Bitwise 10 Crypto Index ETF

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Statement Regarding Forward-Looking Statements

This Annual Report on Form 10-K contains “forward-looking statements” with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Bitwise 10 Crypto Index ETF (BITW) (the “Trust”). Statements preceded by, followed by or that include words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Annual Report on Form 10-K that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust’s operations, the plans of Bitwise Investment Advisers, LLC (the “Sponsor”) and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in “Item 1A. Risk Factors.” Forward-looking statements are made based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against relying on forward-looking statements. Factors which could have a material adverse effect on the Trust's business, financial condition or results of operations and future prospects or which could cause actual results to differ materially from the Trust's expectations include, but are not limited to:

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the extreme volatility of trading prices that many Crypto Assets, including Bitcoin, have experienced in recent periods and may continue to experience, which could have a material adverse effect on the value of the shares of the Trust (singular, “Share” or plural, “Shares”);

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the recentness of the development of Crypto Assets and the uncertain medium-to-long term value of the Shares due to a number of factors relating to the capabilities and development of Blockchain technologies and to the fundamental investment characteristics of Crypto Assets;

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the value of the Shares depending on the acceptance of Crypto Assets and Blockchain technology, a new and rapidly evolving industry;

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the unregulated nature and lack of transparency surrounding the operations of Blockchain technologies and crypto assets, which may adversely affect the value of Portfolio Crypto Assets and the Shares;

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the limited history of the Index;

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the possibility that the Shares may trade at a price that is at, above or below the Trust’s net asset value per Share (“NAV Per Share”);

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regulatory changes or actions by the United States (“U.S.”) Congress or any U.S. federal or state agencies that may affect the value of the Shares or restrict the use of one or more Crypto Assets, Mining activity or the operation of their networks or the markets for the Portfolio Crypto Assets in a manner that adversely affects the value of the Shares;

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changes in the policies of the U.S. Securities and Exchange Commission (the “SEC” or the "Commission") that could adversely impact the value of the Shares;

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the possibility that the Trust or the Sponsor could be subject to regulation as a money service business or money transmitter, which could result in extraordinary expenses to the Trust or the Sponsor and also result in decreased liquidity for the Shares;

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regulatory changes or interpretations that could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust;

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potential delays in mail reaching the Sponsor when sent to the Trust at its registered office;

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possible requirements for the Trust to disclose information, including information relating to investors, to regulators;

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potential conflicts of interest that may arise among the Sponsor or its affiliates and the Trust;

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the potential discontinuance of the Sponsor’s continued services, which could be detrimental to the Trust;

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Coinbase Custody Trust Company, LLC's (the "Custodian”) possible resignation or removal by the Sponsor; and

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additional risk factors discussed in “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K, as well as those described from time to time in our future reports filed with the SEC.

Unless otherwise stated or the context otherwise requires, the terms “we,” “our” and “us” in this Annual Report on Form 10-K refer to the Sponsor acting on behalf of the Trust.

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Glossary of Defined Terms

This glossary highlights some of the industry and other terms used elsewhere in this Annual Report on Form 10-K but is not a complete list of all the terms used herein. Each of the following terms has the meaning set forth below:

1933 Act: The Securities Act of 1933, as amended.

1934 Act: The Securities Exchange Act of 1934, as amended.

51% Attacks: Occur when an attacker controls a majority of the computing power (for PoW Blockchains) or staked Crypto Assets (for PoS Blockchains) necessary to validate transactions on a Blockchain, giving the attacker a majority of the validation power on the network. Miners or Validators on Blockchains who successfully obtain this validation power may block other users’ transactions or make it appear as though they still have Crypto Assets that have been spent, which is known as a “double-spend attack,” or otherwise change the order of transactions. A 51% attack may also allow an attacker to use its monopoly over new blocks to “censor” other user transactions by actively preventing them from being written sustainably to the Blockchain.

Administration Agreement: The Trust Administration and Accounting Agreement with BNY Mellon.

Administrator: BNY Mellon.

Advisers Act: The Investment Advisers Act of 1940.

Agent Execution Model: The model whereby the Prime Execution Agent, acting in an agency capacity, conducts Crypto Asset purchases and sales on behalf of the Trust with third parties through its Coinbase prime service pursuant to the Prime Execution Agreement.

Airdrops: A method to promote the launch and use of new Crypto Assets by providing a small amount of such new Crypto Assets to the private wallets or exchange accounts that support the new Crypto Asset and that hold existing related Crypto Assets.

