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BRRR on Nasdaq

CoinShares Bitcoin ETF

CoinShares Bitcoin ETF is an American commodity contracts brokers and dealers company.1 It is headquartered in New York, New York.1 Its shares trade on Nasdaq under the symbol BRRR.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBRRR on Nasdaq1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address437 Madison Avenue, 28Th Floor, New York, Ny 100222
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Valkyrie Digital Assets LLC, a Delaware limited liability company (the “Initial Sponsor”), as the sponsor of the Trust.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income4-$1.6M in 2025+45% since 2024
-$2.0M-$1.5M-$1.0M-$500.0K02024: -$1.1M-$1.1M20242025: -$1.6M-$1.6M2025+45%
Net income4-$49.7M in 2025
-$100.0M0$100.0M$200.0M$300.0M$400.0M2024: $307.0M$307.0M20242025: -$49.7M-$49.7M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Sponsor fee (Note 4)$1.6M$1.3M
Less: Sponsor fee waiver-$150.4K
Total expenses$1.6M$1.1M
Net investment income (loss)-$1.6M-$1.1M
Bitcoin transferred to pay Sponsor fee$578.7K$418.3K
Bitcoin sold for the redemption of Shares$136.2M$44.8M
Net realized gain (loss)$136.8M$45.2M
Net change in unrealized gain (loss) on investment-$184.9M$262.8M
Net realized and change in unrealized gain (loss) on investment-$48.1M$308.1M
Net income (loss)-$49.7M$307.0M
Net income (loss) per share-$2.20$11.59
Weighted average number of shares outstanding22.6M shares26.5M shares

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Former names

  • CoinShares Valkyrie Bitcoin FundJun 14, 2024 to Jul 25, 20252
  • Valkyrie Bitcoin FundJan 22, 2021 to May 14, 20242

Timeline

  1. Jul 25, 20258-K Bylaws or fiscal year changed9
  2. Oct 1, 20248-K Entered a material agreement10
  3. Aug 28, 20248-K Executive or director change11
  4. Aug 23, 20248-K Executive or director change12
  5. Jun 14, 20248-K Executive or director change; Bylaws or fiscal year changed; Other events13
  6. Apr 15, 20248-K Other events14
  7. Mar 15, 20248-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed15
  8. Feb 1, 20248-K Entered a material agreement16

Filings

66 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 8 major events, 47 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. May 12, 202610-Q QUARTERLY REPORT EDGAR
  3. Mar 25, 2026424I PROSPECTUS EDGAR
  4. Mar 10, 202610-K ANNUAL REPORT EDGAR
  5. Nov 13, 202510-Q QUARTERLY REPORT EDGAR
  6. Aug 13, 202510-Q QUARTERLY REPORT EDGAR
  7. Jul 25, 2025424B3 PROSPECTUS EDGAR
  8. Jul 25, 20258-K CURRENT REPORT EDGAR
  9. Jul 25, 20258-A12B/A AMENDMENT TO FORM 8-A12B EDGAR
  10. May 15, 202510-Q QUARTERLY REPORT EDGAR
  11. Mar 28, 202510-K ANNUAL REPORT EDGAR
  12. Mar 21, 2025424I EDGAR
  13. Dec 6, 2024424B3 SUPPLEMENT DATED DECEMBER 6, 2024 EDGAR
  14. Nov 19, 2024EFFECT EDGAR
  15. Nov 19, 2024424B3 PROSPECTUS EDGAR
  16. Nov 14, 2024POS AM POST-EFFECTIVE AMENDMENT NO.4 TO FORM S-1 EDGAR
  17. Nov 14, 2024CORRESP EDGAR
  18. Nov 12, 202410-Q QUARTERLY REPORT EDGAR
  19. Nov 5, 2024UPLOAD EDGAR
  20. Oct 29, 2024POS AM POST-EFFECTIVE AMENDMENT NO.4 TO FORM S-1 EDGAR

