Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 18, 2022 | Jun. 30, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | Osprey Bitcoin Trust | ||
Trading Symbol | N/A | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 8,340,536 | ||
Entity Public Float | $ 127,567,271 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001767057 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-56307 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 83-2424407 | ||
Entity Address, Address Line One | 520 White Plains Road | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Tarrytown | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10591 | ||
City Area Code | 914 | ||
Local Phone Number | 214-4697 | ||
Title of 12(b) Security | N/A | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | New York, New York |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Investment in Bitcoin, at fair value (cost $75,945,739 and $7,980,103, respectively) | $ 129,756,984 | $ 44,946,574 | |
Cash | 257 | 25,235 | |
Total assets | 129,757,241 | 44,971,809 | |
Liabilities | |||
Subscriptions received in advance | 25,000 | ||
Management Fee payable | 53,985 | 18,459 | |
Other payable | 30,088 | 21,668 | |
Total liabilities | 84,073 | 65,127 | |
Net assets | 129,673,168 | 44,906,682 | |
Net assets | |||
Paid-in capital | 76,978,282 | 8,150,986 | |
Accumulated net investment loss | (1,197,493) | (266,516) | |
Accumulated net realized gain on investment in Bitcoin | 77,554 | 65,219 | |
Accumulated net change in unrealized appreciation on investment in Bitcoin | $ 53,814,825 | $ 36,956,993 | |
Units issued and outstanding, no par value (unlimited Units authorized) (in Shares) | 8,340,536 | 4,529,312 | [1] |
Net asset value per Unit (in Dollars per share) | $ 15.55 | $ 9.91 | [2],[3] |
[1] | Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. | ||
[2] | The net asset value per unit has been adjusted to retroactively reflect the 4:1 stock split effective January 5, 2021. | ||
[3] | Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Investment in Bitcoin, cost | $ 75,945,739 | $ 7,980,103 |
Schedules of Investment
Schedules of Investment | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Schedules of Investment [Abstract] | ||
Investment in Bitcoin, at fair value, Units | 2,828.93 | 1,548.46 |
Investment in Bitcoin, at fair value, Fair Value (in Dollars) | $ 129,756,984 | $ 44,946,574 |
Investment in Bitcoin, at fair value, Percentage of Net Assets | 100.00% | 100.00% |
Liabilities, less cash (in Dollars) | $ (83,816) | $ (39,892) |
Liabilities, less cash | 0.00% | 0.00% |
(in Dollars) | $ 129,673,168 | $ 44,906,682 |
100.00% | 100.00% |
Schedules of Investment (Parent
Schedules of Investment (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedules of Investment [Abstract] | ||
Investment in Bitcoin, cost | $ 75,945,739 | $ 7,980,103 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses | ||
Management Fee | $ 605,731 | $ 132,210 |
Other | 434,246 | 36,919 |
Total expenses | 1,039,977 | 169,129 |
Other expenses waived by the Sponsor | (109,000) | 0 |
Net expenses | 930,977 | 169,129 |
Net investment loss | (930,977) | (169,129) |
Net realized gain and net change in unrealized appreciation on investment in Bitcoin | ||
Net realized gain on investment in Bitcoin | 12,335 | 18,466 |
Net change in unrealized appreciation on investment in Bitcoin | 16,857,832 | 32,044,385 |
Total net realized gain and net change in unrealized appreciation on investment in Bitcoin | 16,870,167 | 32,062,851 |
Net increase in net assets resulting from operations | $ 15,939,190 | $ 31,893,722 |
Statements of Changes in Net As
Statements of Changes in Net Assets | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | |||
Increase in net assets from operations | ||||
Net investment loss | $ (930,977) | $ (169,129) | ||
Net realized gain on investment in Bitcoin | 12,335 | 18,466 | ||
Net change in unrealized appreciation on investment in Bitcoin | 16,857,832 | 32,044,385 | ||
Net increase in net assets resulting from operations | 15,939,190 | 31,893,722 | ||
Increase in net assets from capital transactions | ||||
Subscriptions | 68,827,296 | 3,175,825 | ||
Net Increase in net assets | 84,766,486 | 35,069,547 | ||
Net assets at the beginning of the year | 44,906,682 | 9,837,135 | ||
Net assets at the end of the year | $ 129,673,168 | $ 44,906,682 | ||
Change in units issued and outstanding | ||||
Units issued and outstanding at the beginning of the year (in Shares) | shares | [1] | 4,529,312 | 3,980,128 | |
Subscriptions | 3,811,224 | 549,184 | [1] | |
Units issued and outstanding at the end of the year (in Shares) | shares | 8,340,536 | 4,529,312 | [1] | |
