WisdomTree Bitcoin Fund
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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, 2025 · Filed Nov 12, 2025
BTCW$79.98-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001214659-25-011977
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001214659-25-016344
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 31 previous paragraphs and 38 current paragraphs.
22 unchanged; 7 reworded; 9 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 6 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 (9)
Current report
Commencement of operations.*
Current report
For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024
Current report
Net realized and unrealized gain on investment in bitcoin for the three months ended September 30, 2025 was $10,822,946 which includes a net realized gain of $46,950 on the sale of bitcoin to pay the Sponsor’s Fee and a net change in unrealized appreciation on investment in bitcoin of $10,775,996. Net realized and unrealized gain on investment in bitcoin for the three-month period ending September 30, 2025 was driven by bitcoin price appreciation from $107,221.44 per bitcoin as of June 30, 2025 to $114,198.94 per bitcoin as of September 30, 2025. Net increase in net assets resulting from operations was $10,709,537 for the three months ended September 30, 2025, which consisted of net investment loss of $(113,409), net realized gain of $46,950 and $10,775,996 net increase in unrealized appreciation on investment in bitcoin. Net assets increased to $181,996,514 at September 30, 2025 and total return (based on NAV per Share) for the three months ended September 30, 2025 was 6.44%. For the three months ended September 30, 2025, the $16,123,907 net increase in net assets resulted from the aforementioned net increase in net assets resulting from operations in addition to a $5,414,370 increase resulting from capital share transactions.
Current report
Bitcoin posted positive returns in the third quarter of 2025 as supportive regulatory developments related to digital assets in the United States, such as the digital assets market structure bill, the CLARITY Act, and the Anti-CDBC Surveillance State Act progressed, and the passage of the stablecoin-focused legislation, the GENIUS Act. The broader macroeconomic backdrop also lent support, with the restart of the Federal Reserve’s easing cycle supporting the appetite for digital asset products.
Current report
Net realized and unrealized gain on investment in bitcoin for the three months ended September 30, 2024 was $10,113,179 which includes a net realized gain of $348 on the sale of bitcoin to pay the Sponsor’s Fee and a net change in unrealized appreciation on investment in bitcoin of $10,112,831. Net realized and unrealized gain on investment in bitcoin for the three-month period ending September 30, 2024 was driven by bitcoin price appreciation from $63,369.30 per bitcoin as of June 30, 2024 to $63,677.63 per bitcoin as of September 30, 2024. Net increase in net assets resulting from operations was $10,019,323 for the three months ended September 30, 2024, which consisted of net investment loss of $(93,856), net realized gain of $348 and $10,112,831 net increase in unrealized appreciation on investment in bitcoin. Net assets increased to $235,911,375 at September 30, 2024 and total return (based on NAV per Share) for the three months ended September 30, 2024 was 0.43%. For the three months ended September 30, 2024, the $154,134,881 net increase in net assets resulted from the aforementioned net increase in net assets resulting from operations in addition to a $144,115,558 increase resulting from capital share transactions.
Current report
Bitcoin posted positive performance in the third quarter of 2024, fueled by bullish sentiment for cryptocurrencies. Although bitcoin was generally trending lower since mid-March 2024 due to reduced risk appetite, market expectations for a potential second term as president by former President Trump, who is viewed as “crypto-friendly”, lent support to digital assets.
Current report
For the Nine Months Ended September 30, 2025 Compared to the Period January 11, 2024 (Commencement of Operations) to September 30, 2024
Current report
Bitcoin posted strong gains in the first three quarters of 2025. After experiencing losses early in the year due to a dip in sentiment and the ByBit hack that temporarily fueled crypto-related cybersecurity concerns, bitcoin rebounded in the second and third quarters. Recovering sentiment and the supportive digital assets-related regulatory developments in the United States, such as the adoption of the GENIUS Act, provided tailwinds for digital assets overall. The lead-up to the U.S. federal government shutdown also contributed to a supportive backdrop for bitcoin demand.
Current report
For the period January 11, 2024 (commencement of operations) through September 30, 2024, bitcoin’s spot price rallied over 35%, leading to strong gains for the Trust. The rally was initially driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, and the anticipation leading up to the April 2024 bitcoin halving event, which has historically provided upside potential for bitcoin. However, after hitting a record high at the time in March 2024 of $73,000, bitcoin prices trended lower. The third quarter was a positive quarter for bitcoin fueled by market expectations for a potential second term as president by former President Trump.
