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 March 31, 2026.

☐ 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: 001-41902

Bitwise Bitcoin ETF

(Exact name of registrant as specified in its charter)


Delaware		83-6613214
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

Bitwise Investment Advisers, LLC

250 Montgomery Street, Suite 200

San Francisco, California 94104

(415) 707-3663

(Address, including ZIP code, and telephone number, including area code, of registrant’s primary executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol(s):	Name of each exchange on which registered:
Bitwise Bitcoin ETF Shares	BITB	NYSE Arca, Inc.

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 (§232.405 of this chapter) 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 in 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

The registrant had 70,710,000 outstanding shares as of May 4, 2026.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) includes “forward-looking statements” with respect to the financial condition, results of operations, plans, objectives, future performance and business of Bitwise Bitcoin ETF (the “Trust”). In some cases, you can identify forward-looking statements by terminology 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 movements in the crypto asset markets, 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 has 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 is subject to a number of risks and uncertainties, including, but not limited to, any risk factors 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, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the SEC on March 11, 2026.

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 special considerations discussed in this Quarterly Report;

•

the extreme volatility of the trading price that bitcoin has 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 bitcoin and other crypto assets, and the uncertain medium-to-long term value of the Shares due to a number of factors relating to the capabilities and technology developments regarding the use of bitcoin and other crypto assets and to the fundamental investment characteristics of bitcoin and other crypto assets;

•

the value of the Shares depending on the acceptance of bitcoin and blockchain technologies, 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 bitcoin and the Shares;

•

the limited history of the Trust;

•

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

•

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, that may affect the value of the Shares or restrict the use of bitcoin or other crypto assets, the mining activity, the operation of the Bitcoin network, the cryptocurrency market, or the operation of the Trust, in a manner that adversely affects 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, including those arising from the SEC’s increasing focus on digital asset regulation through initiatives such as the Crypto Task Force, which could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust;

•

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

•

the Trust’s reliance on the security, stability, and performance of its service providers, including the Bitcoin Custodian, Cash Custodian, Prime Execution Agent, and other intermediaries, which may be subject to operational failures, conflicts of interest, tariffs imposed by the United States or other jurisdictions affecting service providers or infrastructure, and regulatory actions, potentially adversely affecting its operations and the value of the Shares;

•

general economic, market and business conditions, and political developments, including, without limitation, evolving trade policies and tariffs imposed by the United States or other countries, global pandemics, inflationary pressures, geopolitical

tensions, and government responses thereto, which could negatively impact the value of the Trust’s holdings in bitcoin and significantly disrupt its operations; and

•

any 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 the Trust’s future reports filed with the SEC.

All the forward-looking statements made in this Quarterly Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the Shares.

Should one or more of these risks discussed in the section entitled “Risk Factors” or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. 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 to update any of the forward-looking statements to conform such statements to actual results or to reflect a change in the Sponsor’s expectations or predictions, other than as required by applicable laws. Investors are therefore cautioned against relying on forward-looking statements.

Bitwise Bitcoin ETF

Table of Contents


		Page

INDUSTRY AND MARKET DATA		i

Part I - FINANCIAL INFORMATION		1

Item 1. Financial Statements (Unaudited).		1
Statements of Assets and Liabilities on March 31, 2026 (unaudited) and December 31, 2025		1
Schedules of Investment on March 31, 2026 (unaudited) and December 31, 2025		2
Statements of Operations (unaudited) for the three months ended March 31, 2026 and 2025		3
Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2026 and 2025		4
Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025		5
Notes to Financial Statements (Unaudited)		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		14
Item 3. Quantitative and Qualitative Disclosures About Market Risk.		18
Item 4. Controls and Procedures.		18

Part II - OTHER INFORMATION

Item 1. Legal Proceedings.		19
Item 1A. Risk Factors.		19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		19
Item 3. Defaults Upon Senior Securities.		19
Item 4. Mine Safety Disclosures.		19
Item 5. Other Information.		19
Item 6. Exhibits.		20

GLOSSARY OF DEFINED TERMS		21
SIGNATURES		24

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 bitcoin 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 Bitcoin ETF

Statements of Assets and Liabilities

(Amounts in thousands, except Share and per-share amounts)


	March 31, 2026		December 31, 2025
	(unaudited)
Assets
Investment in bitcoin, at fair value (cost $1,954,307 and $2,027,005 as of March 31, 2026 and December 31, 2025, respectively)	$	2,549,527	$	3,367,647
Receivable for bitcoin sold		—		13,759
Receivable for creations		1,842		—
Total assets		2,551,369		3,381,406

Liabilities
Payable for bitcoin purchased		1,842		—
Payable for redemptions		—		13,759
Sponsor Fee payable		457		597
Total liabilities		2,299		14,356

Net Assets	$	2,549,070	$	3,367,050

Shares issued and outstanding, no par value, unlimited amount authorized		69,220,000		70,780,000
Principal Market NAV per Share	$	36.83	$	47.57

The accompanying notes are an integral part of the Financial Statements.

