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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-56270

Bitwise 10 Crypto Index Fund

(Exact Name of Registrant as Specified in Its Charter)



Delaware	82-3002349
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

250 Montgomery Street,

Suite 200

San Francisco, CA 94104

(Address of Principal Executive Offices) (Zip Code)

(415) 707-3663

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Securities registered pursuant to Section 12(g) of the Act: Bitwise 10 Crypto Index Fund (BITW) Shares

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of the registrant’s common stock outstanding as of August 7, 2025: 20,241,947

Table of Contents



STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	i
GLOSSARY	iii
EMERGING GROWTH COMPANY STATUS	iv
INDUSTRY AND MARKET DATA	v
PART I – FINANCIAL INFORMATION:	1
Item 1. Financial Statements (Unaudited)	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3. Quantitative and Qualitative Disclosures about Market Risk	31
Item 4. Controls and Procedures	31
PART II – OTHER INFORMATION:	32
Item 1. Legal Proceedings	32
Item 1A. Risk Factors	32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3. Defaults Upon Senior Securities	36
Item 4. Mine Safety Disclosures	36
Item 5. Other Information	36
Item 6. Exhibits	36
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 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 than as required by applicable laws. Investors are therefore cautioned against relying on forward-looking statements. Factors which could have a material adverse effect on the Trust's business, financial condition or results of operations and future prospects or which could cause actual results to differ materially from the Trust's expectations include, but are not limited to:

•

the extreme volatility of trading prices that many Crypto Assets, including Bitcoin, have experienced in recent periods and may continue to experience, which could have a material adverse effect on the value of the Shares of the Trust;

•

the recentness of the development of Crypto Assets and the uncertain medium-to-long term value of the Shares due to a number of factors relating to the capabilities and development of Blockchain technologies and to the fundamental investment characteristics of Crypto Assets;

•

the value of the Shares depending on the acceptance of Crypto Assets and Blockchain technology, a new and rapidly evolving industry;

•

the unregulated nature and lack of transparency surrounding the operations of Blockchain technologies and crypto assets, which may adversely affect the value of Portfolio Crypto Assets and the Shares;

•

the limited history of the Index;

•

the possibility that the Shares may trade at a price that is at, above or below the Trust’s NAV Per Share;

•

regulatory changes or actions by the United States (“U.S.”) Congress or any U.S. federal or state agencies that may affect the value of the Shares or restrict the use of one or more Crypto Assets, Mining activity or the operation of their networks or the markets for the Portfolio Crypto Assets in a manner that adversely affects the value of the Shares;

•

changes in the policies of the SEC that could adversely impact the value of the Shares;

•

the possibility that the Trust or the Sponsor could be subject to regulation as a money service business or money transmitter, which could result in extraordinary expenses to the Trust or the Sponsor and also result in decreased liquidity for the Shares;

•

regulatory changes or interpretations that could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust;

•

potential delays in mail reaching the Sponsor when sent to the Trust at its registered office;

•

possible requirements for the Trust to disclose information, including information relating to investors, to regulators;

•

potential conflicts of interest that may arise among the Sponsor or its affiliates and the Trust;

•

the potential discontinuance of the Sponsor’s continued services, which could be detrimental to the Trust;

•

the Custodian’s possible resignation or removal by the Sponsor; and

•

additional risk factors discussed in Part II, Item 1A. Risk Factors and Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q, as well as those described from time to time in our future reports filed with the SEC.

Unless otherwise stated or the context otherwise requires, the terms “we,” “our” and “us” in this Quarterly Report on Form 10-Q refer to the Sponsor acting on behalf of the Trust.

Glossary

This glossary highlights some of the industry and other terms used elsewhere in this Quarterly Report on Form 10-Q but is not a complete list of all the terms used herein. Each of the following terms has the meaning set forth below:

“Airdrops” - means a method to promote the launch and use of new Crypto Assets by providing a small amount of such new Crypto Assets to the private wallets or exchange accounts that support the new Crypto Asset and that hold existing related Crypto Assets.

“Bitcoin” or “BTC” - means a type of Crypto Asset based on an open-source cryptographic protocol existing on the Bitcoin network, comprising one type of the Crypto Assets underlying the Trust's Shares. The native Crypto Asset for the Bitcoin network is Bitcoin.

“Blockchain” - means the public transaction ledger of a Crypto Asset’s network on which transactions are recorded.

“Consensus Algorithm” - means the algorithm at the heart of the Blockchain system that enforces the convergence of all ledgers over time.

“Crypto Assets” - means a Crypto Asset designed to work as a store or value and/or medium of exchange wherein individual Crypto Asset ownership records are stored in a ledger, a computerized database using cryptography to secure transaction records, to control the creation of additional Crypto Assets and to verify the transfer of Crypto Asset ownership.

“Crypto Asset Network” - means the online, end user to end user network hosting the public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Crypto Asset’s network.

“Crypto Asset Exchanges” - means a dealer market, a brokered market, principal to principal market or exchange market on which Crypto Assets are bought, sold, and traded.

“Custodian” - means Coinbase Custody Trust Company, LLC. On behalf of the Trust, the Custodian holds the Portfolio Crypto Assets.

“Emissions” - means regular awards provided to holders of Crypto Assets in the form of Crypto Asset grants, and often in the form of the “gas” that powers transactions on the relevant Crypto Asset Network.

“Hard Fork” - occurs when there is a change in the set of rules governing a Blockchain that makes it more restrictive than the previous set of rules in place.

“Index” - means the Bitwise 10 Large Cap Crypto Index, the benchmark index for the Trust.

“Index Provider” - means Bitwise Index Services, LLC, an affiliate of the Trust that is controlled by the same parent entity as the Sponsor. The Index Provider administers the Index.

“Miners” - means stakeholders who help process transactions and ensure that the distributed ledgers that make up a proof of work Blockchain network stay consistent with one another.

“Mining” - means the act of solving computational puzzles through which transactions with Crypto Assets are verified and added to a proof of work Blockchain digital ledger in exchange for a Crypto Asset as a reward.

“NAV” - means net asset value.

"NAV of the Trust" - means the sum of the assets and liabilities of the Trust.

“NAV Per Share” - means the NAV of the Trust calculated on a per share basis.

“Portfolio Crypto Assets” - means the group of selected Crypto Assets that are held by the Trust.

