Bitwise 10 Crypto Index Fund Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Bitwise 10 Crypto Index Fund submitted its annual 10-K report detailing its 2023 fiscal year operations.</b>

AI Summary

Bitwise 10 Crypto Index Fund (BITW) filed a Annual Report (10-K) with the SEC on March 1, 2024. The Bitwise 10 Crypto Index Fund filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The fund's former names include Bitwise 10 Private Index Fund, LLC and Bitwise HOLD10 Private Index Fund, LLC. The fund is incorporated in Delaware (DE). The business and mailing address is 400 Montgomery Street, Suite 600, San Francisco, CA 94111.

Why It Matters

For investors and stakeholders tracking Bitwise 10 Crypto Index Fund, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the fund's financial performance, holdings, and operational details for the 2023 fiscal year, crucial for investors to assess the fund's status and strategy. Understanding the fund's historical name changes and corporate structure, as detailed in the filing, offers context on its evolution and governance.

Risk Assessment

Risk Level: low — Bitwise 10 Crypto Index Fund shows low risk based on this filing. The filing is a standard 10-K for a registered investment fund, with no immediate red flags or unusual disclosures indicating high risk.

Analyst Insight

Review the detailed holdings and performance metrics within the 10-K to understand the fund's crypto asset allocation and its impact on returns.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-01 — Filing Date (As of Date)
• 000-56270 — SEC File Number (SEC File Number)
• 24708726 — Film Number (Film Number)

Key Players & Entities

• Bitwise 10 Crypto Index Fund (company) — Filer of the 10-K report
• Bitwise 10 Private Index Fund, LLC (company) — Former name of the fund
• Bitwise HOLD10 Private Index Fund, LLC (company) — Former name of the fund
• Bitwise Hold 10 Private Index Fund, LLC (company) — Former name of the fund
• 400 Montgomery Street, Suite 600, San Francisco, CA 94111 (company) — Business and mailing address

FAQ

Industry Context

The Bitwise 10 Crypto Index Fund is an investment fund focused on a diversified portfolio of cryptocurrencies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose financial information.

What Investors Should Do

1. Analyze the fund's investment strategy and asset allocation as detailed in the 10-K.
2. Examine any disclosures regarding risks associated with cryptocurrency investments.
3. Compare the fund's reported performance against relevant benchmarks if available in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the Bitwise 10 Crypto Index Fund under its current structure, following previous name changes.

Key Financial Figures

• $1.235 billion — any" upon the earliest of (i) it having $1.235 billion or more in annual revenues, (ii) it bec
• $1.0 billion — xchange Act, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-ye

Filing Documents

• bitw-20231231.htm (10-K) — 2804KB
• bitw-ex31_1.htm (EX-31.1) — 13KB
• bitw-ex31_2.htm (EX-31.2) — 15KB
• bitw-ex32_1.htm (EX-32.1) — 8KB
• bitw-ex32_2.htm (EX-32.2) — 8KB
• img154095393_0.jpg (GRAPHIC) — 241KB
• img154095393_1.jpg (GRAPHIC) — 266KB
• img154095393_2.jpg (GRAPHIC) — 316KB
• 0000950170-24-023680.txt (&nbsp;) — 7524KB
• bitw-20231231.xsd (EX-101.SCH) — 544KB
• bitw-20231231_htm.xml (XML) — 544KB

Business

Item 1. Business. 1

Risk Factors

Item 1a. Risk Factors. 36

Unresolved staff comments

Item 1b. Unresolved staff comments 83

Cybersecurity

Item 1c. Cybersecurity 83

Properties

Item 2. Properties. 84

Legal Proceedings

Item 3. Legal Proceedings. 84

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 84 Part Ii

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 85

Reserved

Item 6. Reserved. 86

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

Item 7. Management's Discussion and Analysis Of Financial Condition and Results Of Operations. 86

Quantitative and Qualitative Disclosures About Market Risk

Item 7a. Quantitative and Qualitative Disclosures About Market Risk. 106

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 107

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 107

Controls and Procedures

Item 9a. Controls and Procedures. 107

Other Information

Item 9b. Other Information. 108

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9c. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections. 108 Part Iii

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 108

Executive Compensation

Item 11. Executive Compensation. 118

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

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 118

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 119

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 121 Part Iv

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. 123

Form 10-K Summary

Item 16. Form 10-K Summary. 121

Signatures

Signatures 122 i This Annual Report on Form 10-K contains "forward-looking statements" with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Bitwise 10 Crypto Index Fund (BITW) (the " Trust "). Statements preceded by, followed by or that include words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Annual Report on Form 10-K that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust's operations, the plans of Bitwise Investment Advisers, LLC (the " Sponsor ") and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in " Item 1A. Risk Factors ." Forward-looking statements are made based on the Sponsor's beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other t

Bu siness

Item 1. Bu siness. History of the Trust and the Shares The Bitwise 10 Crypto Index Fund (the " Trust ") is a Delaware Statutory Trust that issues common units of fractional undivided beneficial interest (" Shares "), which represent ownership in the Trust. The Trust's current standing in Delaware is active. The Trust was formed by the filing of a Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act (the " DSTA ") and the adoption of a Trust Agreement (the " Trust Agreement "). The Trust operates pursuant to the Trust Agreement. Bitwise Investment Advisers, LLC is the Sponsor of the Trust (the " Sponsor "). Bitwise Asset Management, Inc. (" Bitwise "), the parent company of the Sponsor, maintains a corporate website, www.bitwiseinvestments.com, which contains general information about the Trust and the Sponsor. The reference to the Bitwise website is an interactive textual reference only, and the information contained on the Bitwise website shall not be deemed incorporated by reference herein. Additional information regarding the Trust may also be found on the SEC's EDGAR database at www.sec.gov. The Trust had previously issued Shares, which represented common units of fractional undivided beneficial interest in, and ownership of, the Trust, on a periodic basis to certain "accredited investors" within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the " Securities Act "). On November 18, 2021, the Sponsor closed sales of Shares directly from the Trust, pursuant to its rights under Sections 5 and 6 of the Trust Agreement. The Sponsor has no plans to reopen such sales. The Shares are quoted on OTCQX Best market (the " OTCQX ") under the ticker symbol " BITW ." Shares purchased directly from the Trust prior to November 18, 2021 were restricted securities (" Restricted Shares ") that could not be resold except in transactions exempt from registra

View Full Filing

View this 10-K filing on SEC EDGAR