Bitwise Bitcoin ETF

Current report

Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for bitcoin that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

Current report

During the three months ended March 31, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $2,549,070 on March 31, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (20) bitcoin to pay the Sponsor Fee, and approximately (7,812) bitcoin for the redemption of Shares, with a value of $(609,491) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 6,965 bitcoin with a value of $558,561 in connection with Share creations during the period.

Current report

Net realized and change in unrealized loss on investment in bitcoin for the three months ended March 31, 2026 was $(767,190), which included a realized gain of $812 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(31,390) on the sale of bitcoin to meet redemptions, a realized gain of $8,810 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in bitcoin of $(745,422). Net realized and change in unrealized loss on investment in bitcoin for the period resulted primarily from bitcoin price depreciation from $87,315.53 on December 31, 2025 to $67,831.76 on March 31, 2026. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(768,656), which consisted of the net realized and unrealized loss on investment in bitcoin, $1 in investment income, less the Sponsor Fee of $(1,467).

Current report

By comparison, during the three months ended March 31, 2025, the Trust's net assets decreased from $3,762,039 on December 31, 2024 to $3,132,666 on March 31, 2025. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (21) bitcoin to pay the Sponsor Fee, and approximately (8,552) bitcoin for the redemption of Shares, with a value of $(805,257) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 6,288 bitcoin with a value of $627,115 in connection with Share creations during the period.

Current report

During the three months ended March 31, 2025, net realized and change in unrealized loss on investment in bitcoin was $(451,360), which included a realized gain of $1,151 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $23,850 on the sale of bitcoin to meet redemptions, and a change in unrealized depreciation on investment in bitcoin of $(476,361). Net realized and change in unrealized loss on investment in bitcoin for the period resulted primarily from bitcoin price depreciation from $93,730.35 on December 31, 2024 to $82,982.75 on March 31, 2025. Net decrease in net assets resulting from operations for the three months ended March 31, 2025 was $(453,220), which consisted of the net realized and unrealized loss on investment in bitcoin, less the Sponsor Fee of $(1,860).

Current report

Investment Valuation - Principal Market Net Asset Value ("NAV")

Current report

To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's net asset value in accordance with U.S. GAAP ("Principal Market NAV" and "Principal Market NAV per Share"), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Current report

The Trust only receives bitcoin in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset

Current report

Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (“Trading Platform Markets”), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”).

Current report

In determining which of the eligible Digital Asset Markets is the Trust's principal market, the Trust reviews these criteria in the following order:

Current report

First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in their sole discretion.

Current report

Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of bitcoin traded on each Digital Asset Market. For the three months ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.

Current report

Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. EST for bitcoin to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.

Current report

Fourth, Lukka, Inc. then selects a Digital Asset Market as its principal market based on the highest market-based volume level of activity and price stability in comparison to the other Digital Asset Markets on the list.

Current report

As of March 31, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.

Current report

At March 31, 2026, the principal market and the principal market price for bitcoin, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Crypto.com with a price of $67,805.29.

Current report

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust's determination of its principal market.

Current report

The cost basis of the bitcoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of bitcoin at 4:00 p.m., EST, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Previous report

The following charts show the percentage of Premium/(Discount) of the Shares as quoted on the Exchange and the Trust’s NAV and a comparison of the NAV of the Trust vs the market price as quoted on the Exchange for the period from January 2024 to September 2025.

Previous report

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 report

The following chart shows the price of bitcoin for the period December 31, 2022 through September 30, 2025, as quoted by the Benchmark Provider, using the BRRNY.

Previous report

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 report

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 report

Statements of Operations (Unaudited)

Previous report

Comparison of the Three-Month Period ended September 30, 2025 and 2024

Previous report

The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:

Previous report

Sponsor Fee

Previous report

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 three months ended September 30, 2025 was approximately $2,342, compared to the Sponsor Fee for the three months ended September 30, 2024 of approximately $1,170, of which $55 was contractually waived, resulting in a net Sponsor Fee of approximately $1,115. 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 report

Net Realized Gain (Loss) from Bitcoin

Previous report

Net realized gain on the sale of bitcoin to pay the Sponsor Fee for the three months ended September 30, 2025 was approximately $1,458, compared to net realized gain on the sale of bitcoin to pay the Sponsor Fee for the three months ended September 30, 2024 of approximately $359. 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 report

Net realized loss on investment in bitcoin sold for redemptions for the three months ended September 30, 2025 was approximately $7,530, compared to net realized loss on investment in bitcoin sold for redemptions for the three months ended September 30, 2024 of approximately $49,002. This change was primarily due to an increase in the fair value of bitcoin sold by the Trust.

Previous report

Net Change in Unrealized Appreciation (Depreciation) from Bitcoin

Previous report

Net change in unrealized appreciation on investment in bitcoin for the three months ended September 30, 2025 was approximately $263,696, compared to net change in unrealized appreciation on investment in bitcoin for the three months ended September 30, 2024 of approximately $183,925. This change was primarily due to an increase in the fair value of bitcoin held by the Trust.

Previous report

Net Increase (Decrease) in Net Assets resulting from Operations

Previous report

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 September 30, 2025, the net realized and unrealized loss on investment in bitcoin was driven by bitcoin BRRNY price appreciation from $107,487.49 per bitcoin as of June 30, 2025 to $114,084.80 per bitcoin as of September 30, 2025. For the three-month period ended September 30, 2024, the net realized and unrealized gain on investment in bitcoin was driven by bitcoin BRRNY price appreciation from $60,330.17 per bitcoin as of June 30, 2024 to $63,410.65 per bitcoin as of September 30, 2024.

Previous report

Comparison of the Nine-Month Period ended September 30, 2025 and the Period from January 10, 2024 (Commencement of operations) to September 30, 2024

Previous report

The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:

Previous report

Sponsor Fee

Previous report

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 report

Net Realized Gain (Loss) from Bitcoin

Previous report

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 report

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 report

Net Change in Unrealized Appreciation (Depreciation) from Bitcoin

Previous report

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 report

Net Increase (Decrease) in Net Assets resulting from Operations

Previous report

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 report

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 report

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 report

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 report

Principal Market and Fair Value Determination

Previous report

The Trust’s periodic financial statements are prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilize an exchange-traded price from the Trust’s principal market for bitcoin on the Trust’s financial statement measurement date. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with U.S. GAAP. The Trust has engaged a third-party vendor to obtain a price from a principal market for bitcoin, which will be either the market the Trust normally transacts in for bitcoin or, if the Trust does not normally transact in any market or such market suffers an operational interruption and is unavailable, determined and designated by such third-party vendor daily based on its consideration of several exchange characteristics, including oversight, and the volume and frequency of trades. Under U.S. GAAP, such a price is expected to be deemed a Level 1 input in accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for identical assets or liabilities.