[1] | Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Osprey Bitcoin Trust (the “Trust”) is a Delaware Statutory Trust that was formed on January 3, 2019 and commenced operations on January 22, 2019 and is governed by the Second Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) dated November 1, 2020. In general, the Trust holds Bitcoin and, from time to time, issues common units of fractional undivided beneficial interest (“Units”) in exchange for Bitcoin. The investment objective of the Trust is for the Units to track the price of Bitcoin, less liabilities and expenses of the Trust. The Units are designed as a convenient and cost-effective method for investors to gain investment exposure to Bitcoin, similar to a direct investment in Bitcoin. Osprey Funds LLC (the “Sponsor”) acts as the sponsor of the Trust. The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As consideration for the Sponsor’s services, the Trust pays the Sponsor a Management Fee as discussed in Notes 2 and 5. The Trust’s original Custodian was Xapo, Inc. (“Xapo”), a third- party provider (Xapo was acquired by Coinbase Custody Trust Company, LLC during 2019). During March 2020, the Trust changed custodians from Xapo to Unchained Capital. During June 2020, the Trust changed custodians to Fidelity Digital Asset Services, LLC’s (the “Custodian”). The custodian is responsible for safeguarding the Bitcoin held by the Trust. The transfer agent for the Trust (the “Transfer Agent”) is Continental Stock Transfer & Trust Company. The Transfer Agent is responsible the issuance and redemption of Units, the payment, if any, of distributions with respect to the Units, the recording of the issuance of the Units and the maintaining of certain records therewith. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The financial statements are expressed in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered under the U.S. Securities and Exchange Commission (“SEC”) Investment Company Act of 1940. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material. Cash Cash is received by the Trust from investors and converted into Bitcoin for investment. Cash held by the Trust represents deposits maintained with Signature Bank (New York). At times, bank deposits may be in excess of federally insured limits. In accordance with ASC 230 “Statement of Cash Flows”, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. Subscriptions and Redemptions of Units Proceeds received by the Trust from the issuance and sale of Units consist of Bitcoin deposits and forked or airdropped cryptocurrency coins from the Bitcoin Network, or their respective U.S. dollar cash equivalents. Such Bitcoins (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase Bitcoins to be held by the Custodian), (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses, (3) distributed to Accredited Investors (subject to obtaining regulatory approval from the Securities and Exchange Commission (“SEC”) described below) in connection with the redemption of Units, (4) distributed (or converted to U.S. dollars, prior to distribution, to Unitholders as dividends, and (5) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. The Trust conducts its transactions in Bitcoin, including receiving Bitcoin for the creation of Units and delivering Bitcoin for the redemption of Units (if a redemption program were to be established) and for the payment of the Management Fee. During June 2020 the Trust began a continuous offering of up to $5,000,000 of Units with no par value, each Unit representing a fractional undivided beneficial interest in the Trust. 154,183 Units were sold to both accredited and non-accredited investors in an offering of to $5,000,000 of Units, dated June 1, 2020, registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) (“Rule 504 Offering”). The Rule 504 Offering closed on August 12, 2020. These Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. On November 12, 2020, the Trust began an offering of an unlimited number of Units pursuant to Rule 506(c) under the Securities Act (“November 2020 Offering”). 4,206,224 Units were sold pursuant to the November 2020 Offering. These Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. On December 30, 2020, the Sponsor of the Trust announced that it has declared a four to one split of the Trust’s issued and outstanding Units of fractional undivided beneficial interest. With the Unit split, Unitholders of record on December 31, 2020 received four additional Units of the Trust for each Unit held. The effective date of the split was January 5, 2021. On January 14, 2021, The Financial Industry Regulatory Authority (“FINRA”) determined that the Trust’s Units met the criteria for trading on the over-the-counter market (“OTC Market”). On February 16, 2021, the Trust’s Units began trading in the OTC Market, operated by OTC Markets Group, Inc., under the ticker symbol “OBTC”. On March 3, 2021, the Trust’s Units began trading in the OTCQX tier of the OTC Market, under the ticker symbol “OBTC.” As of December 31, 2021, there were 8,340,536 Units issued and outstanding. 3,350,172 of the Units are restricted securities that may not be resold absent registration or an exemption from registration under the Securities Act, and 4,990,364 of the Units are unrestricted securities. Effective November 1, 2021, the Trust suspended the November 2020 Offering under rule 506(c) under the Securities Act. The Trust is currently unable to redeem Units. At some date in the future, the Trust may seek approval from the SEC to operate an ongoing redemption program. Investment Transactions and Revenue Recognition The Trust identifies Bitcoin as an “other investment” in accordance with ASC 946. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using a first in first out method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Management Fee and other expenses in Bitcoin. Management Fee The Trust is expected to pay the remuneration due to the Sponsor (the “Management Fee” or “Sponsor Fee”). Effective November 1, 2020, the Management Fee changed to an annual rate of 0.49% of the daily Net Asset Value of the Trust and accrues daily in Bitcoin. Prior to November 1, 2020, the Management Fee equaled an annual rate of 0.99% of the daily Net Asset Value of the Trust and accrued daily in Bitcoin. The Management Fee is payable at the Sponsor’s sole discretion, in Bitcoin or in U.S. Dollars for the Bitcoin market price in effect for such Bitcoin at the time of payment. Trust Expenses In accordance with its Trust Agreement, the Sponsor bears the routine operational, administrative and other ordinary administrative operating expenses of the Trust as “Assumed Expenses” other than audit fees, index license fees, aggregate legal fees in excess of $50,000 and the fees of the Custodian (revised “Excluded Expenses”) and certain extraordinary expenses of the Trust, including but not limited to taxes and governmental charges, expenses and costs, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other service provider, including the Delaware Trust Company (the “Trustee”)) on behalf of the Trust to protect the Trust or the interest of Unitholders, indemnification expenses, fees and expenses related to public trading on OTCQX (“Extraordinary Expenses”). Fair Value Measurements The Trust’s investment in Bitcoin is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that Bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Principal market is the market with the greatest volume and level of activity for Bitcoin, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The Principal Market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). The Sponsor has identified Coinbase Pro as the principal market for Bitcoin. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the Bitcoin market price. In calculating the value of the Bitcoin held by the Trust on any business day, the Trust will use the market price as of 4:00 P.M. New York time. The Trust will also calculate the NAV per Unit of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Units (the “NAV per Unit”). The Trust considers 4:00 P.M. New York time as a cut off for the end of the day reporting. |
Fair Value of Bitcoin
Fair Value of Bitcoin | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of December 31, 2021 and December 31, 2020: Number Per Bitcoin Amount at Fair Value Measurement Category December 31, 2021 of Bitcoin Fair Value Fair Value Level 1 Level 2 Level 3 Investment in Bitcoin 2,828.93 $ 45,867.86 $ 129,756,984 $ - $ 129,756,984 $ - Number Per Bitcoin Amount at Fair Value Measurement Category December 31, 2020 of Bitcoin Fair Value Fair Value Level 1 Level 2 Level 3 Investment in Bitcoin 1,548.46 $ 29,026.66 $ 44,946,574 $ - $ 44,946,574 $ - The Trust determined the fair value per Bitcoin using the price provided at 4:00 p.m., New York time, by Coinbase Pro as the Trust’s principal market. The Trust’s liabilities accrued in Bitcoin are converted into United States dollar amounts at the period-end Bitcoin price. The fluctuations arising from the effect of changes in liabilities denominated in Bitcoin are included with the net realized or unrealized appreciation or depreciation on investment in Bitcoin in the statements of operations. The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2021: Bitcoin Fair Value Balance at January 1, 2021 1,548.46 $ 44,946,574 Bitcoin distributed for Management Fee, related party (12.12 ) (577,302 ) Bitcoin distributed for other fees (6.90 ) (314,213 ) Subscriptions 1,299.49 68,827,516 Net realized gain on investment in Bitcoin - 29,635 Net change in unrealized appreciation on investment in Bitcoin - 16,844,774 Balance at December 31, 2021 2,828.93 $ 129,756,984 Net realized gain on the transfer of Bitcoins to pay the Management Fee and other expenses for the year ended December 31, 2021, was $12,335, which includes $29,635 net realized gain on investment in Bitcoin, and $17,300 net realized loss resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized appreciation on investment in Bitcoin for the year ended December 31, 2021, was $16,857,832, which includes net change in unrealized appreciation on investment in Bitcoin of $16,844,774, and $13,058 net unrealized appreciation due to changes in value of liabilities The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2020: Bitcoin Fair Value Balance at January 1, 2020 1,376.48 $ 9,846,468 Bitcoin distributed for Management Fee, related party (13.41 ) (107,310 ) Bitcoin distributed for other fees (2.45 ) (31,260 ) Subscriptions 187.84 3,175,825 Net realized gain on investment in Bitcoin - 18,466 Net change in unrealized appreciation on investment in Bitcoin - 32,044,385 Balance at December 31, 2020 1,548.46 $ 44,946,574 Net realized gain on the transfer of Bitcoins to pay the Management Fee and other expenses for the year ended December 31, 2020, was $18,466. Net change in unrealized appreciation on investment in Bitcoin for year ended December 31, 2020 was $32,044,385. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 4. The Trust is grantor trust for U.S. federal income tax purposes. Accordingly, the Trust will not be subject to U.S. federal income tax. Rather, each beneficial owner of Units will be treated as directly owning its pro rata share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Units. In accordance with GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. As of December 31, 2021, the Trust did not have a liability for any unrecognized tax amounts for uncertain tax positions related to federal, state, and local income taxes. However, the conclusions concerning the determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of December 31, 2021 and December 31, 2020. The Trust’s 2019, 2020, and 2021 tax returns are subject to audit by federal, state and local tax authorities. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 5. Osprey Fund LLC and REX Shares, LLC, which is under common control with the Sponsor, are related parties of the Trust. The Trust is responsible for custody and index fees, which are included in other expenses in the statement of operations and are paid by the Sponsor on behalf of the Trust. For the years ended December 31, 2021, and 2020 the Trust reimbursed the Sponsor the expenses in the amount of $314,213 and $31,260, respectively. The Sponsor in its discretion, may elect to reduce, or waive, the Trust’s expenses. For the years ended December 31, 2021, and 2020, the Sponsor irrevocably waived $109,000, and $0, respectively, of the Trust’s audit fees. For the years ended December 31, 2021, and 2020, the Trust incurred Management Fees of $605,731 and $132,210, respectively, which are recorded in the accompanying statements of operations. As of December 31, 2021 and December 31, 2020, there were unpaid Management Fees of $53,985 and $18,459, respectively, which are recorded in the accompanying statements of assets and liabilities. The Trust’s Management Fee is accrued daily in Bitcoins and will be payable, at the Sponsor’s sole discretion, in Bitcoins or in U.S. dollars at the Bitcoin market price in effect at the time of such payment. From inception through the year ended December 31, 2021, all Management Fees have been made in Bitcoin to the Sponsor. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 6. Investment in Bitcoin The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, Bitcoin. Investing in Bitcoin is currently unregulated, highly speculative, and volatile. The net asset value of the Trust relates primarily to the value of Bitcoin held by the Trust, and fluctuations in the price of Bitcoin could materially and adversely affect an investment in the Units of the Trust. The price of Bitcoin has a limited history. During such history, Bitcoin prices have been volatile and subject to influence by many factors including the levels of liquidity. If Bitcoin exchanges continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of Bitcoin, including, but not limited to, global Bitcoin supply and demand, theft of Bitcoin from global exchanges or vaults, and competition from other forms of digital currency or payment services. The Bitcoin held by the Trust are commingled and the Trust’s Unitholders have no specific rights to any specific Bitcoin. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its Unitholders. There is currently no clearing house for Bitcoin, nor is there a central or major depository for the custody of Bitcoin. There is a risk that some or all of the Trust’s Bitcoin could be lost or stolen. The Trust does not have insurance protection on its Bitcoin which exposes the Trust and its Unitholders to the risk of loss of the Trust’s Bitcoin. Further, Bitcoin transactions are irrevocable. Stolen or incorrectly transferred Bitcoin may be irretrievable. As a result, any incorrectly executed Bitcoin transactions could adversely affect an investment in the Trust. To the extent private keys for Bitcoin addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the Bitcoin held in the associated addresses and the private keys will not be capable of being restored. The processes by which Bitcoin transactions are settled are dependent on the Bitcoin peer-to-peer network, and as such, the Trust is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of Bitcoin. On March 11, 2020, the World Health Organization officially declared COVID-19, the disease caused by the novel coronavirus, a pandemic. Management is closely monitoring the evolution of the pandemic, including how it may affect the economy and general population. |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2021 | |
Indemnifications [Abstract] | |
Indemnifications [Text Block] | 7. In the normal course of business, the Trust enters into contracts with service providers that contain a variety of representations and warranties and which provide general indemnifications. It is not possible to determine the maximum potential exposure or amount under these agreements due to the Trust having no prior claims. Based on experience, the Trust would expect the risk of loss to be remote. |
