CoinShares Bitcoin ETF, formerly known as CoinShares Valkyrie Bitcoin Fund, reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The Trust's net assets decreased to $625.8 million from $826.1 million at the end of the previous fiscal period, primarily due to a reduction in outstanding shares, which fell from 31.3 million to 20.7 million. The net asset value (NAV) per share, however, increased to $30.22, reflecting a 14.3% rise from $26.43 at the end of December 2024. This increase in NAV was attributed to a 14.5% appreciation in the value of Bitcoin, which rose from $93,381 to $106,930 during the same period.
In terms of operational performance, the Trust experienced a net income of $141.1 million for the three months ended June 30, 2025, compared to a net loss of $69.7 million in the same period of the previous year. This turnaround was driven by a substantial unrealized gain of $130.4 million on Bitcoin investments and realized gains of $11.1 million. Total expenses for the quarter were reported at $363,796, up from $290,481 a year earlier, primarily due to increased sponsor fees. The Trust's total expenses for the six months ending June 30, 2025, were $824,349, significantly higher than the $290,481 reported for the same period in 2024.
Strategically, CoinShares Bitcoin ETF underwent a rebranding, officially changing its name from CoinShares Valkyrie Bitcoin Fund on July 25, 2025. This change reflects a broader strategy to enhance its market presence and align with its investment objectives. The Trust continues to operate under the management of CoinShares Co., which took over as the sponsor in June 2024. The Trust's investment strategy remains focused on holding Bitcoin to reflect its performance as represented by the CME CF Bitcoin Reference Rate.
Operationally, the Trust saw a notable decrease in the number of shares created and redeemed. For the six months ended June 30, 2025, only 2.3 million shares were created compared to 32 million in the same period of 2024, while redemptions surged to 12.8 million shares. This shift indicates a changing market sentiment and investor behavior towards Bitcoin investments. The Trust's engagement metrics also reflect this trend, with a significant drop in the number of shares outstanding, which may impact liquidity and market share.
Looking ahead, the Trust's management remains cautiously optimistic about future performance, citing potential market volatility and regulatory changes as key factors that could influence operations. The Trust aims to maintain its focus on Bitcoin investments while navigating the evolving landscape of digital assets. The management's forward-looking statements emphasize the importance of adapting to market conditions and investor preferences, as they continue to assess opportunities for growth and expansion in the cryptocurrency sector.
About CoinShares Bitcoin ETF
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