0001213900-24-067165.txt : 20240809 0001213900-24-067165.hdr.sgml : 20240809 20240809163036 ACCESSION NUMBER: 0001213900-24-067165 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240809 DATE AS OF CHANGE: 20240809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ark 21Shares Bitcoin ETF CENTRAL INDEX KEY: 0001869699 STANDARD INDUSTRIAL CLASSIFICATION: [6221] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41910 FILM NUMBER: 241193268 BUSINESS ADDRESS: STREET 1: 477 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (646) 370-6016 MAIL ADDRESS: STREET 1: 477 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 ea0210313-10q_ark21.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from___________ to____________

Commission File Number 001-41910

ARK 21Shares Bitcoin ETF

(Exact Name of Registrant as Specified in Its Charter)

Delaware		87-6497023
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

21Shares US LLC

477 Madison Avenue, 6^th Floor

New York, New York 10022

(646) 370-6016

(Address, including zip code, and telephone number, including area code, of registrant’s primary executive offices)

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Shares of Beneficial Interest of ARK 21Shares Bitcoin ETF		ARKB		Cboe BZX Exchange, Inc.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☒
Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

The registrant had 48,705,000 outstanding shares as of August 2, 2024.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This interim report on Form 10-Q includes “forward-looking statements” that generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this report that address activities, events or developments that will or may occur in the future, including such matters as movements in the digital asset markets and indexes that track such movements, the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor and the Sub-Adviser have made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor and the Sub-Adviser’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Sponsor and the Sub-Adviser anticipate to occur will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of its Shares.

Should one or more of these risks discussed in “Risk Factors” or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are made based on the Sponsor’s and the Sub-Adviser’s beliefs, estimates and opinions on the date the statements are made, and neither the Trust, the Sponsor nor the Sub-Adviser is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Moreover, neither the Trust, the Sponsor, the Sub-Adviser, nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Investors are therefore cautioned against placing undue reliance on forward-looking statements.

Emerging Growth Company

The Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board (“PCAOB”) after April 5, 2012, unless the SEC determines otherwise.

The Trust will cease to be an “emerging growth company” upon the earliest of: (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Common Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended transition period.

ARK 21Shares Bitcoin ETF

Table of Contents

		Page
Part I. FINANCIAL INFORMATION		1

Item 1.	Financial Statements (Unaudited)	1
	Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023	1
	Schedule of Investment at June 30, 2024 (Unaudited)	2
	Statements of Operations for the three and six months ended June 30, 2024 (Unaudited)	3
	Statements of Changes in Net Assets for the three and six months ended June 30, 2024 (Unaudited)	4
	Notes to Unaudited Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15

Part II. OTHER INFORMATION		16

Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Mine Safety Disclosures	18
Item 5.	Other Information	18
Item 6.	Exhibits	19
Signatures		20

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

ARK 21SHARES BITCOIN ETF

STATEMENTS OF ASSETS AND LIABILITIES

(Amounts in thousands, except Share and per Share amounts)

	June 30, 2024		December 31, 2023
	(Unaudited)
Assets
Investment in bitcoin, at fair value (cost $ 2,548,333, and $ –, respectively)	$	2,850,345	$	–
Cash		–		–	¹
Bitcoin sold receivable		2,411		–
Capital shares receivable		45,211		–
Total assets		2,897,967		–	¹

Liabilities
Bitcoin purchased payable	$	45,211	$	–
Capital shares payable		2,411		–
Sponsor’s fee payable		770		–
Total liabilities		48,392		–
Net assets	$	2,849,575	$	–	¹

Net assets consist of
Paid-in-capital	$	2,414,179	$	–	¹
Accumulated earnings (loss)		435,396		–
	$	2,849,575	$	–	¹

Shares issued and outstanding, no par value, unlimited amount authorized		46,050,000		2
Net asset value per share	$	61.88	$	50.00

Amount rounds to less than $1,000. See Note 1 to the Unaudited Notes to Financial Statements.

The accompanying notes are an integral part of the Financial Statements.

ARK 21SHARES BITCOIN ETF

SCHEDULE OF INVESTMENT

(Amounts in thousands, except Quantity of bitcoin and percentages)

June 30, 2024* (Unaudited)

	Quantity of bitcoin		Cost		Fair Value			% of Net Assets
Investment in bitcoin		46,025.7971	$	2,548,333	$	2,850,345			100 .03	%
Total investments		46,025.7971	$	2,548,333	$	2,850,345			100 .03	%
Liabilities in excess of other assets						(770	)		(0 .03)	%
Net assets					$	2,849,575			100.00	%

No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

The accompanying notes are an integral part of the Financial Statements.

ARK 21SHARES BITCOIN ETF

STATEMENTS OF OPERATIONS

(Amounts in thousands)

	For the three months ended June 30, 2024*			For the six months ended June 30, 2024*
	(Unaudited)			(Unaudited)
Expenses
Sponsor’s fee	$	1,555		$	2,276
Total expenses		1,555			2,276
Less waiver and reimbursement		–			(93	)
Net expenses		1,555			2,183
Net investment loss		(1,555	)		(2,183	)

Realized and change in unrealized gain (loss)
Net realized gain on investment in bitcoin sold to pay Sponsor’s fee		327			327
Net realized gain on investment in bitcoin sold for redemptions		135,325			135,240
Net change in unrealized appreciation (depreciation) on investment in bitcoin		(543,311	)		302,012
Net realized and change in unrealized gain (loss)		(407,659	)		437,579
Net increase (decrease) in net assets resulting from operations	$	(409,214	)	$	435,396

No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

The accompanying notes are an integral part of the Financial Statements.

ARK 21SHARES BITCOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands, except change in Shares issued and redeemed)

	For the three months ended June 30, 2024*			For the six months ended June 30, 2024*
	(Unaudited)			(Unaudited)

Net assets, beginning of period	$	3,160,033		$	-	¹
Contributions for Shares issued		875,834			3,191,676
Distributions for Shares redeemed		(777,078	)		(777,497	)
Net investment loss		(1,555	)		(2,183	)
Net realized gain on investment in bitcoin sold to pay Sponsor’s fee		327			327
Net realized gain on investment in bitcoin sold for redemptions		135,325			135,240
Net change in unrealized appreciation (depreciation) on investment in bitcoin		(543,311	)		302,012
Net assets, end of period	$	2,849,575		$	2,849,575

Shares issued and redeemed
Shares issued		13,310,000			57,990,000
Shares redeemed		(11,930,000	)		(11,940,000	)
Net increase in Shares issued		1,380,000			46,050,000

*	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.
1	Amount rounds to less than $1,000. See Note 1 to the Unaudited Notes to Financial Statements.