Bitwise Bitcoin ETF

Schedules of Investment

(Amounts in thousands, except quantity of bitcoin and percentages)

March 31, 2026 (unaudited)


	Quantity							Percentage of
	of bitcoin		Cost		Fair Value			Net Assets
Investment in bitcoin^		37,600.7094	$	1,954,307	$	2,549,527			100.02		%
Total investment			$	1,954,307		2,549,527			100.02
Liabilities in excess of other assets						(457	)		(0.02	)
Net Assets					$	2,549,070			100.00		%

December 31, 2025


	Quantity							Percentage of
	of bitcoin		Cost		Fair Value			Net Assets
Investment in bitcoin^		38,468.0468	$	2,027,005	$	3,367,647			100.02		%
Total investment			$	2,027,005		3,367,647			100.02
Liabilities in excess of other assets						(597	)		(0.02	)
Net Assets					$	3,367,050			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.

Bitwise Bitcoin ETF

Statements of Operations

(Amounts in thousands)


	For the three months ended March 31,
	2026 (unaudited)			2025 (unaudited)
Investment income
Investment income	$	1		$	—
Expenses
Sponsor Fee		1,467			1,860
Total expenses		1,467			1,860
Net investment loss		(1,466	)		(1,860	)

Net realized and unrealized gain (loss)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		812			1,151
Net realized gain (loss) on In-Kind Redemptions of bitcoin		8,810			—
Net realized gain (loss) on investment in bitcoin sold for redemptions		(31,390	)		23,850
Net change in unrealized appreciation (depreciation) on investment in bitcoin		(745,422	)		(476,361	)
Net realized and unrealized gain (loss)		(767,190	)		(451,360	)
Net increase (decrease) in net assets resulting from operations	$	(768,656	)	$	(453,220	)

The accompanying notes are an integral part of the Financial Statements.

Bitwise Bitcoin ETF

Statements of Changes in Net Assets

(Amounts in thousands, except Shares issued and redeemed)


	For the three months ended March 31,
	2026 (unaudited)			2025 (unaudited)
Increase (decrease) in net assets resulting from operations
Net investment loss	$	(1,466	)	$	(1,860	)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		812			1,151
Net realized gain (loss) on In-Kind Redemptions of bitcoin		8,810			—
Net realized gain (loss) on investment in bitcoin sold for redemptions		(31,390	)		23,850
Net change in unrealized appreciation (depreciation)		(745,422	)		(476,361	)
Net increase (decrease) in net assets resulting from operations		(768,656	)		(453,220	)

Increase (decrease) in net assets from capital share transactions
Creations for Shares issued		573,319			690,590
Redemptions for Shares redeemed		(622,643	)		(866,743	)
Net increase (decrease) in net assets resulting from capital share transactions		(49,324	)		(176,153	)
Total increase (decrease) in net assets from operations and capital share transactions		(817,980	)		(629,373	)
Net assets
Beginning of period		3,367,050			3,762,039
End of period	$	2,549,070		$	3,132,666

Shares issued and redeemed
Shares issued		13,220,000			12,720,000
Shares redeemed		(14,780,000	)		(16,880,000	)
Net increase (decrease) in Shares issued and outstanding		(1,560,000	)		(4,160,000	)

The accompanying notes are an integral part of the Financial Statements.

Bitwise Bitcoin ETF

Statements of Cash Flows

(Amounts in thousands)


	For the three months ended March 31,
	2026 (unaudited)			2025 (unaudited)
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	(768,656	)	$	(453,220	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of bitcoin		(487,709	)		(627,115	)
Proceeds from bitcoin sold		600,687			783,403
Transfer of bitcoin to pay for Sponsor Fee		1,605			1,988
Net realized (gain) loss from investment in bitcoin transferred to pay Sponsor Fee		(812	)		(1,151	)
Net realized (gain) loss on In-Kind Redemptions of bitcoin		(8,810	)
Net realized (gain) loss on investment in bitcoin sold for redemptions		31,390			(23,850	)
Net change in unrealized (appreciation) depreciation on investment in bitcoin		745,422			476,361
Changes in operating assets and liabilities:
Increase (Decrease) in Sponsor Fee payable		(140	)		(129	)
Net cash provided by (used in) operating activities		112,977			156,287

Cash flows from financing activities
Creations for Shares issued		502,467			690,590
Redemptions for Shares redeemed		(615,444	)		(846,877	)
Net cash provided by (used in) financing activities		(112,977	)		(156,287	)

Net increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—

Supplemental disclosure of noncash financing activities
In-Kind Creations of bitcoin	$	69,010		$	—
In-Kind Redemptions of bitcoin	$	(20,958	)	$	—

The accompanying notes are an integral part of the Financial Statements.

