CoinShares Bitcoin ETF, previously known as CoinShares Valkyrie Bitcoin Fund, reported a significant decline in its financial performance for the fiscal year ending December 31, 2025. The Trust's net asset value (NAV) decreased from $826.1 million at the end of 2024 to $505.4 million, reflecting a 38.8% drop. This decline was attributed to a reduction in outstanding shares, which fell from 31.3 million to 20.4 million, alongside a 6.14% depreciation in the value of bitcoin, which dropped from $93,381 to $87,650 during the same period. The NAV per share also decreased by 6.38%, from $26.43 to $24.74.
In comparison, the previous fiscal year saw a substantial increase in the Trust's NAV, which rose from zero to $826.1 million, driven by a 103.7% appreciation in bitcoin's value and the issuance of 36.6 million shares. The Trust's operations in 2024 resulted in a net income of $306.9 million, primarily due to unrealized gains on bitcoin investments. The stark contrast in performance between the two years highlights the volatility inherent in the cryptocurrency market.
Strategically, the Trust underwent a significant change in sponsorship, with CoinShares Co. taking over as the co-sponsor on March 15, 2024, and subsequently becoming the sole sponsor on June 14, 2024. This transition was part of a broader effort to enhance the Trust's operational framework and market presence. The Trust's investment strategy remains focused on holding bitcoin and reflecting its performance through the CME CF Bitcoin Reference Rate – New York Variant.
Operationally, the Trust reported a total of 64 direct participants holding shares on behalf of their customers as of January 31, 2026. During the last quarter of 2025, the Trust redeemed 1,135,000 shares, with an average redemption price of $30.32. The Trust's cash resources are primarily derived from the sale of bitcoin, as it does not maintain a significant cash balance outside of these transactions. The Sponsor has agreed to cover most operational expenses, with the Sponsor fee set at 0.25% of the Trust's bitcoin holdings.
Looking ahead, the Trust's management remains cautious about the regulatory landscape and market conditions affecting bitcoin. The filing indicates that ongoing regulatory scrutiny and potential changes in legislation could impact the Trust's operations and the value of its shares. The Trust's ability to adapt to these changes will be crucial for its future performance and the interests of its shareholders.
About CoinShares Bitcoin ETF
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