Bitwise Bitcoin ETF

What they do

The Trust is a passive investment vehicle that holds bitcoin and issues shares (ticker BITB) that trade on NYSE Arca, Inc. It is not an operating business; its assets consist of bitcoin and its results are driven by changes in bitcoin's price and the Trust's expenses. The Sponsor, Bitwise Investment Advisers, LLC, manages the Trust and its principal offices are in San Francisco, California.

Revenue drivers

• Bitcoin price exposure — The Trust's net asset value and results of operations are driven primarily by changes in the fair value of the bitcoin it holds, which is the Trust's only investment.
• Sponsor's fee — The Sponsor charges a fee for managing the Trust, which is paid by the Trust and reduces net asset value; the fee rate is not specified in the provided excerpts.
• Share creation and redemption — The Trust issues and redeems shares in large blocks through authorized participants, which affects asset size but is not a revenue line.

Recent performance

For fiscal year 2025, the Trust reported a net loss of $344.4 million, compared with net income of $1.59 billion in 2024. Operating cash flow was $39.1 million in 2025 versus negative $2.17 billion in 2024. As of June 30, 2026, total assets were $2.13 billion and total liabilities were $378,000. The 10-Q for the period ended June 30, 2026 includes unaudited financial statements but the filing excerpt does not provide net income or cash flow figures for the quarter.

Strategy

The Trust's stated purpose is to provide investors with exposure to bitcoin through a traditional exchange-traded product. It does not pursue an active strategy; its operations consist of holding bitcoin and issuing shares. The Sponsor is responsible for the Trust's management and has no stated plans in the provided excerpts to change the investment objective or expand into other assets. The 10-K/A filed on March 11, 2026 was solely to include the consent of KPMG LLP, the Trust's independent registered public accounting firm.

Risks

• Bitcoin price risk — The Trust's net asset value and share price are directly exposed to the price of bitcoin, which can be highly volatile and is not controlled by the Trust or the Sponsor.
• Regulatory risk — Changes in U.S. or foreign regulation of bitcoin, crypto exchanges, or exchange-traded products could adversely affect the Trust's operations or the market for its shares.
• Third-party custody and service risk — The Trust relies on third parties to custody its bitcoin and provide other services, and their failure could result in loss of assets or operational disruption.
• Share price tracking risk — The market price of BITB shares may trade at a premium or discount to the Trust's net asset value, and the Trust does not guarantee a precise tracking of bitcoin's price.

Outlook

The provided excerpts do not include management's forward-looking outlook for the Trust. The 10-K/A and 10-Q excerpts focus on financial statements and administrative matters rather than future guidance. No specific revenue or expense targets are stated.