The 66 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Marex Group Ltd18,140,000$300.2M2.2%+1,200,000
Jane Street Group, LLC535,235$8.9M0.0%+379,606
Susquehanna International Group, Llp241,111$4.0M0.0%−1,611,588
Meitav Investment House Ltd221,127$3.7M0.0%+54,015
CPR Investments Inc.159,280$2.6M2.0%+13,854
Farringdon Capital, Ltd.72,519$1.2M0.6%+9,651
Quadrature Capital Ltd61,952$1.0M0.0%New
Migdal Insurance & Financial Holdings Ltd.38,281$732.3K0.0%No change
Discovery Capital Management, LLC / Ct13,700$226.7K0.0%−34,600
Elequin Capital, LP9,026$149.4K0.0%−32,142
Ameritas Advisory Services, LLC325$5.4K0.0%New
CoreCap Advisors, LLC229$3.8K0.0%No change
Cambridge Investment Research Advisors, Inc.44,646$7380.0%+30,274
Sankala Group LLC18$3280.0%−2
Harel Insurance Investments & Financial Services Ltd.19,521$3230.0%−135
Wells Fargo & Company/mn1$240.0%+1
Royal Bank Of Canada15$00.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How CoinShares Bitcoin ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCoinShares Bitcoin ETF1
  • CIK0001841175
  • Employer ID (EIN)86-64308373
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address437 Madison Avenue, 28Th Floor, New York, NY 100221
  • Phone800-617-00041
  • Shares outstanding20,895,000 as of Jul 30, 20266
  • Public float$77.5M as of Jun 30, 20253
  • AuditorCOHEN & COMPANY, LTD., Milwaukee, Wisconsin PCAOB ID 925; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJan 22, 20211
  • Filings68 in all: 424B3 (11), CORRESP (9), 10-Q (8), 8-K (8), S-1/A (8), UPLOAD (7), 10-K (3), POS AM (3)1
    All 15 form types

    POS EX (3), 424I (2), EFFECT (2), 8-A12B (1), 8-A12B/A (1), CERT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Mar 10, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Latest 8-K (8-K) Jul 25, 2025

Securities registered for trading

ClassSymbolExchange
Common Shares of Beneficial InterestBRRRThe Nasdaq Stock Market, LLC

From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks CoinShares Bitcoin ETF names in Item 1A of its 10-K filed Mar 10, 2026: 79 risks under these headings, as written.3

