{
  "schema_version": "1.0",
  "title": "Selected U.S. spot bitcoin ETP year-end holdings",
  "description": "A same-date comparison transcribed from issuer annual filings. Bitcoin held is separated from fair value and net assets so researchers can distinguish trust flows from asset-price changes.",
  "type": "table",
  "columns": [
    "Product",
    "Ticker",
    "BTC at 2024-12-31",
    "BTC at 2025-12-31",
    "Snapshot change",
    "2025 net assets",
    "Source"
  ],
  "rows": [
    [
      "iShares Bitcoin Trust ETF",
      "IBIT",
      "551,918",
      "770,792",
      "+218,874",
      "$67.401155244bn",
      "etp-ibit-2025"
    ],
    [
      "Fidelity Wise Origin Bitcoin Fund",
      "FBTC",
      "201,556",
      "201,684",
      "+128",
      "$17.636254bn",
      "etp-fbtc-2025"
    ],
    [
      "Grayscale Bitcoin Trust ETF",
      "GBTC",
      "205,398.85921873",
      "165,591.49612215",
      "−39,807.36309658",
      "$14.497437bn",
      "etp-gbtc-2025"
    ],
    [
      "ARK 21Shares Bitcoin ETF",
      "ARKB",
      "46,607.1028",
      "37,769.3458",
      "−8,837.7570",
      "≈$3.305323bn",
      "etp-arkb-2025"
    ],
    [
      "Bitwise Bitcoin ETF",
      "BITB",
      "40,289.1335",
      "38,468.0468",
      "−1,821.0867",
      "$3.367050bn",
      "etp-bitb-2025"
    ]
  ],
  "source_ids": [
    "etp-ibit-2025",
    "etp-fbtc-2025",
    "etp-gbtc-2025",
    "etp-arkb-2025",
    "etp-bitb-2025"
  ],
  "sources": [
    {
      "id": "etp-ibit-2025",
      "title": "iShares Bitcoin Trust ETF 2025 Form 10-K",
      "publisher": "iShares Bitcoin Trust ETF / SEC EDGAR",
      "type": "issuer annual SEC filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231_10k.htm",
      "supports": "IBIT’s listing date, trust structure, 2024 and 2025 bitcoin quantities, cost, fair value, net assets, expenses and creation/redemption record."
    },
    {
      "id": "etp-fbtc-2025",
      "title": "Fidelity Wise Origin Bitcoin Fund 2025 Form 10-K",
      "publisher": "Fidelity Wise Origin Bitcoin Fund / SEC EDGAR",
      "type": "issuer annual SEC filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1852317/000119312526071484/ck0001852317-20251231.htm",
      "supports": "FBTC’s commencement date, ETP and trust structure, affiliated custody, 2024 and 2025 bitcoin quantities, fair value and net assets."
    },
    {
      "id": "etp-gbtc-2025",
      "title": "Grayscale Bitcoin Trust ETF 2025 Form 10-K",
      "publisher": "Grayscale Bitcoin Trust ETF / SEC EDGAR",
      "type": "issuer annual SEC filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1588489/000119312526071956/gbtc-20251231.htm",
      "supports": "GBTC’s trust structure and exact 2024 and 2025 bitcoin quantities, cost, fair value and net assets."
    },
    {
      "id": "etp-arkb-2025",
      "title": "ARK 21Shares Bitcoin ETF 2025 Form 10-K",
      "publisher": "ARK 21Shares Bitcoin ETF / SEC EDGAR",
      "type": "issuer annual SEC filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1869699/000121390026021831/ea0276464-10k_ark21share.htm",
      "supports": "ARKB’s trust structure, 2024 and 2025 bitcoin quantities, fair value, net assets, sponsor fee and creation/redemption activity."
    },
    {
      "id": "etp-bitb-2025",
      "title": "Bitwise Bitcoin ETF 2025 Form 10-K",
      "publisher": "Bitwise Bitcoin ETF / SEC EDGAR",
      "type": "issuer annual SEC filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1763415/000119312526085335/bitb-20251231.htm",
      "supports": "BITB’s ETP structure, 2024 and 2025 bitcoin quantities, fair value, net assets, fee mechanics and creation/redemption activity."
    }
  ]
}