Bitwise Bitcoin ETF
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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, 2026 · Filed Aug 7, 2026
BITB$41.11-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-209293
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-340183
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 44 previous paragraphs and 54 current paragraphs.
29 unchanged; 14 reworded; 11 added; 0 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (11)
Current report
Three months ended June 30, 2026
Current report
Three months ended June 30, 2025
Current report
By comparison, during the three months ended June 30, 2025, the Trust's net assets increased from $3,132,666 on March 31, 2025 to $4,257,654 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 5,882 bitcoin with a value of $576,064 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of approximately (4,347) bitcoin with a value of $(411,952) in connection with Share redemptions and (19) bitcoin with a value of $(1,776) to pay the Sponsor Fee during the period.
Current report
During the three months ended June 30, 2025, net realized and change in unrealized gain on investment in bitcoin was $962,765, which included a realized gain of $1,032 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $21,271 on the sale of bitcoin to meet redemptions, and a change in unrealized appreciation on investment in bitcoin of $940,462. Net realized and change in unrealized gain on investment in bitcoin for the period resulted primarily from bitcoin price appreciation from $82,982.75 on March 31, 2025 to $107,487.49 on June 30, 2025. Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $960,877, which consisted of the net realized and unrealized gain on investment in bitcoin, less the Sponsor Fee of $(1,888).
Current report
Six months ended June 30, 2026
Current report
Six months ended June 30, 2025
Current report
By comparison, during the six months ended June 30, 2025, the Trust's net assets increased from $3,762,039 on December 31, 2024 to $4,257,654 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 12,170 bitcoin with a value of $1,203,179 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of approximately (12,900) bitcoin with a value of $(1,215,221) in connection with Share redemptions and (40) bitcoin with a value of $(3,764) to pay the Sponsor Fee during the period.
Current report
During the six months ended June 30, 2025, net realized and change in unrealized gain on investment in bitcoin was $511,405, which included a realized gain of $2,183 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $45,121 on the sale of bitcoin to meet redemptions, and a change in unrealized appreciation on investment in bitcoin of $464,101. Net realized and change in unrealized gain on investment in bitcoin for the period resulted primarily from bitcoin price appreciation from $93,730.35 on December 31, 2024 to $107,487.49 on June 30, 2025. Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $507,657, which consisted of the net realized and unrealized gain on investment in bitcoin, less the Sponsor Fee of $(3,748).
Current report
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below is a summary of accounting policies on cash, investment valuation and investment company considerations. There were no material estimates used in the preparation of the financial statements involving a significant level of estimation uncertainty that had or are reasonably likely to have had a material impact on the Trust’s financial condition. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.
Current report
Cash
Current report
Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
Reworded paragraphs (14)
Previous wording
For the three months ended March 31, 2026 Compared to the three months ended March 31, 2025^
Current wording
For the three months and six months ended June 30, 2026 compared to the three months and six months ended June 30, 2025^
Previous wording
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 wording
During the three months ended June 30, 2026, the Trust's net assets decreased from $2,549,070 on March 31, 2026 to $2,125,612 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (20) bitcoin to pay the Sponsor Fee, and approximately (3,790) bitcoin for the redemption of Shares, with a value of $(278,440) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 2,416 bitcoin with a value of $181,957 in connection with Share creations during the period.
Previous wording
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 wording
Net realized and change in unrealized loss on investment in bitcoin for the three months ended June 30, 2026 was $(327,054), which included a realized gain of $643 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(3,801) on the sale of bitcoin to meet redemptions, a realized gain of $36,526 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in bitcoin of $(360,422). Net realized and change in unrealized loss on investment in bitcoin for the period resulted primarily from bitcoin price depreciation from $67,831.76 on March 31, 2026 to $58,605.41 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(328,393), which consisted of the net realized and unrealized loss on investment in bitcoin, less the Sponsor Fee of $(1,339).
Previous wording
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 wording
During the six months ended June 30, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $2,125,612 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (40) bitcoin to pay the Sponsor Fee, and approximately (11,602) bitcoin for the redemption of Shares, with a value of $(887,931) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 9,381 bitcoin with a value of $740,518 in connection with Share creations during the period.
Previous wording
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 wording
Net realized and change in unrealized loss on investment in bitcoin for the six months ended June 30, 2026 was $(1,094,244), which included a realized gain of $1,455 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(35,191) on the sale of bitcoin to meet redemptions, a realized gain of $45,336 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in bitcoin of $(1,105,844). 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 $58,605.41 on June 30, 2026. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(1,097,049), which consisted of the net realized and unrealized loss on investment in bitcoin, and $1 in investment income, less the Sponsor Fee of $(2,806).
Previous wording
As of March 31, 2025, the Trust held a net closing balance of 38,003.7680 bitcoin with a total market value of $3,153,657,187 based on the BRRNY price of $82,982.75 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,133,221,421 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $82,445.02, used to determine the Trust's Principal Market NAV.
Current wording
As of June 30, 2026, the Trust held a net closing balance of 36,207.6919 bitcoin with a total market value of $2,121,966,631 based on the BRRNY price of $58,605.41 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,125,990,030 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Coinbase) of $58,716.53, used to determine the Trust's Principal Market NAV.
Previous wording
As of March 31, 2026, the Trust held a net closing balance of 37,600.7094 bitcoin with a total market value of $2,550,522.301 based on the BRRNY price of $67,831.76 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,549,527,011 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $67,805.29, used to determine the Trust's Principal Market NAV.
Current wording
As of June 30, 2025, the Trust held a net closing balance of 39,518.9512 bitcoin with a total market value of $4,247,792,870 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 $4,258,323,090 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.
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, 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.
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 the Sponsor Fee 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
Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of the Trust’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date.
Current wording
Sponsor Fee payments made to the Sponsor are calculated at an annual rate of 0.20% of the Trust’s bitcoin holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods since the Trust’s holdings of bitcoin will vary in the normal course of business operations.
Previous wording
No material changes have occurred during the three months ended March 31, 2026.
Current wording
No material changes have occurred during the six months ended June 30, 2026.
Previous wording
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 wording
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 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”).
Previous wording
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 wording
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 its sole discretion.
Previous wording
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 wording
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 six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.
Previous wording
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 wording
At June 30, 2026, the principal market and the principal market price for bitcoin, which comprised the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $58,716.53.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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”).