Approved Components: Crypto assets for which the SEC has approved single-asset ETPs.

ASIC: Application-specific integrated circuit.

Auditor: KPMG LLP.

Authorized Participant: One that purchases or redeems Baskets from or to the Trust.

Basket: A block of 10,000 Shares used by the Trust to issue or redeem Shares.

Basket Amount: The quantity of Crypto Assets attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000).

Bitcoin (or “BTC”): A type of Crypto Asset based on an open-source cryptographic protocol existing on the Bitcoin network, comprising one type of the Crypto Assets underlying the Trust's Shares. The native Crypto Asset for the Bitcoin network is Bitcoin.

Bitwise: Bitwise Asset Management, Inc., the parent company of the Sponsor.

Blockchain: The public transaction ledger of a Crypto Asset’s network on which transactions are recorded.

BNY Mellon:The Bank of New York Mellon, a national association bank in New York.

Business Day: Any day other than a day when the Exchange or the New York Stock Exchange is closed for regular trading.

Cash Custodian: BNY Mellon.

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CFTC: Commodity Futures Trading Commission.

Code: Internal Revenue Code of 1986, as amended.

Cold Storage Account: A crypto asset custody account in which the associated private cryptographic keys are generated and stored in an offline environment that is not connected to the internet.

Consensus Algorithm: The algorithm at the heart of the Blockchain system that enforces the convergence of all ledgers over time.

Crypto Assets:A Crypto Asset designed to work as a store of value and/or medium of exchange wherein individual Crypto Asset ownership records are stored in a ledger, a computerized database using cryptography to secure transaction records, to control the creation of additional Crypto Assets and to verify the transfer of Crypto Asset ownership.

Crypto Asset Network: The online, end user to end user network hosting the public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Crypto Asset’s network.

Crypto Asset Exchanges: A dealer market, a brokered market, principal to principal market or exchange market on which Crypto Assets are bought, sold, and traded.

Custodial Account: A segregated custody account to store private keys, which allow for the transfer of ownership or control of the Trust’s Portfolio Crypto Assets, on the Trust’s behalf. Under the Custodian Agreement, the Custodian controls and secures the Trust’s Custodial Account.

Custodian Fee: An annualized fee charged monthly that is a percentage of the Trust’s monthly assets under custody.

Custodial Services: The services provided by the Custodian including, (i) allowing Portfolio Crypto Assets to be deposited from a public Blockchain address to the Trust’s Custodial Account and (ii) allowing the Trust or Sponsor to withdraw Portfolio Crypto Assets from the Trust’s Custodial Account to a public Blockchain address the Trust or Sponsor controls.

Custodian: Coinbase Custody Trust Company, LLC. On behalf of the Trust, the Custodian holds the Portfolio Crypto Assets.

dApps: Decentralized applications.

DeFi: Decentralized finance.

DEX: “Decentralized” exchange, where there is no central facilitator of trade and trading rules.

DSTA: Delaware Statutory Trust Act.

Eligible Crypto Assets: Those Crypto Assets that passed required considerations for inclusion in the Bitwise 10 Large Cap Crypto Index.

Emissions: Regular awards provided to holders of Crypto Assets in the form of Crypto Asset grants, and often in the form of the “gas” that powers transactions on the relevant Crypto Asset Network.

Ethereum(or ETH): A type of Crypto Asset based on an open-source cryptographic protocol existing on the Ethereum network, comprising one type of the Crypto Assets underlying the Trust's Shares. The native Crypto Asset for the Ethereum network is ether.

ETP: Exchange-traded product.

Exchange: NYSE Arca, Inc.

Extraordinary Expenses: Expenses outside of the Trust’s normal business operations which include, but are not limited to, any non-customary costs and expenses including indemnification and extraordinary costs of the Administrator and Auditor,

v costs of any litigation or investigation involving Trust activities, financial distress and restructuring and indemnification expenses.

FASB: Financial Accounting Standards Board.

FDIC: Federal Deposit Insurance Corporation.

FinCEN: Financial Crimes Enforcement Network.

FINRA: Financial Industry Regulatory Authority.

Forked Asset: The crypto asset resulting from a “hard fork”, as determined by the Sponsor in its discretion as set forth in the Trust Agreement.

GAAP: U.S. generally accepted accounting principals.

GENIUS Act: Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.

Hard Fork: A backward-incompatible change to a blockchain protocol such that nodes running the prior version of the software will reject blocks produced under the new rules.

Hot Storage Account: A crypto asset custody account maintained in which the associated private cryptographic keys are generated and stored in an online environment connected to the internet.

Index: The Bitwise 10 Large Cap Crypto Index, the benchmark index for the Trust.

Index Components: The top 10 Crypto Assets weighted by float adjusted market capitalization and selected in accordance with the Index Methodology.

Index Provider: Bitwise Index Services, LLC, an affiliate of the Trust that is controlled by the same parent entity as the Sponsor. The Index Provider administers the Index.

Investment Company Act: The Investment Company Act of 1940, as amended.

IRS: U.S. Internal Revenue Service.

Management Fee: Equal to 0.75% per annum of the net asset value.

Market-Capitalization Weighted: The top 10 Crypto Assets in the Bitwise 10 Crypto Index selected and held in proportion to their valuation.

Marketing Agent: Foreside Fund Services, LLC.

Miners: Stakeholders who help process transactions and ensure that the distributed ledgers that make up a proof of work Blockchain network stay consistent with one another.

Mining: The act of solving computational puzzles through which transactions with Crypto Assets are verified and added to a proof of work Blockchain digital ledger in exchange for a Crypto Asset as a reward.

MiCA: Markets in Crypto-Assets Regulation.

NAV: Net asset value.

NAV of the Trust: Net asset value of the Trust, which is a Non-GAAP metric and is determined each business day by valuing the Trust’s Crypto Assets using the CME CF Cryptocurrency Reference Rates, less the Trust’s accrued but unpaid expenses.

NAV Per Share: NAV of the Trust calculated on a per-Share basis.

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Network Distribution Event: An event that offers additional opportunities to engage with a blockchain network and general additional capital.

OFAC: Office of Foreign Assets Control.

Oracles: The reliable data source used by a Blockchain application whenever it needs to interact with external data.

OTC Desks: Over-the-counter desks.

Plan: An “employee benefit plan” as defined in, and subject to the fiduciary responsibility provisions of, ERISA or of a “plan” as defined in and subject to Section 4975 of the Code.

Plan Asset Rules: Rules promulgated pursuant to ERISA for determining when an investment by a Plan in an entity will result in the underlying assets of such entity being assets of the Plan for purposes of ERISA and Section 4975 of the Code.

Plan Fiduciaries: Fiduciaries with investment discretion over a Plan.

Portfolio Crypto Assets: The group of selected Crypto Assets held by the Trust.

PoS: Proof of stake and is a structure wherein entities can provide network verification services for the Blockchain network and, in turn, receive rewards in the form of Crypto Assets. PoS systems require entities to lock up and put at risk (aka, “stake”) a certain amount of the Crypto Asset associated with the relevant Blockchain in order to process transactions. These staked assets are lost if a network verifier processes a transaction in a way that is fraudulent or violates the rules of the underlying Blockchain. PoS is a structure that, among other things, seeks to avoid the heavy energy consumption that PoW systems typically require.

PoW: Proof of work and is a structure in which Miners provide a Mining service for the Blockchain network and receive payment. PoW was the first mining structure and involves computers competing to solve complicated cryptographic puzzles that require a substantial amount of energy as a way of securing the network and processing transactions.

Prime Execution Agent: Coinbase, Inc.

Prime Execution Agreement: The agreement between Coinbase, Inc. and the Trust that sets forth the terms and conditions pursuant to which Coinbase, Inc., and its affiliates, agree to open and maintain a prime broker account and provide services relating to trade execution.

SEC (or Commission): The U.S. Securities and Exchange Commission.

Securities Act: The Securities Act of 1933, as amended.

Shareholders: Holders of common units of fractional undivided beneficial interest of the Trust.

Sponsor: Bitwise Investment Advisers, LLC.

Staking: The act of committing capital in the form of the PoS Blockchain’s native Crypto Asset to participate in verifying and adding transactions to the Blockchain digital ledger, and in securing the network in exchange for a Crypto Asset as a reward.

Trading Counterparty: The trading counterparties that have been approved by the Sponsor.

Transfer Agent: BNY Mellon.

Trust: The Bitwise 10 Crypto Index ETF.

Trustee: The Delaware Trust Company.

Trust Agreement: The Amended and Restated Declaration of Trust and Trust Agreement of Bitwise 10 Crypto Index ETF, entered into by the Sponsor and the Trustee.

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UCC: Uniform Commercial Code.

U.S.: The United States of America.

Validators: Stakeholders that help process transactions and ensure that the distributed ledgers that make up a PoS Blockchain network stay consistent with one another.

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Part I