The accompanying notes are an integral part of the Financial Statements.

ARK 21Shares Bitcoin ETF

Notes to Financial Statements (Unaudited)

Organization

The ARK 21Shares Bitcoin ETF (the “Trust”) is a Delaware statutory trust, formed on June 22, 2021, pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust operates pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”). Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). The Trust is managed and controlled by 21Shares US LLC (the “Sponsor”). The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of Jura Pentium Inc., whose ultimate parent company is 21co Holdings Limited (formerly known as Amun Holdings Limited). Coinbase Custody Trust Company, LLC (“Coinbase Custody”) (the “Custodian”) is the custodian for the Trust and will hold all of the Trust’s bitcoin on the Trust’s behalf. The transfer agent (the “Transfer Agent”) and the administrator for the Trust (the “Administrator”) is Bank of New York Mellon.

The Trust is an exchange-traded fund (“ETF”) that issues units of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Shares were listed for trading on the Exchange on January 11, 2024, under the ticker symbol “ARKB”.

The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate—New York Variant (the “Index”), adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the administrator for the Index (the “Index Provider”). The Index is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds bitcoin at its Custodian and values its Shares daily based on the Index.

ARK Investment Management LLC (the “Sub-Adviser”) is the sub-adviser of the Trust and provides assistance in the marketing of the Shares. The Trust’s Shares are neither interests in nor obligations of the Sponsor, the Sub-Adviser, or the Trustee.

The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

On December 12, 2023, the Sponsor, in its capacity as Seed Capital Investor, subject to conditions, purchased the initial Seed Creation Baskets comprising 2 Shares at a per-Share price of $50.00, as described in “Seed Capital Investor.” Total proceeds to the Trust from the sale of these Seed Creation Baskets were $100. Delivery of the Seed Creation Baskets was made on December 12, 2023. These Seed Creation Baskets were redeemed for cash on or about January 5, 2024.

On January 9, 2024 (the “Seed Capital Purchase Date”), the Seed Capital Investor purchased Seed Creation Baskets comprising 10,000 Shares (the “Initial Seed Creation Baskets”) at a per-share price of $46.88. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $468,806.44. On January 9, 2024, the Trust purchased 10 bitcoins with the proceeds of the Seed Creation Baskets by transacting with a Bitcoin Counterparty to acquire bitcoin on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital Investor. These Seed Creation Baskets were redeemed for cash on or about January 19, 2024.

The statements of assets and liabilities and schedule of investments on June 30, 2024, and the statements of operations and changes in net assets for the three and six months ended June 30, 2024, have been prepared on behalf of the Trust and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three and six months ended June 30, 2024, and for all interim periods presented have been made. In addition, interim period results are not necessarily indicative of results for a full-year period.

The fiscal year of the Trust is December 31st.

Significant Accounting Policies

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust uses fair value as its method of accounting for bitcoin in accordance with its classification as an investment company for accounting purposes.

The preparation of the financial statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable. Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected in the operating results of the Trust in the reporting period in which they become known.

Cash

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.

Investment Valuation

US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value.

The Trust identifies and determines the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820. A principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s principal market. The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of bitcoin based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

Amount at

Fair Value Measurement Using

(Amounts in thousands)

Fair Value

Level 1

Level 2

Level 3

June 30, 2024

Assets

Investment in bitcoin

2,850,345

–

No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

The cost basis of the investment in bitcoin recorded by the Trust for financial reporting purposes is the fair value of bitcoin at the time of transfer. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Investment Transactions

The Trust considers investment transactions to be the receipt of bitcoin for Share creations and the delivery of bitcoin for Share redemptions or for payment of expenses in bitcoin. The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in bitcoin.

Calculation of Net Asset Value (NAV) and NAV per Share

On each day other than a Saturday or Sunday, or a day on which Cboe BZX Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. (Eastern Time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the bitcoin and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Federal Income Taxes

The Sponsor and the Trustee will treat the Trust as a “grantor trust” for U.S. federal income tax purposes. Although not free from doubt due to the lack of directly governing authority, if the Trust operates as expected, the Trust should be classified as a “grantor trust” for U.S. federal income tax purposes and the Trust itself should not be subject to U.S. federal income tax. Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust sells bitcoin (for example, to pay fees or expenses), such a sale is a taxable event to Shareholders. Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the bitcoin held in the Trust at the time of the sale and may recognize gain or loss on such sale. The Sponsor has reviewed the tax positions as of June 30, 2024, and has determined that no provision for income tax is required in the Trust’s financial statements.

Recently Issued Accounting Pronouncement

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. The Trust adopted this new guidance with no material impact on its financial statements and disclosures as the Trust uses fair value as its method of accounting for bitcoin in accordance with its classification as an investment company for accounting purposes.

Fair Value of Bitcoin

The following represents the changes in quantity of bitcoin and the respective fair value on June 30, 2024 *:

(Amounts in thousands, except Quantity of bitcoin)	Quantity of bitcoin			Fair Value
Beginning balance as of January 1, 2024		–		$	–
Bitcoin purchased		57,979.9144			3,191,635
Bitcoin sold		(11,933.3010	)		(778,869	)
Net realized gain on investment in bitcoin sold to pay Sponsor’s fee		(20.8163	)		327
Net realized gain on investment in bitcoin sold for redemptions		–			135,240
Change in unrealized appreciation on investment in bitcoin		–			302,012
Ending balance as of June 30, 2024*		46,025.7971		$	2,850,345

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

Expenses

The Trust pays the unitary Sponsor Fee of 0.21% of the Trust’s bitcoin holdings. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor agreed to waive the entire Sponsor Fee for (i) a six-month period which commenced on January 11, 2024 (the day the Trust's Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion prior to the end of the six month period, at which time the waiver period ended.

