CoinShares Valkyrie Bitcoin Fund (BRRR) is a digital asset investment trust that holds bitcoin as its sole asset. The Trust generates revenue for its Sponsor through a unified annual fee of 0.25% of the Trust's bitcoin holdings, paid in bitcoin. The Trust has no employees or directors and is managed by CoinShares Co. as Sponsor, with Jean-Marie Mognetti serving as Principal Executive Officer as of the 10-K filing dated March 10, 2026. The Sponsor's Fee accrued during the fiscal year ended December 31, 2025, was $1,618,079, compared to $1,263,370 accrued during the fiscal year ended December 31, 2024, of which $150,399 was waived. The Sponsor irrevocably waived the fee from January 11, 2024, through April 10, 2024. The Trust holds investments in bitcoin at fair value, with assets confirmed by custodian correspondence as of December 31, 2025, and December 31, 2024. Shares are registered under Section 12(b) of the Securities Exchange Act.
A single-asset bitcoin exchange-traded trust. The Trust holds only bitcoin, providing investors with exposure to bitcoin's price without direct custody. No other products or services are offered by the Trust.
The Sponsor earns a unified annual fee equal to 0.25% of the Trust's bitcoin holdings, accrued daily and paid in bitcoin. The Trust itself does not generate operating revenue; investor returns derive from changes in bitcoin's market value.
Investors seeking regulated, exchange-traded exposure to bitcoin. The filing excerpts do not specify customer counts, institutional versus retail breakdown, or concentration data.
Registered in the United States and subject to SEC oversight. The filing references state-level digital asset regulations across New York, Washington, Georgia, Texas, Kansas, Illinois, North Carolina, and California, but does not specify geographic revenue breakdown.
Source: SEC 10-K, filed 2026-03-10
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