Bitcoin Trust is a share-issuing trust that holds bitcoin as the primary asset, governed by a Sponsor and Trustee, with designated bitcoin and cash custodians and Authorized Participants to facilitate share creation and redemption.

# Bitcoin Trust

Bitcoin Trust is a trust that issues shares and is governed by a Sponsor and a Trustee. The trust structure includes designated custodians for bitcoin and cash and relies on Authorized Participants to facilitate share creation and redemption.

## Nature of the entity
- Trust that issues shares.
- Governance by a Sponsor and a Trustee.
- Asset custody and share creation/redemption processes are handled through dedicated custodians and Authorized Participants.

## Key roles and infrastructure
- Sponsor: establishes and oversees the trust.
- Trustee: holds and administers the trust’s assets.
- Bitcoin Custodian: holds the bitcoins backing the trust.
- Cash Custodian: manages cash assets backing the trust.
- Authorized Participants: authorized to create or redeem trust shares.

## Primary business activities
- Holding bitcoin assets that back the trust’s shares.
- Managing cash backing through a separate cash custodian.
- Facilitating share creation and redemption via Authorized Participants.
- Providing information and disclosures related to the shares.

## Governance and risk areas listed
- Item 1A. Risk Factors
- Item 1B. Unresolved Staff Comments
- Item 1C. Cybersecurity
- Item 2. Properties
- Item 3. Legal Proceedings
- Item 4. Mine Safety Disclosures

Franklin Bitcoin ETF is a passive investment fund that provides exposure to bitcoin's market performance, operating as a non-managed vehicle with assets mainly in bitcoin and cash.

# Company Overview

## Company Name
Franklin Bitcoin ETF  
A Series of Franklin Templeton Digital Holdings Trust

## Business Description
Franklin Bitcoin ETF is a passive investment fund designed to provide investors with exposure to the price of bitcoin. It seeks to reflect the performance of bitcoin’s market value before expenses and liabilities. The ETF offers a cost-effective and convenient alternative to directly purchasing, holding, or trading bitcoin by allowing investors to buy shares listed on a public exchange.

## Key Operations
- **Investment Objective:** Mimic the performance of bitcoin prices, less expenses.
- **Assets Backing Shares:** Primarily held assets are bitcoin kept in custody by Coinbase Custody Trust and cash holdings.
- **Market Listing:** Shares are listed on the Cboe BZX Exchange under the ticker **EZBC**.
- **Share Details:** 8,700,000 outstanding shares as of June 3, 2025.
- **Market Cap:** As of September 30, 2024, the aggregate market value of non-affiliate held shares was approximately **$451 million**.
- **Customer Base & Users:** Exact number of customers or investors is not specified.
- **Employees:** The Trust does not have officers, directors, or employees. It operates as a passive vehicle managed by service providers.
- **Revenue & Income:** The fund does not generate income or revenue as it is a passive, non-managed vehicle. Its main expenses are fees paid to service providers, notably a 0.19% annual fee to the Sponsor.

## Service Providers & Infrastructure
- **Sponsor:** Franklin Holdings, LLC, responsible for establishing and overseeing the fund.
- **Fund Administrator & Custodians:**
  - The Bank of New York Mellon (admin, transfer agent, cash custodian).
  - Coinbase Custody Trust (bitcoin custodian).
- **Prime Broker:** Coinbase Inc. facilitates trading and settlement.
- **Marketing Agent:** Franklin Distributors, LLC.
- **Authorized Participants:** 5 major broker-dealer firms capable of creating or redeem shares via authorized procedures.
- **Legal & Regulatory:** Not registered under the Investment Company Act. The fund does not hold or trade in commodity futures, nor is it a commodity pool.

## Asset Management & Operations
- **Investment Approach:** Passive, not actively managed or leveraged.
- **Bitcoin Custody:** Segregated in cold storage (offline hardware) with private keys stored securely.
- **Trading & Redeeming:** Creation and redemption only in units of 50,000 shares. Transactions involve bitcoin buying/selling, with the ETF conducting trades via third-party counterparties or through Coinbase Prime.
- **Expenses:** Only recurring expense is a 0.19% annual Sponsor fee; other costs are borne by service providers or the fund’s assets.
- **Tax Treatment:** Treated as a grantor trust for U.S. federal income tax purposes, with income passing through to shareholders.

