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 · 2026-08-07 vs the prior 10-Q · 2026-05-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +10 | −5 | ~14 | 19 |
| 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 · 2026-08-07
By comparison, during the three months ended June 30, 2025, the Trust's net assets increased from $3,132,666 on March 31, 2025 to $4,257,654 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 5,882 bitcoin with a value of $576,064 in connectio…
During the six months ended June 30, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $2,125,612 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (40) bitcoin to pay the Sponsor Fee, and approximately (11,602…
Net realized and change in unrealized loss on investment in bitcoin for the six months ended June 30, 2026 was $(1,094,244), which included a realized gain of $1,455 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(35,191) on the sale of bitcoin to meet redemptions, a realized…
By comparison, during the six months ended June 30, 2025, the Trust's net assets increased from $3,762,039 on December 31, 2024 to $4,257,654 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 12,170 bitcoin with a value of $1,203,179 in conne…
During the six months ended June 30, 2025, net realized and change in unrealized gain on investment in bitcoin was $511,405, which included a realized gain of $2,183 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $45,121 on the sale of bitcoin to
Text removed vs the prior filing · source: 10-Q · 2026-05-06
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…
discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.
The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extr…
The Trust only receives bitcoin in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset
Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (“Trading Platform Markets”), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”).
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