Bitwise Bitcoin ETF

Notes to Financial Statements

March 31, 2026 (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 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 Investment 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 Trust (the “Trustee”) for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (“DSTA”) which requires that the Trust have at least one trustee with a principal place of business in the State of Delaware.

The Trust purchases and sells bitcoin directly, and it creates or redeems its Shares in cash-settled transactions in blocks of 10,000 Shares at the Trust’s net asset value (“NAV”) per share and only in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an “Authorized Participant”). An Authorized Participant will deliver, or cause to be delivered, cash to the Trust when it purchases Shares from the Trust, and the Trust will deliver cash to an Authorized Participant, or its designee, when it redeems Shares with the Trust. Authorized Participants, and their customers, may then, in turn, offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares.

The Trust's registration statement on Form S-1 relating to its continuous public offering of Shares was declared effective by the U.S. Securities and Exchange Commission on January 10, 2024 and the Shares of the Trust were listed on the Exchange on January 11, 2024.

The statements of assets and liabilities and schedules of investment as of March 31, 2026, and the statements of operations, cash flows, and changes in net assets for the three-month periods ended March 31, 2026 and 2025, have been prepared on behalf of the Trust and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three-month periods ended March 31, 2026 and 2025, and for all interim periods presented have been made. In addition, interim period results are not necessarily indicative of results for a full-year period.

Prior to the commencement of operations on January 10, 2024, on November 9, 2023, BAM purchased 4 Shares at a per share price of $50.00 for $200 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the “Seed Shares”). Delivery of the Seed Shares was made on November 9, 2023. On January 5, 2024, Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased 10,010 Shares of the Trust at a per share price of $50.00 for $500,500. On January 10, 2024, BAM redeemed the entirety of its 4 initial Seed Shares for $200 and BIM redeemed the entirety of its 10,010 Shares for $500,500. Following the redemptions, on January 10, 2024, the Trust formally revised its NAV per share from $50.00 per share to $25.00 per share. Additionally, on January 10, 2024, BIM purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $2,500,000, at $25.00 per share. BIM acted as

a statutory underwriter in connection with the initial purchase of the Seed Baskets. On January 11, 2024, BIM sold all of its 100,000 Shares of the Trust for cash.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements.

Basis of Presentation

The financial statements have been prepared in conformity with accounting principles generally accepted in the 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”) Topic 946, Financial Services—Investment Companies.

Use of Estimates

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. Actual results could differ from those estimates.

Cash

Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. 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.

Investment Transactions and Revenue Recognition

The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investment in bitcoin. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor Fee in bitcoin.

Investment Valuation - Principal Market Net Asset Value ("NAV")

To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's net asset value in accordance with GAAP ("Principal Market NAV" and "Principal Market NAV per Share"), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

The Trust only receives bitcoin in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (“Trading Platform Markets”), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”).

In determining which of the eligible Digital Asset Markets is the Trust's principal market, the Trust reviews these criteria in the following order:

First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and

are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in their sole discretion.

Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of bitcoin traded on each Digital Asset Market. For the three months ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.

Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. EST for bitcoin to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.

Fourth, Lukka, Inc. then selects a Digital Asset Market as its principal market based on the highest market-based volume level of activity and price stability in comparison to the other Digital Asset Markets on the list.

As of March 31, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.

At March 31, 2026, the principal market and the principal market price for bitcoin, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Crypto.com with a price of $67,805.29.

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust's determination of its principal market.

The cost basis of the bitcoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of bitcoin at 4:00 p.m., EST, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Various inputs are used to determine the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3: Unobservable inputs, including the Trust's assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

The cost basis of the investment in bitcoin recorded by the Trust for financial reporting purposes is the fair value of bitcoin at the time of transfer. The cost basis recorded by the Trust may differ from the proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

The following summarizes the Trust’s assets accounted for at fair value at March 31, 2026 (amounts in thousands):


	Level 1		Level 2		Level 3		Total
Assets
Investment in bitcoin, at fair value	$	2,549,527	$	—	$	—	$	2,549,527

The following summarizes the Trust’s assets accounted for at fair value at December 31, 2025 (amounts in thousands):


	Level 1		Level 2		Level 3		Total
Assets
Investment in bitcoin, at fair value	$	3,367,647	$	—	$	—	$	3,367,647

Calculation of Net Asset Value (NAV) and NAV Per-Share

On each business day, as soon as practicable after 4:00 p.m. EST, the NAV of the Trust is obtained by subtracting all accrued fees and other liabilities of the Trust from the fair value of the bitcoin and other assets held by the Trust. The Bank of New York Mellon (the “Administrator”) computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.

Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax. Instead, the Trust’s income and expenses “flow through” to the shareholders, and the Administrator reports the Trust’s income, gains, losses, and deductions to the Internal Revenue Service on that basis. The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust, and does not believe that there are any uncertain tax positions that require recognition of a tax liability as of March 31, 2026.

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 March 31, 2026, 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 March 31, 2026, all tax years since inception remain open for examination. There were no examinations in progress at period end.

Organizational and Offering Costs

The costs of the Trust’s organization and the initial offering of the Shares are borne directly by the Sponsor. The Trust is not obligated to reimburse the Sponsor.

3. Fair Value of Bitcoin

As of March 31, 2026, the Trust held a net closing balance of 37,600.7094 bitcoin with a total market value of $2,550,522,301 based on the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") price of $67,831.76 per bitcoin used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was 2,549,527,011 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $67,805.29, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the three-month period ended March 31, 2026:


	Quantity of bitcoin			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2025		38,468.0468		$	3,367,647
Purchases		5,943.6428			489,551
In-Kind Creations		1,021.2405			69,010
Sales for the redemption of Shares		(7,502.4150	)		(586,928	)
In-Kind Redemptions		(309.5802	)		(20,958	)
Bitcoin transferred for Sponsor Fee		(20.2255	)		(1,605	)
Net realized gain (loss) on In-Kind Redemptions of bitcoin		—			8,810
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		—			812
Net realized gain (loss) on investment in bitcoin sold for redemptions		—			(31,390	)
Change in unrealized appreciation (depreciation) on investment in bitcoin		—			(745,422	)
Ending balance as of March 31, 2026		37,600.7094		$	2,549,527

Additions during the year primarily represent bitcoin purchased due to creations into the Trust and in-kind creations. Dispositions during the year represent bitcoin sold as a result of shareholder redemptions from the Trust and in-kind redemptions. In addition, bitcoin was transferred to pay the Sponsor Fee of the Trust. For the three months ended March 31, 2026, the Trust recognized net realized losses of $21,767,592, which represents the net of cumulative realized gains of $11,308,308 and cumulative realized losses of $33,075,900.

As of December 31, 2025, the Trust held a net closing balance of 38,468.0468 bitcoin with a total market value of $3,358,857,898 based on the CME CF Bitcoin Reference Rate - New York Variant (the "BRRNY") price of $87,315.53 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,367,646,692 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $87,544.00, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of bitcoin and the respective fair value for the year ended December 31, 2025:


	Quantity of bitcoin			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2024		40,289.1335		$	3,762,723
Purchases		21,837.2036			2,290,437
In-Kind Creations		124.9948			10,884
Sales for the redemption of Shares		(23,701.7104	)		(2,351,927	)
Bitcoin transferred for Sponsor Fee		(81.5747	)		(8,220	)
Net realized gain (loss) on investment in bitcoin transferred to pay Sponsor Fee		—			5,019
Net realized gain (loss) on investment in bitcoin sold for redemptions		—			(42,062	)
Change in unrealized appreciation (depreciation) on investment in bitcoin		—			(299,207	)
Ending balance as of December 31, 2025		38,468.0468		$	3,367,647

4. Related Party Transactions and Agreements

The Trust pays a Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement. The Sponsor Fee accrues daily, and is payable in bitcoin monthly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying a 0.20% annualized rate to the Trust’s total bitcoin holdings, and the amount of bitcoin payable in respect of each daily accrual shall be determined by reference to the BRRNY. The NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated each day. On or about the last day of each month, an amount of bitcoin will be transferred from the Trust Bitcoin Account to the Sponsor Bitcoin Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the BRRNY on the last day of the month. The Trust is not responsible for paying any fees or costs associated with transferring of bitcoin to the Sponsor. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Bitcoin Custodian, Prime Execution

Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor 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 agreed to pay the costs of the Trust’s organization.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Bitcoin blockchain, any Incidental Rights and any IR Asset, any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters).

See Note 1 for further discussion on related party capital transactions. As of March 31, 2026, the Sponsor owned no Shares of the Trust.

5. Creation and Redemption of Shares

The Trust may either create and redeem Shares in-kind for bitcoin (“In-Kind Creations” and “In-Kind Redemptions,” respectively) or for cash (“Cash Creations” and “Cash Redemptions,” respectively). When the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (each, a “Basket”) based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the “Basket Amount”). For an order to purchase (create) a Basket, the purchase shall be in the amount of bitcoin represented by the Basket Amount (in the case of an In-Kind Creation) or the amount of U.S. dollars needed to purchase the Basket Amount (plus a per-order transaction fee), as calculated by the Administrator (in the case of a Cash Creation). For an order to redeem a Basket, the Sponsor shall either arrange for the Basket Amount of bitcoin to be distributed in-kind (in the case of an In-Kind Redemption) or sold and the cash proceeds (minus a per-order transaction fee) distributed (in the case of a Cash Redemption).