Removed paragraphs (2)
Previous report
Net realized and unrealized gain on investment in bitcoin for the three months ended June 30, 2025 was $37,254,550 which includes a realized gain of $35,251 on the transfer of bitcoin to pay the Sponsor’s Fee, a realized gain of $5,477,209 on the sale of bitcoin to meet redemptions and a net change in unrealized appreciation on investment in bitcoin of $31,742,090. Net realized and unrealized gain on investment in bitcoin for the three-month period ending June 30, 2025 was driven by bitcoin price appreciation from $82,944.98 per bitcoin as of March 31, 2025 to $107,221.44 per bitcoin as of June 30, 2025. Net increase in net assets resulting from operations was $37,158,632 for the three months ended June 30, 2025, which consisted of net investment loss of $(95,918), net realized gain of $5,512,460 and $31,742,090 net increase in unrealized appreciation on investment in bitcoin. Net assets increased to $165,872,607 at June 30, 2025 and total return (based on NAV per Share) for the three months ended June 30, 2025 was 29.19%. For the three months ended June 30, 2025, the $13,297,050 net increase in net assets resulted from the aforementioned net increase in net assets resulting from operations offset by a $(23,861,582) net decrease resulting from capital share transactions.
Previous report
Net realized and unrealized loss on investment in bitcoin for the three months ended June 30, 2024 was $(10,047,960) which includes a realized gain of $168,416 on the sale of bitcoin to meet redemptions and a net change in unrealized appreciation on investment in bitcoin of $(10,216,370). Net realized and unrealized loss on investment in bitcoin for the three-month period ending June 30, 2024 was driven by bitcoin price depreciation from $70,596.99 per bitcoin as of March 31, 2024 to $63,369.30 per bitcoin as of June 30, 2024. Net decrease in net assets resulting from operations was $(10,047,960) for the three months ended June 30, 2024, which consisted of net realized gain of $168,416 and $(10,216,376) net decrease in unrealized appreciation on investment in bitcoin. Net assets increased to $81,776,494 at June 30, 2024 and total return (based on NAV per Share) for the three months ended June 30, 2024 was -10.24%. For the three months ended June 30, 2024, the $792,335 net increase in net assets resulted from the aforementioned net decrease in net assets resulting from operations offset by a $10,840,295 net increase resulting from capital share transactions.
Reworded paragraphs (7)
Previous wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of June 30, 2025 and its results of operations for the three and six months ended June 30, 2025, the three months ended June 30, 2024, and the period January 11, 2024 (commencement of operations) to June 30, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Quarterly Report.
Current wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of September 30, 2025 and its results of operations for the three and nine months ended September 30, 2025, the three months ended September 30, 2024, and the period January 11, 2024 (commencement of operations) to September 30, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Quarterly Report.
Previous wording
Selected Financial Highlights for the three and six months ended June 30, 2025, three months ended June 30, 2024, and the period January 11, 2024 (commencement of operations) to June 30, 2024
Current wording
Selected Financial Highlights for the three and nine months ended September 30, 2025, three months ended September 30, 2024, and the period January 11, 2024 (commencement of operations) to September 30, 2024
Previous wording
Net realized and unrealized loss on investment in bitcoin for the six months ended June 30, 2025 was $(2,868,511) which includes a realized gain of $117,436 on the transfer of bitcoin to pay the Sponsor’s Fee, a realized gain of $56,238,619 on the sale of bitcoin to meet redemptions and a net change in unrealized appreciation on investment in bitcoin of $(59,224,566). Net realized and unrealized loss on investment in bitcoin for the six months ended June 30, 2025 was driven by bitcoin price appreciation from $93,358.58 per bitcoin as of December 31, 2024 to $107,221.44 per bitcoin as of June 30, 2025. Net decrease in net assets resulting from operations was $(3,168,786) for the six-month period ended June 30, 2025, which consisted of net investment loss of $(300,275), net realized gain of $56,356,055 and $(59,224,566) net decrease in unrealized appreciation on investment in bitcoin. Net assets decreased to $165,872,607 at June 30, 2025 and total return (based on NAV per Share) for the six-month period ended June 30, 2025 was 14.71%. For the six months ended June 30, 2025, the $(194,644,625) net decrease in net assets resulted from the aforementioned net decrease in net assets resulting from operations and by a $(191,475,839) net decrease resulting from capital share transactions.
