Bitwise Bitcoin ETF Files 2023 Annual Report (10-K)

TL;DR

<b>Bitwise Bitcoin ETF (BITB) has submitted its 2023 annual 10-K filing, detailing its operations and financial status.</b>

AI Summary

Bitwise Bitcoin ETF (BITB) filed a Annual Report (10-K) with the SEC on March 27, 2024. The Bitwise Bitcoin ETF (BITB) filed its annual report for the period ended December 31, 2023. The ETF is registered in Delaware and its principal executive offices are located at 250 Montgomery Street, Suite 200, San Francisco, CA. BITB shares are traded on the NYSE Arca, Inc. under the trading symbol BITB. The filing indicates the registrant is not a well-known seasoned issuer. The report covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Bitwise Bitcoin ETF, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the Bitwise Bitcoin ETF's performance and structure for the fiscal year 2023, offering insights into its regulatory compliance and operational details. As a publicly traded ETF, this filing is crucial for investors and stakeholders to assess the fund's stability, management, and its position within the cryptocurrency investment landscape.

Risk Assessment

Risk Level: low — Bitwise Bitcoin ETF shows low risk based on this filing. The filing is a standard annual report (10-K) for an ETF, which typically contains routine disclosures and does not present immediate, significant risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the specific operational and market risks associated with the Bitwise Bitcoin ETF.

Key Numbers

• 001-41902 — Commission file number (SEC registration number)
• 83-6613214 — I.R.S. Employer Identification No. (Tax identification number)
• 2023-12-31 — Fiscal year end (Reporting period)

Key Players & Entities

• Bitwise Bitcoin ETF (company) — Registrant name
• BITB (company) — Trading symbol
• NYSE Arca, Inc. (company) — Exchange where shares are registered
• Delaware (location) — State of incorporation
• Bitwise Investment Advisers, LLC (company) — Address of principal executive offices
• 2023-12-31 (date) — Period ended
• 2024-03-27 (date) — Filing date

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The ETF must comply with all SEC regulations and reporting requirements applicable to registered investment companies and ETFs.
• Market Volatility of Bitcoin [high — market]: The value of the ETF's holdings is directly tied to the price of Bitcoin, which is known for its significant price volatility.
• Operational Risks [medium — operational]: Risks include potential disruptions in trading, custody of assets, or failure of technology systems supporting the ETF's operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual 10-K filing.
• 2024-03-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document detailing the ETF's financial health and operational status for the fiscal year.)

ETF

Exchange-Traded Fund. A type of investment fund that is traded on stock exchanges. (The filing is specifically for the Bitwise Bitcoin ETF, detailing its structure and performance.)

Filing Documents

• bitb-20231231.htm (10-K) — 493KB
• bitb-ex4_1.htm (EX-4.1) — 39KB
• bitb-ex31_1.htm (EX-31.1) — 13KB
• bitb-ex31_2.htm (EX-31.2) — 15KB
• bitb-ex32_1.htm (EX-32.1) — 8KB
• bitb-ex32_2.htm (EX-32.2) — 8KB
• bitb-ex97_1.htm (EX-97.1) — 35KB
• img1494734_0.jpg (GRAPHIC) — 2KB
• img1494734_1.jpg (GRAPHIC) — 5KB
• 0000950170-24-037294.txt (&nbsp;) — 1636KB
• bitb-20231231.xsd (EX-101.SCH) — 242KB
• bitb-20231231_htm.xml (XML) — 58KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 Part II. 20 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 22 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 23 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 31 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 31 Item 9C. Disclosure Regarding Jurisdictions that Prevent Inspections 31 Part III. 32 Item 10. Directors, Executive Officers and Corporate Governance 32 Item 11.

Executive Compensation

Executive Compensation 34 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 Item 13. Certain Relationships and Related Transactions, and Director Independence 34 Item 14. Principal Accounting Fees and Services 35 Part IV. 36 Item 15. Exhibits and Financial Statement Schedules 36 Item 16. Form 10K Summary 37 Pa rt I. Ite m 1. Business. Summary Bitwise Bitcoin ETF (the "Trust") is a Delaware statutory trust formed on August 29, 2019. The purpose of the Trust is to provide shareholders of the Trust ("Shareholders") with exposure to bitcoin at a price that is reflective of the actual bitcoin market in which investors can purchase or sell bitcoin, less the expenses of the Trust's operations. The Trust issues common units of beneficial interest ("Shares"), which represent units of fractional undivided beneficial interest in and ownership of the Trust. The Shares are listed on the NYSE Arca (the "Exchange") under the ticker symbol "BITB." As of December 31, 2023, the Trust had not commenced operations other than matters relating to its organization and registration under the Securities Act of 1933 (the "1933 Act"). The Trust's commencement of operations was January 11, 2024. The Trust's investment objective is to seek to provide exposure to the value of bitcoin held by the Trust, less the expenses of the Trust's operations and other liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin and establish its net asset value ("NAV") by reference to the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY"). The BRRNY was designed to provide a daily, 4:00 p.m. New York time reference rate of the U.S. dollar price of one bitcoin and is calculated by CF Benchmarks Ltd. (the "Benchmark Provider") based on an aggregation of executed trade flow of several large bitcoin trading platforms ("Constituent Platforms"). Bitwise Investment Advisers, LLC (the "Sponsor") serves as the sponso

View Full Filing

View this 10-K filing on SEC EDGAR