“Shareholders” - means holders of common units of fractional undivided beneficial interest of the Trust.

iii

EMERGING GROWTH COMPANY STATUS

The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”) and, as such, may elect to comply with certain reduced reporting requirements. For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to:

•

provide an auditor’s attestation report on management’s assessment of the effectiveness of its system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002;

•

comply with any new requirements adopted by the Public Company Accounting Oversight Board (“PCAOB”) requiring mandatory auditor rotation or a supplement to the auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

•

comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the Securities and Exchange Commission determines otherwise;

•

provide certain disclosure regarding executive compensation required of larger public companies; or

•

obtain shareholder approval of any golden parachute payments not previously approved.

The Trust will cease to be an “emerging growth company” upon the earliest of (i) when it has $1.235 billion or more in total annual gross revenues during its most recently completed fiscal year; (ii) when it is deemed to be a large accelerated filer under Rule 12b-2 promulgated pursuant to the Securities Exchange Act of 1934, as amended; (iii) when it has issued more than $1.0 billion of non-convertible debt over a three-year period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Trust has chosen not to “opt out” of such extended transition period, and as a result, the Trust will take advantage of such extended transition period.

Industry and Market Data

Although we are responsible for all disclosure contained in this Quarterly Report on Form 10-Q, in some cases we have relied on certain market and industry data obtained from third-party sources that we believe to be reliable. Market estimates are calculated by using independent industry publications in conjunction with our assumptions regarding the Crypto Asset industry and market. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those discussed under the heading “Statement Regarding Forward-Looking Statements.”

PART I – FINANCIAL INFORMATION:

Item 1. Financial Statements (Unaudited)

Bitwise 10 Crypto Index Fund

(formerly known as Bitwise 10 Private Index Fund, LLC)

Financial Statements

June 30, 2025 (unaudited) and December 31, 2024

Bitwise 10 Crypto Index Fund

Table of Contents



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	7

Bitwise 10 Crypto Index Fund

Statements of Financial Condition

June 30, 2025 (unaudited) and December 31, 2024


Assets	June 30, 2025 (unaudited)			December 31, 2024
Investments in Crypto Assets, at fair value (cost $300,114,492 and $303,296,992 as of June 30, 2025 and December 31, 2024, respectively)	$	1,428,366,169		$	1,368,514,435
Cash		74			76,507
Other assets		216			392
Total Assets	$	1,428,366,459		$	1,368,591,334

Liabilities
Management fee payable	$	2,975,763		$	2,851,231
Subscriptions received in advance		301			301
Total Liabilities		2,976,064			2,851,532
Net Assets	$	1,425,390,395		$	1,365,739,802

Net Assets consist of:
Paid-in-capital		427,764,344			427,764,344
Accumulated net investment gain (loss)		(94,387,773	)		(78,039,217	)
Accumulated net realized gain (loss) on investments in Crypto Assets		(36,237,853	)		(49,202,768	)
Net unrealized appreciation (depreciation) on investments in Crypto Assets		1,128,251,677			1,065,217,443
Net Assets	$	1,425,390,395		$	1,365,739,802
Shares issued and outstanding, no par value (unlimited shares authorized)		20,241,947			20,241,947
Net asset value per share	$	70.42		$	67.47

See accompanying notes to financial statements (unaudited).

Bitwise 10 Crypto Index Fund

Schedules of Investments

June 30, 2025 (unaudited)


	Units		Fair Value			Percentage of Net Assets
Investments in Crypto Assets, at fair value *
Bitcoin		10,434.8214	$	1,124,393,225			78.88		%
Ethereum		63,027.2964		158,591,174			11.13
Ripple		30,592,562.2144		70,977,804			4.98
Solana		274,681.8131		43,344,790			3.04
Cardano		18,981,231.0810		11,195,130			0.79
Sui		1,785,312.6350		5,041,544			0.35
Chainlink		336,712.3844		4,586,359			0.32
Avalanche		219,733.7290		4,001,351			0.28
Litecoin		39,964.1956		3,481,281			0.24
Polkadot		796,042.4397		2,753,511			0.19
Total investments in Crypto Assets, at fair value (cost $300,114,492)			$	1,428,366,169			100.21
Other liabilities in excess of assets				(2,975,774	)		(0.21	)
Net Assets			$	1,425,390,395			100.00		%

December 31, 2024


	Units		Fair Value			Percentage of Net Assets
Investments in Crypto Assets, at fair value *
Bitcoin		10,632.1413	$	992,967,681			72.70		%
Ethereum		65,011.3388		217,163,876			15.90
Ripple		30,686,126.7901		64,339,602			4.71
Solana		256,477.2246		49,677,074			3.64
Cardano		19,192,702.8414		16,261,977			1.19
Avalanche		220,206.9730		7,885,612			0.58
Chainlink		342,097.2780		6,828,604			0.50
Polkadot		816,152.3229		5,433,942			0.40
Bitcoin Cash		10,611.6785		4,625,525			0.34
NEAR Protocol		680,674.8151		3,330,542			0.24
Total investments in Crypto Assets, at fair value (cost $303,296,992)			$	1,368,514,435			100.20
Other assets in excess of liabilities				(2,774,633	)		(0.20	)
Net Assets			$	1,365,739,802			100.00		%

* Crypto Assets do not have a singular country or geographic region, therefore country information is omitted.

See accompanying notes to financial statements (unaudited).

Bitwise 10 Crypto Index Fund

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024


	Three months ended June 30,						Six months ended June 30,
	2025 (unaudited)			2024 (unaudited)			2025 (unaudited)			2024 (unaudited)
Income
Other	$	—		$	—		$	—		$	—
Expenses
Management fee	$	8,489,514		$	6,130,463		$	16,348,556		$	12,008,661
Transaction and other fees		—			24			—			51
Total Expenses		8,489,514			6,130,487			16,348,556			12,008,712
Net investment gain (loss)		(8,489,514	)		(6,130,487	)		(16,348,556	)		(12,008,712	)
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) from Crypto Assets		4,098,739			(495,930	)		12,964,915			1,020,735
Net change in unrealized appreciation (depreciation) from Crypto Assets		319,683,395			(167,450,727	)		63,034,234			258,794,961
Net realized and change in unrealized gain (loss) on investments		323,782,134			(167,946,657	)		75,999,149			259,815,696
Net increase (decrease) in Net Assets resulting from operations	$	315,292,620		$	(174,077,144	)	$	59,650,593		$	247,806,984

See accompanying notes to financial statements (unaudited).

