iShares Bitcoin Trust is an exchange-traded fund that enables investors to gain exposure to bitcoin through shares traded on public markets, eliminating the need to directly manage digital wallets or private keys. The Trust holds bitcoin in segregated custody accounts maintained by regulated custodians and provides a simple mechanism for retail and institutional investors to access bitcoin through traditional brokerage accounts. The Trust generates revenue through a sponsor fee accrued daily as a percentage of net assets, plus transaction fees charged to authorized broker-dealers who create and redeem share baskets, with daily valuations based on the CME CF Bitcoin Reference Rate.