Bitwise Bitcoin ETF
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
BITB$41.11-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0000950170-24-124134
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0000950170-25-068780
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 31 previous paragraphs and 47 current paragraphs.
15 unchanged; 14 reworded; 14 added; 1 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Sponsor undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Quarterly Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Quarterly Report.
Current report
The following table sets forth statements of operations data for the three months ended March 31, 2025 and the period from January 10, 2024 (commencement of operations) to March 31, 2024.
Current report
Statements of Operations (Unaudited)
Current report
Comparison of the Three-Month Period ended March 31, 2025 and the Period from January 10, 2024 (Commencement of operations) to March 31, 2024
Current report
The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:
Current report
Sponsor Fee
Current report
The Trust pays an unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of the Trust assets through July 10, 2024, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. The Sponsor Fee for the three months ended March 31, 2025 was approximately $1,860, compared to the Sponsor Fee for the period from January 10, 2024 (commencement of operations) to March 31, 2024 of approximately $531, of which $354 was contractually waived, resulting a net Sponsor Fee of approximately $177. The increase in Sponsor Fee was primarily related to an increase in the Trust’s net assets value due to an increase in the fair value of bitcoin held by the Trust and the expiration of the Sponsor Fee waiver as of July 11, 2024.
Current report
Net Realized Gain (Loss) from Bitcoin
Current report
Net realized gain on the sale of bitcoin to pay the Sponsor Fee for *the three months ended March 31, 2025 was approximately $1,151, compared to net realized gain on the sale of bitcoin to pay the Sponsor Fee for the period from January 10, 2024 (commencement of operations) to March 31, 2024 of approximately $6. These changes were primarily due to the expiration of the Sponsor Fee waiver as of July 11, 2024 and an increase in the fair value of bitcoin held by the Trust.
Current report
Net realized gain on investment in bitcoin sold for redemptions for the three months ended March 31, 2025 was approximately $23,850. There was no net realized gain (loss) on investment in bitcoin sold for redemptions for the period from January 10, 2024 (commencement of operations) to March 31, 2024. These changes were primarily due to no redemptions during the period from January 10, 2024 (commencement of operations) to March 31, 2024.
Current report
Net change in unrealized depreciation on investment in bitcoin for the three months ended March 31, 2025 was approximately $476,361, compared to net change in unrealized appreciation on investment in bitcoin for the period from January 10, 2024 (commencement of operations) to March 31, 2024 of approximately $624,982. These changes were primarily due to the market price of bitcoin appreciating during the period from January 10, 2024 (commencement of operations) to March 31, 2024, and depreciating during the three months ended March 31, 2025.
Current report
Net Assets
Current report
Net assets decreased to approximately $3,132,666 at March 31, 2025, with a 11.76% decrease in Principal Market NAV per-share for the three months ended March 31, 2025. The decrease in net assets primarily resulted from the aforementioned bitcoin price depreciation, the net decrease in capital share transactions of approximately $176,153, and a net decrease resulting from operations of $453,220.
Current report
Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s accounting policies.
Removed paragraphs (1)
Previous report
No full nine-month period or comparative period presented as the Trust commenced operations on January 10, 2024.
Reworded paragraphs (14)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, our unaudited financial statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements.
Current wording
The following discussion and analysis of the Trust's financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, the Trust's unaudited financial statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions the Trust believes to be reasonable. The Trust's actual results could differ materially from those discussed in these forward-looking statements. See “Statement Regarding Forward-Looking Statements” above.
Previous wording
Bitwise Bitcoin ETF (the “Trust”) is a Delaware statutory trust formed on August 29, 2019. The Trust continuously issues common shares (“Shares”), representing units of undivided beneficial ownership of the Trust. The Shares are listed on the NYSE Arca Inc. (the “Exchange”) under the ticker symbol “BITB.” The Trust’s commencement of operations was January 10, 2024. Bitwise Investment Advisers, LLC (the “Sponsor”) serves as the sponsor of the Trust.
Current wording
Bitwise Bitcoin ETF (the “Trust”) is a Delaware statutory trust formed on August 29, 2019. The Trust continuously issues common shares (“Shares”), representing units of undivided beneficial ownership of the Trust. The Shares are listed on the NYSE Arca Inc. (the “Exchange”) under the ticker symbol “BITB.” The Trust’s commencement of operations was January 10, 2024. The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the “Sponsor”).
