Bitwise 10 Crypto Index ETF
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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, 2026 · Filed Nov 6, 2026
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 2026-06-30; filed 2026-08-07.
0001193125-26-340152
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451764
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 52 previous paragraphs and 53 current paragraphs.
36 unchanged; 10 reworded; 7 added; 5 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 (7)
Current report
During the three months ended September 30, 2026, the Trust's net assets increased from $532,787 on June 30, 2026 to $748,716 on September 30, 2026. The increase in the Trust's net assets resulted primarily from additions of 108,848.9997 XRP, 5,607.0000 ZEC, 35.0998 XLM, 2.4428 ADA, and 194,405.000 UNI with a value of $9,845 in connection with rebalancing of Crypto Assets to the Index. Additions were partially offset by dispositions from the Trust of (358.8424) BTC, (1,723.4129) ETH, (837,627.1268) XRP, (7,794.4917) SOL, (3,012.9100) HYPE, (452,692.2311) XLM, (501,951.0695) ADA, (9,696.2214) LINK, (13,559.3220) UNI, (27,488.6084) LTC, and (1,340,342.0017) SUI, with a value of $(38,948) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index during the period.
Current report
Net realized and change in unrealized gain on investment in Crypto Assets for the three months ended September 30, 2026 was $245,109, which included a realized gain of $17,000 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized appreciation on investment in Crypto Assets of $228,109. Net realized and change in unrealized gain on investment in Crypto Assets resulted primarily from price appreciation of the Trust's holdings during the period. Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $243,889, which consisted of the net realized and unrealized gain on investment in Crypto Assets, less the Management Fee of $(1,220).
Current report
By comparison, during the three months ended September 30, 2025, the Trust's net assets increased from $1,425,390 on June 30, 2025 to $1,630,686 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 1.3832 BTC, 7,558.5411 SOL, 496,620.0039 XRP, 18,338.6432 LINK and 1,965.4314 AVAX with a value of $2,830 in connection with rebalancing of Crypto Assets to the Index. Additions were partially offset by dispositions from the Trust of (321.3288) ETH, (93.4601) BTC, (116,215.7254) ADA, (245,568.0855) XRP and (416.9396) LTC with a value of $(12,506) in connection with sales to pay the Management Fee and for rebalancing of Crypto Assets to the Index during the period.
Current report
Nine months ended September 30, 2026
Current report
Nine months ended September 30, 2025
Current report
By comparison, during the nine months ended September 30, 2025, the Trust's net assets increased from $1,365,740 on December 31, 2024 to $1,630,686 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 3.5303 BTC, 570.5776 ETH, 40,872.6900 LTC, 338,737.0073 ADA, 27,064.7045 SOL, 320,996.9789 UNI, 3,063.4783 AVAX, 1,021,908.2377 XRP, 18,338.6432 LINK and 1,856,360.5924 SUI with a value of $25,894 in connection with rebalancing of Crypto Assets to the Index. Additions were partially offset by dispositions from the Trust of (10,611.6785) BCH, (2,875.9488) ETH, (5,384.8936) LINK, (292.9271) BTC, (1,325.4340) LTC, (666,423.4931) ADA, (1,301.5749) SOL, (320,996.9789) UNI, (1,571.2908) AVAX, (20,109.8832) DOT,
Current report
(864,420.8950) XRP, (680,674.8151) NEAR and (71,047.9574) SUI, with a value of $(51,716) in connection with sales to pay the Management Fee and for rebalancing of Crypto Assets to the Index during the period.
Removed paragraphs (5)
Previous report
During the three months ended June 30, 2026, the Trust's net assets decreased from $678,236 on March 31, 2026 to $532,787 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (660) BTC, (4,083) ETH, (1,780,558) XRP, (16,602) SOL, (10,565) HYPE, (729,556) XLM, (1,069,232) ADA, (20,654) LINK, (2,235) LTC, (108,989) SUI, (165,634) AVAX, and (635,550) DOT with a value of ($59,655) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index. Dispositions were partially offset by additions to the Trust of approximately 44 BTC, 270 ETH, 139,291 XRP, 1,299 SOL, 89,491 HYPE, 12,588,308 XLM, 83,667 ADA, 1,616 LINK, 175 LTC, and 8,526 SUI, with a value of $12,161 in connection with Share creations and for rebalancing of Crypto Assets to the Index during the period.