Financial Highlights Per Unit P
Financial Highlights Per Unit Performance | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company, Financial Highlights [Abstract] | |
Investment Company, Financial Highlights [Text Block] | 8. Year ended Year ended Per Unit Performance (as corrected) Net asset value per unit at beginning of year $ 9.91 * $ 2.47 * Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment 5.76 7.46 Net investment loss (0.12 ) (0.02 ) Net increase (decrease) in net assets resulting from operations 5.64 7.44 Net asset value per unit at end of year $ 15.55 $ 9.91 * Total return 56.91 % 301.21 % Supplemental Data Ratios to average net asset value Expenses 0.77 % ** 1.05 % Net investment loss (0.77 )% (1.05 )% *The net asset value per unit has been adjusted to retroactively reflect the 4:1 stock split effective January 5, 2021. ** Such percentages are after expenses waivers. The Sponsor voluntarily waived a portion of Other Expenses (equal to 0.09% of average net assets). An individual Unitholder’s return, ratios, and per Unit performance may vary from those resented above based on the timing of Unit transactions. Total return and ratios to average net asset value are calculated for the Unitholders taken as a whole. Immaterial Error Correction In January 2022, the Trust re-evaluated the methodology of calculating financial highlights per unit performance. The Trust determined that methodology used to allocate performance per unit between net investment loss and net realized gain (loss) and change in unrealized appreciation (depreciation) on investment was not acceptable under GAAP (ASC-946-210-50), which resulted in immaterial error. This error did not change the net increase (decrease) in net assets resulting from operations per unit or net asset value per unit. The impact of the immaterial error correction on financial highlights presented below: Financial Highlights - Per Unit Performance As Correcting adjustment As corrected Year ended December 31, 2020 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 7.48 $ (0.02 ) $ 7.46 Net investment gain (loss) (0.04 ) 0.02 (0.02 ) Net increase (decrease) in net assets resulting from operations $ 7.44 - $ 7.44 Six months ended June 30, 2021 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 1.87 $ 0.11 $ 1.98 Net investment gain (loss) 0.05 (0.11 ) (0.06 ) Net increase (decrease) in net assets resulting from operations $ 1.92 - $ 1.92 Nine months ended September 30, 2021 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 5.19 $ (0.23 ) $ 4.96 Net investment gain (loss) (0.32 ) 0.23 (0.09 ) Net increase (decrease) in net assets resulting from operations $ 4.87 - $ 4.87 Other reporting periods were not impacted by the aforementioned change in methodology, therefore were not presented above. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. On February 4, 2022, the Trust entered into a Custodial Services Agreement with Coinbase Custody Trust Company, LLC. On March 11, 2022, the Trust delivered to Fidelity Digital Asset Services, LLC, notice of termination of the custodial services agreement dated May 18, 2020, pursuant to which Fidelity was engaged to keep in safe custody the Trust’s digital assets and to maintain and operate the Trust’s custody account on behalf of the Trust. The notice of termination will become effective on April 10, 2022. On March 10, 2022, the Trust transferred its custodied digital assets from Fidelity Digital Asset Services, LLC to Coinbase Custody Trust Company, LLC. There are no other events that have occurred through March 29, 2022, the date the financial statements were available to be issued, that require disclosure other than that which has already been disclosed in these notes to the financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The financial statements are expressed in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered under the U.S. Securities and Exchange Commission (“SEC”) Investment Company Act of 1940. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash is received by the Trust from investors and converted into Bitcoin for investment. Cash held by the Trust represents deposits maintained with Signature Bank (New York). At times, bank deposits may be in excess of federally insured limits. In accordance with ASC 230 “Statement of Cash Flows”, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. |
