Bitwise Bitcoin ETF SEC 10-Q Report

Bitwise Bitcoin ETF, a Delaware statutory trust providing exposure to the value of bitcoin, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational metrics, reflecting the company's performance and strategic direction in the volatile cryptocurrency market.

Financial Highlights

Net Investment Loss: The company reported a net investment loss of $(2,342) thousand for the three months ended September 30, 2025, compared to $(1,115) thousand for the same period in 2024. This increase in loss is primarily due to the expiration of the Sponsor Fee waiver and an increase in the fair value of bitcoin.

Net Realized and Unrealized Gain (Loss): The Trust experienced a net realized and unrealized gain of $257,624 thousand for the three months ended September 30, 2025, compared to $135,282 thousand for the same period in 2024. This gain was driven by an increase in the fair value of bitcoin.

Net Increase (Decrease) in Net Assets Resulting from Operations: The net increase in net assets resulting from operations was $255,282 thousand for the three months ended September 30, 2025, compared to $134,167 thousand for the same period in 2024. This increase was primarily due to an increase in net realized gain and an increase in unrealized appreciation on investments in bitcoin.

Net Assets: As of September 30, 2025, the Trust's net assets stood at $4,699,649 thousand, reflecting a 22.32% increase in Principal Market NAV per-share for the nine months ended September 30, 2025. This increase was primarily driven by bitcoin price appreciation and a net increase in capital share transactions.

Principal Market NAV Per-Share: The Principal Market NAV per-share was $62.20 as of September 30, 2025, reflecting a 22.32% increase for the nine months ended September 30, 2025, driven by bitcoin price appreciation.

Business Highlights

Trust Overview: The Bitwise Bitcoin ETF is a Delaware statutory trust that commenced operations on January 10, 2024. Its shares are listed on the NYSE Arca under the ticker symbol 'BITB'. The Trust's investment objective is to reflect the actual bitcoin market value, less operational expenses.

Investment Objective: The Trust aims to provide shareholders with exposure to bitcoin's value, reflective of the actual market, minus operational expenses. The Trust holds bitcoin and establishes its NAV by referencing the CME CF Bitcoin Reference Rate - New York Variant (BRRNY).

Sponsor Fee: The Trust pays a unitary Sponsor Fee of 0.20% per annum of its bitcoin holdings. Initially, the Sponsor waived this fee on the first $1 billion of assets through July 10, 2024. Post-waiver, the fee accrues at 0.20% annually.

Net Realized and Unrealized Gains: For the three months ended September 30, 2025, the Trust experienced a net realized and unrealized gain on bitcoin investments, driven by bitcoin price appreciation from $107,487.49 to $114,084.80.

Net Assets Increase: As of September 30, 2025, the Trust's net assets increased to approximately $4,699,649, primarily due to bitcoin price appreciation and a net increase in capital share transactions.

Liquidity and Capital Resources: The Trust does not hold a cash balance except for creation and redemption of shares or to pay expenses not assumed by the Sponsor. It does not borrow to meet liquidity needs and expects minimal cash flow from operations.

Operational Risks: The Trust's assets are concentrated in bitcoin, creating a risk associated with price fluctuations. The trading prices of bitcoin have experienced extreme volatility, which could materially affect the value of the Trust's shares.

Future Outlook: The Trust does not anticipate material changes to its liquidity needs despite broader economic and market conditions. It remains focused on maintaining its operational strategy and managing risks associated with bitcoin price volatility.

SEC Filing: Bitwise Bitcoin ETF [ BITB ] - 10-Q - Nov. 10, 2025