CoinShares Valkyrie Bitcoin Fund, which commenced operations on January 11, 2024, reported significant financial growth in its first full year of operations, ending December 31, 2024. The Trust's net asset value (NAV) surged to $826.1 million, a substantial increase from $0 at the end of the previous fiscal year. This growth was driven by the creation of 36,635,000 shares, resulting in a total of 31,260,000 shares outstanding by year-end. The NAV per share rose to $26.43, reflecting a 103.3% increase from the initial share price of $13.00.
The Trust's financial performance was bolstered by a 103.7% appreciation in the value of bitcoin, which rose from $45,853 on January 10, 2024, to $93,381 by December 31, 2024. The increase in net assets from operations amounted to $306.96 million, primarily due to an unrealized gain of $262.85 million on bitcoin investments and realized gains of $45.22 million from bitcoin sales. The Trust incurred total expenses of $1.11 million, including a Sponsor Fee of $1.26 million, of which $150,399 was waived by the Initial Sponsor.
In terms of operational developments, the Trust underwent a significant change in sponsorship. CoinShares Co. became the sole sponsor on June 14, 2024, succeeding Valkyrie Digital Assets LLC. This transition was part of a strategic move to enhance the Trust's management and operational capabilities. The Trust's shares are traded on the Nasdaq under the ticker symbol "BRRR," and as of February 28, 2025, there were approximately 67 DTC participating shareholders of record.
The Trust's investment strategy focuses on holding bitcoin and valuing its shares based on the CME CF Bitcoin Reference Rate – New York Variant. This approach aims to provide investors with a cost-effective and convenient way to gain exposure to bitcoin. The Trust's operational metrics indicate a strong market presence, with significant trading activity and engagement from authorized participants, who are the only entities allowed to create and redeem shares in baskets of 5,000 shares.
Looking ahead, the Trust's management remains optimistic about the future, citing the potential for continued growth in bitcoin's value and increased adoption of digital assets. However, the Trust acknowledges the inherent risks associated with the volatile nature of the cryptocurrency market and ongoing regulatory scrutiny. The management's forward-looking statements emphasize a commitment to maintaining robust operational practices and adapting to market conditions to enhance shareholder value.
About CoinShares Valkyrie Bitcoin Fund
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