Subscriptions and Redemptions of Units [Policy Text Block] | Subscriptions and Redemptions of Units Proceeds received by the Trust from the issuance and sale of Units consist of Bitcoin deposits and forked or airdropped cryptocurrency coins from the Bitcoin Network, or their respective U.S. dollar cash equivalents. Such Bitcoins (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase Bitcoins to be held by the Custodian), (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses, (3) distributed to Accredited Investors (subject to obtaining regulatory approval from the Securities and Exchange Commission (“SEC”) described below) in connection with the redemption of Units, (4) distributed (or converted to U.S. dollars, prior to distribution, to Unitholders as dividends, and (5) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. The Trust conducts its transactions in Bitcoin, including receiving Bitcoin for the creation of Units and delivering Bitcoin for the redemption of Units (if a redemption program were to be established) and for the payment of the Management Fee. During June 2020 the Trust began a continuous offering of up to $5,000,000 of Units with no par value, each Unit representing a fractional undivided beneficial interest in the Trust. 154,183 Units were sold to both accredited and non-accredited investors in an offering of to $5,000,000 of Units, dated June 1, 2020, registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) (“Rule 504 Offering”). The Rule 504 Offering closed on August 12, 2020. These Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. On November 12, 2020, the Trust began an offering of an unlimited number of Units pursuant to Rule 506(c) under the Securities Act (“November 2020 Offering”). 4,206,224 Units were sold pursuant to the November 2020 Offering. These Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. On December 30, 2020, the Sponsor of the Trust announced that it has declared a four to one split of the Trust’s issued and outstanding Units of fractional undivided beneficial interest. With the Unit split, Unitholders of record on December 31, 2020 received four additional Units of the Trust for each Unit held. The effective date of the split was January 5, 2021. On January 14, 2021, The Financial Industry Regulatory Authority (“FINRA”) determined that the Trust’s Units met the criteria for trading on the over-the-counter market (“OTC Market”). On February 16, 2021, the Trust’s Units began trading in the OTC Market, operated by OTC Markets Group, Inc., under the ticker symbol “OBTC”. On March 3, 2021, the Trust’s Units began trading in the OTCQX tier of the OTC Market, under the ticker symbol “OBTC.” As of December 31, 2021, there were 8,340,536 Units issued and outstanding. 3,350,172 of the Units are restricted securities that may not be resold absent registration or an exemption from registration under the Securities Act, and 4,990,364 of the Units are unrestricted securities. Effective November 1, 2021, the Trust suspended the November 2020 Offering under rule 506(c) under the Securities Act. The Trust is currently unable to redeem Units. At some date in the future, the Trust may seek approval from the SEC to operate an ongoing redemption program. |
Revenue Recognition, Sales of Goods [Policy Text Block] | Investment Transactions and Revenue Recognition The Trust identifies Bitcoin as an “other investment” in accordance with ASC 946. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using a first in first out method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Management Fee and other expenses in Bitcoin. |
Management and Investment Advisory Fees, Policy [Policy Text Block] | Management Fee The Trust is expected to pay the remuneration due to the Sponsor (the “Management Fee” or “Sponsor Fee”). Effective November 1, 2020, the Management Fee changed to an annual rate of 0.49% of the daily Net Asset Value of the Trust and accrues daily in Bitcoin. Prior to November 1, 2020, the Management Fee equaled an annual rate of 0.99% of the daily Net Asset Value of the Trust and accrued daily in Bitcoin. The Management Fee is payable at the Sponsor’s sole discretion, in Bitcoin or in U.S. Dollars for the Bitcoin market price in effect for such Bitcoin at the time of payment. |
Trust Expenses [Policy Text Block] | Trust Expenses In accordance with its Trust Agreement, the Sponsor bears the routine operational, administrative and other ordinary administrative operating expenses of the Trust as “Assumed Expenses” other than audit fees, index license fees, aggregate legal fees in excess of $50,000 and the fees of the Custodian (revised “Excluded Expenses”) and certain extraordinary expenses of the Trust, including but not limited to taxes and governmental charges, expenses and costs, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other service provider, including the Delaware Trust Company (the “Trustee”)) on behalf of the Trust to protect the Trust or the interest of Unitholders, indemnification expenses, fees and expenses related to public trading on OTCQX (“Extraordinary Expenses”). |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Trust’s investment in Bitcoin is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that Bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Principal market is the market with the greatest volume and level of activity for Bitcoin, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The Principal Market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). The Sponsor has identified Coinbase Pro as the principal market for Bitcoin. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. |
