Bitwise Crypto Fund Surges 19% Amid NYSE Arca Listing Bid

TL;DR

**BITW is crushing it with crypto gains and a NYSE Arca listing on the horizon, making it a strong buy for long-term crypto exposure.**

AI Summary

Bitwise 10 Crypto Index Fund (BITW) reported a significant increase in net assets, reaching $1,630,685,631 as of September 30, 2025, up from $1,365,739,802 at December 31, 2024, representing a 19.4% increase. This growth was primarily driven by a net increase in net assets from operations of $264,945,829 for the nine months ended September 30, 2025, a substantial improvement from $232,926,331 in the same period of 2024. The fund's investments in Crypto Assets, at fair value, rose to $1,634,076,084 from $1,368,514,435. Bitcoin remains the largest holding, accounting for 72.56% of net assets with a fair value of $1,183,230,554, followed by Ethereum at 16.00% ($260,957,782). Management fees increased to $26,439,820 for the nine months ended September 30, 2025, compared to $17,877,678 for the prior year period. The Trust filed a registration statement on Form S-3 on June 10, 2025, to list shares on NYSE Arca, Inc., indicating a strategic shift from its current OTCQX listing.

Why It Matters

This 10-Q filing reveals strong performance for Bitwise 10 Crypto Index Fund, with net assets climbing over 19% in nine months, primarily due to significant unrealized gains in its crypto holdings. For investors, the potential move to NYSE Arca from OTCQX could enhance liquidity and accessibility, attracting a broader institutional and retail investor base, thereby increasing competitive pressure on other crypto investment vehicles. Employees of Bitwise Asset Management benefit from the fund's growth and strategic expansion, while customers could see improved trading efficiency. The broader market impact includes further legitimization of crypto as an investable asset class within traditional financial structures, potentially driving more capital into the digital asset space.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent extreme volatility of Crypto Assets, as explicitly stated in the filing's 'Statement Regarding Forward-Looking Statements.' While the fund shows significant unrealized appreciation of $1,335,048,211 as of September 30, 2025, this is subject to rapid market fluctuations. The unregulated nature of blockchain technologies and potential regulatory changes also pose substantial risks to the value of the Shares.

Analyst Insight

Investors should consider BITW for diversified exposure to large-cap crypto assets, especially given its strong performance and the strategic move towards a NYSE Arca listing, which could improve liquidity. However, they must acknowledge the high volatility inherent in crypto markets and allocate capital accordingly, viewing this as a long-term, higher-risk growth play.

Financial Highlights

debt To Equity

N/A

revenue

$1,634,076,084

operating Margin

N/A

total Assets

$1,634,077,594

total Debt

$3,391,963

net Income

$264,945,829

eps

N/A

gross Margin

N/A

cash Position

$1,496

revenue Growth

N/A

Key Numbers

• $1.63B — Total Assets (Increased from $1.37B at December 31, 2024, showing significant growth.)
• $1.63B — Net Assets (Increased from $1.37B at December 31, 2024, reflecting a 19.4% rise.)
• $1.18B — Bitcoin Fair Value (Represents 72.56% of Net Assets as of September 30, 2025.)
• $260.96M — Ethereum Fair Value (Represents 16.00% of Net Assets as of September 30, 2025.)
• $264.95M — Net increase in Net Assets from operations (For the nine months ended September 30, 2025, up from $232.93M in 2024.)
• $26.44M — Management fee expense (For the nine months ended September 30, 2025, up from $17.88M in 2024.)
• $1.34B — Net unrealized appreciation on investments in Crypto Assets (As of September 30, 2025, a key driver of asset growth.)
• 20,241,947 — Shares issued and outstanding (Consistent number of shares outstanding as of November 10, 2025.)
• $80.56 — Principal Market NAV per share (Increased from $67.47 at December 31, 2024.)
• 2.5% — Management Fee (Annual fee applied to all shareholders.)