The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an “Authorized Participant”). In the case of In-Kind Creations and In-Kind Redemptions, an Authorized Participant or an Authorized Participant’s designee deposits bitcoin directly with the Trust or receives bitcoin directly from the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices that depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. Authorized Participants must pay the Transfer Agent a non-refundable fee for each order they place to create or redeem one (1) or more Baskets. The transaction fee may be waived, reduced, increased or otherwise changed by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Each Authorized Participant is required to be registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust’s cash and cash equivalents. The Trust only creates or redeems its Shares at NAV.

6. Concentration of Risk

Substantially all of the Trust’s assets are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the price of bitcoin. Accordingly, a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Trust. The trading prices of bitcoin have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained, or rapid declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of bitcoin and the Shares may include an increase in the global bitcoin supply or a decrease in global bitcoin demand; market conditions of, and overall sentiment towards, the crypto assets and blockchain technology industry; trading activity on crypto asset exchanges, which, in many cases, are largely unregulated or may be subject to manipulation; the adoption of bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Bitcoin network, and their ability to meet user demands; manipulative trading activity on crypto asset exchanges, which, in many cases, are largely unregulated; and forks in the Bitcoin network, among other things.

Coinbase Custody Trust Company, LLC serves as the Trust’s custodian for bitcoin for which qualified custody is available (the “Bitcoin Custodian”). The Bitcoin Custodian is subject to change in the sole discretion of the Sponsor. Temporary differences in the quantity of bitcoin held by the Bitcoin Custodian from the amounts reflected in the financial statements may occur. These differences are due to pending settlement of bitcoin trades with the Bitcoin Custodian, which generally occurs within two business days of the trade date.

Payable for bitcoin purchased represents the quantity of bitcoin purchased for the creation of Shares where the bitcoin has not yet settled.


	March 31, 2026		December 31, 2025
(Amounts in thousands)	(unaudited)
Payable for bitcoin purchased	$	1,842	$	—

Receivable for bitcoin sold represents the quantity of bitcoin sold for the redemption of Shares where the bitcoin has not yet been settled.


	March 31, 2026		December 31, 2025
(Amounts in thousands)	(unaudited)
Receivable for bitcoin sold	$	—	$	13,759

7. Financial Highlights

Per-Share Performance (for a Share outstanding throughout the periods presented)


	For the three months ended March 31, 2026				For the three months ended March 31, 2025
Principal Market NAV per-share, beginning of period	$	47.57			$	50.85
Net investment loss 1		(0.02	)			(0.03	)
Net realized and change in unrealized appreciation (depreciation) on investment in bitcoin		(10.72	)			(5.95	)
Net change in net assets from operations		(10.74	)			(5.98	)
Principal Market NAV per-share, end of period	$	36.83			$	44.87

Total return, at net asset value 2		(22.58	)	%		(11.76	)	%

Ratios to average net assets3
Expenses		0.20		%		0.20		%
Net investment loss		(0.20	)	%		(0.20	)	%

Calculated using average Shares outstanding.

Total return is calculated based on the change in Principal Market NAV during the reporting period. An individual shareholder’s total return and ratios may vary from the above total return and ratios based on the timing of share transactions from the Trust. Total return for the period is not annualized.

Annualized.

8. Segment Reporting

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“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. Selected members of the Executive Management Committee and other senior personnel of the 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 assets, 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 statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

9. 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.

10. Subsequent Events

The Trust has evaluated subsequent events through May 6, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

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

The following discussion and analysis of the Trust's financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, the Trust's unaudited financial statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions the Trust believes to be reasonable. The Trust's actual results could differ materially from those discussed in these forward-looking statements. See “Statement Regarding Forward-Looking Statements” above.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Sponsor undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Quarterly Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Quarterly Report.

Trust Overview

Bitwise Bitcoin ETF (the “Trust”) is a Delaware statutory trust formed on August 29, 2019. The Trust continuously issues common shares (“Shares”), representing units of undivided beneficial ownership of the Trust. The Shares are listed on the NYSE Arca Inc. (the “Exchange”) under the ticker symbol “BITB.” The Trust’s commencement of operations was January 10, 2024. The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the “Sponsor”).

The Trust’s investment objective is to seek to provide shareholders of the Trust (“Shareholders”) with exposure to the value of bitcoin held by the Trust that is reflective of the actual bitcoin market in which investors can purchase or sell bitcoin, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust holds bitcoin and establishes its net asset value (“NAV”) by reference to the CME CF Bitcoin Reference Rate - New York Variant (“BRRNY”). The BRRNY was designed to provide a daily, 4:00 p.m. ET reference rate of the U.S. dollar price of one bitcoin and is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed trade flow of major bitcoin trading platforms (“Constituent Platforms”).

