Bitwise Bitcoin ETF Net Assets Surge 25% to $4.7B Amid Bitcoin Rally

TL;DR

**BITB is crushing it, riding the bitcoin wave to nearly $4.7 billion in assets – buy the dip if you believe in crypto's long game.**

AI Summary

Bitwise Bitcoin ETF (BITB) reported a significant increase in net assets, reaching $4.699 billion as of September 30, 2025, up from $3.762 billion on December 31, 2024, representing a 24.9% increase. The Trust's investment in bitcoin at fair value grew to $4.700 billion from $3.762 billion over the same period. Net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $762.9 million, a substantial rise from $359.8 million for the period January 10, 2024, through September 30, 2024. This was primarily driven by a net change in unrealized appreciation on investment in bitcoin of $727.8 million for the nine months ended September 30, 2025. Total expenses, mainly Sponsor Fees, increased to $6.090 million for the nine months ended September 30, 2025, compared to $2.848 million for the prior year's comparable period. The Trust issued 36.38 million shares and redeemed 34.80 million shares during the nine months ended September 30, 2025, resulting in a net increase of 1.58 million shares outstanding. Key risks include extreme bitcoin price volatility and potential regulatory changes from bodies like the SEC's Crypto Task Force, which could adversely affect share value.

Why It Matters

This filing highlights the significant growth of the Bitwise Bitcoin ETF, with net assets climbing to $4.699 billion. For investors, this indicates strong demand and appreciation in the underlying bitcoin holdings, reinforcing the ETF's role as a key vehicle for crypto exposure. The competitive landscape for spot Bitcoin ETFs is intense, and BITB's growth demonstrates its ability to attract capital. Employees and customers benefit from the fund's stability and increasing scale, while the broader market sees continued institutional adoption of digital assets, potentially influencing future regulatory frameworks and product offerings.

Risk Assessment

Risk Level: high — The risk level is high due to the 'extreme volatility of the trading price that bitcoin has experienced in recent periods' and the 'unregulated nature and lack of transparency surrounding the operations of blockchain technologies and crypto assets,' as stated in the forward-looking statements. Additionally, the Trust faces significant regulatory risk from 'changes in laws or regulations, or actions taken by governmental authorities or U.S. federal or state regulatory bodies, including the SEC and the Commodity Futures Trading Commission,' which could adversely affect the value of the Shares.

Analyst Insight

Investors should consider BITB as a high-growth, high-risk component of a diversified portfolio, acknowledging its direct correlation to bitcoin's volatile price movements. Monitor regulatory developments closely, especially those from the SEC's Crypto Task Force, as they could significantly impact the Trust's operational costs and the value of its shares.

Financial Highlights

revenue

$762.9M

total Assets

$4.699B

net Income

$762.9M

revenue Growth

+112.0%

Key Numbers

• $4.699B — Net Assets (as of September 30, 2025, up from $3.762 billion on December 31, 2024)
• $4.700B — Investment in bitcoin, at fair value (as of September 30, 2025, up from $3.762 billion on December 31, 2024)
• $762.9M — Net increase in net assets from operations (for the nine months ended September 30, 2025, compared to $359.8 million for the prior period)
• $727.8M — Net change in unrealized appreciation on investment in bitcoin (for the nine months ended September 30, 2025)
• $6.090M — Total Expenses (Sponsor Fee) (for the nine months ended September 30, 2025, up from $2.848 million for the prior period)
• 75.56M — Shares issued and outstanding (as of September 30, 2025)
• $62.20 — Principal Market NAV per share (as of September 30, 2025, up from $50.85 on December 31, 2024)
• 41,086.7391 — Quantity of bitcoin held (as of September 30, 2025)

Key Players & Entities

• Bitwise Bitcoin ETF (company) — registrant and investment trust
• Bitwise Investment Advisers, LLC (company) — Sponsor of the Trust
• SEC (regulator) — U.S. Securities and Exchange Commission
• NYSE Arca, Inc. (company) — exchange where BITB shares are listed
• Delaware Trust Company (company) — Trustee of the Trust
• Commodity Futures Trading Commission (regulator) — potential regulatory body for crypto assets
• Bitwise Asset Management, Inc. (company) — parent company of the Sponsor