Bitwise 10 Crypto Index Fund

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025 and 2024


	Three months ended June 30,						Six months ended June 30,
	2025 (unaudited)			2024 (unaudited)			2025 (unaudited)			2024 (unaudited)
Increase (decrease) in net assets from operations:
Net investment gain (loss)	$	(8,489,514	)	$	(6,130,487	)	$	(16,348,556	)	$	(12,008,712	)
Net realized gain (loss) from Crypto Assets		4,098,739			(495,930	)		12,964,915			1,020,735
Net change in unrealized appreciation (depreciation) from Crypto Assets		319,683,395			(167,450,727	)		63,034,234			258,794,961
Net increase (decrease) in net assets resulting from operations		315,292,620			(174,077,144	)		59,650,593			247,806,984
Net Assets:
Beginning of Period		1,110,097,775			1,122,990,268			1,365,739,802			701,106,140
End of Period	$	1,425,390,395		$	948,913,124		$	1,425,390,395		$	948,913,124
Change in Shares outstanding:
Shares outstanding at beginning of period		20,241,947			20,241,947			20,241,947			20,241,947
Subscriptions		—			—			—			—
Net increase (decrease) in shares		—			—			—			—
Shares outstanding at end of period		20,241,947			20,241,947			20,241,947			20,241,947

See accompanying notes to financial statements (unaudited).

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (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”). 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 Investor Class. Pursuant to the Agreement and Plan of Conversion executed as of May 1, 2020, the Trust converted from a Delaware Limited Liability Company to a Delaware Statutory Trust.

Securitize Fund Services LLC, formerly Theorem Fund Services, LLC (the “Administrator”) serves as the Trust’s Administrator and performs certain administrative and accounting services on behalf of the Trust.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (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 comparative 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 June 30, 2025 and December 31, 2024 and the results of operations for the three and six months ended June 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. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

Investments and Valuation

The Trust’s investments in Crypto Assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “Calculation of Valuation” in the footnote below. Crypto Assets are generally valued using prices as reported on reputable and liquid exchanges and may utilize an average of bid and ask quotes using closing prices provided by such exchanges as of the date and time of determination ("Calculation of Valuation" below). Factors such as the recent stability of the exchange, current liquidity of the exchange, and recent price activity of an exchange will be considered in the determination of which exchanges to utilize. The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Savings Time and 21:00 UTC during non-Daylight Savings Time. The Sponsor’s Valuation Policy provides a listing of preferred exchanges. While some Crypto Assets are valued based on prices reported in the public markets, other Crypto Assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain Crypto Assets, and how to value such assets as to which limited prices or quotations are available, are based on the Sponsor’s recommendations or instructions.

Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto Asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statements of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction.

The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if, when received, the airdropped Crypto Assets have value. Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received. There were no Airdrops recognized or unrecognized during the six month period ended June 30, 2025 and year ended December 31, 2024.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

Calculation of Valuation

Effective August 31, 2021, the process that the Sponsor developed for identifying a principal market, as described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well-established and reputable Crypto Asset exchanges selected by the Sponsor and its affiliates in their sole discretion, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset. In evaluating the markets that could be considered principal markets, the Trust considered whether or not the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period.

Effective February 13, 2023, the Sponsor adapted a nearly identical principal market valuation process, with no material impact to the Trust, using a third-party valuation vendor, Lukka, Inc., to identify publicly available, well-established and reputable Crypto Asset exchanges selected by Lukka, Inc. in their sole discretion, including Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset. In evaluating the markets that could be considered principal markets, the Trust considered whether the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period.

The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the six-month period ended June 30, 2025.


Crypto Asset	Principal Market Price		Principal Market
Bitcoin (BTC)	$	107,753.95	Crypto.com
Ethereum (ETH)	$	2,516.23	Crypto.com
Ripple (XRP)	$	2.32	Coinbase
Solana (SOL)	$	157.80	Coinbase
Cardano (ADA)	$	0.59	Coinbase
Sui (SUI)	$	2.82	Coinbase
Chainlink (LINK)	$	13.62	Coinbase
Avalanche (AVAX)	$	18.21	Coinbase
Litecoin (LTC)	$	87.11	Coinbase
Polkadot (DOT)	$	3.46	Coinbase

3. Fair Value Measurements

The Trust carries its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value investments are not adjusted for transaction costs.

In determining fair value, the Trust uses a single, principal market approach. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. These inputs may include (a) quoted prices for similar assets in active markets, (b) quoted prices for identical or similar assets in markets that are not active, (c) inputs other than quoted prices that are observable for the asset, or (d) inputs derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following summarizes the Trust’s assets accounted for at fair value at June 30, 2025.


	Level 1		Level 2		Level 3		Total
Assets
Investments in Crypto Assets, at fair value	$	1,428,366,169	$	—	$	—	$	1,428,366,169

The following summarizes the Trust’s assets accounted for at fair value at December 31, 2024.


	Level 1		Level 2		Level 3		Total
Assets
Investments in Crypto Assets, at fair value	$	1,368,514,435	$	—	$	—	$	1,368,514,435

During the periods ended June 30, 2025 and December 31, 2024, there were no significant transfers into or out of any levels of the fair value hierarchy.

4. Risks and Uncertainties

Crypto Assets

Crypto Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Crypto Asset exchanges have been closed due to fraud, failure, or security breaches. Any of the Trust’s assets that reside on an exchange that closes may be lost. At June 30, 2025, Crypto Assets of approximately $4,151,407 and no cash resided on exchanges. At December 31, 2024, Crypto Assets of approximately $7,226,139 and no cash resided on exchanges.

Several factors may affect the price of Crypto Assets, including, but not limited to: supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates, or future regulatory measures (if any) that restrict the trading of Crypto Assets or the use of Crypto Assets as a form of payment. There is no assurance that Crypto Assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of Crypto Asset payments by mainstream retail merchants and commercial businesses will continue to grow.

Crypto Asset Regulation

As Crypto Assets have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the Crypto Assets industry. To the extent that future regulatory actions or policies limit the ability to exchange Crypto Assets or utilize them for payments, the demand for Crypto Assets will be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert Crypto Assets into fiat currency (e.g., U.S. dollars) or use Crypto Assets to pay for goods and services. Such regulatory actions or policies could result in a reduction of demand, and in turn, a decline in the underlying Crypto Asset unit prices.

The effect of any future regulatory change on the Trust or Crypto Assets in general is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Trust’s investments in Crypto Assets.

Custody of Crypto Assets

Coinbase Custody Trust Company, LLC (the “Custodian”) serves as the Trust’s Custodian for Crypto Assets for which qualified custody is available. The Custodian is subject to change in the sole discretion of the Sponsor. At June 30, 2025 and December 31, 2024, Crypto Assets of approximately $1,424,214,762 and $1,361,288,296 were held by the Custodian, respectively.