The Shares may trade at a premium over, or a discount to, the NAV per-share as a result of price volatility, trading volume and closings of the exchanges on which the Sponsor purchases bitcoin on behalf of the Trust due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin. As a result of the foregoing, the price of the Shares as quoted on the Exchange has varied from the value of the Trust’s NAV per-share since the Shares were approved for quotation on January 11, 2024.

Results of Operations

For the three months ended March 31, 2026 Compared to the three months ended March 31, 2025^


	For the three months ended March 31,
	2026 (unaudited)			2025 (unaudited)
Net investment loss	$	(1,466	)	$	(1,860	)
Net realized and unrealized gain (loss)	$	(767,190	)	$	(451,360	)
Net increase (decrease) in net assets resulting from operations	$	(768,656	)	$	(453,220	)
Net Assets1	$	2,549,070		$	3,132,666

1. Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for bitcoin that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

March 31, 2026

During the three months ended March 31, 2026, the Trust's net assets decreased from $3,367,050 on December 31, 2025 to $2,549,070 on March 31, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (20) bitcoin to pay the Sponsor Fee, and approximately (7,812) bitcoin for the redemption of Shares, with a value of $(609,491) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 6,965 bitcoin with a value of $558,561 in connection with Share creations during the period.

Net realized and change in unrealized loss on investment in bitcoin for the three months ended March 31, 2026 was $(767,190), which included a realized gain of $812 on the transfer of bitcoin to pay the Sponsor Fee, a realized loss of $(31,390) on the sale of bitcoin to meet redemptions, a realized gain of $8,810 from the transfer of bitcoin to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in bitcoin of $(745,422). Net realized and change in unrealized loss on investment in bitcoin for the period resulted primarily from bitcoin price depreciation from $87,315.53 on December 31, 2025 to $67,831.76 on March 31, 2026. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(768,656), which consisted of the net realized and unrealized loss on investment in bitcoin, $1 in investment income, less the Sponsor Fee of $(1,467).

March 31, 2025

By comparison, during the three months ended March 31, 2025, the Trust's net assets decreased from $3,762,039 on December 31, 2024 to $3,132,666 on March 31, 2025. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (21) bitcoin to pay the Sponsor Fee, and approximately (8,552) bitcoin for the redemption of Shares, with a value of $(805,257) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 6,288 bitcoin with a value of $627,115 in connection with Share creations during the period.

During the three months ended March 31, 2025, net realized and change in unrealized loss on investment in bitcoin was $(451,360), which included a realized gain of $1,151 on the transfer of bitcoin to pay the Sponsor Fee, a realized gain of $23,850 on the sale of bitcoin to meet redemptions, and a change in unrealized depreciation on investment in bitcoin of $(476,361). Net realized and change in unrealized loss on investment in bitcoin for the period resulted primarily from bitcoin price depreciation from $93,730.35 on December 31, 2024 to $82,982.75 on March 31, 2025. Net decrease in net assets resulting from operations for the three months ended March 31, 2025 was $(453,220), which consisted of the net realized and unrealized loss on investment in bitcoin, less the Sponsor Fee of $(1,860).

^ Amounts displayed are in the ‘000s, except for per-Share/coin references.

Net Assets

As of March 31, 2026, the Trust held a net closing balance of 37,600.7094 bitcoin with a total market value of $2,550,522.301 based on the BRRNY price of $67,831.76 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $2,549,527,011 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $67,805.29, used to determine the Trust's Principal Market NAV.

As of March 31, 2025, the Trust held a net closing balance of 38,003.7680 bitcoin with a total market value of $3,153,657,187 based on the BRRNY price of $82,982.75 used to determine the Trust's NAV. The total market value of the Trust's bitcoin held was $3,133,221,421 based on the price of a bitcoin (Lukka Prime Rate) in the principal market (Crypto.com) of $82,445.02, used to determine the Trust's Principal Market NAV.

Liquidity and Capital Resources

The Trust pays a unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of the Trust assets through July 10, 2024, and has been accruing at an annual rate of 0.20% of the Trust’s bitcoin holdings since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Bitcoin Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor 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 agreed to pay the costs of the Trust’s organization.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Bitcoin blockchain, any Incidental Rights and any IR Asset), any indemnification of the Cash Custodian, Bitcoin Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s bitcoin as necessary to pay such expenses. The cash proceeds of the sale are sent to the Sponsor to pay the expenses. Any remaining cash is distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and bitcoin. The Trust will not borrow to meet liquidity needs.

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 bitcoin and contribute to increased market volatility, the Trust does not currently anticipate these factors will materially affect its liquidity needs.

Off-Balance Sheet Arrangements and Contractual Obligations

As of March 31, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of the Trust’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date.

No material changes have occurred during the three months ended March 31, 2026.

