WisdomTree Bitcoin Fund
For the period ended Jun 30, 2026. Filed Aug 12, 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 12, 2026
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 2026-03-31; filed 2026-05-13.
0001214659-26-006093
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001214659-26-009996
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 35 previous paragraphs and 42 current paragraphs.
20 unchanged; 11 reworded; 11 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 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 (11)
Current report
Net decrease in net assets resulting from operations was $(21,438,204) for the three months ended June 30, 2026, which consisted of net investment loss of $(99,448), net realized gain of $2,462 and $(21,341,218) net change in unrealized appreciation/depreciation on investment in bitcoin. Net assets decreased to $136,476,680 at June 30, 2026 and total return (based on NAV per Share) for the three months ended June 30, 2026 was (13.27)%. For the three months ended June 30, 2026, the $(10,795,961) net decrease in net assets resulted from the aforementioned net decrease in net assets resulting from operations partially offset by a $10,642,243 increase resulting from capital share transactions.
Current report
Bitcoin delivered negative performance during the second quarter of 2026 as a combination of exchange-traded fund outflows, a more hawkish U.S. interest rate outlook, and shifting investor preferences weighed on digital asset performance. After showing resilience earlier in the quarter, bitcoin came under pressure in June as geopolitical uncertainty surrounding U.S.-Iran tensions, continued uncertainty regarding the regulatory progress of the Digital Asset Market Clarity Act (CLARITY Act), tighter financial conditions, and continued strength in the U.S. dollar reduced demand for risk assets. Despite the price decline, institutional adoption continued to advance, with growing interest in tokenization, corporate bitcoin treasury strategies, and digital asset investment products partially offsetting broader market headwinds. However, these developments were insufficient to offset near-term market headwinds, resulting in weaker bitcoin prices during the quarter.
Current 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 sale of bitcoin to pay the Sponsor 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 ended 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.
Current report
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.
Current report
Bitcoin bounced back in the second quarter of 2025, rallying over 30%. The rebound was driven by strong investment demand with U.S. spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence. Regulatory progress also supported the rally, with the CLARITY Act, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and Anti-CBDC Surveillance State Act all making congressional progress, while Europe continued implementation of the Markets in Crypto-Assets Regulation (MiCA) framework. These regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.
Current report
For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current report
Net decrease in net assets resulting from operations was $(55,387,914) for the six months ended June 30, 2026, which consisted of net investment loss of $(186,781), net realized gain of $14,858 and $(55,215,991) net change in unrealized appreciation/depreciation on investment in bitcoin. Net assets decreased to $136,476,680 at June 30, 2026 and total return (based on NAV per Share) for the six months ended June 30, 2026 was (32.48)%. For the six months ended June 30, 2026, the $(3,210,312) net decrease in net assets resulted from the aforementioned net decrease in net assets resulting from operations partially offset by a $52,177,602 increase resulting from capital share transactions.
Current report
Bitcoin generated negative performance during the first half of 2026 as digital asset markets navigated a prolonged period of volatility and declining investor risk appetite. During the first quarter, uncertainty surrounding monetary policy, regulation, and the macroeconomic outlook weighed on sentiment and contributed to the decline in bitcoin prices, especially in January. Market conditions remained challenging in the second quarter as investors continued to favor more defensive assets amid heightened geopolitical, regulatory, and economic uncertainty. While bitcoin benefited from ongoing progress in institutional adoption, including continued development of digital asset investment products and broader integration of blockchain-based financial infrastructure, these structural advances were overshadowed by weaker market demand and persistent pressure across the broader cryptocurrency ecosystem. As a result, bitcoin prices declined over the period, leading to negative year-to-date performance for the Trust.
Current report
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 sale of bitcoin to pay the Sponsor 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.
Current report
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 report
Bitcoin had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor confidence, triggering a downturn in U.S. stock markets. This led to sharp outflows from spot bitcoin ETPs, the largest since the launch in January 2024. The Bybit hack also added pressure on digital assets. Despite this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided support. In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk appetite improved with most U.S. tariffs stalled and emerging trade deal headlines provided optimism. Congressional progress for three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CBDC Surveillance State Act) also provided a boost for bitcoin.
Removed paragraphs (4)
Previous report
Net decrease in net assets resulting from operations was $(33,949,710) for the three months ended March 31, 2026, which consisted of net investment loss of $(87,333), net realized gain of $12,396 and $(33,874,773) net change in unrealized appreciation/depreciation on investment in bitcoin. Net assets increased to $147,272,641 at March 31, 2026 and total return (based on NAV per Share) for the three months ended March 31, 2026 was (22.15)%. For the three months ended March 31, 2026, the $7,585,649 net increase in net assets resulted from the aforementioned net decrease in net assets resulting from operations in addition to a $41,535,359 increase resulting from capital share transactions.
