Bitwise 10 Crypto Index Fund
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
BITW$48.48-0.6%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.
0000950170-25-068782
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.
0001193125-25-175509
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 106 previous paragraphs and 106 current paragraphs.
83 unchanged; 22 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 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 (1)
Current report
Statements of Operations (Unaudited)
Removed paragraphs (1)
Previous report
Statement of Operations (Unaudited)
Reworded paragraphs (22)
Previous wording
Financial Information for the Three Months ended March 31, 2025 and 2024
Current wording
Financial Information for the Three Months and Six Months ended June 30, 2025 and 2024
Previous wording
The following table sets forth statements of operations data for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth statements of operations data for the three and six months ended June 30, 2025 and 2024.
Previous wording
Comparison of the three-month periods ended March 31, 2025 and 2024
Current wording
Comparison of the six-month periods ended June 30, 2025 and 2024
Previous wording
The Sponsor charges the Trust a Management Fee payable monthly, in arrears, in an amount equal to 2.5% per annum (1/12th of 2.5% per month) of the net asset value of the Trust’s assets at the end of each month. Management fees for the three months ended March 31, 2025 were $7,859,042 compared to management fees for the three months ended March 31, 2024 were $5,878,198. These changes were due to an increase in the Trust’s net asset value due to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Current wording
The Sponsor charges the Trust a Management Fee payable monthly, in arrears, in an amount equal to 2.5% per annum (1/12th of 2.5% per month) of the net asset value of the Trust’s assets at the end of each month. Management fees for the six months ended June 30, 2025 were $16,348,556 compared to management fees for the six months ended June 30, 2024 of $12,008,661. These changes were due to an increase in the Trust’s net asset value due to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Previous wording
Net realized gain from Crypto Assets for the three months ended March 31, 2025 was $8,866,176 compared to net realized gain from Crypto Assets for the three months ended March 31, 2024 was $1,516,665. These changes were due to fluctuations in the value of the Portfolio Crypto Assets sold during the respective period.
Current wording
Net realized gain from Crypto Assets for the six months ended June 30, 2025 was $12,964,915 compared to net realized gain from Crypto Assets for the six months ended June 30, 2024 of $1,020,735. These changes were due to fluctuations in the value of the Portfolio Crypto Assets sold during the respective period.
Previous wording
For the three-month period ended March 31, 2025, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $9,422,313 and $1,425,651, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.
Current wording
For the six-month period ended June 30, 2025, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $13,088,708 and $2,521,201, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.
Previous wording
For the three-month period ended March 31, 2024, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $1,505,603 and $353,347, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.
Current wording
For the six-month period ended June 30, 2024, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of $4,507,996 and $2,938,304, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.
Previous wording
Net change in unrealized depreciation from Crypto Assets for the three months ended March 31, 2025 was $256,649,161 compared to net change in unrealized appreciation from Crypto Assets for three months ended March 31, 2024 was $426,245,688. The primary factor for the change was related to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Current wording
Net change in unrealized depreciation from Crypto Assets for the six months ended June 30, 2025 was $63,034,234 compared to net change in unrealized appreciation from Crypto Assets for six months ended June 30, 2024 of $258,794,961. The primary factor for the change was related to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Previous wording
For the three-month period ended March 31, 2025 the Trust recorded net unrealized depreciation from Crypto Assets of Bitcoin and Ethereum of approximately $124,117,204 and $99,205,159, respectively, among the unrealized appreciation and depreciation in smaller amounts of other Portfolio Crypto Assets.
Current wording
For the six-month period ended June 30, 2025 the Trust recorded net unrealized appreciation (depreciation) from Crypto Assets of Bitcoin and Ethereum of approximately $137,106,031 and $(56,482,592), respectively, among the unrealized appreciation and depreciation in smaller amounts of other Portfolio Crypto Assets.
Previous wording
For the three-month period ended March 31, 2024 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of approximately $314,221,201 and $84,374,898, respectively, among the unrealized appreciation and depreciation in smaller amounts of other Portfolio Crypto Assets.
