HODL — what changed in the latest 10-Q
A section-by-section comparison of HODL'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 · 2026-08-13 vs the prior 10-Q · 2026-05-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +5 | −3 | 0 | 9 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Risk factors | Text added/removed | +24 | −1 | ~6 | 11 |
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 · 2026-08-13
The NAV per Share of $23.17 on May 11, 2026, was the highest during the three months, compared with a low during the three months of $16.70 on June 30, 2026.
Net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $(148,158,446) resulting from the net change in unrealized appreciation (depreciation) from investment in bitcoin of $(131,568,140), and a net realized loss of $(16,590,306) on bitcoin sold for the red…
The 32.47% decrease in the NAV per Share from $24.73 at December 31, 2025 to $16.70 at June 30, 2026 is primarily related to the 32.48% decrease in the price of bitcoin during these six months ended June 30, 2026.
The NAV per Share of $27.59 on January 14, 2026, was the highest during the six months, compared with a low during the six months of $16.70 on June 30, 2026.
Net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $(458,070,903) resulting from a net unrealized appreciation (depreciation) on investment in bitcoin of $(438,684,196), and a net realized loss of $(19,386,707) on bitcoin sold for the redemption of Share…
Text removed vs the prior filing · source: 10-Q · 2026-05-14
The 22.12 % decrease in the NAV per Share from $24.73 at December 31, 2025 to $19.26 at March 31, 2026 is primarily related to the 22.10% decrease in the price of bitcoin during this period.
The NAV per Share of $27.59 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $18.08 on February 5, 2026.
Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $309,912,457 resulting from a net unrealized depreciation on investment in bitcoin of $307,116,056, and a net realized loss of $2,796,401 on bitcoin sold for the redemption of Shares. The Trust had no expe…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-13
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 …
events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.
The prices of some digital assets, including bitcoin, have fluctuated significantly following the 2024 election of Donald Trump as president of the United States. Industry participants generally expect the administration to continue to take a constructive approach toward the digital asset industry. …
Text removed vs the prior filing · source: 10-Q · 2026-05-14
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…
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