## Risks & Industry Position
- Heavy reliance on third-party custodians, trading counterparties, and infrastructure.
- No management of bitcoin actively; exposure to bitcoin’s price volatility.
- Limited history of the fund’s operational performance.
- Market risks related to digital asset volatility, regulation, technological changes, and cybersecurity threats.

**Note:** Specific financial metrics such as revenue, net income, or detailed customer data are not provided in the document. The focus is on operational structure, management, and service arrangements for the ETF.

Franklin Templeton Digital Holdings Trust is a Delaware statutory trust that offers a passive investment vehicle for investors seeking exposure to bitcoin through its Franklin Bitcoin ETF.

# Franklin Templeton Digital Holdings Trust

## Company Background

The Franklin Templeton Digital Holdings Trust (the “Trust”) was established as a Delaware statutory trust on September 6, 2023. It operates through its sole series, the Franklin Bitcoin ETF (the “Fund”), which is listed under the ticker EZBC on the Cboe BZX Exchange. The Trust and Fund are sponsored by Franklin Holdings, LLC, a wholly owned subsidiary of Franklin Resources, Inc., which provides corporate oversight and direction.

## Purpose and Operations

The Trust provides investors a means to gain exposure to bitcoin prices without direct bitcoin purchases, custody, or trading. The Fund’s objective is to reflect the performance of the price of bitcoin, adjusted for the Fund’s expenses and liabilities.

### Key Features
- Investment Vehicle: The Fund is a passive investment vehicle and is not actively managed. It does not engage in speculation or use leverage.
- Creation and Redemption: Shares are created and redeemed only in Creation Units of 50,000 shares. Transactions are conducted exclusively in cash.
- Asset Custodianship: The Fund’s bitcoin holdings are held by Coinbase Custody Trust Company, LLC.

## Financial Information

### Shareholder Details
- Issued Shares (as of March 31, 2024): 8,350,000 shares
- Market value of held bitcoin (as of March 31, 2024): approximately $341.9 million
- NAV per share: $26.65 at commencement (January 11, 2024); $40.95 as of March 31, 2024

### Revenue and Expenses
- Ordinary recurring expense: Sponsor’s fee at an annualized rate of 0.19% of the daily net asset value
- The Sponsor absorbs most operational costs, including fees for the Administrator, Marketing Agent, Bitcoin Custodian, and other associated expenses, and covers up to $500,000 per annum in ordinary legal fees.

## Customers and Employees

- Customers: Investors seeking bitcoin exposure through traditional investment channels.
- Employees: The Trust has no direct employees or officers; operations are managed by the Sponsor’s team.

## Sponsor Team

- David Mann – President and CEO  
- Matthew Hinkle – Chief Financial Officer  
- Vivek Pai – Chief Accounting Officer and Treasurer  
- Todd Mathias – Vice President  
- Navid Tofigh – Vice President and Secretary  
- Julie Patel – Vice President and Assistant Secretary  
- Ryan Wheeler, Ajay Narayan, Jeff White – Assistant Treasurers

## Performance Metrics

- Total assets (as of March 31, 2024): 4,842.9986 BTC  
- Total income change for the period: approximately $61,220,174, reflecting appreciation in bitcoin values and favorable market conditions

## Conclusion

Franklin Templeton Digital Holdings Trust offers a structured, regulated vehicle for investors to gain bitcoin exposure through an exchange-traded fund, with oversight provided by Franklin Holdings, LLC and custody services by Coinbase Custody Trust Company, LLC.

Franklin Templeton Digital Holdings Trust

10-K / June 29, 2026

10-K / June 30, 2025

10-K / July 1, 2024

10-K / June 29, 2026

Bitcoin Trust

Nature of the entity

Key roles and infrastructure

Primary business activities

Governance and risk areas listed