Bitcoin ETF posts -22.6% Q1 loss amid macro headwinds; net inflows reverse prior-year outflows

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Q1 2026 share price fell 22.66% ($87.20 to $67.44) vs 11.77% decline in Q1 2025, driven by shifting global risk sentiment, tighter financial conditions, and regulatory uncertainty rather than discrete events.

  MD&A: Market Commentary verify on EDGAR →
• high

  Trust recorded net cash inflows of $39.9M in Q1 2026 (purchases exceeded redemptions) vs net outflows of $218.0M in Q1 2025, signaling improved investor demand or reduced redemption pressure.

  MD&A: Cash Flows verify on EDGAR →
• high

  Net loss widened to $127.0M from $73.4M prior year, reflecting $118.9M unrealized depreciation and $7.8M realized loss (vs $60.9M realized gain in Q1 2025) as bitcoin benchmark fell 22.55%.

  MD&A: Net Income verify on EDGAR →