Bitwise Bitcoin ETF

Bitwise Bitcoin ETF is a Delaware statutory trust that gives investors exchange-traded exposure to bitcoin through shares listed on NYSE Arca under the ticker BITB. The trust does not operate a trading business or produce operating products; its sole investment objective is to hold bitcoin and reflect the market value of bitcoin, less trust expenses and liabilities. It relies on a sponsor, custodian, administrator, and marketing agent to run the product structure and safeguard the underlying bitcoin. The fund began operations in January 2024 and is designed as a regulated wrapper for investors who want bitcoin exposure without directly holding or securing the asset themselves.

— Bitwise Bitcoin ETF
%
Exchange-traded bitcoin exposure100% Shares listed on NYSE Arca that provide investors with price exposure to bitcoin without direct wallet custody.
Trust administration and custody structure0% Operational services provided by the sponsor, trustee, administrator, transfer agent, and custodians that support the ETF wrapper.

The trust’s customers are investors who want exposure to bitcoin through a listed security rather than by buying and...

  • Retail brokerage investorsprimary

    Buy BITB shares for simple, listed exposure to bitcoin without managing wallets or private keys.

  • Institutional allocatorsprimary

    Use the ETF wrapper to gain bitcoin exposure within traditional portfolio, custody, and compliance frameworks.

  • Authorized participantssecondary

    Create and redeem shares in-kind or for cash-equivalent mechanics to keep the ETF close to NAV.

  • Liquidity providers and market makerssecondary

    Support secondary-market trading and arbitrage, which helps maintain tight spreads and price efficiency.

The trust is organized in Delaware and listed in the United States, so its core operating and investor base is U.S...

  • •Organized as a Delaware statutory trust in the United States
  • •Listed on NYSE Arca in the U.S. market
  • •NAV and reference pricing are denominated in U.S. dollars
  • •Benchmark inputs rely on global bitcoin trading platforms
  • •Operational counterparties include U.S. and international crypto venues

The trust’s core strategy is to provide a simple, exchange-traded vehicle that closely tracks bitcoin’s market value...

01
Maintain tight bitcoin price trackingshort-term

The ETF’s value proposition depends on mirroring bitcoin’s market price after expenses.

02
Protect custody and operational integrityshort-term

The trust’s sole asset is bitcoin, so custody failures or operational disruptions would directly affect investor value.

03
Support liquidity and arbitrage efficiencymedium-term

Efficient creations and redemptions help keep the ETF price close to NAV and improve tradability.

The trust is exposed primarily to bitcoin price volatility, which can cause large swings in NAV and share price and can...

critical

Bitcoin price volatility

The trust’s sole asset is bitcoin, so changes in bitcoin’s market price directly drive NAV and investor returns.

Scope
Entire portfolio value
Materiality
high
high

Custody and cybersecurity failure

Bitcoin is held through a third-party custodian, and any breach or operational error could result in asset loss.

Scope
Underlying bitcoin holdings
Materiality
high
high

Digital asset market regulation

Rules on BitLicense, money transmission, sanctions, and exchange oversight can affect liquidity and market access.

Scope
Trading venues and market infrastructure
Materiality
high
high

Market manipulation and exchange failures

The trust depends on external bitcoin markets that may have fraud, wash trading, outages, or withdrawal restrictions.

Scope
Benchmark pricing and arbitrage mechanism
Materiality
high
Fair value measurement of bitcoin
Can materially change reported net assets and periodic results
Realized vs unrealized gains and losses
Affects comparability across periods and can obscure underlying flow activity
Principal market determination
Can affect reported NAV per share and valuation consistency

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: 11/08/2026