The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. Operating expenses assumed by the Sponsor include (i) fees to the Sub-Adviser; (ii) the Marketing Fee, (iii) fees to the administrator, if any, (iv) fees to the bitcoin Custodian, (v) fees to the Transfer Agent, (vi) fees to the Trustee, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the 1933 Act or Exchange Act, (xi) printing and mailing costs; (xii) costs of maintaining the Trust’s website and (xiii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense (as defined below) will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

The Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the bitcoin Custodian, Administrator or other agents, service providers or counter-parties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Trust Expenses”). Of the Sponsor-paid Expenses, ordinary course legal fees and expenses shall be subject to a cap of $100,000 per annum. In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense.

To the extent that the Sponsor does not voluntarily assume expenses, they will be the responsibility of the Trust. The Sponsor also pays the costs of the Trust’s organization and offering. The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor.

Creation and Redemption of Shares

The Trust creates and redeems Shares on a continuous basis but only in Creation Units consisting of 5,000 Shares or multiples thereof. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. The Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders). The Trust conducts its bitcoin purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, a “bitcoin Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such bitcoin Trading Counterparties and the Trust, or choosing to trade through the Prime Broker acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Broker Agreement. A bitcoin Trading Counterparty may be an affiliate of an Authorized Participant.

The Authorized Participants deliver only cash to create Shares and receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive bitcoin as part of the creation or redemption process or otherwise direct the Trust or a third-party with respect to purchasing, holding, delivering, or receiving bitcoin as part of the creation or redemption process.

The Trust creates Shares by receiving bitcoin from a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the third-party to deliver the bitcoin. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the bitcoin to the Trust. The Trust redeems Shares by delivering bitcoin to a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the third-party to receive the bitcoin. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the bitcoin from the Trust. The third-party is unaffiliated with the Trust and the Sponsor.

	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		13,310,000			57,990,000
Shares redeemed		(11,930,000	)		(11,940,000	)
Net Change in Capital Transactions Issued and Redeemed		1,380,000			46,050,000

(Amounts in thousands)	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		875,834			3,191,676
Shares redeemed		(777,078	)		(777,497	)
Net Change in Capital Transactions Issued and Redeemed		98,756			2,414,179

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Bitcoin purchased payable represents the quantity of bitcoin purchased for the creation of Shares where the bitcoin has not yet settled. Generally, bitcoin is transferred within two business days of the trade date.

	June 30,
(Amounts in thousands)	2024*
Bitcoin purchased payable	$	45,211

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Bitcoin sold receivable represents the quantity of bitcoin sold for the redemption of Shares where the bitcoin has not yet been settled. Generally, bitcoin is transferred within two business days of the trade date.

	June 30,
(Amounts in thousands)	2024*
Bitcoin sold receivable	$	2,411

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Related Parties

The Sponsor is a related party to the Trust. The Trust’s operations are supported by its Sponsor, who is in turn supported by its parent company and affiliated companies and external service providers.

As of June 30, 2024, the Sponsor owned zero Shares of the Trust.

The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.

Financial Highlights*

Per Share Performance (for a Share outstanding throughout the periods presented)

	For the three months ended June 30, 2024*			For the six months ended June 30, 2024*
	(Unaudited)			(Unaudited)

Net asset value per Share, beginning of period	$	70.74		$	50.00
Net investment loss on investment in bitcoin⁽¹⁾		(0.03	)		(0.06	)
Net realized and change in unrealized gain (loss) on investment in bitcoin		(8.83	)		11.94
Net change in net assets from operations		(8.86	)		11.88
Net asset value per Share, end of period	$	61.88		$	61.88

Total return, at net asset value⁽²⁾		(12.52	)%		23.76	%

Ratio to average net assets⁽³⁾
Net investment loss		(0.21	)%		(0.19	)%
Gross expenses		0.21	%		0.20	%
Net expenses		0.21	%		0.19	%

*	No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.
1	Calculated using average Shares outstanding.
2	Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.
3	Annualized.

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote.

Indemnification

The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets of the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.

The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates, and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.

The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

10.

Subsequent Events

The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure in the financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q. This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Trust performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’s estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

Organization and Trust Overview

The ARK 21Shares Bitcoin ETF (the “Trust”) is a Delaware statutory trust, formed on June 22, 2021, pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust operates pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”). The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). The Trust is managed and controlled by 21Shares US LLC (the “Sponsor”). The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of Jura Pentium Inc., whose ultimate parent company is 21co Holdings Limited (formerly known as Amun Holdings Limited). The Sponsor is not subject to regulation by the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Trust, or a commodity trading advisor with respect to the Trust. The Trust is an exchange-traded fund (“ETF”) that issues units of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Shares are listed for trading on the Exchange under a ticker symbol “ARKB”.

The Trust issues Shares only in Creation Units of 5,000 or multiples thereof. Creation Units are issued and redeemed in exchange for cash. Individual Shares will not be redeemed by the Trust but are listed and traded on the Exchange under the ticker symbol “ARKB.” The Trust issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date.

The NAV of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities based on the Index price. In determining the NAV of the Trust on any business day, the Administrator calculates the price of the bitcoin held by the Trust as of 4:00 p.m. ET on such day. The Administrator also calculates the “NAV per Share” of the Trust, which equals the NAV of the Trust divided by the number of outstanding Shares. For purposes of making these calculations, a business day means any day other than a day when the Exchange is closed for regular trading.

In addition to calculating NAV and NAV per Share, for purposes of the Trust’s financial statements, the Trust determines the Principal Market NAV and Principal Market NAV per Share on each valuation date for such financial statements. The determination of the Principal Market NAV and Principal Market NAV per Share is identical to the calculation of NAV and NAV per Share, respectively, except that the value of bitcoin is determined using the fair value of bitcoin based on the price in the bitcoin market that the Trust considers its “principal market” as of 4:00 p.m. ET on the valuation date, rather than using the Index.

NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as substitute for Principal Market and Principal Market NAV per Share, respectively.

Critical Accounting Estimates

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below is a summary of accounting policies on cash and investment valuation. There were no material estimates involving a significant level of estimation uncertainty that had or are reasonably likely to have had a material impact on the Trust’s financial condition used in the preparation of the financial statements. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.

Cash

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.

