Spot BTC ETF wrapper
Spot Bitcoin ETF wrapper where flows, AUM, liquidity, and premium or discount shape peer comparison.
What changed
$ARKB's 10-K filed 2026-03-02 shows 4 notable Item 1A text changes versus the 10-K filed 2025-03-26, split evenly between financial-condition and regulatory-action language. Two passages were added and two removed, including new wording that Bitcoin markets may be less liquid and more volatile and that authorities may suspend or restrict trading altogether.
$ARKB's 10-K filed 2026-03-02 shows four notable Item 1A text changes versus the 10-K filed 2025-03-26: two additions and two removals split evenly between financial-condition and regulatory-action language. Added passages flag Bitcoin market liquidity and potential trading suspensions, while removed passages dropped earlier wording on digital-asset ecosystem viability and possible SEC or CFTC registration consequences.
$ARKB's 10-K filed 2026-03-02 removed prior language warning that future legal or regulatory developments could force the Trust or Sponsor to register with the SEC or CFTC and replaced ecosystem-viability wording with a narrower statement that Bitcoin markets may be less liquid and more volatile than established markets. Four changes fall in financial-condition and regulatory-action categories versus the 2025-03-26 10-K.
$ARKB's 2026-03-02 10-K shows four notable Item 1A text changes versus the 2025-03-26 10-K, split evenly between financial-condition and regulatory-action passages. Removed language on digital asset ecosystem viability and potential SEC or CFTC registration was replaced with broader wording on Bitcoin market liquidity and possible suspension of Bitcoin trading by authorities.
$ARKB's 10-K filed 2026-03-02 shows 4 notable Item 1A text changes versus the 10-K filed 2025-03-26, split evenly across financial-condition and regulatory-action language (2 added, 2 removed). Added passages flag Bitcoin market illiquidity and the possibility that a spot market or authority may suspend or restrict Bitcoin trading; removed passages had covered digital asset ecosystem viability and potential SEC or CFTC registration requirements.
Signal summary
Scores summarize filing, market, ownership, and exposure records for research prioritization.
Regulatory filing quality and event signal from SEC disclosures
Key inputs: Quarterly report filing: quarterly report · Annual report filing: annual report
Degree of Bitcoin exposure relative to entity type
Key inputs: Spot bitcoin ETF wrapper
Directional signal from recent SEC event categorizations
Key inputs: 1 recent SEC filing · 6 fresh source updates
Delayed quote
Session timestamp: Jun 5, 2026, 9:30 PM
Showing the latest source-confirmed income statement values. The bar scale compares magnitude within this statement only; it is not a trend line and does not indicate positive or negative quality.
2 metrics · latest period Mar 31, 2026. 2 metrics include a prior-period comparison.
| Metric | Value | Period | Prior | Change |
|---|---|---|---|---|
| Net income | -716.84M USD | Mar 31, 2026 | -222.3M USD | -494.54M USD (-222.5%) |
| Operating income | -1.45M USD | Mar 31, 2026 | -9.77M USD | +8.32M USD (85.2%) |
Risk Factor Watch
Compared 10-K 2026-03-02 with 10-K 2025-03-26.
Risk Factors—The inability to recognize the economic benefit of a ‘fork’ or an ‘airdrop’ could adversely impact an investment in the Trust”.
Although the Trust will attempt to structure its portfolio so that investments track the Index, the Trust may not achieve the desired degree of correlation between its performance and that of the Index and thus may not achieve its investment objective.
The difference in performance may be due to factors such as fees, transaction costs, redemptions of, and subscriptions for, Shares, pricing differences or the cost to the Trust of complying with various new or existing regulatory requirements.
No materially changed risk-factor sentences above threshold.
Risk Factors—Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to incur unforeseen expenses or liquidate.
Regulatory changes or guidance that result in other virtual currencies not meeting the definition of “security” will reduce advantages associated with bitcoin’s current regulatory status, which could adversely impact an investment in the Shares.
Promoters of other digital assets claim that those digital assets have solved certain of the purported drawbacks of the Bitcoin network, for example, allowing faster settlement times, reducing mining fees, or reducing electricity usage in connection with mining.
