In This Story
Bitwise Bitcoin ETF Beneficial Interest (BITB+1.50%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The Trust's investment objective is to provide exposure to the value of bitcoin held by the Trust, less the expenses of the Trust's operations. The Trust's sole asset is bitcoin, and it issues shares that are listed on NYSE Arca under the ticker symbol 'BITB.'
The Trust commenced operations on January 10, 2024, and the shares began trading on January 11, 2024. The Trust's net assets as of December 31, 2024, were $3,762,039,000, with 73,980,000 shares outstanding.
The Trust's net realized and unrealized gain on investment in bitcoin for the period was approximately $1,590,268,000. This includes a net realized gain of $1,288,000 on the sale of bitcoins to pay the Sponsor Fee and a net change in unrealized appreciation on investment in bitcoin of approximately $1,639,849,000.
The Trust's NAV per share increased from $25.00 at the beginning of the period to $50.85 at the end of the period. The total return based on NAV was 103.40%.
The Trust pays a unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor waived the entire Sponsor Fee on the first $1 billion of Trust assets through July 10, 2024.
The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including taxes, brokerage commissions, and legal fees.
The Trust's bitcoin is held by Coinbase Custody Trust Company, LLC, which serves as the Trust's custodian.
The Trust is classified as a 'grantor trust' for U.S. federal income tax purposes, meaning the Trust itself is not subject to U.S. federal income tax. Instead, the Trust’s income and expenses 'flow through' to the shareholders.
The Trust faces risks related to the volatility of bitcoin prices, regulatory changes, and cybersecurity threats. The Trust's operations rely on the security and performance of its service providers, including the Bitcoin Custodian and Prime Execution Agent.
The Trust does not hold a cash balance except in connection with the creation and redemption of shares or to pay expenses not assumed by the Sponsor. The Trust's only sources of cash are proceeds from the sale of baskets and bitcoin.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bitwise Bitcoin ETF Beneficial Interest annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.