Crypto Asset Trading is Volatile and Speculative

Crypto Assets represent a speculative investment and involve a high degree of risk. Prices of Crypto Assets have fluctuated widely for a variety of reasons including uncertainties in government regulation and may continue to experience significant price fluctuations. If

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

Crypto Asset markets continue to be subject to sharp fluctuations, Shareholders may experience losses as the value of the Trust’s investments decline. Even if Shareholders are able to hold their Shares in the Trust for the long-term, their Shares may never generate a profit, since Crypto Asset markets have historically experienced extended periods of flat or declining prices in addition to sharp fluctuations.

Over-the-Counter Transactions

Some of the markets in which the Trust may execute its transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of “exchange-based” markets. This exposes the Trust to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Trust to suffer a loss. Such “counterparty risk” is accentuated for Crypto Assets where the Trust has concentrated its transactions with a single or small group of counterparties. The Trust is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Moreover, the Trust has no internal credit function that evaluates the creditworthiness of its counterparties. The ability of the Trust to transact business with any one or number of counterparties, the lack of any meaningful and independent evaluation of such counterparty’s financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Trust.

No FDIC or SIPC Protection

The Trust is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation (“FDIC”) or the Securities Investor Protection Corporation (“SIPC”). Accordingly, deposits or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The Trust’s Crypto Asset custodians do however carry bespoke insurance policies related to the Crypto Assets over which they provide custody.

The Trust must adapt to technological change in order to secure and safeguard client accounts. While management believes they have developed an appropriate proprietary security system reasonably designed to safeguard the Trust’s Crypto Assets from theft, loss, destruction, or other issues relating to hackers and technological attack, such assessment is based upon known technology and threats. To the extent that the Trust is unable to identify and mitigate or stop new security threats, the Trust’s Crypto Assets may be subject to theft, loss, destruction, or other attack, which could have a negative impact on the performance of the Trust or result in loss of the Trust’s Crypto Assets.

Risks Associated With a Crypto Asset Majority Control

Since Crypto Assets are virtual and transactions in such currencies reside on distributed networks, governance of the underlying distributed network could be adversely altered should any individual or group obtain 51% control of the distributed network. Such control could have a significant adverse effect on either the ownership or value of the Crypto Asset.

Transaction Authentication

As of the date of these financial statements, the transfer of Crypto Assets from one party to another typically relies on an authentication process by an outside party known as a miner or validator. In exchange for compensation, the miner or validator will authenticate the transfer of the currency through the solving of a complex algorithm known as a proof of work, or will vouch for the transfer through other means, such as a proof of stake. Effective transfers of and therefore realization of Crypto Assets, and tokens are dependent on interactions from these miners or validators. In the event that there were a shortage of miners to perform this function, that shortage could have an adverse effect on either the fair value or realization of the Crypto Assets.

Other Risks

Management continues to evaluate the impact of current or anticipated military conflict, including between Russia and Ukraine, terrorism, sanctions; and other geopolitical events; as well as adverse developments in the economy, the capital markets and the Blockchain markets, including rising energy costs, inflation and interest rates, in the United States and globally; and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, and global health epidemics. Management has concluded that while it is reasonably possible that these events could have a negative effect on the financial performance and operations of the Trust, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

5. Income Taxes

The Trust is classified as a partnership for U.S. federal income tax purposes. The Trust does not record a provision for U.S. federal, U.S. state, or local income taxes because the Shareholders report their share of the Trust’s income or loss on their income tax returns. The Trust files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.

The Trust is required to determine whether its tax positions are more likely than not to be sustained on examination by the applicable taxing authority, based on the technical merits of the position. Tax positions not deemed to meet a more likely than not threshold would be recorded as a tax expense in the current year. As of June 30, 2025 and December 31, 2024, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded. The Trust does not expect that its assessment related to unrecognized tax benefits will materially change over the next 12 months. However, the Trust’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions; compliance with U.S. federal, U.S. state, and tax laws of jurisdictions in which the Trust operates; and changes in the administrative practices and precedents of the relevant authorities. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2025, the 2024, 2023, 2022, and 2021 tax years remain open for examination. There were no examinations in progress at period end.

6. Shareholders’ Equity

Subscriptions

In-Kind Subscriptions

The Sponsor may, at its sole discretion, accept Crypto Assets (“In-Kind Investments”) in lieu of, or in addition to, cash as payment for investment in the Trust. Such In-Kind Investments are valued using the same Crypto Asset prices as per the Trust’s valuation policy at any given valuation date as of 4:00 pm ET on the date of the subscription. As of November 18, 2021, the Sponsor to the Trust has closed the acceptance of all subscriptions to the Bitwise 10 Crypto Index Fund, pursuant to its rights under Sections 5 and 6 of the Trust Agreement.

Withdrawals

In connection with the Trust seeking approval for the quotation of its Shares on OTCQX, the Trust halted the withdrawal program on October 7, 2020.

7. Related Party Transactions

The Trust considers the Sponsor, its directors and employees to be related parties of the Trust. In consideration for the management services to be provided to the Trust, the Sponsor will receive from the Trust a management fee (the “Management Fee”) payable monthly, in arrears at a rate of 2.5% per annum of the net asset value of the Trust’s assets at the end of each month.

The Sponsor may, in its discretion, waive, reduce, or rebate the Management Fee with respect to any Shareholder or group of Shareholders (which group may, but need not, include all Shareholders), including affiliates of the Sponsor; provided that such waiver, reduction, or rebate shall not increase the Management Fee payable in respect of any other Shareholder.

For the periods January 1, 2025 to June 30, 2025 and January 1, 2024 to June 30, 2024, the Shareholders were charged Management Fees of 16,348,556 and $12,008,661, respectively, of which $2,975,763 and $1,981,029 remained payable as of June 30, 2025 and 2024, respectively.

The Sponsor paid all expenses related to the initial offering, organization and start-up of the Trust and will not seek reimbursement for such amounts. The Sponsor is responsible for all ordinary operating expenses of the Trust, including administrative, custody, legal, audit, insurance, and other operating expenses.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

8. Indemnifications

In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote.

9. Financial Highlights

The following presents the financial highlights for the three and six months ended June 30, 2025 and 2024.


