Bitwise Bitcoin ETF
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-340183
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.
0001193125-26-451777
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 54 previous paragraphs and 56 current paragraphs.
36 unchanged; 16 reworded; 4 added; 2 removed; 0 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 (4)
Current report
from the Trust of (2,631.9105) bitcoin with a value of $(191,230) in connection with Share redemptions and (18.2693) bitcoin with a
Current report
value of $(1,211) to pay the Sponsor Fee during the period.
Current report
Nine months ended September 30, 2026
Current report
Nine months ended September 30, 2025
Removed paragraphs (2)
Previous report
Six months ended June 30, 2026
Previous report
Six months ended June 30, 2025
Reworded paragraphs (16)
Previous wording
For the three months and six months ended June 30, 2026 compared to the three months and six months ended June 30, 2025^
Current wording
For the three months and nine months ended September 30, 2026 compared to the three months and nine months ended September 30, 2025^
Previous 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.
Current wording
During the three months ended September 30, 2026, the Trust's net assets increased from $2,125,612 on June 30, 2026 to $3,168,481 on September 30, 2026. The increase in the Trust's net assets resulted primarily from additions to the Trust of 4,368.6354 bitcoin with a value of $313,629 in connection with Share creations during the period. Additions were partially offset by dispositions
Previous 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).
Current wording
Net realized and change in unrealized gain on investment in bitcoin for the three months ended September 30, 2026 was $921,811, which included a realized gain of $480 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(3,073) on the sale of bitcoin to meet redemptions, a realized gain of $23,367 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized appreciation on investment in bitcoin of $901,037. Net realized and change in unrealized gain on investment in bitcoin for the period resulted primarily from bitcoin price appreciation from $58,605.41 on June 30, 2026 to $83,721.81 on September 30, 2026. Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $920,472, which consisted of the net realized and unrealized gain on investment in bitcoin, less the Sponsor Fee of $(1,339).
Previous wording
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 wording
By comparison, during the three months ended September 30, 2025, the Trust's net assets increased from $4,257,654 on June 30, 2025 to $4,699,649 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 6,590.8726 bitcoin with a value of $750,992 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of (5,002.7847) bitcoin with a value of $(564,280) in connection with Share redemptions and (20.3000) bitcoin with a value of $(2,254) to pay the Sponsor Fee during the period.
Previous wording
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 wording
During the three months ended September 30, 2025, net realized and change in unrealized gain on investment in bitcoin was $257,624, which included a realized gain of $1,458 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(7,530) on the sale of bitcoin to meet redemptions, and a change in unrealized appreciation on investment in bitcoin of $263,696. Net realized and change in unrealized gain on investment in bitcoin for the period resulted primarily from bitcoin price appreciation from $107,487.49 on June 30, 2025 to $114,084.80 on September 30, 2025. Net increase in net assets resulting from operations for the three months ended September 30, 2025 was $255,282, which consisted of the net realized and unrealized gain on investment in bitcoin, less the Sponsor Fee of $(2,342).
Previous 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.
Current wording
During the nine months ended September 30, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $3,168,481 on September 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of (14,233.7840) bitcoin with a value of $(1,076,136) in connection with Share redemptions and (58.0872) bitcoin with a value of $(4,236) to pay the Sponsor Fee from the Trust. Dispositions were partially offset by additions to the Trust of approximately 13,749.9719 bitcoin with a value of $1,054,147 in connection with Share creations during the period.
Previous 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).
Current wording
Net realized and change in unrealized loss on investment in bitcoin for the nine months ended September 30, 2026 was $(172,433), which included a realized gain of $1,935 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(38,264) on the sale of bitcoin to meet redemptions, a realized gain of $68,703 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in bitcoin of $(204,807). 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 $83,721.81 on September 30, 2026. Net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $(176,577), which consisted of the net realized and unrealized loss on investment in bitcoin, and $1 in investment income, less the Sponsor Fee of $(4,145).
Previous wording
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 wording
By comparison, during the nine months ended September 30, 2025, the Trust's net assets increased from $3,762,039 on December 31, 2024 to $4,699,649 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 18,760.4869 bitcoin with a value of $1,954,171 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of (17,902.3007) bitcoin with a value of $(1,779,500) in connection with Share redemptions and (60.5806) bitcoin with a value of $(6,018) to pay the Sponsor Fee during the period.
Previous wording
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 wording
During the nine months ended September 30, 2025, net realized and change in unrealized gain on investment in bitcoin was $769,029, which included a realized gain of $3,641 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $37,591 on the sale of bitcoin to meet redemptions, and a change in unrealized appreciation on investment in bitcoin of $727,797. 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 $114,084.80 on September 30, 2025. Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $762,939, which consisted of the net realized and unrealized gain on investment in bitcoin, less the Sponsor Fee of $(6,090).
Previous 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.
Current wording
As of September 30, 2026, the Trust held a net closing balance of 37,926.1475 bitcoin with a total market value of $3,175,245,722 based on the BRRNY price of $83,721.81 per bitcoin used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,168,988,666 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Coinbase) of $83,556.83, used to determine the Trust's Principal Market NAV.
Previous 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.
Current wording
As of September 30, 2025, the Trust held a net closing balance of 41,086.7391 bitcoin with a total market value of $4,687,372 based on the BRRNY price of $114,084.80 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $4,700,405 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $114,401.99, used to determine the Trust's Principal Market NAV.
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
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.
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 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 bitcoin 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 bitcoin 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.
Previous 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.
Current wording
At September 30, 2026, the principal market and the principal market price for bitcoin, which comprised the majority of the Trust’s assets as of September 30, 2026, was Coinbase with a price of $83,556.83. This quoted price is an unadjusted price in an active market for identical bitcoin.