Investment Valuation

The Trust’s policy is to value investments held at fair value. The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 determines fair value to be the price that would be received for bitcoin in a current sale, which assumes an exit price resulting from an orderly transaction between market participants on the measurement date. ASC 820-10 requires the assumption that bitcoin is sold in its principal market to market participants (or in the absence of a principal market, the most advantageous market).

The Trust utilizes an exchange traded price from the Trust's principal market for bitcoin as of 4:00 p.m. ET on the Trust's financial statement measurement date.

Results of Operations

For the Three Months ending on June 30, 2024*

The Trust’s net asset value decreased from $3,160,033,182 on March 31, 2024 to $2,849,574,261 on June 30, 2024. The decrease in the Trust’s net asset value resulted primarily from a decrease in bitcoin price of 12.48% (from $70,761.62 per bitcoin as of March 31, 2024 to $61,929.29 per bitcoin as of June 30, 2024) and an increase of number of shares outstanding from 44,670,000 on March 31 2024 to 46,500,000 on June 30, 2024.

The Trust’s net decrease in net assets resulting from operations for the quarter ended June 30, 2024 was $(409,214,298). This number is largely the result of a change in unrealized depreciation on investment in bitcoin of $(543,310,275), which was partially offset by a realized gain of $327,388 on the sale of bitcoin for purposes of distributing to the Sponsor as the Sponsor’s fee and, net realized gain on investment in bitcoin sold for redemptions of $135,324,029. The Trust expenses for the quarter were $1,555,440, relating to the Sponsor's fees.

For the Six Months ending June 30, 2024*

The Trust’s net asset value increased from $100 on December 31, 2023 to $2,849,574,261 on June 30, 2024. The increase in the Trust’s net asset value resulted primarily from an increase in the price of bitcoin of 32.70% (from $46,666.89 per bitcoin on January 11, 2024 to $61,929.29 per bitcoin on June 30, 2024) and a net increase in the number of shares outstanding of 46,049,998 from December 31, 2023 to June 30, 2024.

The Trust’s net increase in net assets resulting from operations for the six months ended June 30, 2024 was $435,395,046. This was the result of a change in unrealized depreciation on investment in bitcoin of $302,012,012, a net realized gain of $327,388 on the sale of bitcoins for purposes of distributing to the Sponsor as the Sponsor’s fee, and net realized gain on investment in bitcoin sold for redemptions of $135,238,745. The Trust expenses for the six month period were $2,183,099, relating to the Sponsor’s fees.

*	No prior year comparative period has been provided as this is the first year of the Trust’s operations.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.21% of the daily net asset value of the Trust. The Sponsor agreed to waive the entire Sponsor Fee for (i) a six-month period which commenced on January 11, 2024 (the day the Trust's Shares were initially listed on the Exchange), or (ii) the first $1 billion of Trust assets, whichever came first. The Trust assets exceeded $1 billion prior to the end of the six month period, at which time the waiver period ended. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Trust, including but not limited to the following: fees charged by the Sub-Adviser, Administrator, the Custodians, Transfer Agent and the Trustee, the Marketing Fee, Cboe BZX Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, website fees, tax reporting fees, audit fees, license fees and expenses, up to $100,000 per annum in ordinary legal fees and expenses. The Sponsor bears expenses in connection with the Trust’s organization and initial offering costs.

The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Trust. The Trust will be responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. The Trust will sell bitcoin on an as-needed basis to pay the Sponsor’s fee.

Item 3. Quantitative and Qualitative Disclosures about Market Risks

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2024, there have been no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15(d)-15(f) promulgated under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION:

Item 1. Legal Proceedings

From time to time, the Trust may be a party to certain legal proceedings in the ordinary course of business. As of June 30, 2024, the Trust was not subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against the Trust.

Item 1A. Risk Factors

You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K filed on March 26, 2024, for the period ended December 31, 2023, which could materially affect our business, financial condition or future results. Other than as described herein, there have been no material changes in our risk factors from those disclosed in our 2023 Annual Report on Form 10-K.

The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust. You should also consider any risks and uncertainties described under the caption “Risk Factors” in any applicable prospectus, prospectus supplement, registration statement or other document that we file with the SEC before or after the date of this prospectus that is incorporated by reference herein. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Limits on bitcoin supply.

Under the source code that governs the Bitcoin network, the supply of new bitcoin is mathematically controlled so that the number of bitcoin grows at a limited rate pursuant to a pre-set schedule. The number of bitcoin awarded for solving a new block is automatically halved after every 210,000 blocks are added to the Bitcoin blockchain, approximately every 4 years. Currently, the fixed reward for solving a new block is 3.125 bitcoin per block. This deliberately controlled rate of bitcoin creation means that the number of bitcoin in existence will increase at a controlled rate until the number of bitcoin in existence reaches the pre-determined 21 million bitcoin. However, the 21 million supply cap could be changed in a hard fork. As of November 2023, approximately 19 million bitcoin were outstanding and the date when the 21 million Bitcoin limitation will be reached is estimated to be the year 2140.

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 Shares and the Shares could lose all or substantially all of their value.

The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including bitcoin, over the course of 2021, and multiple market observers asserted that digital assets were experiencing a “bubble.” These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin’s history, including in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022. Over the course of 2023-2024, bitcoin prices continued to exhibit extreme volatility.

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 Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”), one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company’s liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX’s CEO resigned, and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX’s and its affiliates’ senior executives, including its former CEO, who was found guilty of these criminal charges in November 2023. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC (“Genesis”). In response to these events (collectively, the “2022 Events”), the digital asset markets have experienced extreme price volatility and other entities in the digital asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets. These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events, digital asset prices, including bitcoin, may continue to experience significant volatility or price declines, and confidence in the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including from, among others, the U.S. Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and authorities. These 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.

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 Shares, and the Shares could lose all or substantially all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin.

The Bitcoin network faces scaling challenges and efforts to increase the volume of transactions may not be successful.

Many digital asset networks face significant scaling challenges due to the fact that public blockchains generally face a tradeoff between security and scalability.

As of July 2017, bitcoin could handle, on average, five to seven transactions per second. For several years, participants in the Bitcoin ecosystem debated potential approaches to increasing the average number of transactions per second that the Bitcoin network could handle. As of August 2017, the Bitcoin network was upgraded with a technical feature known as “segregated witness” that, among other things, could potentially approximately double the transactions per second that can be handled on-chain. More importantly, segregated witness also enables so-called second layer solutions, such as the Lightning Network or payment channels, which could potentially allow faster transaction settlement.

