Bitwise 10 Crypto Index ETF
Bitwise 10 Crypto Index ETF is a U.S.-listed exchange-traded fund that seeks to track the performance of the ten largest crypto assets by free-float-adjusted market capitalization. Rather than holding a single coin, it maintains a diversified basket that is rebalanced monthly and screened for custody, liquidity, trading venue access, and security criteria. The fund’s portfolio is designed to represent a broad share of the crypto market while excluding assets that are pegged, operationally risky, or otherwise deemed unsuitable by the index committee. Its business is therefore centered on providing regulated, exchange-traded exposure to major digital assets through a rules-based index structure.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueExchange-traded fund exposure to a diversified basket of major crypto assets tracked through a rules-based index.
Customers
The ETF is bought by investors who want crypto exposure without directly holding or self-custodying digital assets. Its core users are retail brokerage clients and financial advisers seeking a regulated, exchange-traded vehicle that can fit into standard portfolios. Institutional allocators may also use it for tactical exposure to the crypto asset class, especially when they prefer a familiar fund wrapper and daily liquidity. Demand is driven by convenience, custody simplification, and the desire to track the broad crypto market rather than a single token.
Buy ETF shares for simple, exchange-traded exposure to crypto assets without direct token custody.
Use the fund as a portfolio tool for clients who want diversified crypto exposure in a familiar securities wrapper.
Use the ETF for tactical or strategic allocation to the crypto asset class with exchange liquidity and standardized reporting.
Strategy
The fund’s strategy is to maintain broad, rules-based exposure to the largest crypto assets while controlling operational and custody risk through strict eligibility screens. Monthly rebalancing keeps the portfolio aligned with free-float market capitalization and helps the ETF reflect changes in the crypto market’s composition. The index methodology emphasizes assets that can be custodied by approved regulated custodians and traded on multiple established venues, which supports investability and fund operations. Strategically, the product competes on transparency, diversification, and a regulated wrapper rather than on active token selection.
Keeping the basket aligned with market capitalization is central to the ETF’s value proposition as a broad market proxy.
Approved custodians and multiple trading venues reduce execution, custody, and security risk for the trust.
The ETF wrapper lowers friction for investors who want crypto exposure without direct token management.
Geography
The fund is organized in the United States and its shares trade on U.S. markets, so its investor base and operating footprint are primarily domestic. Its portfolio exposure is global because the underlying crypto assets trade on international digital-asset venues and are priced using exchange data from multiple markets. The trust relies on U.S.-regulated custodians such as Anchorage, BitGo, Coinbase Custody, Fidelity Digital Assets, and Gemini Custody, which makes custody and compliance a U.S.-centric operating feature. Although the ETF itself is U.S.-based, its performance is highly sensitive to global crypto market conditions, exchange access, and regulatory developments across major jurisdictions.
Risks
The fund is exposed to extreme volatility in crypto asset prices, which can quickly change the value of the portfolio and the ETF’s NAV. It also faces exchange-related risks because pricing, liquidity, and market integrity depend on digital-asset venues that can suffer outages, fraud, closures, or manipulation. Regulatory risk is material because U.S. agencies continue to refine how crypto assets are classified and supervised, and adverse actions could affect valuation, compliance costs, and investor demand. In addition, the ETF can trade at a premium or discount to NAV, and its performance depends on the continued functioning of the underlying blockchain networks and approved custodians.
- Crypto asset price volatilityImpact: HighLikelihood: Medium
The ETF holds a basket of digital assets whose market values can change rapidly and materially.
Exposure: Portfolio NAV and share price
- Exchange and market integrity riskImpact: HighLikelihood: Medium
Index pricing and asset liquidity depend on third-party crypto exchanges that may face outages, fraud, or manipulation.
Exposure: Valuation and execution
- Regulatory uncertaintyImpact: HighLikelihood: Medium
U.S. regulatory treatment of crypto assets remains fluid and can affect classification, compliance, and investor access.
Exposure: Compliance costs and asset demand
- Blockchain network and protocol riskImpact: HighLikelihood: Medium
The value of holdings depends on the continued maintenance, security, and adoption of the underlying networks.
Exposure: Underlying crypto assets
- Premium/discount to NAVImpact: MediumLikelihood: High
ETF shares can trade away from underlying asset value due to market supply-demand imbalances and limited redemption mechanics.
Exposure: Secondary market trading
Accounting
Judgemental itemsPortfolio value is based on exchange prices and principal market selection, which directly affects NAV and earnings.
Impact: Can materially change reported gains, losses, and share value
Rebalancing and sales create realized results while market moves create unrealized results, both of which can be volatile.
Impact: Makes quarterly and annual comparisons difficult
The sponsor pays most expenses, so reported operating costs are structurally limited and may not reflect a typical fund expense profile.
Impact: Suppresses ordinary expense volatility
ETF market price can diverge from NAV because shares trade on an exchange and redemption mechanics are limited.
Impact: Affects investor realized returns versus underlying asset performance
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Last updated: 24/09/2026