Previous wording
The Shares may trade at a premium over, or a discount to, the NAV per-share as a result of price volatility, trading volume and closings of the exchanges on which the Sponsor purchases bitcoins on behalf of the Trust due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin. As a result of the foregoing, the price of the Shares as quoted on the Exchange has varied from the value of the Trust’s NAV per-share since the Shares were approved for quotation on January 11, 2024.
Current wording
The Shares may trade at a premium over, or a discount to, the NAV per-share as a result of price volatility, trading volume and closings of the exchanges on which the Sponsor purchases bitcoin on behalf of the Trust due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin. As a result of the foregoing, the price of the Shares as quoted on the Exchange has varied from the value of the Trust’s NAV per-share since the Shares were approved for quotation on January 11, 2024.
Previous wording
The following charts show the percentage of Premium/(Discount) of the Shares as quoted on the Exchange and the Trust’s NAV and a comparison of the NAV of the Trust vs the market price as quoted on the Exchange.
Current wording
The following charts show the percentage of Premium/(Discount) of the Shares as quoted on the Exchange and the Trust’s NAV and a comparison of the NAV of the Trust vs the market price as quoted on the Exchange for the period from January 2024 to March 2025.
Previous wording
From January 11, 2024 to September 30, 2024, the Shares of the Trust traded at an average discount, based on closing prices at 4:00 p.m. ET, and estimated, unaudited, NAV per-share of 0.02%. During that same period, the highest premium was 1.17% on May 20, 2024, and the lowest premium was 0.01% on January 18, 2024. During that same period, the highest discount was 1.79% on May 1, 2024, and the lowest discount was 0.002% on June 25, 2024.
Current wording
From January 11, 2024 to March 31, 2025, the Shares of the Trust traded at an average discount, based on closing prices at 4:00 p.m. ET, and an estimated, unaudited, NAV per-share of 0.04%. During that same period, the highest premium was 1.38% on December 24, 2024, and the lowest premium was 0.001% on February 10, 2025. During that same period, the highest discount was 1.79% on May 1, 2024, and the lowest discount was 0.001% on March 14, 2025.
Previous wording
For the Three Months Ended September 30, 2024*^
Current wording
Financial Information for the Three Months ended March 31, 2025 and the Period from January 10, 2024 (Commencement of Operations) to March 31, 2024^
Previous wording
Net realized and unrealized gain on investment in bitcoin for the three months ended September 30, 2024, was approximately $135,282 which includes a realized gain of $359 on the sale of bitcoins to pay the Sponsor Fee, net realized loss on investment in bitcoin sold for redemptions of $49,002 and net change in unrealized appreciation on investment in bitcoin of approximately $183,925. Net realized and unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $60,330.17 per bitcoin as of June 30, 2024 to $63,410.65 per bitcoin as of September 30, 2024. Net increase in net assets resulting from operations was approximately $134,167 for the three months ended September 30, 2024, which consisted of the net realized and unrealized gain on investment in bitcoin of $135,282, offset by the Sponsor Fee of $1,115. Net assets increased to approximately $2,502,396 on September 30, 2024, a 5.82% increase in NAV for the period. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, net capital share transactions of approximately $118,571, and a net increase resulting from operations of $134,167.
Current wording
Net Change in Unrealized Appreciation (Depreciation) from Bitcoin
Previous wording
Net realized and unrealized gain on investment in bitcoin for the period from January 10, 2024 to September 30, 2024, was approximately $361,735 which includes a realized gain of $593 on the sale of bitcoins to pay the Sponsor Fee, net realized loss on investment in bitcoin sold for redemptions of $73,204 and net change in unrealized appreciation on investment in bitcoin of approximately $434,346. Net realized and unrealized gain on investment in bitcoin for the period was driven by bitcoin price appreciation from $45,852.66 per bitcoin as of January 10, 2024 to $63,410.65 per bitcoin as of September 30, 2024. Net increase in net assets resulting from operations was approximately $359,793 for the period from January 10, 2024 to September 30, 2024, which consisted of the net realized and unrealized gain on investment in bitcoin of $361,735, less the Sponsor Fee of $1,942. Net assets increased to approximately $2,502,396 on September 30, 2024, a 38.28% increase in NAV for the period. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, net capital share transactions of approximately $2,142,603, and a net increase resulting from operations of $359,793.