An increasing number of wallets and digital asset intermediaries, such as bitcoin spot markets, have begun supporting segregated witness and the Lightning Network, or similar technology. The Lightning Network is an open-source decentralized network that enables instant off-Bitcoin blockchain transfers of the ownership of bitcoin without the need of a trusted third party. The system utilizes bidirectional payment channels that consist of multi-signature addresses. One on-blockchain transaction is needed to open a channel and another on-blockchain transaction can close the channel. Once a channel is open, value can be transferred instantly between counterparties, who are engaging in real bitcoin transactions without broadcasting them to the Bitcoin network. New transactions will replace previous transactions and the counterparties will store everything locally as long as the channel stays open to increase transaction throughput and reduce computational burden on the Bitcoin network.

Liquidity risk

The ability of the Trust or a Bitcoin Counterparty to buy or sell bitcoin may be adversely affected by limited trading volume, lack of a market maker in the digital asset markets, or legal restrictions. It is also possible that a bitcoin spot market or governmental authority may suspend or restrict trading in bitcoin altogether. Therefore, it may not always be possible to execute a buy or sell order at the desired price or to liquidate an open position due to market conditions on spot markets, regulatory issues affecting bitcoin or other issues affecting counterparties. Bitcoin is a new asset with a very limited trading history. Therefore, the markets for bitcoin may be less liquid and more volatile than other markets for more established products.

Shares of the Trust are listed and traded on the Exchange. There is no certainty that there will be liquidity available on the Exchange or that the market price will be in line with the NAV or the Principal Market NAV at any given time. There is also no guarantee that the Shares of the Trust will remain listed or traded on the Exchange.

As the use of digital asset networks increases without a corresponding increase in transaction processing speed of the networks, average fees and settlement times can increase significantly. Bitcoin’s network has been, at times, at capacity, which has led to increased transaction fees. During the period from January 1, 2017, to January 31, 2021, average bitcoin transaction fees increased from $0.39 per transaction to $11.56 per transaction, with a high of $54.83 per transaction on December 12, 2017.

Increased fees and decreased settlement speeds could preclude certain use cases for bitcoin (e.g., micropayments), and can reduce demand for and the price of bitcoin, which could adversely impact the value of the Shares. There is no guarantee that any of the mechanisms in place or being explored for increasing the scale of settlement of transactions in bitcoin will be effective, or how long these mechanisms will take to become effective, which could adversely impact an investment in the Shares.

The lack of active trading markets for the Shares may result in losses on Shareholders’ investments at the time of disposition of Shares.

Although Shares of the Trust are publicly listed and traded on an exchange, there can be no guarantee that an active trading market for the Shares will be maintained. If Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their Shares, assuming that Shareholders are able to sell them, may be lower than the price that Shareholders would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

The development and commercialization of the Trust is subject to competitive pressures.

The Trust and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot bitcoin market or other digital assets. In January 2024, the SEC approved several exchange-traded bitcoin products, and many of such products, including the Trust, could fail to acquire substantial assets, or fail to retain acquired assets due to competition and/or market conditions.

The Sponsor’s competitors may have greater financial, technical and human resources than the Sponsor. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies. The Trust’s competitors may also charge a substantially lower fee than the Sponsor Fee in order to achieve initial market acceptance and scale. Accordingly, the Sponsor’s competitors may commercialize a competing product more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor’s competitive position and the likelihood that the Trust will achieve market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust and the Sponsor’s ability to generate meaningful revenues from the Trust.

If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Sponsor’s ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust’s failure to reflect the performance of the price of bitcoin.

There can be no assurance that the Trust will grow to or maintain an economically viable size. There is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Trust and the Sponsor are successful in achieving the intended scale for the Trust may be impacted by a range of factors, such as the Trust’s timing in entering the market and its fee structure relative to those of competitive products.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Not applicable.

The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Creation Units held by Authorized Participants, the Trust redeemed 2,386 Creation Units (comprising 11,930,000 Shares) during the quarter ended June 30, 2024. The following table summarizes the redemptions by Authorized Participants during the period:

Period	Total Shares Redeemed		Average Price Per Share		Maximum number of Shares that may yet be purchased
April 1, 2024 - April 30, 2024		3,435,000	$	64.13	N/A
May 1, 2024 - May 31, 2024		3,175,000	$	63.02	N/A
June 1, 2024 - June 30, 2024		5,320,000	$	67.05	N/A

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

No officers or directors of the Sponsor have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933) for the three-month period ended June 30, 2024.

Item 6. Exhibits.

Listed below are the exhibits, which are filed as part of this quarterly report on Form 10-Q (according to the number assigned to them in Item 601 of Regulation S-K):

Exhibit Number		Description of Document
31.1(1)		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2(1)		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1(1)		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ARK 21Shares Bitcoin ETF (Registrant)

By: 21Shares US LLC, its Sponsor

By:	/s/ Hany Rashwan
	Hany Rashwan
	Chief Executive Officer
	(Principal Executive Officer)

Date: August 9, 2024

By:	/s/ Ophelia Snyder
	Ophelia Snyder
	Principal Financial Officer and Principal Accounting Officer

Date: August 9, 2024

EX-31.1 2 ea021031301ex31-1_ark21.htm CERTIFICATION

Exhibit 31.1

Certification by Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Hany Rashwan, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of ARK 21Shares Bitcoin ETF;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the condensed financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2024	By	/s/ Hany Rashwan
	Name:	Hany Rashwan
	Title:	Chief Executive Officer (Principal Executive Officer)
		21Shares US LLC,
		Sponsor of ARK 21Shares Bitcoin ETF

EX-31.2 3 ea021031301ex31-2_ark21.htm CERTIFICATION

Exhibit 31.2

Certification by Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ophelia Snyder, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of ARK 21Shares Bitcoin ETF;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the condensed financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2024	By	/s/ Ophelia Snyder
	Name:	Ophelia Snyder
	Title:	Principal Financial Officer and Principal Accounting Officer
		21Shares US LLC,
		Sponsor of ARK 21Shares Bitcoin ETF