  • Digital assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium- to long-term value of the Shares is subject to a number of factors relating to the capabilities and development of Blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • The further development and acceptance of the Bitcoin Network and other digital asset systems, which represent a new and rapidly changing industry, are subject to a variety of factors that are difficult to evaluate. The slowing or stopping of the development or acceptance of the Bitcoin Network may adversely affect an investment in the Shares.
  • The open-source and decentralized nature of Bitcoin Network development reduces certainty in the development of Bitcoin Network protocols and software. In addition, the lack of direct compensation for core developers and general difficulty of achieving decentralized consensus around protocol upgrades may hinder the development of beneficial upgrades to the Bitcoin Network. Development uncertainty and inflexibility in respect of improving or proposing fixes to the Bitcoin Network could negatively impact the performance of the Trust.
  • The scheduled creation of newly mined bitcoin and its subsequent sale may cause the price of bitcoin to decline, which could negatively affect an investment in the Trust.
  • The prevailing level of transaction fees may adversely affect the usage of the Bitcoin Network.
  • The loss or destruction of a private key required to access bitcoin may be irreversible. A Custodian’s loss of access to a private key associated with the Trust’s bitcoin could adversely affect an investment in the Shares.
  • Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of the Shares.
  • A temporary or permanent “fork” of the Blockchain could adversely affect an investment in the Trust.
  • A fork may also occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users run. Such a fork could lead to users and miners abandoning the digital asset with the flawed software. It is possible, however, that a substantial number of users and miners could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This could result in a permanent fork, as in the case of Ether and Ether Classic.
  • A fork of any kind could adversely affect an investment in the Trust or the ability of the Trust to operate and the Trust’s procedures may be inadequate to address the effects of a fork.
The other 67 risks
  • In the event of a hard fork of the Bitcoin Network, a Custodian’s operations may be interrupted or subject to additional security risks that could disrupt the Trust’s ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust’s Bitcoin Holdings.
  • Coinbase serves as the Custodian and Broker for several competing exchange-traded bitcoin products, which could adversely affect the Trust’s operations and ultimately the value of the Shares.
  • Shareholders may not receive the benefits of any forks or “airdrops.”
  • If a malicious actor or botnet obtains control of more than 50% of the processing power on the Bitcoin Network, or otherwise obtains control over the Bitcoin Network through its influence over core developers or otherwise, such actor or botnet could manipulate how data is recorded on the Blockchain to adversely affect the value of the Shares or the ability of the Trust to operate.
  • Adoption of new laws and regulations, or changes to existing laws and regulations, applicable to bitcoin could negatively affect the value of bitcoin.
  • Bitcoin mining activities are energy-intensive, which may restrict the geographic locations of miners, have a negative environmental impact and consequently affect the price of bitcoin.
  • If bitcoin mining operators divert capital, power, facilities, or personnel away from bitcoin mining to support artificial intelligence and other high-performance computing workloads, the Bitcoin Network’s processing power could decline, at least for a period of time, which may negatively affect network security, transaction processing, and market confidence, and thereby adversely affect the value of the Trust.
  • As technology advances, miners may be unable to acquire the digital asset mining hardware necessary to develop and launch their operations. A decline in the bitcoin mining population could adversely affect the Bitcoin Network.
  • Anonymity and illicit financing risk.
  • Future and current regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.
  • Future regulations may require the Trust or the Sponsor to become registered, which may cause the Trust to liquidate.
  • Bitcoin may also be subject to regulation in foreign jurisdictions, the effect of any such regulation which is unknown.
  • Risks Associated with Bitcoin Trading Markets
  • The Trust is subject to risks due to its concentration in a single asset: bitcoin. Any losses suffered as a result of a decrease in the value of bitcoin or disruption of the bitcoin trading markets, generally, can be expected to reduce the value of the Shares and will not be offset by other gains if the Trust were to invest in other assets.
  • The value of the Shares relates directly to the value of the bitcoin held by the Trust and fluctuations in the price of bitcoin could materially and adversely affect an investment in the Shares.
  • The platforms on which users trade bitcoin are relatively new and, in some cases, largely unregulated, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
  • The value of bitcoin may be subject to momentum pricing whereby the current bitcoin price may account for speculation regarding future appreciation in value. Momentum pricing may result in greater volatility and adversely affect an investment in the Shares.
  • The value of the Shares relates directly to the value of the bitcoins held by the Trust and fluctuations in the price of bitcoins could materially and adversely affect an investment in the Shares.
  • Due to the unregulated nature and lack of transparency surrounding the operations of Bitcoin Exchanges, the marketplace may lose confidence in Bitcoin Exchanges, upon which the Trust is dependent.
  • Since there is no limit on the number of bitcoins that the Trust may acquire, the Trust itself, as it grows, may have an impact on the supply and demand of bitcoins that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for bitcoins.
  • The Shares may trade at a discount or premium in the trading price relative to the Trust’s Bitcoin Holdings per Share as a result of non-concurrent trading hours between Nasdaq and the Bitcoin Exchange Market.
  • If bitcoin prices on the Bitcoin Exchange Market move negatively during hours when Nasdaq is closed, trading prices on Nasdaq may “gap” down at market open.
  • Bitcoin Exchanges are subject to the risk of fraud and manipulation.
  • Bitcoin Exchanges may be exposed to front-running.
  • Bitcoin Exchanges may be exposed to wash trading.