FAQ

Risk Factors

• Extreme Bitcoin Price Volatility [high — market]: The Trust's sole asset is bitcoin, and its value is subject to extreme price volatility. The net change in unrealized appreciation on investment in bitcoin was $727.8 million for the nine months ended September 30, 2025, highlighting the significant price fluctuations. This volatility can adversely affect the value of the Shares.
• Potential Regulatory Changes [high — regulatory]: The SEC's Crypto Task Force and other regulatory bodies may implement new regulations affecting cryptocurrencies. Such changes could adversely impact the value of bitcoin and, consequently, the Trust's Shares. The Trust operates in a rapidly evolving regulatory landscape.
• Reliance on Service Providers [medium — operational]: The Trust relies on various service providers, including the Sponsor (Bitwise Investments Advisers, LLC), the Trustee (Delaware Trust Company), and custodians for bitcoin. Any failure or disruption in services from these providers could negatively impact the Trust's operations and the value of its Shares.

Industry Context

The digital asset ETF market is rapidly evolving, with increasing institutional interest in gaining exposure to cryptocurrencies like bitcoin. BITB operates within this competitive landscape, aiming to provide a regulated and accessible investment vehicle. The performance of such ETFs is directly tied to the volatile price movements of bitcoin.

Regulatory Implications

The Bitwise Bitcoin ETF operates under the scrutiny of regulatory bodies like the SEC. Potential changes in regulations concerning digital assets, custody, or ETPs could significantly impact the Trust's operations, compliance requirements, and the overall market for bitcoin-related investments.

What Investors Should Do

1. Monitor bitcoin price volatility closely, as it is the primary driver of the Trust's performance and a key risk factor.
2. Stay informed about potential regulatory developments from the SEC and other authorities, as these could impact the value and accessibility of bitcoin investments.
3. Review the Trust's expense ratio, particularly the Sponsor Fee, and compare it to other bitcoin investment products to assess cost-effectiveness.
4. Understand the role of Authorized Participants and the cash-settled creation/redemption process, which influences the ETF's ability to track its NAV.

Key Dates

• 2025-09-30: Net Assets reported — Net assets reached $4.699 billion, a 24.9% increase from December 31, 2024, indicating significant growth in investor capital.
• 2025-09-30: Investment in Bitcoin at Fair Value reported — The Trust's investment in bitcoin reached $4.700 billion, directly reflecting the market value of its underlying asset.
• 2025-09-30: Net increase in net assets from operations reported — $762.9 million for the nine months ended September 30, 2025, a substantial increase from $359.8 million in the prior comparable period, driven by unrealized appreciation.
• 2025-09-30: Total Expenses reported — Total expenses, primarily Sponsor Fees, were $6.090 million for the nine months ended September 30, 2025, up from $2.848 million in the prior year, reflecting increased operational scale.
• 2025-09-30: Shares issued and outstanding reported — 75.56 million shares outstanding as of September 30, 2025, with a net increase of 1.58 million shares during the nine-month period.
• 2025-09-30: Principal Market NAV per share reported — NAV per share was $62.20, up from $50.85 on December 31, 2024, reflecting the appreciation of bitcoin and the Trust's performance.

Glossary

Net Asset Value (NAV)

The per-share market value of a fund's assets minus its liabilities. For BITB, it represents the value of its bitcoin holdings less expenses. (Crucial for understanding the intrinsic value of the Trust's shares and for share creation/redemption processes.)

Sponsor Fee

The management fee paid to the Sponsor (Bitwise Investments Advisers, LLC) for managing the Trust and covering its operating expenses. (A primary component of the Trust's expenses, impacting the net return to investors.)

Authorized Participant

Financial firms authorized to create and redeem large blocks of ETF shares directly with the ETF issuer. For BITB, these transactions are cash-settled. (Key intermediaries in the ETF market mechanism, ensuring the ETF's market price stays close to its NAV.)

Unrealized Appreciation

The increase in the value of an asset that has not yet been sold. For BITB, this refers to the increase in the fair value of its bitcoin holdings. (A major driver of the Trust's net increase in assets from operations, highlighting the impact of bitcoin price movements.)

Exchange Traded Product (ETP)

A type of security that tracks an underlying asset, index, or commodity, and is traded on a stock exchange. BITB is an ETP. (Defines the structure and trading mechanism of the Bitwise Bitcoin ETF.)

Year-Over-Year Comparison

The Bitwise Bitcoin ETF has experienced substantial growth in its nine-month reporting period ending September 30, 2025. Net assets surged by 24.9% to $4.699 billion, driven by a significant net increase in net assets from operations of $762.9 million, more than double the $359.8 million reported in the comparable prior period. This growth was primarily fueled by a $727.8 million net change in unrealized appreciation on bitcoin holdings. Total expenses also rose considerably to $6.090 million from $2.848 million, reflecting increased operational scale and potentially higher bitcoin trading volumes. The NAV per share increased from $50.85 to $62.20, indicating positive performance.