Current wording
Net decrease in net assets resulting from operations for the three months ended March 31, 2025 was approximately $453,220, compared to net increase in net assets resulting from operations for the period from January 10, 2024 (commencement of operations) to March 31, 2024 of approximately $624,811. These changes were primarily due to an increase in net realized gain and a shift from unrealized appreciation to unrealized depreciation on investments in bitcoin, with a net realized and unrealized loss on investment in bitcoin of approximately $451,360, plus the Sponsor Fee of $1,860, for the three months ended March 31, 2025, compared to a net realized and unrealized gain on investment in bitcoin of approximately $624,988, less the Sponsor Fee of $177, for the period from January 10, 2024 (commencement of operations) to March 31, 2024.
Previous wording
As of September 30, 2024,* the Trust held a net closing balance of 39,435.5408 bitcoin with a total market value of $2,500,633,274 based on the BRRNY price of $63,410.65, used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,502,767,131 based on the price of bitcoin (Lukka Prime Rate) in the principal market (Coinbase) of $63,464.76, used to determine the Trust's Principal Market NAV.
Current wording
As of March 31, 2024, the Trust held a net closing balance of 31,682.4133 bitcoin with a total market value of $2,241,899 based on the BRRNY price of $70,761.62, used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,244,413 based on the price of a bitcoin in the principal market (Lukka Prime Rate) of $70,840.97, used to determine the Trust's Principal Market NAV.
Previous wording
The Trust agreed to pay the unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of Trust assets through July 10, 2024, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Bitcoin Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.
Current wording
The Trust pays an unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of the Trust assets through July 10, 2024, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Bitcoin Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.
Previous wording
The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s bitcoin as necessary to pay such expenses. The cash proceeds of the sale will be sent to the Sponsor to pay the expenses. Any remaining cash will be distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and bitcoin. The Trust will not borrow to meet liquidity needs.
Current wording
The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s bitcoin as necessary to pay such expenses. The cash proceeds of the sale are sent to the Sponsor to pay the expenses. Any remaining cash is distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and bitcoin. The Trust will not borrow to meet liquidity needs.
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. While broader economic and market conditions, including evolving trade policies and tariffs, could impact the price of bitcoin and contribute to increased market volatility, the Trust does not currently anticipate these factors will materially affect its liquidity needs.
Previous wording
As of December 31, 2023, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Trust’s financial position.
Current wording
As of March 31, 2025, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.
Previous wording
No material changes have occurred during the period ended September 30, 2024.
Current wording
No material changes have occurred during the three months ended March 31, 2025.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Net Increase (Decrease) in Net Assets resulting from Operations
Current report — wording carried from elsewhere
The change in net realized and unrealized gain (loss) was primarily due to fluctuations in the bitcoin price during the respective period. For the three-month period ended March 31, 2025, the net realized and unrealized loss on investment in bitcoin was driven by bitcoin price depreciation from $93,730.35 per bitcoin as of December 31, 2024 to $82,982.75 per bitcoin as of March 31, 2025. For the period from January 10, 2024 (commencement of operations) to March 31, 2024, the net realized and unrealized gain on investment in bitcoin was driven by bitcoin price appreciation from $45,852.66 per bitcoin as of January 10, 2024 (commencement of operations) to $70,761.62 per bitcoin as of March 31, 2024.
Current report — wording carried from elsewhere
As of March 31, 2025, the Trust held a net closing balance of 38,003.7680 bitcoin with a total market value of $3,153,657 based on the BRRNY price of $82,982.75 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,133,221 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $82,445.02, used to determine the Trust's Principal Market NAV.
Current report — wording carried from elsewhere
Net assets increased to approximately $2,244,253 at March 31, 2024, with a 54.48% increase in Principal Market NAV per-share for the period from January 10, 2024 (commencement of operations) to March 31, 2024. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, the net increase in capital share transactions of approximately $1,619,442, and a net increase resulting from operations of $624,811.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
For the Period from January 10, 2024 (Commencement of Operations) to September 30, 2024*^