Previous report
Bitcoin traded lower during the first quarter of 2026. Digital asset markets experienced elevated volatility amid a combination of shifting global risk sentiment, tighter financial conditions, and ongoing uncertainty surrounding macroeconomic policy and regulatory developments. Periods of risk aversion weighed on investor demand for bitcoin, contributing to declining prices over the quarter. Together, weaker bitcoin pricing and continued market volatility led to net losses for the Trust during the period.
Previous report
Net decrease in net assets resulting from operations was $(40,327,418) for the three months ended March 31, 2025, which consisted of net investment loss of $(204,357), net realized gain of $50,843,595 and $(90,966,656) in net change in unrealized appreciation/depreciation on investment in bitcoin. Net assets decreased to $152,575,557 at March 31, 2025 and total return (based on NAV per Share) for the three months ended March 31, 2025 was (11.21)%. For the three months ended March 31, 2025, the $(207,941,675) net decrease in net assets resulted from the aforementioned net decrease in net assets resulting from operations and by $(167,614,257) net decrease resulting from capital share transactions.
Previous report
Bitcoin performed negatively in the first quarter of 2025 leading to losses for the Trust. While prices initially continued their year-end 2024 rally driven by the excitement from President Trump’s election, mounting economic concerns took the center stage for the rest of the quarter. Another headwind was the ByBit hack in late February 2025. Despite the negative price action, regulatory progress for digital assets remained constructive. In particular, executive orders establishing a strategic bitcoin reserve and digital assets stockpile, along with the SEC's repeal of Staff Accounting Bulletin No. 121, contributed to a more favorable long-term regulatory outlook for bitcoin.
Reworded paragraphs (11)
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 March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025. 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 June 30, 2026 and its results of operations for the three and six months ended June 30, 2026 and 2025. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Quarterly Report.
Previous wording
The Trust’s investment in bitcoin is recorded on the financial statements at fair value in accordance with FASB ASC Topic 820,Fair Value Measurements and Disclosures (“ASC 820”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset for liability. ASC 820 defines “principal market” as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and, as a result, the market participants in the principal market) is made from the perspective of the reporting entity and the reporting entity must have access to the principal (or most advantageous) market at the measurement date. ASC 820 defines “most advantageous market” as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs and transportation costs. Based on the foregoing, the Trust has determined its principal market for GAAP reporting for its bitcoin investment to be the bitcoin platform operated by Coinbase, Inc. and utilizes an exchange-traded price from that principal market as of 11:59 p.m. Eastern Standard Time on the financial statement measurement date. The Sponsor will perform other procedures (consistent with GAAP) to value an investment in bitcoin when a market quote is not available.
Current wording
The Trust’s investment in bitcoin is recorded on the financial statements at fair value in accordance with FASB ASC Topic 820,Fair Value Measurements and Disclosures (“ASC 820”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. ASC 820 defines “principal market” as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and, as a result, the market participants in the principal market) is made from the perspective of the reporting entity and the reporting entity must have access to the principal (or most advantageous) market at the measurement date. ASC 820 defines “most advantageous market” as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs and transportation costs. Based on the foregoing, the Trust has determined its principal market for GAAP reporting for its bitcoin investment to be the bitcoin platform operated by Coinbase, Inc. and utilizes an exchange-traded price from that principal market as of 11:59 p.m. Eastern Time on the financial statement measurement date. The Sponsor will perform other procedures (consistent with GAAP) to value an investment in bitcoin when a market quote is not available.
Previous wording
Selected Financial Highlights for the three months ended March 31, 2026 and 2025
Current wording
Selected Financial Highlights for the three and six months ended June 30, 2026 and 2025
Previous wording
Net realized and unrealized loss on investment in bitcoin for the three months ended March 31, 2026 was $(33,862,377) which includes a net realized gain of $12,396 on the sale of bitcoin to pay the Sponsor’s Fee and a net change in unrealized appreciation/depreciation on investment in bitcoin of $(33,874,773). Net realized and unrealized loss on investment in bitcoin for the three-month period ending March 31, 2026 was driven by bitcoin price depreciation from $87,418.55 per bitcoin as of December 31, 2025 to $68,097.76 per bitcoin as of March 31, 2026.
Current wording
Net realized and unrealized loss on investment in bitcoin for the three months ended June 30, 2026 was $(21,338,756) which includes a net realized gain of $2,462 on the sale of bitcoin to pay the Sponsor Fee and a net change in unrealized appreciation/depreciation on investment in bitcoin of $(21,341,218). Net realized and unrealized loss on investment in bitcoin for the three-month period ended June 30, 2026 was driven by bitcoin price depreciation from $68,097.76 per bitcoin as of March 31, 2026 to $59,101.49 per bitcoin as of June 30, 2026.
