Bitwise Bitcoin ETF
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 7, 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 2025-03-31; filed 2025-05-12.
0000950170-25-068780
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001193125-25-175490
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 47 previous paragraphs and 48 current paragraphs.
31 unchanged; 16 reworded; 0 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 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.
Reworded paragraphs (16)
Previous 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.
Current wording
From January 11, 2024 to June 30, 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 0.03%. 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
Financial Information for the Three Months ended March 31, 2025 and the Period from January 10, 2024 (Commencement of Operations) to March 31, 2024^
Current wording
Financial Information for the Three Months and Six Months ended June 30, 2025 and the Period from January 10, 2024 (Commencement of Operations) to June 30, 2024^
Previous wording
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 wording
The following table sets forth statements of operations data for the three months and six months ended June 30, 2025 and three months ended June 30, 2024 and the period from January 10, 2024 (commencement of operations) to June 30, 2024.
Previous wording
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 wording
Comparison of the Six-Month Period ended June 30, 2025 and the Period from January 10, 2024 (Commencement of operations) to June 30, 2024
Previous 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. 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 wording
The Trust pays a 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 six months ended June 30, 2025 was approximately $3,748, compared to the Sponsor Fee for the period from January 10, 2024 (commencement of operations) to June 30, 2024 of approximately $1,678, of which $851 was contractually waived, resulting in a net Sponsor Fee of approximately $827. 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.
Previous wording
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 wording
Net realized gain on the sale of bitcoin to pay the Sponsor Fee for the six months ended June 30, 2025 was approximately $2,183, 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 June 30, 2024 of approximately $234. This change was 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.
Previous wording
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 wording
Net realized gain on investment in bitcoin sold for redemptions for the six months ended June 30, 2025 was approximately $45,121, compared to net realized loss on investment in bitcoin sold for redemptions for the period from January 10, 2024 (commencement of operations) to June 30, 2024 of approximately $24,202. This change was primarily due to an increase in the fair value of bitcoin held by the Trust.
Previous wording
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 wording
Net change in unrealized appreciation on investment in bitcoin for the six months ended June 30, 2025 was approximately $464,101, compared to net change in unrealized appreciation on investment in bitcoin for the period from January 10, 2024 (commencement of operations) to June 30, 2024 of approximately $250,421. This change was primarily due to an increase in the fair value of bitcoin held by the Trust.
Previous 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.
Current wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2025 was approximately $507,657, compared to net increase in net assets resulting from operations for the period from January 10, 2024 (commencement of operations) to June 30, 2024 of approximately $225,626. This change was primarily due to an increase in net realized gain and an increase in unrealized appreciation on investments in bitcoin, with a net realized and unrealized gain on investment in bitcoin of approximately $511,405, less the Sponsor Fee of $3,748, for the six months ended June 30, 2025, compared to a net realized and unrealized gain on investment in bitcoin of approximately $226,453, less the Sponsor Fee of $827, for the period from January 10, 2024 (commencement of operations) to June 30, 2024.
Previous wording
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 wording
The change in net realized and unrealized gain (loss) was primarily due to fluctuations in the bitcoin price during the respective period. For the six-month period ended June 30, 2025, the net realized and unrealized loss on investment in bitcoin was driven by bitcoin price appreciation from $93,730.35 per bitcoin as of December 31, 2024 to $107,487.49 per bitcoin as of June 30, 2025. For the period from January 10, 2024 (commencement of operations) to June 30, 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 $60,330.17 per bitcoin as of June 30, 2024.
Previous wording
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 wording
As of June 30, 2025, the Trust held a net closing balance of 39,518.9512 bitcoin with a total market value of $4,247,793 based on the BRRNY price of $107,487.49 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $4,258,323 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $107,753.95, used to determine the Trust's Principal Market NAV.
Previous wording
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 wording
Net assets increased to approximately $4,257,654 at June 30, 2025, with a 15.26% increase in Principal Market NAV per-share for the six months ended June 30, 2025. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, the net decrease in capital share transactions of approximately $12,042, and a net increase resulting from operations of $507,657.
Previous 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.
Current wording
As of June 30, 2024, the Trust held a net closing balance of 37,528.2763 bitcoin with a total market value of $2,264,087 based on the BRRNY price of $60,330.17, used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,249,899 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $59,952.11, used to determine the Trust's Principal Market NAV.
Previous wording
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.
Current wording
Net assets increased to approximately $2,249,658 at June 30, 2024, with a 30.68% increase in Principal Market NAV per-share for the period from January 10, 2024 (commencement of operations) to June 30, 2024. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, the net increase in capital share transactions of approximately $2,024,032, and a net increase resulting from operations of $225,626.
Previous 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.
Current wording
The Trust pays a 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 bitcoin holdings 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,
Previous wording
No material changes have occurred during the three months ended March 31, 2025.
Current wording
No material changes have occurred during the six months ended June 30, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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.