	Three months ended June 30, 2025				Three months ended June 30, 2024				Six months ended June 30, 2025				Six months ended June 30, 2024
Per Share Performance	Investor Class				Investor Class				Investor Class				Investor Class
(for a share outstanding throughout the period)

Net asset value per share at beginning of period	$	54.84			$	55.48			$	67.47			$	34.64

Net increase (decrease) in Net Assets resulting from operations:
Net realized and change in unrealized gain (loss) on investments (1)		16.00				(8.30	)			3.76				12.83
Net investment gain (loss) (1)		(0.42	)			(0.30	)			(0.81	)			(0.59	)
Net increase (decrease) in Net Assets resulting from operations		15.58				(8.60	)			2.95				12.24

Net asset value per share at end of period	$	70.42			$	46.88			$	70.42			$	46.88

Total return		28.41		%		(15.50	)	%		4.37		%		35.33		%

Supplemental Data
Ratios to average net asset value(2)
Expenses		2.51		%		2.51		%		2.51		%		2.51		%
Net investment loss		(2.51	)	%		(2.51	)	%		(2.51	)	%		(2.51	)	%
Net Assets at end of period	$	1,425,390,395			$	948,913,124			$	1,425,390,395			$	948,913,124
Average net assets(3)	$	1,355,492,455			$	978,830,316			$	1,305,159,741			$	958,691,454
Portfolio turnover		0.22		%		1.75		%		1.77		%		2.08		%

Total returns are calculated based on the change in value of a share during the period. The total return and the ratios to average net asset value are calculated for each class as a whole. An individual Shareholder’s return and ratios may vary based on the timing of capital transactions. Ratios have been annualized for the periods ended June 30, 2025 and 2024; total returns and portfolio turnover have not been annualized.

(1)

Net investment loss per share is calculated by dividing the net investment loss by the average number of shares outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per share with the other per share information.

(2)

Annualized.

(3)

Based on the average of month-end net assets.

Bitwise 10 Crypto Index Fund

Notes to Comparative Financial Statements (unaudited)

10. Segment Reporting

In 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selective members of the Executive Management Committee and other senior personnel of the Trust’s Sponsor, act as the Trust’s CODM. The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its Trust agreement, based on a defined investment strategy which is executed by the Sponsor. The financial information in the form of the Trust’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment’s performance versus the Trust’s comparative benchmarks and to make resource allocation decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statements of operations.

11. Subsequent Events

The Sponsor has evaluated subsequent events through August 7, 2025, the date the financial statements were available to be issued, and has determined that there are no material subsequent events that require disclosure.

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

The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to our unaudited financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, which have been prepared in accordance with U.S. GAAP. The following discussion may contain forward-looking statements based on current expectations that involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements as a result of various factors including those set forth under “Part II. Item 1A. Risk Factors,” “Statement Regarding Forward-Looking Statements” or in other sections of this Quarterly Report on Form 10-Q.

Trust Overview

The Trust is a Delaware Statutory Trust that issues units of fractional undivided beneficial interest in the form of shares, which represent ownership in the Trust (“Shares”). All Shareholders of “investor class” units received 10 Shares for each unit owned prior to the corporate action date, and all Shareholders of “institutional class” units received 10.12602229 Shares for each unit owned prior to the corporate action date.

The purpose of the Trust is to make it easier for an investor to invest in the Crypto Asset market as a whole without having to pick specific tokens, manage a portfolio, and constantly monitor ongoing news and developments. Although the Shares are not the exact equivalent of a direct investment in Crypto Assets, they provide investors with an alternative that constitutes a relatively cost-effective, professionally managed way to participate in Crypto Asset markets. The Trust holds a Portfolio of Crypto Assets, referred to as the Portfolio Crypto Assets.

In furtherance of this objective, the activities of the Trust include (i) issuing Shares in exchange for subscriptions, (ii) selling or buying Portfolio Crypto Assets in connection with monthly rebalancing, (iii) selling Portfolio Crypto Assets as necessary to cover the Management Fee (as defined below) and/or any Organizational Expenses (as defined below), (iv) causing the Sponsor to sell Portfolio Crypto Assets upon any potential future termination of the Trust, and (v) engaging in all administrative and security procedures necessary to accomplish such activities in accordance with the provisions of the Trust Agreement of Bitwise 10 Crypto Index Fund (the “Trust Agreement”), and the Custodian Agreement with the Custodian (the “Custodian Agreement”).

The Trust’s principal investment objective is to invest in a Portfolio of Crypto Assets that tracks the Bitwise 10 Large Cap Crypto Index (the “Index”) as closely as possible with certain exceptions determined by the Sponsor in its sole discretion. In addition, in the event the Portfolio Crypto Assets being held by the Trust present opportunities to generate returns in excess of the Index (for example, Airdrops, Emissions, forks, or similar network events) the Sponsor may also pursue these incidental opportunities on behalf of the Trust as part of the investment objective if in its sole discretion the Sponsor deems such activities to be possible and prudent. The Trust believes that it has met its principal investment objective. As of June 30, 2025, there was a correlation of 99.99% between the Portfolio Crypto Assets and the assets included in the Index. The Trust is aware that the market price of the Trust’s shares may deviate from the net asset value (“NAV”) of the shares, and the market price may at times be significantly above or below the shares’ NAV. The NAV of the Trust is calculated by summing the assets and liabilities and the NAV Per Share is calculated by dividing the total NAV by the shares outstanding. However, the Trust believes that any such deviation does not affect the Trust’s principal investment objective, as the Trust does not maintain or promote any business objectives related to the market trading price of its shares. Furthermore, under Regulation M, the Trust, as issuer of the Shares, is not permitted to take any actions that would seek to reconcile the NAV of the Shares and the market price of the Shares, and the Trust would not undertake business objectives that it was legally restricted from achieving.

The Trust and the Sponsor have entered into a limited, non-exclusive, revocable license agreement with Bitwise Index Services, LLC (the “Index Provider”), an affiliate of the Trust that is controlled by the same parent entity as the Sponsor, at no cost to the Trust or the Sponsor allowing the Trust to use the Index as the benchmark index for the Trust (the “License Agreement”).

The Shares may also trade at a substantial premium over, or a substantial discount to, the NAV Per Share as a result of price volatility, trading volume and closings of the exchanges on which the Sponsor purchases Portfolio Crypto Assets on behalf of the Trust due to fraud, failure, security breaches or otherwise. As a result of the foregoing, the price of the Shares as quoted on OTCQX has varied significantly from the value of the Trust’s Portfolio Crypto Assets Per Share since the Shares were approved for quotation on December 9, 2020.