Previous wording
Net realized and unrealized loss on investment in bitcoin for the three months ended March 31, 2025 was $(40,123,061) which includes a net change in unrealized appreciation/depreciation on investment in bitcoin of $(90,966,656). Net realized and unrealized loss on investment in bitcoin for the three-month period ended March 31, 2025 was driven by bitcoin price depreciation from $93,358.58 per bitcoin as of December 31, 2024 to $82,944.98 per bitcoin as of March 31, 2025.
Current wording
Net realized and unrealized loss on investment in bitcoin for the six months ended June 30, 2026 was $(55,201,133) which includes a net realized gain of $14,858 on the sale of bitcoin to pay the Sponsor Fee and a net change in unrealized appreciation/depreciation on investment in bitcoin of $(55,215,991). Net realized and unrealized loss on investment in bitcoin for the six-month period ended June 30, 2026 was driven by bitcoin price depreciation from $87,418.55 per bitcoin as of December 31, 2025 to $59,101.49 per bitcoin as of June 30, 2026.
Previous wording
As of March 31, 2026, the Trust had a net closing balance of 2,163.126 bitcoins with a value of $146,728,677 based on the Reference Rate Price of $67,831.76, which is calculated pursuant to non-GAAP methodology. As of March 31, 2026, the total market value of the Trust’s bitcoin was $147,304,068, based on the price of bitcoin in the principal market of $68,097.76. For the three-month period ended March 31, 2026, the Trust determined that Coinbase was its principal market.
Current wording
As of June 30, 2026, the Trust had a net closing balance of 2,309.689 bitcoins with a value of $135,360,252 based on the Reference Rate Price of $58,605.41, which is calculated pursuant to non-GAAP methodology. As of June 30, 2026, the total market value of the Trust’s bitcoin was $136,506,043, based on the price of bitcoin in the principal market of $59,101.49. For the three-month period ended June 30, 2026, the Trust determined that Coinbase was its principal market.
Previous wording
The following chart illustrates the movement in the Market Price per Share and the Trust’s NAV per Share for the three months ended March 31, 2026.
Current wording
The following chart illustrates the movement in the Market Price per Share and the Trust’s NAV per Share for the six months ended June 30, 2026.
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 months ended March 31, 2026.
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 six months ended June 30, 2026.
Previous wording
The Sponsor Fee is calculated on a daily basis (accrued at 1/365, or 1/366 in a leap year, of the applicable annual Sponsor Fee percentage multiplied by the Trust’s NAV) and paid on a monthly basis. To cover the Sponsor’s Fee, and extraordinary expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to instruct the Execution Agent to convert bitcoin held by the Trust into U.S. dollars. Because the Trust does not have any income, it will need to sell bitcoin to cover the Sponsor’s Fee and expenses not assumed by the Sponsor, if any. The Trust may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities are sales of bitcoin held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trust will still need to sell bitcoin to pay the Sponsor’s Fee. The result of these sales is a decrease in the amount of bitcoin represented by each Share.
Current wording
The Sponsor Fee is calculated on a daily basis (accrued at 1/365, or 1/366 in a leap year, of the applicable annual Sponsor Fee percentage multiplied by the Trust’s NAV) and paid on a monthly basis. To cover the Sponsor Fee, and extraordinary expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to instruct the Prime Execution Agent to convert bitcoin held by the Trust into U.S. dollars. Because the Trust does not have any income, it will need to sell bitcoin to cover the Sponsor Fee and expenses not assumed by the Sponsor, if any. The Trust may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities is sales of bitcoin held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trust will still need to sell bitcoin to pay the Sponsor Fee. The result of these sales is a decrease in the amount of bitcoin represented by each Share.
Previous wording
To cover the Sponsor’s Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to convert bitcoin into U.S. dollars at the price available through the Prime Execution Agent. The number of bitcoins represented by a Share will decline each time the Trust pays the Sponsor Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins. The Trust is responsible for paying any costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin. However, under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of bitcoin incurred in connection with the fulfillment of a creation or redemption order.
Current wording
To cover the Sponsor Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to convert bitcoin into U.S. dollars at the price available through the Prime Execution Agent. The number of bitcoins represented by a Share will decline each time the Trust pays the Sponsor Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins. The Trust is responsible for paying any costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin. However, under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of bitcoin incurred in connection with the fulfillment of a creation or redemption order.
Previous wording
The Trust’s only ordinary recurring expense is expected to be the Sponsor Fee. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust: the fees of the Trustee, the Trust Administrator, Fund Accountant, Transfer Agent, and Marketing Agent, the Custodians’ Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and ordinary legal fees and expenses. There is no cap on the amount of these Sponsor paid expenses.
Current wording
The Trust’s only ordinary recurring expense is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust: the fees of the Trustee, the Trust Administrator, Fund Accountant, Transfer Agent, and Marketing Agent, the Custodians’ Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and ordinary legal fees and expenses. There is no cap on the amount of these Sponsor paid expenses.