Critical Accounting Policies

Investment Valuation - Principal Market Net Asset Value ("NAV")

To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's net asset value in accordance with U.S. GAAP ("Principal Market NAV" and "Principal Market NAV per Share"), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (“Trading Platform Markets”), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”).

In determining which of the eligible Digital Asset Markets is the Trust's principal market, the Trust reviews these criteria in the following order:

First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in their sole discretion.

Investment Company Considerations

The Trust is an investment company for U.S. GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for bitcoin in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.

Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s Significant Accounting Policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Trust Agreement does not authorize the Trust to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in derivative financial instruments and has no foreign operations or long-term debt instruments.

Item 4. Controls and Procedures.

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor performing functions equivalent to those a principal executive officer and principal financial and accounting officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor, the Sponsor evaluated the effectiveness of the design and operation of the Trust's disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor concluded that, as of March 31, 2026, the Trust’s disclosure controls and procedures were effective in causing material information relating to the Trust to be recorded, processed, summarized and reported by management of the Sponsor on a timely basis and ensuring the quality and timeliness of the Trust’s public disclosures with the SEC.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal controls over financial reporting that occurred during the Trust’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, these internal controls.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes to the risk factors described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the SEC on March 11, 2026.

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

None.

Not applicable.

The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Baskets held by Authorized Participants, the Trust redeemed 1,478 Baskets (comprising 14,780,000 Shares) during the three-month period ended March 31, 2026. The following table summarizes the redemptions by Authorized Participants during the period:


Period	Total Shares Redeemed		Average Price Per Share
January 1, 2026 – January 31, 2026		6,460,000	$	48.61
February 1, 2026 – February 28, 2026		3,720,000	$	36.44
March 1, 2026 – March 31, 2026		4,600,000	$	37.62

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

No executive officers or directors of the Sponsor have adopted, modified, or terminated trading plans under either a "Rule 10b5-1 trading arrangement” or a "non-Rule 10b5-1 trading arrangement" (as such terms are defined in Item 408 of Regulation S-K) for the three-month period ended March 31, 2026.

Item 6. Exhibits.

Listed below are the exhibits, which are filed as part of this quarterly report on Form 10‑Q (according to the number assigned to them in Item 601 of Regulation S-K):



Exhibit Number		Description of Document
3.1		First Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1/A (File No. 333- 260235) filed by the registrant on December 29, 2023.
3.2		Certificate of Trust incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1/A (File No. 333- 260235) filed by the registrant on December 29, 2023.
3.3		Certificate of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.3 of the Registration Statement on Form S-1/A (File No. 333- 260235) filed by the registrant on December 29, 2023.
3.4		Certificate of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.4 of the Registration Statement on Form S-1/A (File No. 333- 260235) filed by the registrant on December 29, 2023.
10.1		Marketing Agent Agreement.
31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
32.1*		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification by Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* These exhibits are furnished with this Quarterly Report on Form 10-Q and are not deemed filed with the SEC and are not incorporated by reference in any filing of Bitwise Bitcoin ETF under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, and irrespective of any general incorporation language contained in such filings.

GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Quarterly Report, including the financial statements and related notes.

1933 Act: The Securities Act of 1933, as amended.

1934 Act: The Securities Exchange Act of 1934, as amended.

Administrator: BNY Mellon.

Advisers Act: The Investment Advisers Act of 1940.

Asset Purchase: The purchase and sale of all of the bitcoin owned by the Osprey Trust to the Trust in exchange for the

Consideration Shares as contemplated by the APA.

Auditor: KPMG LLP.

Authorized Participant: One that purchases or redeems Baskets from or to the Trust.

BAM: Bitwise Asset Management, Inc., the parent company of the Sponsor.

Basket: A block of 10,000 Shares used by the Trust to issue or redeem Shares.

Basket Amount: The quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000)

Benchmark Provider: CF Benchmarks Ltd.

bitcoin (lowercase): The native unit of account and medium of exchange on the Bitcoin network.

Bitcoin (uppercase): The software protocol and peer-to-peer network used for the creation, transfer and possession of bitcoin, as recorded on the Bitcoin blockchain.

Bitcoin Custodian: Coinbase Custody Trust Company, LLC, a New York State limited liability trust company.

Bitcoin Custody Agreement: The custody agreement between the Bitcoin Custodian and the Trust pursuant to which the Trust Bitcoin Account is established.

Bitwise Trust Agreement: The Amended and Restated Declaration of Trust and Trust Agreement of Bitwise Bitcoin ETF,

entered into by the Sponsor and the Trustee.

BNY Mellon: The Bank of New York Mellon, a national association bank in New York that serves as the Administrator and Transfer Agent.

BRR: CME CF Bitcoin Reference Rate.