EX-32.1 4 ea021031301ex32-1_ark21.htm CERTIFICATION

Exhibit 32.1

Certification by Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) of ARK 21Shares Bitcoin ETF (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Hany Rashwan, the Chief Executive Officer of 21Shares US LLC, Sponsor of the Registrant, hereby certify, to the best of my knowledge, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 9, 2024	By	/s/ Hany Rashwan
	Name:	Hany Rashwan
	Title:	Chief Executive Officer (Principal Executive Officer)
		21Shares US LLC,
		Sponsor of ARK 21Shares Bitcoin ETF

EX-32.2 5 ea021031301ex32-2_ark21.htm CERTIFICATION

Exhibit 32.2

Certification by Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) of ARK 21Shares Bitcoin ETF (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Ophelia Snyder, the President of 21Shares US LLC, Sponsor of the Registrant, hereby certify, to the best of my knowledge, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 9, 2024	By	/s/ Ophelia Snyder
	Name:	Ophelia Snyder
	Title:	Principal Financial Officer and Principal Accounting Officer
		21Shares US LLC,
		Sponsor of ARK 21Shares Bitcoin ETF

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	ARK 21Shares Bitcoin ETF
Entity Central Index Key	0001869699
Entity File Number	001-41910
Entity Tax Identification Number	87-6497023
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	477 Madison Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Entity Phone Fax Numbers [Line Items]
City Area Code	(646)
Local Phone Number	370-6016
Entity Listings [Line Items]
Title of 12(b) Security	Shares of Beneficial Interest of ARK 21Shares Bitcoin ETF
Trading Symbol	ARKB
Security Exchange Name	CboeBZX
Entity Common Stock, Shares Outstanding		48,705,000

XML 13 R2.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Assets

Investment in bitcoin, at fair value (cost $ 2,548,333, and $ –, respectively)

$ 2,850,345

Cash

^[1]

Bitcoin sold receivable

2,411

^[2]

Capital shares receivable

45,211

Total assets

2,897,967

^[1]

Liabilities

Bitcoin purchased payable

45,211

^[3]

Capital shares payable

2,411

Sponsor’s fee payable

770

Total liabilities

48,392

Net assets

2,849,575

^[4]

^[1]

Net assets consist of

Net assets consist of Paid-in-capital

2,414,179

^[1]

Accumulated earnings (loss)

435,396

Net assets

^[5]

$ 2,849,575

^[1]

Shares issued and outstanding, no par value, unlimited amount authorized (in Shares)

46,050,000

Net asset value per share (in Dollars per share)

^[6]

$ 61.88

$ 50

[1]	Amount rounds to less than $1,000. See Note 1 to the Unaudited Notes to Financial Statements.
[2]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.
[3]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.
[4]	No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.
[5]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.
[6]	No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.

XML 14 R3.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Parentheticals) - USD ($) $ in Thousands		6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Statement of Financial Position [Abstract]
Investment in bitcoin, fair value cost		$ 2,548,333
Common stock par value
Common stock Shares authorized	Unlimited	Unlimited

XML 15 R4.htm IDEA: XBRL DOCUMENT

Schedule of Investment
$ in Thousands

6 Months Ended

Jun. 30, 2024

USD ($)

^[1]

% of Net Assets

100.00%

Fair Value

$ 2,849,575

Investment in bitcoin

$ 2,548,333

46,025.7971

100.03%

$ 2,850,345

$ 2,548,333

46,025.7971

100.03%

$ 2,850,345

Liabilities in excess of other assets

% of Net Assets

(0.03%)

Fair Value

$ (770)

[1]	No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

- Definition

Cost of the investment.

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- Definition

Percentage of investment owned to net assets.

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Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Expenses

Sponsor’s fee

^[1]

$ 1,555

$ 2,276

Total expenses

^[1]

1,555

2,276

Less waiver and reimbursement

^[1]

(93)

Net expenses

^[1]

1,555

2,183

Net investment loss

^[1]

(1,555)

(2,183)

Realized and change in unrealized gain (loss)

Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

^[1]

327

Net realized gain on investment in bitcoin sold for redemptions

^[1]

135,325

135,240

Net change in unrealized appreciation (depreciation) on investment in bitcoin

^[1]

(543,311)

302,012

Net realized and change in unrealized gain (loss)

^[1]

(407,659)

437,579

Net increase (decrease) in net assets resulting from operations

^[1]

$ (409,214)

$ 435,396

[1]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

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Statements of Changes in Net Assets - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Statement of Stockholders' Equity [Abstract]

Net assets, beginning of period

^[1]

$ 3,160,033

^[2]

Shares issued and redeemed

Shares issued (in Shares)

^[1],[3]

13,310,000

57,990,000

Shares redeemed (in Shares)

^[1],[3]

(11,930,000)

(11,940,000)

Net increase in Shares issued (in Shares)

^[1],[3]

1,380,000

46,050,000

Contributions for Shares issued

^[1],[3]

$ 875,834

$ 3,191,676

Distributions for Shares redeemed

^[1]

(777,078)

(777,497)

Net investment loss

^[4]

(1,555)

(2,183)

Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

^[1]

327

Net realized gain on investment in bitcoin sold for redemptions

^[4]

135,325

135,240

Net change in unrealized appreciation (depreciation) on investment in bitcoin

^[4]

(543,311)

302,012

Net assets, end of period

^[1]

$ 2,849,575

[1]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.
[2]	Amount rounds to less than $1,000. See Note 1 to the Unaudited Notes to Financial Statements.
[3]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.
[4]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization

6 Months Ended

Jun. 30, 2024

Organization [Abstract]

Organization

The fiscal year of the Trust is December 31st.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).

Cash

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.

