The fund is passively managed to invest directly in bitcoin. Long-term holdings of bitcoin are purchased through Gemini NuSTAR LLC, other reputable bitcoin trading platforms, and OTC counterparties. Holdings are priced based on the CME Group and Crypto Facilities Bitcoin Reference Rate (CME CF BRR), a once-a-day benchmark index price for bitcoin denominated in US dollars. A geographically diverse set of spot prices are included in the index calculation to ensure the BRR reflects the global price of bitcoin. The BRR is calculated daily based on trades place on certain approved trading platforms during 15:00 16:00 London Time. The one-hour window is divided equally into twelve 5 minute segments. Each segment has a volume weighted median (VWM). The BRR value is expressed as the arithmetic mean of the 12 VWMs. The index is designed to be representative of the market but given the volatility, it may not be in all instances. The shares are eligible for registered accounts.