FBTC — what changed in the latest 10-Q
A section-by-section comparison of FBTC'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 · 2026-08-06 vs the prior 10-Q · 2026-05-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +9 | −4 | ~11 | 19 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
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, Other information
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 · 2026-08-06
methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 188,144 as of March 31, 2026 to 174,383 on June 30, 2026. The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to …
The net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $1.6 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of $1.9 billion and a net realized loss of $0.1 billion from the sale of the investment in bi…
The Trust’s net assets increased from approximately $16.3 billion as of March 31, 2025 to $21.6 billion as of June 30, 2025. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 225,528,476 as of March 31, 2025 to 230,728,476 as of June 30, 2025. This…
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 196,933 as of March 31, 2025 to 201,347 on June 30, 2025. The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase bitcoin.
Text removed vs the prior filing · source: 10-Q · 2026-05-06
The Trust’s NAV per Share of $85.01 at January 14, 2026, was the highest during the three months ended March 31, 2026, compared with a low of $55.43 at February 5, 2026.
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,684 as of December 31, 2025 to 188,144 on March 31, 2026. The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of bitcoin.
The net decrease in net assets resulting from operations for the three months ended March 31, 2026, was $3.7 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of $3.8 billion and a net realized loss of $0.1 billion from the sale of the investment in b…
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,556 as of December 31, 2024 to 196,933 on March 31, 2025. The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of bitcoin.
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