Investment Valuation

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Amount at

Fair Value Measurement Using

(Amounts in thousands)

Fair Value

Level 1

Level 2

Level 3

June 30, 2024

Assets

Investment in bitcoin

2,850,345

–

No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

Investment Transactions

Calculation of Net Asset Value (NAV) and NAV per Share

Federal Income Taxes

Recently Issued Accounting Pronouncement

XML 20 R9.htm IDEA: XBRL DOCUMENT

Fair Value of Bitcoin

6 Months Ended

Jun. 30, 2024

Fair Value of Bitcoin [Abstract]

Fair Value of Bitcoin

The following represents the changes in quantity of bitcoin and the respective fair value on June 30, 2024 *:

(Amounts in thousands, except Quantity of bitcoin)	Quantity of bitcoin			Fair Value
Beginning balance as of January 1, 2024		–		$	–
Bitcoin purchased		57,979.9144			3,191,635
Bitcoin sold		(11,933.3010	)		(778,869	)
Net realized gain on investment in bitcoin sold to pay Sponsor’s fee		(20.8163	)		327
Net realized gain on investment in bitcoin sold for redemptions		–			135,240
Change in unrealized appreciation on investment in bitcoin		–			302,012
Ending balance as of June 30, 2024*		46,025.7971		$	2,850,345

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
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+ Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

Expenses

3 Months Ended

Mar. 31, 2024

Expenses [Abstract]

Expenses

XML 22 R11.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares

6 Months Ended

Jun. 30, 2024

Creation and Redemption of Shares [Abstract]

Creation and Redemption of Shares

	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		13,310,000			57,990,000
Shares redeemed		(11,930,000	)		(11,940,000	)
Net Change in Capital Transactions Issued and Redeemed		1,380,000			46,050,000

(Amounts in thousands)	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		875,834			3,191,676
Shares redeemed		(777,078	)		(777,497	)
Net Change in Capital Transactions Issued and Redeemed		98,756			2,414,179

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

	June 30,
(Amounts in thousands)	2024*
Bitcoin purchased payable	$	45,211

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

	June 30,
(Amounts in thousands)	2024*
Bitcoin sold receivable	$	2,411

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Related Parties

6 Months Ended

Jun. 30, 2024

Related Parties [Abstract]

Related Parties

As of June 30, 2024, the Sponsor owned zero Shares of the Trust.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Financial Highlights

6 Months Ended

Jun. 30, 2024

Financial Highlights [Abstract]

Financial Highlights

Financial Highlights*

Per Share Performance (for a Share outstanding throughout the periods presented)

	For the three months ended June 30, 2024*			For the six months ended June 30, 2024*
	(Unaudited)			(Unaudited)

Net asset value per Share, beginning of period	$	70.74		$	50.00
Net investment loss on investment in bitcoin⁽¹⁾		(0.03	)		(0.06	)
Net realized and change in unrealized gain (loss) on investment in bitcoin		(8.83	)		11.94
Net change in net assets from operations		(8.86	)		11.88
Net asset value per Share, end of period	$	61.88		$	61.88

Total return, at net asset value⁽²⁾		(12.52	)%		23.76	%

Ratio to average net assets⁽³⁾
Net investment loss		(0.21	)%		(0.19	)%
Gross expenses		0.21	%		0.20	%
Net expenses		0.21	%		0.19	%

*	No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.
1	Calculated using average Shares outstanding.
2	Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.
3	Annualized.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2024

Commitments and Contingent Liabilities [Abstract]

Commitments and Contingent Liabilities

XML 26 R15.htm IDEA: XBRL DOCUMENT

Indemnification

6 Months Ended

Jun. 30, 2024

Indemnification [Abstract]

Indemnification

XML 27 R16.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

10.

Subsequent Events

XML 28 R17.htm IDEA: XBRL DOCUMENT

Pay vs Performance Disclosure - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Pay vs Performance Disclosure

Net Income (Loss)

^[1]

$ (409,214)

$ 435,396

[1]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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+ Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

XML 30 R19.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).

Cash

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.

Investment Valuation

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Amount at

Fair Value Measurement Using

(Amounts in thousands)

Fair Value

Level 1

Level 2

Level 3

June 30, 2024

Assets

Investment in bitcoin

2,850,345

–

No comparative schedule has been provided as the Trust did not hold any bitcoin as of December 31, 2023.

Investment Transactions

Calculation of Net Asset Value (NAV) and NAV per Share

Federal Income Taxes

Recently Issued Accounting Pronouncement

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

XML 31 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

Schedule of Unobservable Inputs Trust’s Assumptions Fair Value of Investments

Amount at

Fair Value Measurement Using

(Amounts in thousands)

Fair Value

Level 1

Level 2

Level 3

June 30, 2024

Assets

Investment in bitcoin

2,850,345

–

XML 32 R21.htm IDEA: XBRL DOCUMENT

Fair Value of Bitcoin (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value of Bitcoin [Abstract]

Schedule of Changes in Quantity of Bitcoin

The following represents the changes in quantity of bitcoin and the respective fair value on June 30, 2024 *:

(Amounts in thousands, except Quantity of bitcoin)	Quantity of bitcoin			Fair Value
Beginning balance as of January 1, 2024		–		$	–
Bitcoin purchased		57,979.9144			3,191,635
Bitcoin sold		(11,933.3010	)		(778,869	)
Net realized gain on investment in bitcoin sold to pay Sponsor’s fee		(20.8163	)		327
Net realized gain on investment in bitcoin sold for redemptions		–			135,240
Change in unrealized appreciation on investment in bitcoin		–			302,012
Ending balance as of June 30, 2024*		46,025.7971		$	2,850,345

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

XML 33 R22.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares (Tables)

6 Months Ended

Jun. 30, 2024

Creation and Redemption of Shares [Abstract]

Schedule of Activity in Number of Shares Issued and Redeemed

The third-party is unaffiliated with the Trust and the Sponsor.