BRRNY: CME CF Bitcoin Reference Rate - New York Variant, calculated by CF Benchmarks Ltd. and published by the CME Group, is the CF Bitcoin-Dollar US Settlement Price that determines the U.S. dollar price of one bitcoin as of 4:00 p.m. ET daily, based on aggregated executed trade flows from major bitcoin trading platforms.

Business Day: Any day other than a day when the Exchange or the New York Stock Exchange is closed for regular trading.

Cash Custodian: BNY Mellon.

CME: The Chicago Mercantile Exchange.

CME CF Bitcoin Reference Rate - New York Variant: The CF Bitcoin-Dollar US Settlement Price, a reference rate published by the CME Group that calculates the U.S. dollar price of one bitcoin as of 4:00 p.m. New York time on each calendar day on constituent digital asset trading platforms.

CME Bitcoin Real Time Price: The CME CF Bitcoin Real Time Index, a pricing index continuously published by the CME Group at one-second intervals that calculates the U.S. dollar price of one bitcoin on constituent crypto asset trading platforms.

Code: Internal Revenue Code of 1986.

Consideration Shares: the Shares of the Trust delivered to the Osprey Trust in connection with the Asset Purchase that

would have been distributed to Unitholders in the Pre-Liquidation Distribution.

Cryptocurrency: A token such as bitcoin that is the native asset of a crypto asset network.

Crypto asset: A token, such as a cryptocurrency, that is the native asset of or issued on a digital asset network and secured using public and private key cryptography or similar cryptographic credentials.

Digital Asset: A token, such as a cryptocurrency, that is the native asset of or issued on a digital asset network and secured

using public and private key cryptography or similar cryptographic credentials.

DSTA: Delaware Statutory Trust Act.

EST: Eastern Standard Time.

ETF: Exchange-traded fund.

ETP: exchange-traded product.

Exchange: NYSE Arca, Inc.

Exchange Act: The Securities Exchange Act of 1934, as amended.

FASB: Financial Accounting Standards Board.

FINRA: Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers.

GAAP: The generally accepted accounting principles of the United States.

Investment Company Act: Investment Company Act of 1940.

IR Asset: Any crypto asset acquired through an Incidental Right.

IRS: U.S. Internal Revenue Service.

Marketing Agent: Foreside Financial Services, LLC.

NAV: Net asset value of the Trust, which is a Non-GAAP metric and is determined each business day by valuing the Trust’s bitcoin using the BRRNY, less the Trust’s accrued but unpaid expenses.

Prime Execution Agent: Coinbase Inc., an affiliate of the Bitcoin Custodian.

Prime Execution Agreement: The agreement between Coinbase Inc. and the Trust that sets forth the terms and conditions pursuant to which Coinbase Inc., and its affiliates, agree to open and maintain a prime broker account and provide services relating to trade execution.

Principal Market NAV: The net asset value of the Trust determined on a GAAP basis.

SEC (or Commission): The U.S. Securities and Exchange Commission, an independent agency with the mandate to regulate securities offerings and markets in the U.S.

Seed Shares: The four (4) Shares used to seed the Trust.

Seed Capital Investor: Bitwise Asset Management, Inc.

Shares: Common shares representing units of undivided beneficial ownership of the Trust.

Shareholders: Holders of Shares.

Sponsor: Bitwise Investment Advisers, LLC, a Delaware limited liability company, which controls the investments and other decisions of the Trust.

Sponsor Agreement: The agreement between the Sponsor and the Trust.

Sponsor Bitcoin Account: The custody account in the name of the Sponsor held with the Bitcoin Custodian, in which the Sponsor receives payment in bitcoin of its management fee from the Trust Bitcoin Account.

Sponsor Fee: The unitary management fee of 0.20% per annum of the Trust’s bitcoin holdings the Trust pays to the Sponsor.

Transfer Agent: BNY Mellon.

Trust: The Bitwise Bitcoin ETF.

Trust Agreement: The Amended and Restated Declaration of Trust and Trust Agreement of Bitwise Bitcoin ETF, entered into by the Sponsor and the Trustee.

Trust Bitcoin Account: The custody account in the name of the Trust held with the Bitcoin Custodian, in which Trust Bitcoin Account the Trust’s bitcoin assets are held.

Trustee: Delaware Trust Company, a Delaware trust company.

UCC: Uniform Commercial Code.

U.S.: The United States of America.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.


Bitwise Investment Advisers, LLC as Sponsor of Bitwise Bitcoin ETF

By:	/s/ Paul Fusaro
	Name:	Paul Fusaro
	Title:	Chief Operating Officer (Principal Executive Officer)*

By:	/s/ James Bebrin III
	Name:	James Bebrin III
	Title:	Vice President (Principal Financial Officer and Principal Accounting Officer)*

Date: May 6, 2026

* The registrant is a trust and the persons are signing in their capacities as officers or directors of Bitwise Investment Advisers, LLC, the sponsor of the registrant.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT