In seeking to achieve its investment objective, the Trust holds bitcoin. The Trust values its Shares once each Business Day as of 4:00 p.m. ET. The value of bitcoin held by the Trust is determined based on the fair market value (FMV) price for bitcoin, reflecting the execution price of bitcoin on its principal market as determined each day by Lukka Inc., an independent third-party digital asset data company (the Benchmark Provider). The Benchmark is designed to provide an estimated fair market value price for bitcoin, based on the execution price of bitcoin on its principal market. In this regard, the Benchmark Provider seeks to identify a principal market for bitcoin each day by evaluating eligible bitcoin trading platforms across a variety of different criteria, including the trading platforms oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity. Invesco Capital Management LLC (the Sponsor or Invesco) is the sponsor of the Trust, Delaware Trust Company (the Trustee) is the trustee of the Trust, The Bank of New York Mellon is the Trusts transfer agent (Transfer Agent) and holds all of the Trusts cash on the Trusts behalf as cash custodian (Cash Custodian), and Coinbase Custody Trust Company, LLC (the Bitcoin Custodian) holds all of the Trusts bitcoin on the Trusts behalf as custodian.