The following charts show the percentage of Premium/(Discount) of the Shares as quoted on OTCQX and the Trust’s NAV and a comparison of the NAV of the Trust vs the market price as quoted on OTCQX for the period from December 9, 2020 to June 30, 2025.

From December 9, 2020 to June 30, 2025, the Shares of BITW traded at an average discount, based on closing prices at 4:00 pm ET, and estimated, unaudited, NAV Per Share of 16.43%. During that same period, the highest premium was 649.38% on December 16, 2020, and the lowest premium was 0.27% on August 4, 2021. During that same period, the highest discount was 67.80% on December 28, 2022, and the lowest discount was 0.09% on September 24, 2021. Given the lack of an ongoing redemption program and the holding period under Rule 144, there is no arbitrage mechanism to keep the Shares closely linked to the value of the Trust’s underlying holdings that may continue to have an adverse impact on investments in the Shares.

The following chart shows a comparison of the cumulative returns of the Index compared to the NAV of the Trust since inception to the period ended June 30, 2025.

Results of Operations

Financial Information for the Three Months and Six Months ended June 30, 2025 and 2024

The following table sets forth statements of operations data for the three and six months ended June 30, 2025 and 2024.

Statements of Operations (Unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025 (unaudited)			2024 (unaudited)			2025 (unaudited)			2024 (unaudited)
Income
Other	$	—		$	—		$	—		$	—
Expenses
Management fee	$	8,489,514		$	6,130,463		$	16,348,556		$	12,008,661
Transaction and other fees		—			24			—			51
Total Expenses		8,489,514			6,130,487			16,348,556			12,008,712
Net investment gain (loss)		(8,489,514	)		(6,130,487	)		(16,348,556	)		(12,008,712	)
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) from Crypto Assets		4,098,739			(495,930	)		12,964,915			1,020,735
Net change in unrealized appreciation (depreciation) from Crypto Assets		319,683,395			(167,450,727	)		63,034,234			258,794,961
Net realized and change in unrealized gain (loss) on investments		323,782,134			(167,946,657	)		75,999,149			259,815,696
Net increase (decrease) in Net Assets resulting from operations	$	315,292,620		$	(174,077,144	)	$	59,650,593		$	247,806,984

Comparison of the six-month periods ended June 30, 2025 and 2024

The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:

Management fees

The Sponsor charges the Trust a Management Fee payable monthly, in arrears, in an amount equal to 2.5% per annum (1/12th of 2.5% per month) of the net asset value of the Trust’s assets at the end of each month. Management fees for the six months ended June 30, 2025 were $16,348,556 compared to management fees for the six months ended June 30, 2024 of $12,008,661. These changes were due to an increase in the Trust’s net asset value due to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).

Net realized gain (loss) from Crypto Assets

Net realized gain from Crypto Assets for the six months ended June 30, 2025 was $12,964,915 compared to net realized gain from Crypto Assets for the six months ended June 30, 2024 of $1,020,735. These changes were due to fluctuations in the value of the Portfolio Crypto Assets sold during the respective period.

For the six-month period ended June 30, 2025, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of approximately $13,088,708 and $2,521,201, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.

For the six-month period ended June 30, 2024, the Trust recorded net realized gains from sales of Bitcoin and Ethereum of $4,507,996 and $2,938,304, respectively, among the gains and losses realized in smaller amounts from the sale of other Portfolio Crypto Assets. These sales were made as a result of rebalancing activity and sales of Portfolio Crypto Assets to raise money to pay the management fee.

Net change in unrealized appreciation (depreciation) from Crypto Assets

Net change in unrealized depreciation from Crypto Assets for the six months ended June 30, 2025 was $63,034,234 compared to net change in unrealized appreciation from Crypto Assets for six months ended June 30, 2024 of $258,794,961. The primary factor for the change was related to an increase in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).

For the six-month period ended June 30, 2025 the Trust recorded net unrealized appreciation (depreciation) from Crypto Assets of Bitcoin and Ethereum of approximately $137,106,031 and $(56,482,592), respectively, among the unrealized appreciation and depreciation in smaller amounts of other Portfolio Crypto Assets.

For the six-month period ended June 30, 2024 the Trust recorded net unrealized appreciation from Crypto Assets of Bitcoin and Ethereum of $192,466,150 and $69,542,641, respectively, among the unrealized gains and losses in smaller amounts of other Portfolio Crypto Assets.

Net increase (decrease) in net assets resulting from operations

For the six-month period ended June 30, 2025, the Trust recorded a net increase in net assets resulting from operations of $59,650,593, compared to a net increase in net assets resulting from operations of $247,806,984 for the six-month period ended June 30, 2024. The primary factor that impacted 2025 net increase (decrease) in net assets resulting from operations compared to 2024 net increase (decrease) in net assets resulting from operations was an increase in net realized gain and change in unrealized appreciation on investments with a net gain of $75,999,149 for the six-month period in 2025 compared to a net gain of $259,815,696 for the six-month period in 2024. The primary factor for the change was a decrease in the fair value of the Portfolio Crypto Assets held by the Trust (see “Schedules of Investments” below).

Management Fee

The Sponsor is responsible for paying for all ordinary administrative and overhead expenses of managing the Trust, including payment of rent, custody charges or flat rate fees for holding the Trust’s assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust’s financial statements, tax returns and other similar reports and excluding indemnification and extraordinary costs). The Sponsor also pays for all expenses associated with the operation of the Trust, including for example, fees associated with

quotation of the Shares on the OTCQX, registration with the SEC, and fees associated with retaining and maintaining the Transfer Agent. “Trading commissions” or trading fees paid to trading venues (also known as exchanges) or intermediaries (such as trading technology or Crypto Asset brokerage firms) that assist in trade execution for accessing Crypto Asset liquidity are charged to the Trust and may either be included in the cost of the Crypto Assets acquired by or disposed of by the Trust or may appear as explicit costs in addition to the price of the Crypto Asset. Trading fees and commissions are charged to the Trust and may appear in the financial statements as “Transaction and other fees” in the Financial Statements’ Statements of Operations in the Expenses category or may be included in the cost of the Crypto Assets acquired by the Trust.

There is no ceiling to the Trust’s expenses that the Sponsor will pay. However, the Sponsor retains the right to cause the Trust to pay indemnification and extraordinary expenses, and these Trust expenses are not covered by the Management Fee. The Trust may incur certain extraordinary expenses including, but not limited to, any non-customary costs and expenses including extraordinary costs of the Administrator and Auditor, costs of any litigation or investigation involving Trust activities, and workout and restructuring and indemnification expenses.