Key Players & Entities

• Bitwise 10 Crypto Index Fund (company) — Registrant and Trust
• Bitwise Investment Advisers, LLC (company) — Sponsor and investment adviser of the Trust
• SEC (regulator) — Securities and Exchange Commission
• NYSE Arca, Inc. (company) — Targeted exchange for listing shares
• OTCQX U.S. Marketplace (company) — Current public trading platform
• Bitcoin (other) — Largest Crypto Asset holding
• Ethereum (other) — Second largest Crypto Asset holding
• Coinbase Custody Trust Company, LLC (company) — Custodian for Portfolio Crypto Assets
• Bitwise Index Services, LLC (company) — Index Provider for the Bitwise 10 Large Cap Crypto Index
• Delaware Trust Company (company) — Trustee of the Trust

FAQ

Risk Factors

• SEC Registration and Listing Uncertainty [medium — regulatory]: The Trust filed a Form S-3 registration statement on June 10, 2025, to list shares on NYSE Arca, Inc., aiming to transition from its current OTCQX listing. However, as of the report date, the registration statement had not been declared effective, creating uncertainty around the planned listing and potential delisting from OTCQX.
• Crypto Asset Volatility [high — market]: The Trust's investments are primarily in Crypto Assets, which are highly volatile. The fair value of investments in Crypto Assets was $1,634,076,084 as of September 30, 2025, with Bitcoin and Ethereum comprising 72.56% and 16.00% of net assets, respectively. Significant price fluctuations in these assets can materially impact the Trust's net asset value.
• Reliance on Third-Party Exchanges and Custodians [medium — operational]: The Trust values Crypto Assets using prices from reputable exchanges and may hold assets on these exchanges. Reliance on these third parties introduces operational risks, including potential exchange failures, security breaches, or liquidity issues, which could affect the Trust's ability to value or access its assets.
• Management Fee Impact on Returns [medium — financial]: The Trust charges a 2.5% per annum management fee. For the nine months ended September 30, 2025, management fee expense was $26,439,820, a significant increase from $17,877,678 in the prior year period. This fee directly reduces investment returns for shareholders.
• Evolving Regulatory Landscape for Crypto Assets [high — regulatory]: The regulatory environment for crypto assets is still developing and subject to change. New regulations or interpretations could impact the Trust's ability to operate, invest in certain crypto assets, or could affect the value of its holdings.

Industry Context

The crypto asset market continues to mature, with institutional interest growing, driving demand for regulated investment products. The Bitwise 10 Crypto Index Fund aims to track the performance of the largest crypto assets, reflecting the overall trend in the market. Competitors offer similar index-tracking products, but Bitwise differentiates through its focus on a curated index and regulatory compliance efforts.

Regulatory Implications

The crypto industry faces ongoing regulatory scrutiny. The Trust's filing of a Form S-3 for NYSE Arca listing suggests a move towards greater regulatory integration. However, the evolving nature of crypto regulations in the U.S. and globally presents a persistent risk that could impact asset valuations and operational requirements.

What Investors Should Do

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Key Dates

• 2025-06-10: Form S-3 Registration Statement Filed — Indicates the Trust's intention to list shares on NYSE Arca, Inc., a significant move from its current OTCQX listing, potentially increasing liquidity and accessibility for investors.
• 2025-09-30: Quarterly Financial Statement Date — Reports net assets of $1,630,685,631 and total assets of $1,634,077,594, showing substantial growth driven by crypto asset appreciation.
• 2024-12-31: Previous Fiscal Year End — Provides a baseline for comparison, with net assets at $1,365,739,802 and total assets at $1,368,591,334.
• 2024-09-30: Prior Year Nine-Month Period End — Used for year-over-year comparison of operational performance, with a net increase in net assets from operations of $232,926,331.

Glossary

Net Assets

The total value of a fund's assets minus its liabilities. For BITW, this represents the value of its crypto holdings and cash, less any outstanding fees or expenses. (Represents the total value attributable to shareholders and is a key indicator of the fund's size and performance.)

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (Crucial for valuing the Trust's crypto assets, which are subject to market volatility and are the primary drivers of the fund's value.)

