HODL — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• only ordinary expense of the Trust during the period covered by this Report was the Sponsor’s Fee. The Trust’s only source of liquidity is its sales of bitcoin.

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• The 43.28% increase in the NAV per Share from $12.50 at December 31, 2023 to $17.91 at September 30, 2024 is directly related to the 43.33% increase in the price of bitcoin during this period.

• The NAV per Share of $20.68 on March 13, 2024, was the highest during the period, compared with a low during the period of $11.10 on January 23, 2024.

• Net increase in net assets resulting from operations for the nine-month period ended September 30, 2024, was $38,425,905, resulting from a net change in unrealized appreciation on investment in bitcoin of $24,957,145, a net realized gain of $13,521,354 on bitcoin sold for the redemption of Shares, a…

• The 6.53% increase in the NAV per Share from $30.33 at June 30, 2025 to $32.31 at September 30, 2025 is primarily related to the 6.53% increase in the price of bitcoin during this period.

• The NAV per Share of $34.59 on August 13, 2025, was the highest during the quarter, compared with a low during the quarter of $29.87 on July 1, 2025.

Text added vs the prior filing · source: 10-Q · 2026-05-14

• Digital Asset Markets In The United States Exist In A State Of Regulatory Uncertainty, And Adverse Legislative Or Regulatory Developments Could Significantly Harm The Value Of Bitcoin Or The Shares, Such As By Banning, Restricting Or Imposing Onerous Conditions Or Prohibitions On The Use Of Bitcoins…

• There remains substantial uncertainty regarding the regulation of digital assets, including bitcoin, and their markets, notwithstanding certain recent federal interpretive actions intended to provide additional clarity. On March 17, 2026, the SEC issued an interpretive release (the “Interpretive Rel…

• additional authorities might be, how additional legislation and/or regulatory oversight might impact the ability of digital asset markets to function or how any new regulations or changes to existing regulations might impact the value of digital assets generally and bitcoin held by the Trust specifi…

• FinCEN requires any administrator or exchanger of convertible virtual currency (“CVC”) to register with FinCEN as a money transmitter and comply with the anti- money laundering regulations applicable to money transmitters. Entities which fail to comply with such regulations are subject to fines, may…

• Law enforcement agencies have often relied on the transparency of blockchains to facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced to a number of digital asset networks. If the Bitcoin network were to adopt any of these privacy-enhanc…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Except as set forth below, there have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended December 31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.

• The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Share…

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

• 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 …

• The prices of some digital assets, including bitcoin, have fluctuated significantly following the election of Donald Trump as president of the United States. Many expect this new administration to facilitate a supportive regulatory approach toward the digital asset industry. Through his executive or…