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

• bitb-20250930.htm (10-Q) — 1194KB
• bitb-ex31_1.htm (EX-31.1) — 16KB
• bitb-ex31_2.htm (EX-31.2) — 17KB
• bitb-ex32_1.htm (EX-32.1) — 8KB
• bitb-ex32_2.htm (EX-32.2) — 9KB
• img256171135_0.jpg (GRAPHIC) — 622KB
• img256171135_1.jpg (GRAPHIC) — 477KB
• img256171135_2.jpg (GRAPHIC) — 422KB
• 0001193125-25-274482.txt ( ) — 7895KB
• bitb-20250930.xsd (EX-101.SCH) — 457KB
• bitb-20250930_htm.xml (XML) — 650KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Page

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 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24 Glossary 25

Signatures

Signatures 30

– FIN ANCIAL INFORMATION

PART I – FIN ANCIAL INFORMATION:

Fin ancial Statements (Unaudited)

Item 1. Fin ancial Statements (Unaudited) BITWISE BITCOIN ETF STATEMENTS OF ASSETS AND LIABILITIES (Amounts in thousands, except Share and per-share amounts) September 30, 2025 December 31, 2024 (unaudited) Assets Investment in bitcoin, at fair value (cost $ 2,332,759 and $ 2,122,874 as of September 30, 2025 and December 31, 2024, respectively) $ 4,700,405 $ 3,762,723 Receivable for creations 70,102 8,676 Cash — — Total assets 4,770,507 3,771,399 Liabilities Payable for bitcoin purchased 70,102 8,676 Sponsor Fee payable 756 684 Total liabilities 70,858 9,360 Net Assets $ 4,699,649 $ 3,762,039 Shares issued and outstanding, no par value, unlimited amount authorized 75,560,000 73,980,000 Principal Market NAV per share $ 62.20 $ 50.85 The accompanying notes are an integral part of the Financial Statements. 1 BITWISE BITCOIN ETF SCHEDULES OF INVESTMENT (Amounts in thousands, except quantity of bitcoin and percentages) September 30, 2025 (Unaudited) Quantity Percentage of of bitcoin Cost Fair Value Net Assets Investment in bitcoin ^ 41,086.7391 $ 2,332,759 $ 4,700,405 100.02 % Total Investment $ 2,332,759 4,700,405 100.02 Liabilities in excess of other assets ( 756 ) ( 0.02 ) Net Assets $ 4,699,649 100.00 % December 31, 2024 Quantity Percentage of of bitcoin Cost Fair Value Net Assets Investment in bitcoin ^ 40,289.1335 $ 2,122,874 $ 3,762,723 100.02 % Total Investment $ 2,122,874 3,762,723 100.02 Liabilities in excess of other assets ( 684 ) ( 0.02 ) Net Assets $ 3,762,039 100.00 % ^ Crypto assets do not have a singular country or geographic region, therefore country information is omitted. The accompanying notes are an integral part of the Financial Statements. 2 Bitwise Bitcoin ETF StatementS of Operations (Amounts in thousands

Notes to Financial Statements

Notes to Financial Statements SEPTEMBER 30, 2025 (Unaudited) 1. Organization Bitwise Bitcoin ETF (the "Trust"), formerly Bitwise Bitcoin ETP Trust, is an investment trust organized on August 29, 2019, under Delaware law pursuant to a Declaration of Trust and Trust Agreement (the "Trust Agreement"). 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, generally just the Sponsor's management fee. In seeking to achieve its investment objective, the Trust's sole asset is bitcoin. The Trust is an Exchange Traded Product ("ETP") that issues common shares of beneficial interest ("Shares") that are listed on the NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BITB," providing investors with an efficient means to obtain market exposure to the price of bitcoin. Bitwise Investments Advisers, LLC (the "Sponsor"), a wholly owned subsidiary of Bitwise Asset Management, Inc. ("BAM") serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor develops a marketing plan for the Trust, prepares marketing materials regarding the Shares, and operates the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement. The Sponsor has agreed to pay all normal operating expenses of the Trust (except for litigation expenses and other extraordinary expenses) out of the Sponsor's unitary management fee (the "Sponsor Fee") and may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 500,000 per annum. The Sponsor also paid the costs of the Trust's organization. Delaware Trust Company acts as the trustee of the Tru