BITB — what changed in the latest 10-Q
A section-by-section comparison of BITB'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 · 2026-05-06 vs the prior 10-Q · 2025-11-10
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +24 | −36 | ~2 | 12 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 4 |
| 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): 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 · 2026-05-06
For the three months ended March 31, 2026 Compared to the three months ended March 31, 2025^
1. Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for bitcoin that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
During the three months ended March 31, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $2,549,070 on March 31, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (20) bitcoin to pay the Sponsor Fee, and approximately (7,…
Net realized and change in unrealized loss on investment in bitcoin for the three months ended March 31, 2026 was $(767,190), which included a realized gain of $812 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(31,390) on the sale of bitcoin to meet redemptions, a realized …
By comparison, during the three months ended March 31, 2025, the Trust's net assets decreased from $3,762,039 on December 31, 2024 to $3,132,666 on March 31, 2025. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (21) bitcoin to pay the Sponsor Fee, and ap…
Text removed vs the prior filing · source: 10-Q · 2025-11-10
The following charts show the percentage of Premium/(Discount) of the Shares as quoted on the Exchange and the Trust’s NAV and a comparison of the NAV of the Trust vs the market price as quoted on the Exchange for the period from January 2024 to September 2025.
From January 11, 2024 to September 30, 2025, the Shares of the Trust traded at an average discount, based on closing prices at 4:00 p.m. ET, and an estimated, unaudited, NAV per-share of 0.02%. During that same period, the highest premium was 1.38% on December 24, 2024, and the lowest premium was 0.…
The following chart shows the price of bitcoin for the period December 31, 2022 through September 30, 2025, as quoted by the Benchmark Provider, using the BRRNY.
Financial Information for the Three Months and Nine Months ended September 30, 2025 and the Period from January 10, 2024 (Commencement of Operations) to September 30, 2024^
The following table sets forth statements of operations data for the three months and nine months ended September 30, 2025 and three months ended September 30, 2024 and the period from January 10, 2024 (commencement of operations) to September 30, 2024.
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