the Bitcoin network.

• The Fund will rely on the information and technology systems of the Service Providers (as defined below), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse e…

• If regulators or public utilities take actions that restrict or otherwise impact mining activities, there may be a significant decline in such activities, which could adversely affect the Bitcoin network and the value of the Shares.

• If regulators subject Bitcoin Trading Counterparties, the Fund, or the Sponsor to regulation as a money services business (“MSB”) or money transmitter, this could result in extraordinary expenses to Bitcoin Trading Counterparties, the Fund, or the Sponsor and also result in decreased liquidity for t…

• The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, the average annualized one-year trailing volatility of bitcoin over the past ten years remains elevated at 65%. Over the course of 2021, there …

Text removed vs the prior filing · source: 10-K · 2025-06-30

• The Fund’s timing in reaching the market and fee structure relative to other competitor bitcoin products could have a detrimental effect on the scale and sustainability of the Fund.

• Security threats to the Fund’s account at the Bitcoin Custodian could disrupt or halt Fund operations and result in a loss of Fund assets or damage to the reputation of the Fund, each of which could result in a reduction in the value of the Shares.

• If regulators subject the Fund or the Sponsor to regulation as a money services business (“MSB”) or money transmitter, this could result in extraordinary expenses to the Fund or the Sponsor and also result in decreased liquidity for the Shares.

• The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, the average one-year trailing volatility of bitcoin over the past ten years to date remains elevated at 81%. There were steep increases in the …

• Extreme volatility may persist and the value of the Shares may significantly decline in the future without recovery. The digital asset markets may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager D…

Text added vs the prior filing · source: 10-K · 2026-06-29

• The Shares were first listed for trading and the Fund commenced operations on January 11, 2024.

• The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws.

• For the year ended March 31, 2026, 4,450,000 Shares were issued in exchange for 2,576.5193 bitcoin and 2,100,000 Shares were redeemed in exchange for 1,215.3949 bitcoin. The Fund’s NAV per Share began the year at $48.05 and ended the year at $39.39. The 18.02% decrease in the Fund’s NAV from $48.05 …

• Net realized and change in unrealized loss on investment in bitcoin for the year ended March 31, 2026, was approximately $117,499,884 which includes a realized gain of $311,028 on the sale of bitcoin to pay the Sponsor’s fee, net realized gain on investment in bitcoin sold for redemptions of $23,333…

• For the year ended March 31, 2025, 7,850,000 Shares were issued in exchange for 4,552.1726 bitcoin and 7,650,000 Shares were redeemed in exchange for 4,433.6498 bitcoin. The Fund’s NAV per Share began the year at $40.95 and ended the year at $48.05. The 17.34% increase in the Fund’s NAV from $40.95 …

Text removed vs the prior filing · source: 10-K · 2025-06-30

• On December 15, 2023, the Seed Capital Investor purchased 4,000 Shares at a per-Share price equal to $25.00 (the “Initial Seed Shares”). Delivery of the Initial Seed Shares was made on December 15, 2023. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On January 8,…

• The Fund is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Fund may elect to comply with certain reduced public company reporting requirements.

• The Sponsor identifies and determines the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin consistent with the application of fair value measurement framework in FASB ASC 820-10. The principal market is the market where the reporting entity …

• On December 15, 2023, the Seed Capital Investor purchased 4,000 Shares at a per-Share price equal to $25.00 (the “Initial Seed Shares”). Delivery of the Initial Seed Shares was made on December 15, 2023. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On January 8,…

• For the year ended March 31, 2025, 7,850,000 Shares were issued in exchange for 4,552.1726 of bitcoin and 7,650,000 Shares were redeemed in exchange for 4,433.6498 of bitcoin. The Fund’s NAV per Share began the year at $40.95 and ended the year at $48.05. The 17.34% increase in the Fund’s NAV from $…

Text added vs the prior filing · source: 10-K · 2026-06-29

• The Fund is a passive investment vehicle. The Sponsor does not actively manage the bitcoin held by the Fund. This means that the Sponsor does not sell bitcoin at times when its price is high or acquire bitcoin at low prices in the expectation of future price increases. The Fund will not utilize leve…

Text removed vs the prior filing · source: 10-K · 2025-06-30

• The Fund is a passive investment vehicle. It is not actively managed. The investment objective of the Fund is to seek to reflect generally the performance of the price of bitcoin before payment of the Fund’s expenses. Fluctuations in the price of bitcoin will affect the value of the Fund’s Shares.