ARKB is a spot bitcoin exchange-traded fund that trades on Cboe BZX Exchange, offering retail and institutional investors fractional ownership in bitcoin held in cold storage by multiple regulated custodians. The Trust is passively managed, continuously issuing and redeeming shares through authorized broker-dealers while holding bitcoin as its primary asset and tracking the CME CF Bitcoin Reference Rate. The Trust generates revenue through a unitary sponsor fee of 0.21% per annum of assets under management, paid in bitcoin weekly, which covers substantially all operating expenses including custody, administration, transfer agent, trustee, and regulatory compliance costs, while extraordinary expenses such as litigation and taxes are paid separately.