  • A possible “short squeeze” due to a sudden increase in demand for the Shares that largely exceeds supply may lead to price volatility in the Shares.
  • Purchasing activity in the Bitcoin Exchange Market associated with Basket creations or redemptions may affect the Bitcoin Index Price and Share trading prices, adversely affecting an investment in the Shares.
  • The Bitcoin Index Price may be affected by the sale of other digital currency financial vehicles that invest in and track the price of bitcoins.
  • The impact of geopolitical or economic events on the supply and demand for bitcoins is uncertain but could motivate large-scale sales of bitcoins, which could result in a reduction in the Bitcoin Index Price and adversely affect an investment in the Shares.
  • Demand for bitcoin is driven, in part, by its status as the most prominent and secure digital asset. It is possible that a digital asset other than bitcoin could have features that make it more desirable to a material portion of the digital asset user base, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and adversely affect an investment in the Shares.
  • As the Sponsor and its management have no meaningful history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • The value of the Shares could decrease if unanticipated operational or trading problems arise.
  • The Shares may trade at a price that is at, above or below the Trust’s Bitcoin Holdings per Share and any discount or premium in the trading price relative to the Trust’s Bitcoin Holdings per Share may widen as a result of non-concurrent trading hours.
  • The Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price of bitcoin.
  • If Authorized Participants are able to purchase or sell large aggregations of bitcoins in the open market at prices that are different than the Bitcoin Index Price, the arbitrage mechanism intended to keep the price of the Shares closely linked to the Bitcoin Index Price may not function properly and the Shares may trade at a discount or premium to the Bitcoin Holdings per Share.
  • Arbitrage transactions intended to keep the price of Shares closely linked to the price of bitcoin may be problematic if the process for the purchase and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.
  • The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • The inability of Authorized Participants and market makers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
  • The Authorized Participants serve in such capacity for several competing exchange-traded bitcoin products, which could adversely affect the market for the Shares.
  • The postponement, suspension or rejection of creation or redemption orders may adversely affect an investment in the Shares.
  • The Trust could experience unforeseen difficulties in operating and maintaining key elements of its technical infrastructure.
  • The Trust’s and the Custodians’ ability to adopt technology in response to changing security needs or trends poses a challenge to the safekeeping of the Trust’s bitcoins.
  • Security threats to the Bitcoin Account could result in the halting of Trust operations, the suspension of redemptions, and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
  • A loss of confidence or breach in the Trust’s security and technology policies may adversely affect the Trust and the value of an investment in the Shares.
  • Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Shares.
  • The Trust’s bitcoins may be subject to loss, damage, theft or restriction on access.
  • Shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Transfer Agent, Cash Custodian, Prime Broker and Custodians and the Trust’s lack of direct insurance protection expose the Trust and its Shareholders to the risk of loss of the Trust’s bitcoin for which no person is liable.
  • If the Trade Credits are not available or become exhausted, the Trust may face delays in buying or selling bitcoin that may adversely impact Shareholders; if the Trust does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender and its affiliates.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Prime Broker could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.
  • Bitcoins held by the Trust are not subject to FDIC or SIPC protections.
  • The Custodians’ limited liability under the Custody Agreements may impair the ability of the Trust to recover losses relating to its bitcoins and any recovery may be limited, even in the event of fraud, to the market value of the bitcoins at the time the fraud is discovered.
  • The Trust may not have adequate sources of recovery if its bitcoins are lost, stolen or destroyed.
  • If a Custody Agreement is terminated or a Custodian fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian, which could pose a challenge to the safekeeping of the Trust’s bitcoins, and the Trust’s ability to continue to operate may be adversely affected.
  • The Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust’s bitcoin.
  • The Custodians and Cash Custodian could become insolvent.
  • The liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Authorized Participant Agreements.
  • There is no guarantee that an active trading market for the Shares will continue to develop.
  • The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.
  • The Trust Agreement includes a provision that restricts the right of a beneficial owner of a statutory trust from bringing a derivative action.
  • The Administrator is solely responsible for determining the value of the bitcoins, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.
  • The Trust’s delivery or sale of bitcoins to pay expenses or other operations of the Trust could result in Shareholders incurring tax liability without an associated distribution from the Trust.
  • If the Trust incurs extraordinary expenses in U.S. dollars, the Trust will sell bitcoins to pay these expenses. The sale of the Trust’s bitcoins to pay expenses at a time of low bitcoin prices could adversely affect the value of the Shares.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent, the Administrator or the Custodians under the Trust Documents.
  • Intellectual property rights claims may adversely affect the Trust and an investment in the Shares.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • Regulatory changes or actions may alter the nature of an investment in the Shares or restrict the use of bitcoins or the operation of the Bitcoin Network or the Bitcoin Exchange Market in a manner that adversely affects an investment in the Shares.
  • Banks may not provide banking services, or may cut off banking services, to businesses that provide bitcoin-related services or that accept bitcoin as payment, which could damage the public perception of bitcoin and the utility of bitcoin as a payment system and could decrease the price of bitcoins and adversely affect an investment in the Shares.

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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