CoinShares Valkyrie Bitcoin Fund

Investing Involves Significant Risk. The loss of principal is possible. The Trust may not be suitable for all investors. This investment case does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial advisor/financial consultant before making any investment decisions.

The Trust’s investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and it may be obtained at https://coinshares.com/en/d/etf/prospectus/brrr/ . Read it carefully before investing.

Bitcoin trading prices are volatile and shareholders could lose all or substantially all of their investment in the Trust.This is a new ETF with limited operating history.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Any applicable brokerage fees and commissions apply and will reduce returns.

Bitcoin Investing Risk.
The Trust invests in bitcoin. Bitcoin is a relatively new and highly speculative investment. The risks associated with bitcoin include the following:
Bitcoin is a new technological innovation with a limited history. There is no assurance that usage of bitcoin will continue to grow. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the Trust. The Bitcoin Network was launched in January 2009, platform trading in bitcoin began in 2010, which limits a potential shareholder’s ability to evaluate an investment in the Trust.

The Trust is exposed to risks associated with the price of bitcoin, which is subject to numerous factors and risks. The price of bitcoin is impacted by numerous factors, including:

• The total and available supply of bitcoin, including the possibility that a small group of early bitcoin adopters hold a significant proportion of the bitcoin that has thus far been created and that sales of bitcoin by such large holders may impact the price of bitcoin;

• Global bitcoin demand, which is influenced by the growth of retail merchants’ and commercial businesses’ acceptance of bitcoin as payment for goods and services, the security of online bitcoin exchanges and public bitcoin addresses that hold bitcoin, the perception that the use and holding of bitcoin is safe and secure, the lack of regulatory restrictions on their use, and the reputation regarding the use of bitcoin for illicit purposes;

• Global bitcoin supply, which is influenced by similar factors as global bitcoin demand, in addition to fiat currency (i.e., government currency not backed by an asset such as gold) needs by miners and taxpayers who may liquidate bitcoin holdings to meet tax obligations;

• Investors’ expectations with respect to the rate of inflation of fiat currencies and deflation of bitcoin;

• Foreign exchange rates between fiat currencies and digital assets such as bitcoin;

• Interest rates;

• The continued operation of bitcoin exchanges in the United States and foreign jurisdictions, including their regulatory status, trading and custody policies, and cyber security;

• Investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest in bitcoin;

• Regulatory measures, if any, that restrict the use of bitcoin as a form of payment or the purchase or sale of bitcoin, including measures that restrict the direct or indirect participation in the bitcoin market by financial institutions or the introduction of bitcoin instruments;

• The maintenance and development of the open-source software protocol of the Bitcoin Network;

• Increased competition from other cryptocurrencies and digital assets, including forks of the Bitcoin Network;

• Developments in the information technology sector;

• Global or regional political, economic or financial events and situations;

• Investor or Bitcoin Network participant sentiments on the value or utility of bitcoin; and

• The dedication of mining power to the Bitcoin Network and the willingness of bitcoin miners to clear bitcoin transactions for relatively low fees.

Negative developments in any of these factors could adversely impact an investment in the Trust.A decline in the adoption of bitcoin could negatively impact the performance of the Trust. As a new asset and technological innovation, the bitcoin industry is subject to a high degree of uncertainty. The adoption of bitcoin will require growth in its usage for various applications that include retail and commercial payments, cross-border and remittance transactions, speculative investment and technical applications.