Shareholder Subscriptions

As of November 18, 2021, the Sponsor to the Trust has closed the acceptance of all subscriptions to the Bitwise 10 Crypto Index Fund, pursuant to its rights under Sections 5 and 6 of the Trust Agreement. At this time, the Sponsor has no plans to reopen subscriptions to the Bitwise 10 Crypto Index Fund. There were no shareholder subscriptions during the quarter ended June 30, 2025.

Capital Resources and Liquidity

The Trust generally holds only a very small cash balance, and is otherwise fully invested in order to maintain its investment objective of tracking the Index. When selling Portfolio Crypto Assets to pay the Management Fee, the Sponsor endeavors to sell an exact amount of Portfolio Crypto Assets needed in order to pay such expenses in order to minimize the Trust’s holdings of assets other than Portfolio Crypto Assets. As a consequence, the Sponsor expects the Trust will typically have a very small cash balance at each reporting period. Cash may also be held in the Trust after a subscription from Shareholder is funded (or sent to the Trust’s bank account) but not yet invested in Portfolio Crypto Assets, or after a redemption from a redeeming Shareholder has been processed (e.g., by raising cash through the sale of Portfolio Crypto Assets) but not yet paid to the redeeming Shareholder.

As described under the heading “Management Fee” above, in exchange for the Management Fee, the Sponsor is responsible for payment of almost all of the expenses incurred by the Trust. As a result, the only material ordinary expense of the Trust during the periods covered by this Registration Statement was the Management Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. While broader economic and market conditions, including evolving trade policies and tariffs, could impact the price of Portfolio Crypto Assets and contribute to increased market volatility, the Trust does not currently anticipate these factors will materially affect its liquidity needs. See Part I, Item 2 under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Management Fee” for additional discussion of the Trust’s fees and expenses.

Value of Portfolio Crypto Assets

As described in the Risk Factors set out in our Annual Report on Form 10-K filed with the SEC on February 20, 2025, the prices of the various Portfolio Crypto Assets held by the Trust are subject to extreme volatility. This volatility had a significant impact on the value of the Portfolio Crypto Assets for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 and the year ended December 31, 2024.

As shown below in the “Schedules of Investments,” the increase in total investments in Crypto Assets from January 1, 2025 to June 30, 2025 was due primarily to a decrease in the value of the Portfolio Crypto Assets and to a lesser extent, the reinvestment of assets resulting from the December 31, 2024 Trust rebalance.

Shareholder Subscriptions and Redemptions

During the period from January 1, 2025 to June 30, 2025, there were no subscriptions or redemptions of Shares. There were 20,241,947 Shares outstanding as of June 30, 2025.

Schedules of Investments

The following provides details on the Portfolio Crypto Assets that comprise the Trust’s assets.

Six Months Ended June 30, 2025 and the Twelve Months Ended December 31, 2024


	Bitcoin (BTC)
	Units			Fair Value
Balance at January 1, 2025		10,632.1413		$	992,967,681
Purchases		2.1471			178,000
Sales		(199.4670	)		(18,947,195	)
Net realized gain (loss) on investment		—			13,088,708
Net change in unrealized appreciation (depreciation) on investment		—			137,106,031
Balance at June 30, 2025		10,434.8214		$	1,124,393,225

	Ethereum (ETH)
	Units			Fair Value
Balance at January 1, 2025		65,011.3388		$	217,163,876
Purchases		570.5776			1,468,689
Sales		(2,554.6200	)		(6,080,000	)
Net realized gain (loss) on investment		—			2,521,201
Net change in unrealized appreciation (depreciation) on investment		—			(56,482,592	)
Balance at June 30, 2025		63,027.2964		$	158,591,174

	Ripple (XRP)
	Units			Fair Value
Balance at January 1, 2025		30,686,126.7901		$	64,339,602
Purchases		525,288.2338			1,128,000
Sales		(618,852.8095	)		(1,469,888	)
Net realized gain (loss) on investment		—			212,534
Net change in unrealized appreciation (depreciation) on investment		—			6,767,556
Balance at June 30, 2025		30,592,562.2144		$	70,977,804

	Solana (SOL)
	Units			Fair Value
Balance at January 1, 2025		256,477.2246		$	49,677,074
Purchases		19,506.1634			2,946,543
Sales		(1,301.5749	)		(300,000	)
Net realized gain (loss) on investment		—			(16,234	)
Net change in unrealized appreciation (depreciation) on investment		—			(8,962,593	)
Balance at June 30, 2025		274,681.8131		$	43,344,790

	Cardano (ADA)
	Units			Fair Value
Balance at January 1, 2025		19,192,702.8414		$	16,261,977
Purchases		338,736.0073			217,502
Sales		(550,207.7677	)		(364,985	)
Net realized gain (loss) on investment		—			(372,349	)
Net change in unrealized appreciation (depreciation) on investment		—			(4,547,015	)
Balance at June 30, 2025		18,981,231.0810		$	11,195,130

	Sui (SUI)
	Units			Fair Value
Balance at January 1, 2025		—		$	—
Purchases		1,856,360.5924			7,511,318
Sales		(71,047.9574	)		(200,000	)
Net realized gain (loss) on investment		—			(91,312	)
Net change in unrealized appreciation (depreciation) on investment		—			(2,178,462	)
Balance at June 30, 2025		1,785,312.6350		$	5,041,544

	Chainlink (LINK)
	Units			Fair Value
Balance at January 1, 2025		342,097.2780		$	6,828,604


Purchases		—			—
Sales		(5,384.8936	)		(84,980	)
Net realized gain (loss) on investment		—			(15,658	)
Net change in unrealized appreciation (depreciation) on investment		—			(2,141,607	)
Balance at June 30, 2025		336,712.3844		$	4,586,359

	Avalanche (AVAX)
	Units			Fair Value
Balance at January 1, 2025		220,206.9730		$	7,885,612
Purchases		1,098.0469			23,000
Sales		(1,571.2909	)		(53,946	)
Net realized gain (loss) on investment		—			(9,550	)
Net change in unrealized appreciation (depreciation) on investment		—			(3,843,765	)
Balance at June 30, 2025		219,733.7290		$	4,001,351


	Litecoin (LTC)
	Units			Fair Value
Balance at January 1, 2025		—		$	—
Purchases		40,872.6900			5,238,687
Sales		(908.4944	)		(76,000	)
Net realized gain (loss) on investment		—			(40,443	)
Net change in unrealized appreciation (depreciation) on investment		—			(1,640,963	)
Balance at June 30, 2025		39,964.1956		$	3,481,281

