As of September 30, 2024, the CoinShares Valkyrie Bitcoin Fund reported total assets of $569.8 million, all attributed to its bitcoin investments, which were valued at the same amount. This marks a significant increase from December 31, 2023, when the fund had no reported assets. The cost basis for these bitcoin investments was $550.5 million, indicating a fair value appreciation.
The fund's net assets stood at $569.7 million, with a net asset value (NAV) per share of $17.96, up from $17.54 at the end of the previous quarter. The increase in NAV was driven by a net income of $12.6 million for the three months ended September 30, 2024, which included a net realized gain of $2.0 million and a net change in unrealized gain of $11.0 million. For the nine months ended September 30, 2024, the total net income reached $33.6 million.
The fund experienced substantial activity in share creation and redemption, with 34.8 million shares created valued at $590.6 million and 3.1 million shares redeemed valued at $54.5 million during the nine-month period. The net change in shares was 31.7 million, reflecting strong investor interest.
The value of bitcoin appreciated by 2.4% during the quarter, from $61,910 to $63,418. This contributed to the fund's overall performance, with a total return at NAV of 2.39% for the three months ended September 30, 2024, and a total return at market value of 5.83%.
The fund's sponsor, CoinShares Co., succeeded Valkyrie Digital Assets LLC on June 14, 2024. The Trust operates under FASB Accounting Standards Codification Topic 946 for investment companies and is not registered under the Investment Company Act of 1940. The Trust incurs a sponsor fee of 0.25% annually on its bitcoin holdings, which is payable in bitcoin at the sponsor's discretion.
As of September 30, 2024, the Trust had 32,075,000 shares outstanding, an increase from 29,545,000 shares at the end of the previous quarter. The Trust's financial statements utilize fair value accounting for bitcoin, with valuations based on observable market prices from reputable exchanges. The Trust maintains effective disclosure controls and procedures, ensuring compliance with SEC rules.
About Valkyrie Bitcoin Fund
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