CoinShares Bitcoin ETF has reported significant financial changes in its latest 10-Q filing for the period ending June 30, 2026. The Trust's total assets decreased to $342.4 million from $505.5 million at the end of 2025, primarily due to a decline in the fair value of its bitcoin investments, which fell from $505.5 million to $342.4 million. The net asset value (NAV) per share also saw a substantial drop, decreasing from $24.74 to $16.46, reflecting a 33.5% decline over the six-month period. The Trust's net income for the six months ended June 30, 2026, was a loss of $175.4 million, compared to a gain of $64.5 million in the same period of the previous year.
The filing indicates a notable shift in the Trust's operations, with the number of shares outstanding increasing from 20,425,000 to 20,795,000. This increase was driven by the creation of 2.9 million shares, although this was offset by redemptions totaling 2.5 million shares. The Trust's bitcoin holdings also increased slightly, from 5,767 to 5,864 bitcoins, while the average price of bitcoin decreased significantly, impacting the overall valuation of the Trust's assets.
Operationally, the Trust reported a decrease in sponsor fees, which fell from $824,349 in the first half of 2025 to $563,328 in the same period of 2026. This reduction in fees is attributed to the lower asset base resulting from the decline in bitcoin prices. The Trust's expenses for the second quarter of 2026 were $274,347, down from $363,796 in the same quarter of 2025. The Trust's engagement metrics reflected a challenging market environment, with a total return at NAV of -33.47% for the six months ended June 30, 2026, compared to a positive return of 14.34% in the prior year.
Looking ahead, CoinShares Bitcoin ETF's management has acknowledged the volatility in the bitcoin market and its potential impact on future performance. The Trust's investment strategy remains focused on reflecting the performance of bitcoin as represented by the CME CF Bitcoin Reference Rate. The management has indicated that they will continue to monitor market conditions closely and adjust their strategies as necessary to navigate the evolving landscape. The Trust's ability to maintain its operational efficiency and manage expenses will be critical as it seeks to recover from the recent downturn in asset values.
About CoinShares Bitcoin ETF
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