	Polkadot (DOT)
	Units			Fair Value
Balance at January 1, 2025		816,152.3229		$	5,433,942
Purchases		—			—
Sales		(20,109.8832	)		(92,968	)
Net realized gain (loss) on investment		—			(296,757	)
Net change in unrealized appreciation (depreciation) on investment		—			(2,290,706	)
Balance at June 30, 2025		796,042.4397		$	2,753,511

	Bitcoin Cash (BCH)
	Units			Fair Value
Balance at January 1, 2025		10,611.6785		$	4,625,525
Purchases		—			—
Sales		(10,611.6785	)		(4,461,967	)
Net realized gain (loss) on investment		—			8,794
Net change in unrealized appreciation (depreciation) on investment		—			(172,352	)
Balance at June 30, 2025		—		$	—

	Uniswap (UNI)
	Units			Fair Value
Balance at January 1, 2025		—		$	—
Purchases		320,996.9789			4,351,306
Sales		(320,996.9789	)		(3,752,495	)
Net realized gain (loss) on investment		—			(598,811	)
Net change in unrealized appreciation (depreciation) on investment		—			—
Balance at June 30, 2025		—		$	—



	NEAR Protocol (NEAR)
	Units			Fair Value
Balance at January 1, 2025		680,674.8151		$	3,330,542


Purchases	—			—
Sales	(680,674.8151	)		(3,326,212	)
Net realized gain (loss) on investment	—			(1,425,208	)
Net change in unrealized appreciation (depreciation) on investment	—			1,420,878
Balance at June 30, 2025	—		$	—

As of June 30, 2025, Bitcoin represented 78.72% of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 11.10%, while the remaining 10.18% of the Portfolio Crypto Assets were composed of Ripple, Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.


	Bitcoin (BTC)
	Units			Fair Value
Balance at January 1, 2024		10,998.0429		$	462,076,062
Purchases		4.5683			297,000
Sales		(370.4699	)		(23,558,706	)
Net realized gain (loss) on investment		—			11,961,117
Net change in unrealized appreciation (depreciation) on investment		—			542,192,208
Balance at December 31, 2024		10,632.1413		$	992,967,681

	Ethereum (ETH)
	Units			Fair Value
Balance at January 1, 2024		67,221.7443		$	154,923,265
Purchases		789.9930			2,410,001
Sales		(3,000.3985	)		(10,091,952	)
Net realized gain (loss) on investment		—			5,136,625
Net change in unrealized appreciation (depreciation) on investment		—			64,785,937
Balance at December 31, 2024		65,011.3388		$	217,163,876

	Ripple (XRP)
	Units			Fair Value
Balance at January 1, 2024		30,324,826.6436		$	18,825,652
Purchases		1,299,451.9601			1,086,743
Sales		(938,151.8136	)		(544,454	)
Net realized gain (loss) on investment		—			(186,855	)
Net change in unrealized appreciation (depreciation) on investment		—			45,158,516
Balance at December 31, 2024		30,686,126.7901		$	64,339,602

	Solana (SOL)
	Units			Fair Value
Balance at January 1, 2024		239,876.3681		$	25,143,841
Purchases		23,587.0202			3,366,952
Sales		(6,986.1637	)		(1,053,930	)
Net realized gain (loss) on investment		—			71,840
Net change in unrealized appreciation (depreciation) on investment		—			22,148,371
Balance at December 31, 2024		256,477.2246		$	49,677,074

	Cardano (ADA)
	Units			Fair Value
Balance at January 1, 2024		19,777,360.7670		$	11,943,548
Purchases		188,507.7753			98,968
Sales		(773,165.7009	)		(474,890	)
Net realized gain (loss) on investment		—			(561,230	)
Net change in unrealized appreciation (depreciation) on investment		—			5,255,581
Balance at December 31, 2024		19,192,702.8414		$	16,261,977

	Avalanche (AVAX)
	Units			Fair Value
Balance at January 1, 2024		195,564.0766		$	7,859,720
Purchases		32,862.8089			1,186,405
Sales		(8,219.9125	)		(307,043	)
Net realized gain (loss) on investment		—			(31,652	)
Net change in unrealized appreciation (depreciation) on investment		—			(821,818	)
Balance at December 31, 2024		220,206.9730		$	7,885,612


	Chainlink (LINK)
	Units			Fair Value
Balance at January 1, 2024		309,529.3045		$	4,803,895
Purchases		49,774.0999			815,809
Sales		(17,206.1264	)		(231,737	)
Net realized gain (loss) on investment		—			(90,437	)
Net change in unrealized appreciation (depreciation) on investment		—			1,531,074
Balance at December 31, 2024		342,097.2780		$	6,828,604

	Polkadot (DOT)
	Units			Fair Value
Balance at January 1, 2024		732,019.7088		$	6,033,306
Purchases		92,155.7549			705,143
Sales		(8,023.1408	)		(51,946	)
Net realized gain (loss) on investment		—			(104,104	)
Net change in unrealized appreciation (depreciation) on investment		—			(1,148,457	)
Balance at December 31, 2024		816,152.3229		$	5,433,942

	Bitcoin Cash (BCH)
	Units			Fair Value
Balance at January 1, 2024		—		$	—
Purchases		13,405.6895			5,655,501
Sales		(2,794.0110	)		(1,107,720	)
Net realized gain (loss) on investment		—			(94,608	)
Net change in unrealized appreciation (depreciation) on investment		—			172,352
Balance at December 31, 2024		10,611.6785		$	4,625,525

	NEAR Protocol (NEAR)
	Units			Fair Value
Balance at January 1, 2024		—		$	—
Purchases		1,288,276.7565			9,201,420
Sales		(607,601.9414	)		(2,964,735	)
Net realized gain (loss) on investment		—			(1,485,265	)
Net change in unrealized appreciation (depreciation) on investment		—			(1,420,878	)
Balance at December 31, 2024		680,674.8151		$	3,330,542

	Polygon (MATIC)
	Units			Fair Value
Balance at January 1, 2024		5,257,194.4118		$	5,114,199
Purchases		236,114.1348			229,000
Sales		(5,493,308.5466	)		(3,797,244	)
Net realized gain (loss) on investment		—			(4,686,742	)
Net change in unrealized appreciation (depreciation) on investment		—			3,140,787
Balance at December 31, 2024		—		$	—

	Litecoin (LTC)
	Units			Fair Value
Balance at January 1, 2024		41,303.5713

Bitwise 10 Crypto Index Fund 10-Q