The purpose of this Supplement is to disclose the change of address for CoinShares Co., the Trust’s Sponsor. … Notwithstanding anything to the contrary in the Prospectus, effective as of the date hereof, all references to “437 Madison Avenue, 28th Floor, New York, NY 10022” shall be replaced with “1270 Avenue of the Americas, 30th Floor, New York, NY 10020-1708”.
BRRR CoinShares Bitcoin ETF
Who holds it, from every 13F report, and what changed in its prospectus.
13F holders, quarter ending 2026-06-30 13F data can be up to 45 days old
18 institutions reported BRRR: 4 new since 2026-03-31, 3 sold out.
| Institution | Shares | Value | vs quarter before | Filed |
|---|---|---|---|---|
| Marex Group Ltd | 18.14M | $300.2M | Added +7.1% | 2026-08-14 ↗ |
| JANE STREET GROUP, LLC | 535K | $8.9M | Added +243.9% | 2026-08-14 ↗ |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 241K | $4.0M | Reduced -87.0% | 2026-08-14 ↗ |
| MEITAV INVESTMENT HOUSE LTD | 221K | $3.7M | Added +32.3% | 2026-07-20 ↗ |
| CPR Investments Inc. | 159K | $2.6M | Added +9.5% | 2026-07-15 ↗ |
| Farringdon Capital, Ltd. | 73K | $1.2M | Added +15.4% | 2026-08-12 ↗ |
| Quadrature Capital Ltd | 62K | $1.0M | New | 2026-08-07 ↗ |
| Migdal Insurance & Financial Holdings Ltd. | 38K | $732K | Held | 2026-08-10 ↗ |
| DISCOVERY CAPITAL MANAGEMENT, LLC / CT | 14K | $227K | Reduced -71.6% | 2026-08-14 ↗ |
| Elequin Capital, LP | 9K | $149K | Reduced -78.1% | 2026-08-13 ↗ |
| Ameritas Advisory Services, LLC | 325 | $5K | New | 2026-08-14 ↗ |
| CoreCap Advisors, LLC | 229 | $4K | Held | 2026-07-06 ↗ |
| MERCER GLOBAL ADVISORS INC /ADV | 102 | $2K | New | 2026-08-11 ↗ |
| Cambridge Investment Research Advisors, Inc. | 22K | $369 | Added +55.3% | 2026-07-30 ↗ |
| Sankala Group LLC | 18 | $328 | Reduced -10.0% | 2026-08-18 ↗ |
| Harel Insurance Investments & Financial Services Ltd. | 20K | $323 | Reduced -0.7% | 2026-07-29 ↗ |
| WELLS FARGO & COMPANY/MN | 1 | $24 | Added | 2026-08-14 ↗ |
| ROYAL BANK OF CANADA | 15 | $0 | New | 2026-08-14 ↗ |
Largest that sold out: IMC-Chicago, LLC ($422K), KERR FINANCIAL PLANNING Corp ($122K), SUMMIT SECURITIES GROUP LLC ($16K).
Prospectus
424B3 filed 2025-07-25 against 424B3 filed 2024-11-19: 0.6% of the text changed, 0 new paragraphs, 13 removed. Paragraphs about fees, staking, custody, the index and creations come first. new ↗ · old ↗
Most edited paragraph
Fair value policies approved by the Sponsor will seek to determine the fair value price that the Trust might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date on which the asset or liability is being valued. In The Sponsor may, in its sole discretion, license the of use of an index as the secondary index (the “Secondary Index”). If, in the instance of a Fair Value Event, the Trust and the Sponsor have licensed of use of the Lukka Prime Reference Rate as the initial secondary index (the “Secondary Index”). If the Secondary Index is not available or the Sponsor at its sole discretion determines the Secondary Index is unreliable, the price set by the Trust’s principal market as of 4:00 p.m. ET, on the valuation date would be utilized. In the event the principal market price is not available or the Sponsor at its sole discretion determines the principal market valuation is unreliable the Sponsor will use its best judgement to determine a good faith estimate of fair value.
Removed
− The Secondary Index is designed to provide an estimated fair market value for bitcoin, in a manner that aligns with U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRS”) accounting guidelines regarding fair market value measurements. In this regard, the index provider for the Secondary Index seeks to identify a “principal market” for bitcoin, by evaluating eligible bitcoin exchanges across a variety of different criteria, including the exchanges’ oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity. As of December 2023, the following trading platforms are considered to be eligible trading platforms by the Secondary Index: Binance, Bitfinex, Bitflyer, Bitstamp, Coinbase, Crypto.com, Gemini, HitBTC, Huobi, Kraken, KuCoin, OKEx, Poloniex. The index provider for the Secondary Index reviews trading platforms eligible for inclusion in the index quarterly. In determining which trading platforms to include, the index provider for the Secondary Index evaluates each trading platform using proprietary ratings criteria. The index provider for the Secondary Index periodically reassesses the eligible trading platforms used by the Secondary Index, and makes adjustments as needed. The Secondary Index was launched in January 2020, and the Secondary Index has been back-populated to January 2014.
− In determining the value of bitcoin, the index provider for the Secondary Index applies a five-step weighting process for identifying the principal exchange for bitcoin and the last price on that exchange. A Base Exchange Score (“BES”) that takes into account the criteria above is assigned to each index pricing source in order to select the most appropriate primary exchange and then an executed exchange price is determined at 4:00 p.m. ET.
− Microstructure Efficiency (30%): The second exchange characteristic is microstructure efficiency. The Secondary Index takes the effective bid-ask spread as a proxy for efficiency. For each exchange and currency pair, the Secondary Index takes an estimate of the “effective spread,” which is a common approach to measuring trade execution costs.
− Data Integrity (25%): Data Integrity provides a metric of how consistent an exchange’s trading activity is with its underlying market microstructure. This is done by aligning an exchange’s trade data for a given product with quotes data pertaining to the same market. Exchanges whose traded prices deviate outside the spreads indicated by the quotes data are penalized. This would potentially expose nefarious actions such as wash trading or other potential manipulation of data. The metric is computed by joining a sample of trades with quotes by trading platform, product and time. With this, the Secondary Index computes the maximum observed ask price and the minimum observed bid price over a rolling window in time. This serves to define a range of possible trade prices that would be expected based on the quotes data. The Secondary Index then aggregates this dataset by exchange, computing the fraction of transactions where the trade price was within the expected range as computed in the prior step. This fraction is multiplied by 100 to give the data integrity score.
− In the event that the index provider for the Secondary Index changes the methodology of the Secondary Index, the index provider for the Secondary Index will inform the Sponsor of the nature of the change and the timeline for implementation. The Sponsor will notify Shareholders of material changes to the Secondary Index through some combination of press release, website disclosure, Current Report on Form 8-K or prospectus supplement, in addition to any notice to the listing exchange required under applicable listing rules.
− Shares Offered Shares representing units by the Trust of fractional undivided beneficial interest in, and ownership of, the Trust.
− Step 1: Assign each exchange for bitcoin and U.S. Dollars a BES reflecting static exchange characteristics such as oversight, microstructure and technology.
− Step 2: Adjust the BES based on the relative monthly volume each exchange services. This new score is the Volume Adjusted Score (“VAS”).
Supplements
Short filings that change the prospectus. Quoted from their first paragraphs.
Notwithstanding anything to the contrary in the Prospectus, effective immediately, the Lukka Prime Reference Rate will no longer be a secondary index to the Trust. The Sponsor may in its sole discretion select an alternative secondary index in the future.