The CoinShares Bitcoin ETF (ticker: BRRR) is an exchange-traded fund that gives investors direct exposure to bitcoin without requiring them to hold, custody, or manage bitcoin themselves. The Trust holds actual bitcoin, and its shares are designed to track the bitcoin price as measured by the CME CF Bitcoin Reference Rate – New York Variant, a daily benchmark calculated at 4:00 p.m. ET based on aggregated spot trading across major bitcoin exchanges. Shares trade on Nasdaq like any stock or ETF. The Trust earns revenue through a Sponsor's Fee that accrues daily as a percentage of bitcoin holdings, effectively paid by gradually reducing the amount of bitcoin each share represents over time — meaning fee revenue grows as AUM grows, whether through new investor inflows or bitcoin price appreciation. Shares are created and redeemed in blocks of 5,000 shares through Authorized Participants on a cash basis, with a creation/redemption mechanism that keeps the share price closely aligned with underlying bitcoin value. The Trust holds bitcoin across segregated custody accounts at Coinbase Custody, BitGo Trust, and Komainu, and does not lend, lease, or rehypothecate its bitcoin holdings. CoinShares, as Sponsor, absorbs most operating expenses including custody, administration, and legal fees.