Current wording
For the six-month period ended June 30, 2024 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of $192,466,150 and $69,542,641, respectively, among the unrealized gains and losses in smaller amounts of other Portfolio Crypto Assets.
Previous wording
For the three-month period ended March 31, 2025, the Trust recorded a net decrease in net assets resulting from operations of $255,642,027, compared to a net increase in net assets resulting from operations of $421,884,128 for the period ended March 31, 2024. The primary factor that impacted 2025 net increase (decrease) in net assets resulting from operations compared to 2024 net increase (decrease) in net assets resulting from operations was a decrease in net realized gain and change in unrealized appreciation on investments with a net loss of $247,782,985 for the three-month period in 2025 compared to a net gain of $427,762,353 for the three-month period in 2024. The primary factor for the change was a decrease in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Current wording
For the six-month period ended June 30, 2025, the Trust recorded a net increase in net assets resulting from operations of $59,650,593, compared to a net increase in net assets resulting from operations of $247,806,984 for the six-month period ended June 30, 2024. The primary factor that impacted 2025 net increase (decrease) in net assets resulting from operations compared to 2024 net increase (decrease) in net assets resulting from operations was an increase in net realized gain and change in unrealized appreciation on investments with a net gain of $75,999,149 for the six-month period in 2025 compared to a net gain of $259,815,696 for the six-month period in 2024. The primary factor for the change was a decrease in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Previous wording
The Sponsor is responsible for paying for all ordinary administrative and overhead expenses of managing the Trust, including payment of rent, custody charges or flat rate fees for holding the Trust’s assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust’s financial statements, tax returns and other similar reports and excluding indemnification and extraordinary costs). The Sponsor also pays for all expenses associated with the operation of the Trust, including for example, fees associated with quotation of the Shares on the OTCQX, registration with the SEC, and fees associated with retaining and maintaining the Transfer Agent. “Trading commissions” or trading fees paid to trading venues (also known as exchanges) or intermediaries (such as trading technology or Crypto Asset brokerage firms) that assist in trade execution for accessing Crypto Asset liquidity are charged to the Trust and may either be included in the cost of the Crypto Assets acquired by or disposed of by the Trust or may appear as explicit costs in addition to the price of the Crypto Asset. Trading fees and commissions are charged to the Trust and may appear in the financial statements as “Transaction and other fees” in the Financial Statements’ Statement of Operations in the Expenses category or may be included in the cost of the Crypto Assets acquired by the Trust.
Current wording
The Sponsor is responsible for paying for all ordinary administrative and overhead expenses of managing the Trust, including payment of rent, custody charges or flat rate fees for holding the Trust’s assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust’s financial statements, tax returns and other similar reports and excluding indemnification and extraordinary costs). The Sponsor also pays for all expenses associated with the operation of the Trust, including for example, fees associated with quotation of the Shares on the OTCQX, registration with the SEC, and fees associated with retaining and maintaining the Transfer Agent. “Trading commissions” or trading fees paid to trading venues (also known as exchanges) or intermediaries (such as trading technology or Crypto Asset brokerage firms) that assist in trade execution for accessing Crypto Asset liquidity are charged to the Trust and may either be included in the cost of the Crypto Assets acquired by or disposed of by the Trust or may appear as explicit costs in addition to the price of the Crypto Asset. Trading fees and commissions are charged to the Trust and may appear in the financial statements as “Transaction and other fees” in the Financial Statements’ Statements of Operations in the Expenses category or may be included in the cost of the Crypto Assets acquired by the Trust.
Previous wording
As described in the Risk Factors set out in our Form 10-K filed with the SEC on February 20, 2025, the prices of the various Portfolio Crypto Assets held by the Trust are subject to extreme volatility. This volatility had a significant impact on the value of the Portfolio Crypto Assets for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 and the year ended December 31, 2024.
