Bitwise Bitcoin ETF

Previous 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.

Current wording

From January 11, 2024 to September 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 0.02%. 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 0.0003% on July 10, 2025.

Previous 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^

Current wording

Financial Information for the Three Months and Nine Months ended September 30, 2025 and the Period from January 10, 2024 (Commencement of Operations) to September 30, 2024^

Previous 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.

Current wording

The following table sets forth statements of operations data for the three months and nine months ended September 30, 2025 and three months ended September 30, 2024 and the period from January 10, 2024 (commencement of operations) to September 30, 2024.

Previous 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.

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 nine months ended September 30, 2025 was approximately $6,090, compared to the Sponsor Fee for the period from January 10, 2024 (commencement of operations) to September 30, 2024 of approximately $2,848, of which $906 was contractually waived, resulting in a net Sponsor Fee of approximately $1,942. The increase in Sponsor Fee was primarily related to an increase in the Trust’s net asset 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 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.

Current wording

Net realized gain on the sale of bitcoin to pay the Sponsor Fee for the nine months ended September 30, 2025 was approximately $3,641, 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 September 30, 2024 of approximately $593. 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 sold or transferred by the Trust.

Previous 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.

Current wording

Net realized gain on investment in bitcoin sold for redemptions for the nine months ended September 30, 2025 was approximately $37,591, compared to net realized loss on investment in bitcoin sold for redemptions for the period from January 10, 2024 (commencement of operations) to September 30, 2024 of approximately $73,204. This change was primarily due to an increase in the fair value of bitcoin sold by the Trust.

Previous 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.

Current wording

Net change in unrealized appreciation on investment in bitcoin for the nine months ended September 30, 2025 was approximately $727,797, compared to net change in unrealized appreciation on investment in bitcoin for the period from January 10, 2024 (commencement of operations) to September 30, 2024 of approximately $434,346. 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 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.

Current wording

Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was approximately $762,939, compared to net increase in net assets resulting from operations for the period from January 10, 2024 (commencement of operations) to September 30, 2024 of approximately $359,793. 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 $769,029, less the Sponsor Fee of $6,090, for the nine months ended September 30, 2025, compared to a net realized and unrealized gain on investment in bitcoin of approximately $361,735, less the Sponsor Fee of $1,942, for the period from January 10, 2024 (commencement of operations) to September 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 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.

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 nine-month period ended September 30, 2025, the net realized and unrealized loss on investment in bitcoin was driven by bitcoin BRRNY price appreciation from $93,730.35 per bitcoin as of December 31, 2024 to $114,084.80 per bitcoin as of September 30, 2025. For the period from January 10, 2024 (commencement of operations) to September 30, 2024, the net realized and unrealized gain on investment in bitcoin was driven by bitcoin BRRNY price appreciation from $45,852.66 per bitcoin as of January 10, 2024 (commencement of operations) to $63,410.65 per bitcoin as of September 30, 2024.

Previous 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.

Current wording

As of September 30, 2025, the Trust held a net closing balance of 41,086.7391 bitcoin with a total market value of $4,687,372 based on the BRRNY price of $114,084.80 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $4,700,405 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $114,401.99, used to determine the Trust's Principal Market NAV.

Previous 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.

Current wording

Net assets increased to approximately $4,699,649 at September 30, 2025, with a 22.32% increase in Principal Market NAV per-share for the nine months ended September 30, 2025. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, the net increase in capital share transactions of approximately $174,671, and a net increase resulting from operations of $762,939.

Previous 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.

Current 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 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 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Coinbase) of $63,464.76, used to determine the Trust's Principal Market NAV.

Previous 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.

Current wording

Net assets increased to approximately $2,502,396 at September 30, 2024, with a 38.28% increase in Principal Market NAV per-share for the period from January 10, 2024 (commencement of operations) to September 30, 2024. The increase in net assets primarily resulted from the aforementioned bitcoin price appreciation, the net increase in capital share transactions of approximately $2,142,603, and a net increase resulting from operations of $359,793.

Previous 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,

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, 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

No material changes have occurred during the six months ended June 30, 2025.

Current wording

No material changes have occurred during the nine months ended September 30, 2025.

Previous wording

Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s accounting policies.

Current wording

Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s Significant Accounting Policies.