Previous report
By comparison, during the three months ended June 30, 2025, the Trust's net assets increased from $1,110,098 on March 31, 2025 to $1,425,390 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 2 BTC, 68 ETH, 62,216 ADA, 15,903 SOL, 12,730 XRP, 1,098 AVAX and 139,052 SUI with a value of $3,004 in connection with Share creations and for rebalancing of Crypto Assets to the Index. Additions were partially offset by dispositions from the Trust of approximately (1,917) ETH, (4,575) LINK, (55) BTC, (534,293) ADA, (14,967) DOT, (445,732) XRP, (908) LTC and (71,048) SUI, with a value of $(10,835) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index during the period.
Previous report
Six months ended June 30, 2026
Previous report
Six months ended June 30, 2025
Previous report
By comparison, during the six months ended June 30, 2025, the Trust's net assets increased from $1,365,740 on December 31, 2024 to $1,425,390 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 2 BTC, 570 ETH, 40,873 LTC, 338,736 ADA, 19,506 SOL, 320,997 UNI, 1,098 AVAX, 525,288 XRP and 1,856,361 SUI with a value of $23,063 in connection with Share creations and for rebalancing of Crypto Assets to the Index. Additions were partially offset by dispositions from the Trust of approximately (10,612) BCH, (2,555) ETH, (5,385) LINK, (199) BTC, (908) LTC, (550,208) ADA, (1,302) SOL, (320,997) UNI, (1,571) AVAX, (20,110) DOT, (618,853) XRP, (680,675) NEAR and (71,048) SUI, with a value of $(39,211) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index during the period.
Reworded paragraphs (10)
Previous wording
For the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025^
Current wording
For the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025^
Previous wording
During the three months ended June 30, 2025, net realized and change in unrealized gain on investment in Crypto Assets was $323,782, which included a realized gain of $4,099 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized appreciation on investment in Crypto Assets of $319,683. Net realized and change in unrealized gain on investment in Crypto Assets resulted primarily from price appreciation of the Trust's holdings during the period. Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $315,293, which consisted of the net realized and unrealized gain on investment in Crypto Assets, less the Management Fee of $(8,490).
Current wording
During the three months ended September 30, 2025, net realized and change in unrealized gain on investment in Crypto Assets was $215,387, which included a realized gain of $8,590 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized appreciation on investment in Crypto Assets of $206,797. Net realized and change in unrealized gain on investment in Crypto Assets resulted primarily from price appreciation of the Trust's holdings during the period. Net increase in net assets resulting from operations for the three months ended September 30, 2025 was $205,296, which consisted of the net realized and unrealized gain on investment in Crypto Assets, less the Management Fee of $(10,091).
Previous wording
During the six months ended June 30, 2026, the Trust's net assets decreased from $1,029,869 on December 31, 2025 to $532,787 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (1,821) BTC, (11,164) ETH, (5,235,575) XRP, (48,788) SOL, (10,565) HYPE, (729,556) XLM, (3,160,403) ADA, (61,050) LINK, (6,607) LTC, (322,151) SUI, (190,139) AVAX and (729,578) DOT with a value of ($173,260) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index. Dispositions were partially offset by additions to the Trust of approximately 45 BTC, 270 ETH, 324,630 XRP, 3,980 SOL, 89,491 HYPE, 12,588,308 XLM, 83,667 ADA, 1,616 LINK, 175 LTC, and 8,526 SUI with a value of $12,666 in connection with Share creations and for rebalancing of Crypto Assets to the Index during the period.
