CoinShares Bitcoin ETF

CoinShares Bitcoin ETF is a Delaware statutory trust that provides investors with cost-effective, passively managed exposure to bitcoin through tradable shares representing fractional beneficial interests in a direct bitcoin portfolio. The Trust tracks the price of bitcoin as measured by the CME CF Bitcoin Reference Rate, maintaining a direct bitcoin inventory that is valued daily and rebalanced through creation and redemption activity by authorized participants, while serving both retail and institutional investors seeking bitcoin exposure without direct asset custody. The Trust generates its only material revenue through a unified sponsor fee of 0.25% of bitcoin holdings, collected in bitcoin, which covers substantially all operational expenses including custody, administration, and regulatory compliance, aligning the Sponsor's interests with asset growth while offering shareholders a simple, transparent fee structure.