iShares Bitcoin Trust

iShares Bitcoin Trust is an exchange-traded fund that seeks to reflect the performance of the price of bitcoin, before payment of the Trust's expenses and liabilities. Structured as a Delaware statutory trust, its assets consist primarily of bitcoin held by custodians such as Coinbase Custody and potentially Anchorage on behalf of the Trust. The Trust issues and redeems shares in baskets of 40,000 shares or multiples thereof, in exchange for bitcoin or cash, providing investors with a simple means to gain exposure to bitcoin without directly managing wallets, keys, or digital asset platforms. Shares represent fractional undivided beneficial interests in the Trust's net assets, backed by physical bitcoin, with the net asset value calculated based on bitcoin prices from constituent platforms including Bitstamp, Coinbase, itBit, Kraken, Gemini, LMAX Digital, Bullish, and Crypto.com. Sponsored by iShares Delaware Trust Sponsor LLC, iShares Bitcoin Trust simplifies the operational complexities of direct bitcoin investment, offering a regulated vehicle for exposure to this digital asset in traditional brokerage accounts.