Current wording
During the nine months ended September 30, 2026, the Trust's net assets decreased from $1,029,869 on December 31, 2025 to $748,716 on September 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of (2,179.7048) BTC, (12,887.0030) ETH, (6,073,202.0021) XRP, (56,582.2298) SOL, (13,577.5890) HYPE, (1,182,248.6137) XLM, (3,662,354.4908) ADA, (70,745.9946) LINK, (13,559.3220) UNI, (34,095.4983) LTC, (1,662,493.3422) SUI, (190,139.0261) AVAX and (729,577.6306) DOT with a value of ($212,208) in connection with sales to pay the Management Fee, for redemption of Shares, and for rebalancing of Crypto Assets to the Index. Dispositions were partially offset by additions to the Trust of 44.9106 BTC, 270.3511 ETH, 433,479.1326 XRP, 3,979.9398 SOL, 5,607.0000 ZEC, 89,491.2733 HYPE, 12,588,343.1029 XLM, 83,669.6204 ADA, 1,615.7481 LINK, 194,405.0000 UNI, 174.8584 LTC, and 8,526.0832 SUI with a value of $22,511 in connection with Share creations and for rebalancing of Crypto Assets to the Index during the period.
Previous wording
Net realized and change in unrealized loss on investment in Crypto Assets for the three months ended June 30, 2026 was $(97,977), which included a realized gain of $24,322 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized depreciation on investment in Crypto Assets of $(122,299). Net realized and change in unrealized loss on investment in Crypto Assets resulted primarily from price depreciation of the Trust's holdings during the period. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(99,255), which consisted of the net realized and unrealized loss on investment in Crypto Assets, less the Management Fee of $(1,278).
Current wording
Net realized and change in unrealized loss on investment in Crypto Assets for the nine months ended September 30, 2026 was $(91,469), which included a realized gain of $111,107 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized depreciation on investment in Crypto Assets of $(202,576). Net realized and change in unrealized loss on investment in Crypto Assets resulted primarily from price depreciation of the Trust's holdings during the period. Net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $(95,514), which consisted of the net realized and unrealized loss on investment in Crypto Assets, less the Management Fee of $(4,045).
Previous wording
During the six months ended June 30, 2025, net realized and change in unrealized gain on investment in Crypto Assets was $75,999, which included a realized gain of $12,965 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized appreciation on investment in Crypto Assets of $63,034. Net realized and change in unrealized gain on investment in Crypto Assets resulted primarily from price appreciation of the Trust's holdings during the period. Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $59,650, which consisted of the net realized and unrealized gain on investment in Crypto Assets, less the Management Fee of $(16,349).
Current wording
During the nine months ended September 30, 2025, net realized and change in unrealized gain on investment in Crypto Assets was $291,386, which included a realized gain of $21,555 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized appreciation on investment in Crypto Assets of $269,831. Net realized and change in unrealized gain on investment in Crypto Assets resulted primarily from price appreciation of the Trust's holdings during the period. Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $264,946, which consisted of the net realized and unrealized gain on investment in Crypto Assets, less the Management Fee of $(26,440).
Previous wording
No material changes have occurred during the six months ended June 30, 2026.
Current wording
No material changes have occurred during the nine months ended September 30, 2026.
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, 2026 and the year ended December 31, 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, 2026 and the year ended December 31, 2025.
Previous wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Crypto Assets 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.
Current wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Crypto Assets traded on each Digital Asset Market. For the three months ended September 30, 2026, this sort was performed for Digital Asset Markets for the period mid-August through mid-September 2026.
Previous wording
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 Crypto Assets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
Current wording
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 Crypto Assets to identify any material variances that may impact the volume or price information of a particular Digital Asset Market.
Previous wording
As of June 30, 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 wording
As of September 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets under consideration.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net realized and change in unrealized loss on investment in Crypto Assets for the six months ended June 30, 2026 was $(336,578), which included a realized gain of $94,107 from the sale of Crypto Assets to pay the Management Fee, for redemption of Shares, and for rebalancing to the Index, and a change in unrealized depreciation on investment in Crypto Assets of $(430,685). Net realized and change in unrealized loss on investment in Crypto Assets resulted primarily from price depreciation of the Trust's holdings during the period. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(339,403), which consisted of the net realized and unrealized loss on investment in Crypto Assets, less the Management Fee of $(2,825).