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[With respect to a fork, airdrop or similar event, the Sponsor will cause the Trust to permanently and irrevocably abandon the Incidental Rights and IR Virtual Currency and no such Incidental Right or IR Virtual Currency shall be taken into account for purposes of determining the NAV of the Trust. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by NASDAQ seeking approval to amend its listing rules to permit the Trust to sell Incidental Rights or IR Virtual Currency and distribute the cash proceeds (net of expenses and applicable withholding taxes) to Depository Trust Company (“DTC”) or distribute the Incidental Rights or IR Virtual Currency in-kind to DTC. Because the Trust will abandon any Incidental Rights and IR Virtual Currency, the Trust would not receive any direct or indirect consideration for the Incidental Rights or IR Virtual Currency, and thus the value of the Shares will not reflect the value of the Incidental Rights or IR Virtual Currency. See “Risk Factors—Risks Related to the Trust and the Shares—A temporary or permanent “fork” could adversely affect the value of the Shares. In addition, Shareholders will not receive the benefits of any Incidental Rights and any IR Virtual Currency, including any forked or airdropped assets.](https://www.ishares.com/us/library/stream-document?stream=reg&product=IUS-IBIT-B&shareClass=NA&documentId=2212465%7E2340699%7E2275834%7E2369501%7E2301203&iframeUrlOverride=%2Fus%2Fliterature%2Fprospectus%2Fp-ishares-bitcoin-trust-12-31.pdf)
Semantics? That's what the prospectus says; you can't vote, you don't get any NAV from forks, and you have no direct ownership of any digital currency. It's stated purpose is to get you exposure to bitcoin. You own fractional shares in a trust that primarily holds Bitcoin. If they lose the keys or get hacked, its completely on you. https://www.blackrock.com/us/financial-professionals/resources/regulatory-documents/stream-document?userType=intermediaries&stream=reg&product=IUS-IBIT-J&shareClass=&documentId=2212465~2224307~2275834~2249884~2301203&iframeUrlOverride=%2Fus%2Ffinancial-professionals%2Fliterature%2Fprospectus%2Fp-ishares-bitcoin-trust-12-31.pdf
[https://www.blackrock.com/us/financial-professionals/resources/regulatory-documents/stream-document?userType=intermediaries&stream=reg&product=IUS-IBIT-J&shareClass=NA&documentId=2212465&iframeUrlOverride=%2Fus%2Ffinancial-professionals%2Fliterature%2Fprospectus%2Fp-ishares-bitcoin-trust-12-31.pdf](https://www.blackrock.com/us/financial-professionals/resources/regulatory-documents/stream-document?userType=intermediaries&stream=reg&product=IUS-IBIT-J&shareClass=NA&documentId=2212465&iframeUrlOverride=%2Fus%2Ffinancial-professionals%2Fliterature%2Fprospectus%2Fp-ishares-bitcoin-trust-12-31.pdf) Page 75 paragraph 3 explains the process.