Definition of Net Asset Value [Policy Text Block] | Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the Bitcoin market price. In calculating the value of the Bitcoin held by the Trust on any business day, the Trust will use the market price as of 4:00 P.M. New York time. The Trust will also calculate the NAV per Unit of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Units (the “NAV per Unit”). The Trust considers 4:00 P.M. New York time as a cut off for the end of the day reporting. |
Fair Value of Bitcoin (Tables)
Fair Value of Bitcoin (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of December 31, 2021 and December 31, 2020: Number Per Bitcoin Amount at Fair Value Measurement Category December 31, 2021 of Bitcoin Fair Value Fair Value Level 1 Level 2 Level 3 Investment in Bitcoin 2,828.93 $ 45,867.86 $ 129,756,984 $ - $ 129,756,984 $ - Number Per Bitcoin Amount at Fair Value Measurement Category December 31, 2020 of Bitcoin Fair Value Fair Value Level 1 Level 2 Level 3 Investment in Bitcoin 1,548.46 $ 29,026.66 $ 44,946,574 $ - $ 44,946,574 $ - |
Investment Holdings, Schedule of Investments [Table Text Block] | The following represents the changes in quantity and the respective fair value of Bitcoin for the year ended December 31, 2021: Bitcoin Fair Value Balance at January 1, 2021 1,548.46 $ 44,946,574 Bitcoin distributed for Management Fee, related party (12.12 ) (577,302 ) Bitcoin distributed for other fees (6.90 ) (314,213 ) Subscriptions 1,299.49 68,827,516 Net realized gain on investment in Bitcoin - 29,635 Net change in unrealized appreciation on investment in Bitcoin - 16,844,774 Balance at December 31, 2021 2,828.93 $ 129,756,984 Bitcoin Fair Value Balance at January 1, 2020 1,376.48 $ 9,846,468 Bitcoin distributed for Management Fee, related party (13.41 ) (107,310 ) Bitcoin distributed for other fees (2.45 ) (31,260 ) Subscriptions 187.84 3,175,825 Net realized gain on investment in Bitcoin - 18,466 Net change in unrealized appreciation on investment in Bitcoin - 32,044,385 Balance at December 31, 2020 1,548.46 $ 44,946,574 |
Financial Highlights Per Unit_2
Financial Highlights Per Unit Performance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Highlights Per Unit Performance (Tables) [Line Items] | |
Investment Company, Financial Highlights [Table Text Block] | Year ended Year ended Per Unit Performance (as corrected) Net asset value per unit at beginning of year $ 9.91 * $ 2.47 * Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment 5.76 7.46 Net investment loss (0.12 ) (0.02 ) Net increase (decrease) in net assets resulting from operations 5.64 7.44 Net asset value per unit at end of year $ 15.55 $ 9.91 * Total return 56.91 % 301.21 % Supplemental Data Ratios to average net asset value Expenses 0.77 % ** 1.05 % Net investment loss (0.77 )% (1.05 )% *The net asset value per unit has been adjusted to retroactively reflect the 4:1 stock split effective January 5, 2021. ** Such percentages are after expenses waivers. The Sponsor voluntarily waived a portion of Other Expenses (equal to 0.09% of average net assets). |
Error Correction, Other [Member] | |
Financial Highlights Per Unit Performance (Tables) [Line Items] | |
Investment Company, Financial Highlights [Table Text Block] | The impact of the immaterial error correction on financial highlights presented below: Financial Highlights - Per Unit Performance As Correcting adjustment As corrected Year ended December 31, 2020 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 7.48 $ (0.02 ) $ 7.46 Net investment gain (loss) (0.04 ) 0.02 (0.02 ) Net increase (decrease) in net assets resulting from operations $ 7.44 - $ 7.44 Six months ended June 30, 2021 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 1.87 $ 0.11 $ 1.98 Net investment gain (loss) 0.05 (0.11 ) (0.06 ) Net increase (decrease) in net assets resulting from operations $ 1.92 - $ 1.92 Nine months ended September 30, 2021 Net increase (decrease) in net assets resulting from operations Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment $ 5.19 $ (0.23 ) $ 4.96 Net investment gain (loss) (0.32 ) 0.23 (0.09 ) Net increase (decrease) in net assets resulting from operations $ 4.87 - $ 4.87 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | [1] | Nov. 12, 2020 | Nov. 01, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | [1] | |
Accounting Policies [Abstract] | ||||||||
Common Stock, Shares, Issued | 4,206,224 | 154,183 | ||||||
Common Stock, Value, Issued (in Dollars) | $ 5,000,000 | |||||||
Stockholders' Equity Note, Stock Split | 4:1 | |||||||
Shares, Outstanding | 8,340,536 | 4,529,312 | 3,980,128 | |||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 3,350,172 | |||||||
Common Stock, Shares, Outstanding | 4,990,364 | |||||||
Percentage Of Net Asset Value Due As Management Fee | 0.49% | 0.99% | ||||||
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | $50,000 | |||||||
[1] | Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. |
Fair Value of Bitcoin (Details)
Fair Value of Bitcoin (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value of Bitcoin (Details) [Line Items] | ||
Realized Investment Gains (Losses) | $ 12,335 | $ 18,466 |
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | 29,635 | 18,466 |
Unrealized Gain (Loss) on Investments | 16,857,832 | 32,044,385 |
