Bitwise 10 Crypto Index Fund
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 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 2025-06-30; filed 2025-08-07.
0001193125-25-175509
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001193125-25-274510
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 122 current paragraphs.
86 unchanged; 16 reworded; 12 added; 4 removed; 0 previous and 8 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 (12)
Current report
Comparison of the three-month periods ended September 30, 2025 and 2024
Current report
For the three-month period ended September 30, 2025, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $7,650,615 and $859,862, 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 report
For the three-month period ended September 30, 2024, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $2,662,860 and $1,616,962, 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 report
Net change in unrealized depreciation from Crypto Assets for the three months ended September 30, 2025 was $206,796,534 compared to net change in unrealized depreciation from Crypto Assets for three months ended September 30, 2024 was $11,640,352. The primary factor for the change was related to a decrease in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Current report
For the three-month period ended September 30, 2025 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of approximately $61,374,708 and $102,820,475, respectively, among the unrealized gains and losses in smaller amounts of other Portfolio Crypto Assets.
Current report
For the three-month period ended September 30, 2024 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and net unrealized depreciation of Ethereum of approximately $34,989,433 and $52,844,634, respectively, among the unrealized gains and losses in smaller amounts of other Portfolio Crypto Assets.
Current report
Comparison of the nine-month periods ended September 30, 2025 and 2024
Current report
Management fees
Current report
For the nine-month period ended September 30, 2025, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $20,739,323 and $3,381,063, 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 report
For the nine-month period ended September 30, 2024, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of $7,170,856 and $4,555,266, 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 report
For the nine-month period ended September 30, 2024 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of $227,455,583 and $16,698,007, respectively, among the unrealized gains and losses in smaller amounts of other Portfolio Crypto Assets.
Current report
As of September 30, 2025, the Trust held a total market value of Crypto Assets of $1,627,996,45 based on the CME CF Cryptocurrency Reference Rates - New York Variant prices used to determine the Trust's NAV. The total market value of the Trust's Crypto Assets held was $1,634,076,084 based on the Lukka Prime Rates used to determine the Trust's Principal Market NAV.
Removed paragraphs (4)
Previous report
Comparison of the six-month periods ended June 30, 2025 and 2024
Previous report
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 report
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 report
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.
Reworded paragraphs (16)
Previous wording
From December 9, 2020 to June 30, 2025, the Shares of BITW traded at an average discount, based on closing prices at 4:00 pm ET, and estimated, unaudited, NAV Per Share of 16.43%. During that same period, the highest premium was 649.38% on December 16, 2020, and the lowest premium was 0.27% on August 4, 2021. During that same period, the highest discount was 67.80% on December 28, 2022, and the lowest discount was 0.09% on September 24, 2021. Given the lack of an ongoing redemption program and the holding period under Rule 144, there is no arbitrage mechanism to keep the Shares closely linked to the value of the Trust’s underlying holdings that may continue to have an adverse impact on investments in the Shares.
Current wording
From December 9, 2020 to September 30, 2025, the Shares of BITW traded at an average discount, based on closing prices at 4:00 pm ET, and estimated, unaudited, NAV Per Share of 15.65%. During that same period, the highest premium was 649.38% on December 16, 2020, and the lowest premium was 0.27% on August 4, 2021. During that same period, the highest discount was 67.80% on December 28, 2022, and the lowest discount was 0.09% on September 24, 2021. Given the lack of an ongoing redemption program and the holding period under Rule 144, there is no arbitrage mechanism to keep the Shares closely linked to the value of the Trust’s underlying holdings that may continue to have an adverse impact on investments in the Shares.
Previous wording
Financial Information for the Three Months and Six Months ended June 30, 2025 and 2024
Current wording
Financial Information for the Three Months and Nine Months ended September 30, 2025 and 2024
Previous wording
The following table sets forth statements of operations data for the three and six months ended June 30, 2025 and 2024.
Current wording
The following table sets forth statements of operations data for the three and nine months ended September 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 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).
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 three months ended September 30, 2025 were $10,091,264 compared to management fees for the three months ended September 30, 2024 of $5,869,017. 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 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.