Current wording
As described in the Risk Factors set out in our Annual Report on Form 10-K filed with the SEC on February 20, 2025, the prices of the various Portfolio Crypto Assets held by the Trust are subject to extreme volatility. This volatility had a significant impact on the value of the Portfolio Crypto Assets for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 and the year ended December 31, 2024.
Previous wording
As shown below in the “Schedules of Investments,” the increase in total investments in Crypto Assets from January 1, 2025 to March 31, 2025 was due primarily to an decrease in the value of the Portfolio Crypto Assets and to a lesser extent, the reinvestment of assets resulting from the December 31, 2024 Trust rebalance.
Current wording
As shown below in the “Schedules of Investments,” the increase in total investments in Crypto Assets from January 1, 2025 to June 30, 2025 was due primarily to a decrease in the value of the Portfolio Crypto Assets and to a lesser extent, the reinvestment of assets resulting from the December 31, 2024 Trust rebalance.
Previous wording
Three Months Ended March 31, 2025 and the Twelve Months Ended December 31, 2024
Current wording
Six Months Ended June 30, 2025 and the Twelve Months Ended December 31, 2024
Previous wording
As of March 31, 2025, Bitcoin represented 77.74% of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 10.66%, while the remaining 11.60% of the Portfolio Crypto Assets were composed of Ripple, Solana, Cardano, Chainlink, Avalanche, Sui, Litecoin, and Polkadot.
Current wording
As of June 30, 2025, Bitcoin represented 78.72% of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 11.10%, while the remaining 10.18% of the Portfolio Crypto Assets were composed of Ripple, Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.
Previous wording
Effective August 31, 2021, the process that the Sponsor developed for identifying a principal market (the “Principal Market”), as described in FASB ASC 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable Crypto Asset exchanges selected by the Sponsor and its affiliates in their sole discretion, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset (the “Principal Market Price”). In evaluating the markets that could be considered principal markets, the Trust considered whether or not the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period.
Current wording
Effective August 31, 2021, the process that the Sponsor developed for identifying a principal market (the “Principal Market”), as described in FASB ASC 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable Crypto Asset exchanges selected by the Sponsor and its affiliates at their sole discretion, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset (the “Principal Market Price”). In evaluating the markets that could be considered principal markets, the Trust considered whether or not the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period.
Previous wording
The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the three month period ended March 31, 2025.
Current wording
The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the six month period ended June 30, 2025.
Previous wording
Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto Asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statement of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction.
Current wording
Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto Asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statements of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction.
Previous wording
The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if, when received, the airdropped Crypto Assets have value. Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received. There were no Airdrops recognized or unrecognized during the three month period ended March 31, 2025.
Current wording
The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if, when received, the airdropped Crypto Assets have value. Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received. There were no Airdrops recognized or unrecognized during the six month period ended June 30, 2025.
Previous wording
Crypto Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Crypto Asset exchanges have been closed due to fraud, failure or security breaches. Any of the Trust’s assets that reside on an exchange that shuts down may be lost. At March 31, 2025, Crypto Assets of approximately $3,597,066 and no cash resided on exchanges. At December 31, 2024 approximately $7,226,139 and no cash resided on exchanges.
Current wording
Crypto Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Crypto Asset exchanges have been closed due to fraud, failure or security breaches. Any of the Trust’s assets that reside on an exchange that shuts down may be lost. At June 30, 2025, Crypto Assets of approximately $4,151,407 and no cash resided on exchanges. At December 31, 2024 approximately $7,226,139 and no cash resided on exchanges.
Previous wording
The Custodian serves as the Trust’s Custodian for Crypto Assets for which qualified custody is available. The Custodian is subject to change in the sole discretion of the Sponsor. At March 31, 2025 and December 31, 2024, Crypto Assets of approximately $1,108,817,472 and $1,361,288,296 were held by the Custodian, respectively.
Current wording
The Custodian serves as the Trust’s Custodian for Crypto Assets for which qualified custody is available. The Custodian is subject to change in the sole discretion of the Sponsor. At June 30, 2025 and December 31, 2024, Crypto Assets of approximately $1,424,214,762 and $1,361,288,296 were held by the Custodian, respectively.