Investment Owned, Unrecognized Unrealized Appreciation | 16,844,774 | $ 32,044,385 |
Realized [Member] | ||
Fair Value of Bitcoin (Details) [Line Items] | ||
Net Realized and Unrealized Gain (Loss) on Trading Securities | (17,300) | |
Unrealized [Member] | ||
Fair Value of Bitcoin (Details) [Line Items] | ||
Net Realized and Unrealized Gain (Loss) on Trading Securities | $ 13,058 |
Fair Value of Bitcoin (Detail_2
Fair Value of Bitcoin (Details) - Schedule of Assets Measured at Fair Value | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value of Bitcoin (Details) - Schedule of Assets Measured at Fair Value [Line Items] | |||
Investment in Bitcoin, Number of Bitcoin | 2,828.93 | 1,548.46 | |
Investment in Bitcoin, Per Bitcoin Fair Value | $ 45,867.86 | $ 29,026.66 | |
Investment in Bitcoin, Amount at Fair Value | 129,756,984 | 44,946,574 | $ 9,846,468 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Bitcoin (Details) - Schedule of Assets Measured at Fair Value [Line Items] | |||
Investment in Bitcoin, Amount at Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Bitcoin (Details) - Schedule of Assets Measured at Fair Value [Line Items] | |||
Investment in Bitcoin, Amount at Fair Value | 129,756,984 | 44,946,574 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Bitcoin (Details) - Schedule of Assets Measured at Fair Value [Line Items] | |||
Investment in Bitcoin, Amount at Fair Value |
Fair Value of Bitcoin (Detail_3
Fair Value of Bitcoin (Details) - Schedule of Changes in Fair Value of Bitcoin | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Changes in Fair Value of Bitcoin [Abstract] | ||
Balance | 1,548.46 | 1,376.48 |
Balance | $ 44,946,574 | $ 9,846,468 |
Bitcoin distributed for Management Fee, related party | (12.12) | (13.41) |
Bitcoin distributed for Management Fee, related party | $ (577,302) | $ (107,310) |
Bitcoin distributed for custody and index fees | (6.9) | (2.45) |
Bitcoin distributed for custody and index fees | $ (314,213) | $ (31,260) |
Subscriptions | 1,299.49 | 187.84 |
Subscriptions | $ 68,827,516 | $ 3,175,825 |
Net realized gain (loss) on investment in Bitcoin | 29,635 | 18,466 |
Net change in unrealized appreciation on investment in Bitcoin | $ 16,844,774 | $ 32,044,385 |
Balance | 2,828.93 | 1,548.46 |
Balance | $ 129,756,984 | $ 44,946,574 |
Related Parties (Details)
Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Expense Reimbursement | $ 314,213 | $ 31,260 |
Investment Company, Voluntary Fee Waived | 109,000 | 0 |
Sponsor Fees | 605,731 | 132,210 |
Management Fee Payable | $ 53,985 | $ 18,459 |
Financial Highlights Per Unit_3
Financial Highlights Per Unit Performance (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company, Financial Highlights [Abstract] | |
Stockholders' Equity Note, Stock Split | 4:1 |
Portion of Average Net Assets Waived | 0.09% |
Financial Highlights Per Unit_4
Financial Highlights Per Unit Performance (Details) - Schedule of Per Unit Performance - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | ||||
Schedule of Per Unit Performance [Abstract] | |||||
Net asset value per unit | [1] | $ 9.91 | [2] | $ 2.47 | |
Total return | 56.91% | 301.21% | |||
Ratios to average net asset value | |||||
Expenses | 0.77% | [3] | 1.05% | ||
Net investment loss | (0.77%) | (1.05%) | |||
Net increase (decrease) in net assets resulting from operations | |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment | $ 5.76 | $ 7.46 | |||
Net investment loss | (0.12) | (0.02) | |||
Net increase (decrease) in net assets resulting from operations | 5.64 | 7.44 | |||
Net asset value per unit | $ 15.55 | $ 9.91 | [1],[2] | ||
[1] | The net asset value per unit has been adjusted to retroactively reflect the 4:1 stock split effective January 5, 2021. | ||||
[2] | Units have been adjusted retroactively to reflect the 4:1 stock split effective January 5, 2021. | ||||
[3] | Such percentages are after expenses waivers. The Sponsor voluntarily waived a portion of Other Expenses (equal to 0.09% of average net assets). |
Financial Highlights Per Unit_5
Financial Highlights Per Unit Performance (Details) - Schedule of Restated Per Unit Performance - $ / shares | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Previously Reported [Member] | |||
Net increase (decrease) in net assets resulting from operations | |||
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment | $ 1.87 | $ 5.19 | $ 7.48 |
Net investment gain (loss) | 0.05 | (0.32) | (0.04) |
Net increase (decrease) in net assets resulting from operations | 1.92 | 4.87 | 7.44 |
Revision of Prior Period, Error Correction, Adjustment [Member] | |||
Net increase (decrease) in net assets resulting from operations | |||
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment | 0.11 | (0.23) | (0.02) |
Net investment gain (loss) | (0.11) | 0.23 | 0.02 |
Error Correction, Other [Member] | |||
Net increase (decrease) in net assets resulting from operations | |||
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment | 1.98 | 4.96 | 7.46 |
Net investment gain (loss) | (0.06) | (0.09) | (0.02) |
Net increase (decrease) in net assets resulting from operations | $ 1.92 | $ 4.87 | $ 7.44 |