	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		13,310,000			57,990,000
Shares redeemed		(11,930,000	)		(11,940,000	)
Net Change in Capital Transactions Issued and Redeemed		1,380,000			46,050,000

(Amounts in thousands)	Three Months Ended June 30, 2024*			Six Months Ended June 30, 2024*
Activity in Capital Transactions Issued and Redeemed:
Shares issued		875,834			3,191,676
Shares redeemed		(777,078	)		(777,497	)
Net Change in Capital Transactions Issued and Redeemed		98,756			2,414,179

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Schedule of Bitcoin Purchased Payable

	June 30,
(Amounts in thousands)	2024*
Bitcoin purchased payable	$	45,211

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

Schedule of Bitcoin Sold Receivable

	June 30,
(Amounts in thousands)	2024*
Bitcoin sold receivable	$	2,411

No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

XML 34 R23.htm IDEA: XBRL DOCUMENT

Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2024

Financial Highlights [Abstract]

Schedule of Financial Highlights Per Share Performance

Per Share Performance (for a Share outstanding throughout the periods presented)

	For the three months ended June 30, 2024*			For the six months ended June 30, 2024*
	(Unaudited)			(Unaudited)

Net asset value per Share, beginning of period	$	70.74		$	50.00
Net investment loss on investment in bitcoin⁽¹⁾		(0.03	)		(0.06	)
Net realized and change in unrealized gain (loss) on investment in bitcoin		(8.83	)		11.94
Net change in net assets from operations		(8.86	)		11.88
Net asset value per Share, end of period	$	61.88		$	61.88

Total return, at net asset value⁽²⁾		(12.52	)%		23.76	%

Ratio to average net assets⁽³⁾
Net investment loss		(0.21	)%		(0.19	)%
Gross expenses		0.21	%		0.20	%
Net expenses		0.21	%		0.19	%

*	No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.
1	Calculated using average Shares outstanding.
2	Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.
3	Annualized.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Organization (Details) - USD ($)	Jan. 09, 2024	Dec. 12, 2023
Organization [Abstract]
Purchased shares	10,000	2
Per share price	$ 46.88	$ 50
Total proceeds	$ 468,806,440	$ 100,000

XML 36 R25.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details) - Schedule of Unobservable Inputs Trust’s Assumptions Fair Value of Investments - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investment in bitcoin	$ 2,850,345
Level 1 [Member]
Assets
Investment in bitcoin	2,850,345
Level 2 [Member]
Assets
Investment in bitcoin
Level 3 [Member]
Assets
Investment in bitcoin

XML 37 R26.htm IDEA: XBRL DOCUMENT

Fair Value of Bitcoin (Details) - Schedule of Changes in Quantity of Bitcoin0
$ in Thousands

6 Months Ended

Jun. 30, 2024

USD ($)

Schedule of Changes in Quantity of Bitcoin [Abstract]

Quantity of bitcoin, Beginning balance

Fair Value, Beginning balance

Quantity of bitcoin, Bitcoin purchased

57,979.9144

Fair Value, Bitcoin purchased

$ 3,191,635

Quantity of bitcoin, Bitcoin sold

(11,933.301)

Fair Value, Bitcoin sold

$ (778,869)

Quantity of bitcoin, Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

(20.8163)

Fair Value, Net realized gain on investment in bitcoin sold to pay Sponsor’s fee

$ 327

Quantity of bitcoin, Net realized gain on investment in bitcoin sold for redemptions

Fair Value, Net realized gain on investment in bitcoin sold for redemptions

$ 135,240

Quantity of bitcoin, Change in unrealized appreciation on investment in bitcoin

Fair Value, Change in unrealized appreciation on investment in bitcoin

$ 302,012

Quantity of bitcoin, Ending balance

46,025.7971

^[1]

Fair Value, Ending balance

$ 2,850,345

^[1]

[1]	No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

XML 38 R27.htm IDEA: XBRL DOCUMENT

Expenses (Details)	6 Months Ended
Expenses (Details)	Jun. 30, 2024 USD ($)
Expenses [Line Items]
Percentage of sponsor fee	0.21%
Trust assets	$ 1,000,000,000
Legal fees and expenses	100,000
Sponsor [Member]
Expenses [Line Items]
Trust assets	$ 1,000,000,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares (Details)	Jun. 30, 2024 shares
Creation and Redemption of Shares [Abstract]
Creation units	5,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares (Details) - Schedule of Activity in Number of Shares Issued and Redeemed - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Activity in Capital Transactions Issued and Redeemed:

Shares issued

^[1],[2]

13,310,000

57,990,000

Shares redeemed

^[1],[2]

(11,930,000)

(11,940,000)

Net Change in Capital Transactions Issued and Redeemed

^[1],[2]

1,380,000

46,050,000

Activity in Capital Transactions Issued and Redeemed:

Shares issued

^[1],[2]

$ 875,834

$ 3,191,676

Shares redeemed

^[1]

(777,078)

(777,497)

Net Change in Capital Transactions Issued and Redeemed

^[1]

$ 98,756

$ 2,414,179

[1]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.
[2]	No prior year comparative statement has been provided as this is the first fiscal year of the Trust’s operations.

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

XML 41 R30.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares (Details) - Schedule of Bitcoin Purchased Payable - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Schedule of Bitcoin Purchased Payable [Abstract]

Bitcoin purchased payable

$ 45,211

^[1]

[1]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

XML 42 R31.htm IDEA: XBRL DOCUMENT

Creation and Redemption of Shares (Details) - Schedule of Bitcoin Sold Receivable - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Schedule of Bitcoin Sold Receivable [Abstract]

Bitcoin sold receivable

$ 2,411

^[1]

[1]	No prior year comparative table has been provided as this is the first fiscal year of the Trust’s operations.

XML 43 R32.htm IDEA: XBRL DOCUMENT

Related Parties (Details)	Jun. 30, 2024 shares
Sponsor [Member]
Related Parties [Line Items]
Shares of the Trust, held by related parties	0

XML 44 R33.htm IDEA: XBRL DOCUMENT

Financial Highlights (Details) - Schedule of Financial Highlights Per Share Performance - $ / shares

3 Months Ended

6 Months Ended

Jun. 30, 2024

Financial Highlights [Abstract]

Net asset value per Share, beginning of period

^[1]

$ 70.74

$ 50

Total return, at net asset value

^[1],[2]

(12.52%)

23.76%

Ratio to average net assets(3)

Net investment loss

^[1],[3]

(0.21%)

(0.19%)

Gross expenses

^[1],[3]

0.21%

0.20%

Net expenses

^[1],[3]

0.21%

0.19%

Net investment loss on investment in bitcoin

^[1],[4]

$ (0.03)

$ (0.06)

Net realized and unrealized gain (loss) on investment in bitcoin

^[1]

(8.83)

11.94

Net change in net assets from operations

^[1]

(8.86)

11.88

Net asset value per Share, end of period

^[1]

$ 61.88

[1]	No prior year comparative financial statements have been provided as this is the first fiscal year of the Trust’s operations.
[2]	Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.
[3]	Annualized.
[4]	Calculated using average Shares outstanding.

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