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Bitwise Bitcoin ETF (BITB-3.01%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the period, indicating a net increase in net assets resulting from operations of approximately $134,167 for the three months ended September 30, 2024. This increase was primarily driven by a net realized and unrealized gain on investment in bitcoin of approximately $135,282.
The Trust reported a net asset value (NAV) per-share of $34.57 as of September 30, 2024, compared to $32.67 at the beginning of the period. The increase in NAV was largely due to bitcoin price appreciation.
The Trust's investment in bitcoin is valued at $2,502,767,131 based on the price of bitcoin in the principal market, Coinbase (COIN-3.88%), at $63,464.76 as of September 30, 2024.
The Trust identified several risks, including the extreme volatility of bitcoin prices, potential regulatory changes, and reliance on the security and stability of its service providers.
The filing details the Trust's status as an 'emerging growth company' under the JOBS Act, allowing it to comply with reduced reporting requirements.
The Trust's operations commenced on January 10, 2024, and it has since issued and redeemed shares in connection with its bitcoin holdings.
The Trust's only ordinary expense is the Sponsor Fee, which is set at 0.20% per annum of the Trust's bitcoin holdings. The Sponsor waived this fee on the first $1 billion of Trust assets through July 10, 2024.
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 filing includes a discussion of the Trust's financial condition and results of operations, highlighting the impact of bitcoin price fluctuations on the Trust's NAV and the value of its shares.
The Trust's financial statements are prepared in accordance with GAAP and utilize an exchange-traded price from the Trust's principal market for bitcoin on the financial statement measurement date.
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 quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.