Bitwise 10 Crypto Index Fund SEC 10-Q Report

Bitwise 10 Crypto Index Fund, a Delaware Statutory Trust that facilitates investment in a diversified portfolio of Crypto Assets, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational performance metrics, reflecting the Trust's strategy and market conditions.

Financial Highlights

Net Realized Gain (Loss) from Crypto Assets: The Trust reported a net realized gain of $8.59 million for the three months ended September 30, 2025, compared to $2.63 million for the same period in 2024. For the nine months ended September 30, 2025, the net realized gain was $21.55 million, up from $3.65 million in the same period in 2024. These gains were driven by fluctuations in the value of the Portfolio Crypto Assets.

Net Change in Unrealized Appreciation (Depreciation) from Crypto Assets: The Trust experienced a net change in unrealized appreciation of $206.80 million for the three months ended September 30, 2025, compared to a depreciation of $(11.64) million for the same period in 2024. For the nine months ended September 30, 2025, the net change in unrealized appreciation was $269.83 million, compared to $247.15 million in the same period in 2024. This increase was primarily due to an increase in the fair value of the Portfolio Crypto Assets.

Net Increase (Decrease) in Net Assets Resulting from Operations: The Trust reported a net increase in net assets resulting from operations of $205.30 million for the three months ended September 30, 2025, compared to a decrease of $(14.88) million for the same period in 2024. For the nine months ended September 30, 2025, the net increase was $264.95 million, up from $232.93 million in the same period in 2024. This was driven by an increase in net realized gain and change in unrealized appreciation on investments.

Business Highlights

Trust Overview: The Bitwise 10 Crypto Index Fund is designed to simplify investment in the Crypto Asset market by offering a professionally managed alternative to direct investment in individual tokens. The Trust tracks the Bitwise 10 Large Cap Crypto Index and rebalances its portfolio monthly to align with the Index.

Investment Strategy: The Trust's principal investment objective is to closely track the Bitwise 10 Large Cap Crypto Index. Monthly rebalancing ensures that the portfolio remains current with market changes.

Portfolio Composition: As of September 30, 2025, Bitcoin and Ethereum constituted the majority of the Trust's portfolio, representing 72.41% and 15.97% of the total Portfolio Crypto Assets, respectively. The remaining 11.62% was composed of other Crypto Assets such as Ripple, Solana, Cardano, Chainlink, Avalanche, Sui, Litecoin, and Polkadot.

Management Fee: The Trust incurs a management fee of 2.5% per annum, calculated based on the net asset value of the Trust's assets at the end of each month. This fee covers the ordinary administrative and overhead expenses of managing the Trust.

Operational Activities: The Trust engages in activities such as issuing shares in exchange for subscriptions, rebalancing the portfolio monthly, and selling Crypto Assets to cover management fees. The Trust does not currently accept new subscriptions or redemptions.

Market Performance: The Trust's shares have traded at a significant discount to the NAV, with an average discount of 15.65% from December 9, 2020, to September 30, 2025. The highest premium recorded was 649.38% on December 16, 2020.

Future Outlook: The Trust anticipates continued volatility in Crypto Asset markets due to factors such as regulatory changes, geopolitical events, and technological advancements. The Trust remains focused on maintaining its investment strategy and adapting to market conditions.

SEC Filing: Bitwise 10 Crypto Index Fund [ BITW ] - 10-Q - Nov. 10, 2025