Net Unrealized Appreciation (Depreciation)

The change in the fair value of investments that have not yet been sold. It reflects the paper gains or losses on the fund's holdings. (A major component of the increase in Net Assets, showing significant gains on the crypto asset portfolio for the period.)

Management Fee

A fee charged by the investment advisor for managing the fund's assets, typically expressed as a percentage of the fund's net assets. (The 2.5% annual fee directly impacts the fund's net returns to investors, and its expense increased significantly in the reported period.)

Principal Market NAV per share

The Net Asset Value per share calculated based on the primary market where the fund's shares are traded. (Indicates the per-share value of the fund's holdings and shows an increase from $67.47 to $80.56, reflecting the growth in the fund's assets.)

Form S-3

A registration statement filed with the SEC that allows a company to register securities for a public offering. It is generally used by companies that have been reporting to the SEC for at least 12 months. (The filing indicates the Trust's intent to list on a major exchange like NYSE Arca, which could significantly impact its trading and investor base.)

Year-Over-Year Comparison

Compared to the prior year's filing (presumably for the period ending September 30, 2024), the Bitwise 10 Crypto Index Fund has experienced significant growth. Net assets increased by 19.4% to $1.63 billion as of September 30, 2025. The net increase in net assets from operations also saw a substantial rise to $264.95 million from $232.93 million. A notable change is the significant increase in management fee expenses, rising to $26.44 million from $17.88 million, reflecting the growth in assets under management and the 2.5% fee structure.

Key Financial Figures

• $1.235 billion — y" upon the earliest of (i) when it has $1.235 billion or more in total annual gross revenues
• $1.0 billion — ded; (iii) when it has issued more than $1.0 billion of non-convertible debt over a three-ye

Filing Documents

• bitw-20250930.htm (10-Q) — 1905KB
• bitw-ex31_1.htm (EX-31.1) — 18KB
• bitw-ex31_2.htm (EX-31.2) — 18KB
• bitw-ex32_1.htm (EX-32.1) — 10KB
• bitw-ex32_2.htm (EX-32.2) — 9KB
• img155919370_0.jpg (GRAPHIC) — 652KB
• img155919370_1.jpg (GRAPHIC) — 864KB
• img155919370_2.jpg (GRAPHIC) — 831KB
• 0001193125-25-274510.txt ( ) — 10677KB
• bitw-20250930.xsd (EX-101.SCH) — 504KB
• bitw-20250930_htm.xml (XML) — 681KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION: 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION: 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 35

SIGNATURES

SIGNATURES 37 Statement Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 Quarterly Report 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 Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q and in Part I, Item 1A. Risk Factors or other sections of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on February 20, 2025. Forward-looking statements are made based on the Sponsor's beliefs, estimates and opi

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION:

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Bitwise 10 Crypto Index Fund (formerly known as Bitwise 10 Private Index Fund, LLC)

Financial Statements

Financial Statements September 30, 2025 (unaudited) and December 31, 2024 1 Bitwise 10 Crypto Index Fund Table of Contents

Financial Statements (Unaudited)

Financial Statements (Unaudited) Statements of Financial Condition 3 Schedules of Investments 4 Statements of Operations 5 Statements of Changes in Net Assets 6

Notes to Financial Statements

Notes to Financial Statements 7 2 Bitwise 10 Crypto Index Fund Statements of Financial Condition September 30, 2025 (unaudited) and December 31, 2024 Assets September 30, 2025 (unaudited) December 31, 2024 Investments in Crypto Assets, at fair value (cost $ 299,027,873 and $ 303,296,992 as of September 30, 2025 and December 31, 2024, respectively) $ 1,634,076,084 $ 1,368,514,435 Cash 1,496 76,507 Other assets 14 392 Total Assets $ 1,634,077,594 $ 1,368,591,334 Liabilities Management fee payable $ 3,391,662 $ 2,851,231 Subscriptions received in advance 301 301 Total Liabilities 3,391,963 2,851,532 Net Assets $ 1,630,685,631 $ 1,365,739,802 Net Assets consist of: Paid-in-capital 427,764,344 427,764,344 Accumulated net investment gain (loss) ( 104,479,037 ) ( 78,039,217 ) Accumulated net realized gain (loss) on investments in Crypto Assets ( 27,647,887 ) ( 49,202,768 ) Net unrealized appreciation (depreciation) on investments in Crypto Assets 1,335,048,211 1,065,217,443 Net Assets $ 1,630,685,631 $ 1,365,739,802 Shares issued and outstanding, no par value (unlimited shares authorized) 20,241,947 20,241,947 Principal Market NAV per share $ 80.56 $ 67.47 The accompanying notes are an integral part of the Financial Statements. 3 Bitwise 10 Crypto Index Fund Schedules of Investments September 30, 2025 (unaudited) Units Fair Value Percentage of Net Assets Investments in Crypto Assets, at fair value * Bitcoin 10,342.7445 $ 1,183,230,554 72.56 % Ethereum 62,705.9676 260,957,782 16.00 Ripple 30,843,614.1328 88,351,533 5.42 Solana 282,240.3542 58,965,655 3.62 Cardano 18,865,016.3556 15,114,651 0.93 Chainlink 355,051.0276 7,644,959 0.47 Avalanche 221,699.1605 6,657,626 0.41 Sui 1,785,312.6350 5,821,547 0.36 Litecoin 39,547.2560 4,226,415 0.26 Po

Notes to Financial Statements

Notes to Financial Statements September 30, 2025 (unaudited) 1. Organization Bitwise 10 Crypto Index Fund (the "Trust") is a Delaware Statutory Trust that commenced operations on November 22, 2017. The Trust's name was changed from "Bitwise Hold 10 Private Index Fund, LLC" on September 24, 2018, and changed again from "Bitwise 10 Private Index Fund, LLC" on May 1, 2020 when it was also simultaneously converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. Bitwise Investment Advisers, LLC, is the sponsor ("Sponsor") and investment adviser of the Trust. Bitwise Asset Management, Inc., an affiliate of the Sponsor, served as the Manager before the Trust's conversion to a Delaware Statutory Trust. Delaware Trust Company is the Trustee of the Trust, and American Stock Transfer & Trust Company is the Transfer Agent of the Trust. On December 9, 2020, the Trust received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group, Inc. ("OTCQX"). On June 10, 2025, the Trust filed a registration statement on Form S-3 with the SEC seeking to offer Shares that would be listed on the NYSE Arca, Inc. The Sponsor expects to terminate quotation on the OTCQX on or about the date of the commencement of the offering of shares pursuant to such registration statement. As of the date of this periodic report, the registration statement has not been declared effective. The Trust's trading symbol on OTCQX is "BITW" and the CUSIP number for its Shares is 091749101 . The Trust's principal investment objective is to invest in a portfolio of broad-based Crypto Assets that tracks the Bitwise 10 Large Cap Crypto Index (the "Index"), which is administered by Bitwise Index Services, LLC (the "Index Provider"), an affiliate of the Sponsor. The Trust rebalances monthly alongside the Index to stay current with changes. All shareholders are subject to a 2.5 % per annum Management Fee and are referred to as the Inves

Notes to Financial Statements

Notes to Financial Statements September 30, 2025 (unaudited) 2. Significant Accounting Policies Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 946, Financial Services—Investment Companies. The accompanying financial statements are unaudited, but in the opinion of management of the Sponsor, contain all adjustments (which include normal recurring adjustments) considered necessary to present fairly the financial position of the Trust as of September 30, 2025 and December 31, 2024 and the results of operations for the three and nine months ended September 30, 2025 and 2024. These interim financial statements should be read in conjunction with the Trust's annual report on Form 10-K for the year ended December 31, 2024. Interim period results are not necessarily indicative of results for a full-year period. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash represents cash deposits held at financial institutions and Crypto Asset exchanges. Cash in a bank deposit account, at times, may exceed U.S. fe

Notes to Financial Statements

Notes to Financial Statements September 30, 2025 (unaudited) Calculation of Valuation Effective