Current wording
Net realized and unrealized gain on investment in bitcoin for the nine months ended September 30, 2025 was $7,954,435 which includes a net realized gain of $164,386 on the sale of bitcoin to pay the Sponsor’s Fee, a net realized gain of $56,238,619 on the sale of bitcoin to meet redemptions and a net decrease in unrealized appreciation on investment in bitcoin of $(48,448,570). Net realized and unrealized gain on investment in bitcoin for the nine months ended September 30, 2025 was driven by bitcoin price appreciation from $93,358.58 per bitcoin as of December 31, 2024 to $114,198.94 per bitcoin as of September 30, 2025. Net increase in net assets resulting from operations was $7,540,751 for the nine-month period ended September 30, 2025, which consisted of net investment loss of $(413,684), net realized gain of $56,403,005 and $(48,448,570) net decrease in unrealized appreciation on investment in bitcoin. Net assets decreased to $181,996,514 at September 30, 2025 and total return (based on NAV per Share) for the nine-month period ended September 30, 2025 was 22.10%. For the nine months ended September 30, 2025, the $(178,520,718) net decrease in net assets resulted from the aforementioned net increase in net assets resulting from operations offset by a $(186,061,469) net decrease resulting from capital share transactions.
Previous wording
Net realized and unrealized gain on investment in bitcoin for the six-month period ended June 30, 2024 was $8,415,937 which includes realized gain of $1,170,266 on the sale of bitcoin to meet redemptions and a net change in unrealized appreciation on investment in bitcoin of $7,245,671. Net realized and unrealized gain on investment in bitcoin for the six-month period ending June 30, 2025 was driven by bitcoin price appreciation from $46,411.68 per bitcoin as of January 10, 2024 (the end of day price prior to the commencement of operations) to $63,369.30 per bitcoin as of June 30, 2024. Net increase in net assets resulting from operations was $8,415,937 for the six-month period ended June 30, 2024, which consisted of net realized gain of $1,170,266 and $7,245,671 net increase in unrealized appreciation on investment in bitcoin. Net assets increased to $81,776,494 at June 30, 2024 and total return (based on NAV per Share) for the six-month period ended June 30, 2024 was 34.62%. For the six-month period ended June 30, 2024, the $81,726,494 net increase in net assets resulted from the aforementioned net increase in net assets resulting from operations and by a $73,310,557 net increase resulting from capital share transactions.
Current wording
Net realized and unrealized gain on investment in bitcoin for the period January 11, 2024 (commencement of operations) through September 30, 2024 (the “Period“) was $18,529,116 which includes a net realized gain of $348 on the sale of bitcoin to pay the Sponsor’s fee, a net realized gain of $1,170,266 on the sale of bitcoin to meet redemptions and a net increase in unrealized appreciation on investment in bitcoin of $17,358,502. Net realized and unrealized gain on investment in bitcoin for the Period was driven by bitcoin price appreciation from $46,411.68 per bitcoin as of January 10, 2024 (the end of day price prior to the commencement of operations) to $63,677.63 per bitcoin as of September 30, 2024. Net increase in net assets resulting from operations was $18,435,260 for the Period, which consisted of net investment loss of $(93,856), net realized gain of $1,170,614 and $17,358,502 net increase in unrealized appreciation on investment in bitcoin. Net assets increased to $235,911,375 at September 30, 2024 and total return (based on NAV per Share) for the Period was 35.20%. For the Period, the $235,861,375 net increase in net assets resulted from the aforementioned net increase in net assets resulting from operations and by a $217,426,115 net increase resulting from capital share transactions.
Previous wording
As of June 30, 2025, the Trust had a net closing balance of 1,547.3227 bitcoins with a value of $166,317,849 based on the Reference Rate Price of $107,487.50, which is calculated pursuant to non-GAAP methodology. For the three-month period ended June 30, 2025, the Trust determined that Coinbase was its principal market. As of June 30, 2025, the total market value of the Trust’s bitcoin was $165,906,168, based on the price of bitcoin in the principal market of $107,221.44.
Current wording
As of September 30, 2025, the Trust had a net closing balance of 1,594.0029 bitcoins with a value of $181,851,502 based on the Reference Rate Price of $114,084.80, which is calculated pursuant to non-GAAP methodology. For the three-month period ended September 30, 2025, the Trust determined that Coinbase was its principal market. As of September 30, 2025, the total market value of the Trust’s bitcoin was $182,033,442, based on the price of bitcoin in the principal market of $114,198.94.
Previous wording
The following chart(s) illustrates the movement in the Market Price per Share and the Trust’s NAV per Share for the three and six months ended June 30, 2025.
Current wording
The following chart(s) illustrates the movement in the Market Price per Share and the Trust’s NAV per Share for the three and nine months ended September 30, 2025.
Previous wording
The table below illustrates the high and low price of bitcoin as represented by the Reference Rate and the principal market during the three and six months ended June 30, 2025.
Current wording
The table below illustrates the high and low price of bitcoin as represented by the Reference Rate and the principal market during the three and nine months ended September 30, 2025.