Current wording
Net realized gain from Crypto Assets for the nine months ended September 30, 2025 was $21,554,881 compared to net realized gain from Crypto Assets for the nine months ended September 30, 2024 of $3,649,449. These changes were due to fluctuations in the value of the Portfolio Crypto Assets sold during the respective period.
Previous 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).
Current wording
Net change in unrealized appreciation from Crypto Assets for the nine months ended September 30, 2025 was $269,830,768 compared to net change in unrealized appreciation from Crypto Assets for nine months ended September 30, 2024 of $247,154,609. 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 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.
Current wording
For the nine-month period ended September 30, 2025 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of approximately $198,480,739 and $46,337,883, respectively, among the unrealized appreciation and depreciation in smaller amounts of other Portfolio Crypto Assets.
Previous 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).
Current wording
For the nine-month period ended September 30, 2025, the Trust recorded a net increase in net assets resulting from operations of $264,945,829, compared to a net increase in net assets resulting from operations of $232,926,331 for the nine-month period ended September 30, 2024. The primary factor that impacted 2025 net increase in net assets resulting from operations compared to 2024 net increase 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 $291,385,649 for the nine-month period in 2025 compared to a net gain of $250,804,058 for the nine-month period in 2024. The primary factor for the change was a increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).
Previous 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.
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 nine months ended September 30, 2025 compared to the nine months ended September 30,
Previous wording
Six Months Ended June 30, 2025 and the Twelve Months Ended December 31, 2024
Current wording
Nine Months Ended September 30, 2025 and the Twelve Months Ended December 31, 2024
Previous 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.
Current wording
As of September 30, 2025, Bitcoin represented 72.41% of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 15.97%, while the remaining 11.62% of the Portfolio Crypto Assets were composed of Ripple, Solana, Cardano, Chainlink, Avalanche, Sui, Litecoin, and Polkadot.
Previous wording
Effective February 13, 2023, the Sponsor adapted a nearly identical principal market valuation process, with no material impact to the Trust, using a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable Crypto Asset exchanges selected by Lukka, Inc. in their sole discretion, including Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset. 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 February 13, 2023, the Sponsor adapted a nearly identical principal market valuation process, with no material impact to the Trust, using a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable Crypto Asset exchanges selected by Lukka, Inc. in their sole discretion, including Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex, and then determining, on each valuation period, the principal market exchange during the 60 minutes prior to 4:00 pm. ET for each asset. 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 six month period ended June 30, 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 nine month period ended September 30, 2025.
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 six month period ended June 30, 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 nine month period ended September 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 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.
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 September 30, 2025, Crypto Assets of approximately $3,250,484 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 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.
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 September 30, 2025 and December 31, 2024, Crypto Assets of approximately $1,630,825,600 and $1,361,288,296 were held by the Custodian, respectively.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Net realized gain from Crypto Assets for the three months ended September 30, 2025 was $8,589,966 compared to net realized gain from Crypto Assets for the three months ended September 30, 2024 was $2,628,714. These changes were due to fluctuations in the value of the Portfolio Crypto Assets.
Current report — wording carried from elsewhere
For the three-month period ended September 30, 2025, the Trust recorded a net increase in net assets resulting from operations of $205,295,236, compared to a net decrease in net assets resulting from operations of $14,880,653 for the three-month period ended September 30, 2024. The primary factor that impacted 2025 net increase in net assets resulting from operations compared to 2024 net decrease in net assets resulting from operations was an increase in net realized gain and change in unrealized gain on investments with a net gain of $215,386,500 in 2025 compared to a net loss of $9,011,683 in 2024. The primary factor for the change was an increase in the value of the Portfolio Crypto Assets held by the Trust as a result of the fair market value of the Assets (see “Schedules of Investments” below).
Current report — wording carried from elsewhere
The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:
Current report — wording carried from elsewhere
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 nine months ended September 30, 2025 were $26,439,820 compared to management fees for the nine months ended September 30, 2024 of $17,877,678. 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 report — wording carried from elsewhere
Net realized gain (loss) from Crypto Assets
Current report — wording carried from elsewhere
Net change in unrealized appreciation (depreciation) from Crypto Assets
Current report — wording carried from elsewhere
Net increase (decrease) in net assets resulting from operations
Current report — wording carried from elsewhere
2024 and the year ended December 31, 2024.