If these digital assets are successful, such success could reduce demand for bitcoin and adversely affect the value of bitcoin and an investment in the Trust.
Source-extracted Item 1A comparison.
ETF wrappers do not have officer and director Form 4 activity in the same way operating companies do.
This is a partial 13F manager view, not a full shareholder register. Concentration percentages describe the manager positions currently loaded in this table. The shares-outstanding percentage divides each manager's reported shares by the latest public share-count record when available.
Loaded filings
Of loaded 13F shares
Only 8 loaded
Only 8 loaded
Position or value
Source: SEC 13F filings. 13F reports can arrive up to 45 days after quarter end and do not represent every shareholder. Position change is the reported share-count change versus the prior available filing. Value change is the reported market-value change and can move even when the share count is unchanged.
| Manager | Period | Shares | % Shares out. | Value | Movement |
|---|---|---|---|---|---|
| ARK Investment Management LLCMarket value moved | Mar 2026 | 6.7M | 5.83% | $150.64B | Position-173.3KValue-$48.91B |
| Bank of America CorpPosition and value moved | Mar 2026 | 9.02K | 0.01% | $202.95M | Position+8.52KValue+$188.43M |
| Jane Street Group, LLCPosition and value moved | Mar 2026 | 1.74M | 1.52% | $39.22B | Position+1.74MValue+$39.22B |
| Millennium Management LLCPosition and value moved | Mar 2026 | 1.7M | 1.47% | $38.14B | Position-2.62MValue-$87.15B |
| Morgan StanleyPosition and value moved | Mar 2026 | 12.13K | 0.01% | $272.92M | Position-4.84KValue-$220.18M |
| Morgan StanleyPosition and value moved | Mar 2026 | 3.11K | 0.00% | $69.92M | Position-13.87KValue-$423.18M |
| Morgan StanleyMarket value moved | Mar 2026 | 14.29K | 0.01% | $321.34M | Position-2.69KValue-$171.76M |
| Susquehanna International Group, LLPPosition and value moved | Mar 2026 | 53.57K | 0.05% | $1.2B | Position-464.82KValue-$13.85B |
Spot bitcoin ETF wrapper
ARKB's crypto exposure should be read alongside its equity valuation, financing choices, dilution risk, taxes, and operating business.
| Title | Type |
|---|---|
| Crypto-equity briefing: Fear reading hits 12 as MSTR and COIN absorb sharp drawdowns | Research |
| Crypto-equity briefing: Fear gauge at 12, miners lead, MSTR absorbs a rough month | Research |
| Crypto-equity briefing: Fear gauge at 11, MARA leads the tape, COIN absorbs a rough month | Research |
| Crypto-equity briefing: MARA leads the tape, COIN holds its ground, and the fear gauge flashes red | Research |
| Crypto-equity briefing: MARA leads the tape while COIN and MSTR absorb pressure | Research |
| Crypto-equity briefing: MARA leads the tape while MSTR and COIN absorb a rough month | Research |
| $ARKB 10-K swaps liquidity and regulatory risk language | Observation |
| $ARKB 10-K swaps liquidity and registration risk language | Observation |
| $ARKB 10-K trims regulatory and liquidity risk-factor language | Observation |
| $ARKB 10-K trims and rewrites Bitcoin liquidity and regulatory risk language | Observation |
| $ARKB 2026 10-K rewrites financial-condition and regulatory-action risk language | Observation |
| Ticker | Category | Latest revenue | Filing Risk0-100 | BTC Exposure0-100 | Event Momentum0-100 |
|---|---|---|---|---|---|
| ARKBARK 21Shares Bitcoin ETF | Spot BTC ETF wrapper | — | 38 | 90 | 100 |
| IBITiShares Bitcoin Trust ETF | Spot BTC ETF wrapper | — | 38 | 90 | 100 |
| FBTCFidelity Wise Origin Bitcoin Fund | Spot BTC ETF wrapper | — | 38 | 90 | 100 |
Scores run 0-100: higher means a stronger signal for that dimension, not a buy/sell rating. Market cap, YTD return, and P/E appear when quote history and share-count data are complete.