| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Net Income | -$118.5M | -208.6% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Total Assets | $429.4M | +4.4% |
| Total Liabilities | $70K | -76.9% |
| Stockholders' Equity | $377.4M | +57.0% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$137.0M | -440.9% |
| Financing Cash Flow | $137.0M | +440.9% |
Business Overview
The Franklin Bitcoin ETF (EZBC) is a passive investment vehicle that seeks to reflect the performance of bitcoin's price, offering investors a convenient, exchange-listed alternative to direct bitcoin ownership. The Fund is structured as a Delaware statutory trust with bitcoin held in custody by Coinbase Custody Trust Company and valued using the CF Benchmarks Index. The Fund operates through a continuous creation and redemption mechanism for authorized participants, with the Sponsor charging a 0.19% annual fee that covers all ordinary operational expenses.
Key Risk Factors
Key risks include: (1) Bitcoin price volatility and cryptocurrency market risks, as the Fund's value is directly tied to bitcoin price movements; (2) Custodian and counterparty risks, including reliance on Coinbase Custody, the Prime Broker (Coinbase Inc.), and other trading counterparties for bitcoin security and trading execution; (3) Regulatory and legal risks, as cryptocurrency regulation remains uncertain and the Fund may face extraordinary legal or regulatory expenses; (4) Valuation risks, as the Fund depends on the CF Benchmarks Index and may need to conduct fair valuations during index unavailability; (5) Operational risks from bitcoin sales needed to pay the Sponsor's fee and expenses, which reduces shareholders' bitcoin holdings over time and triggers taxable events.