WisdomTree Bitcoin Fund

WisdomTree Bitcoin Fund is a U.S.-based exchange-traded fund structured as a trust that holds bitcoin and issues shares traded on the Cboe BZX Exchange under the ticker BTCW. Its purpose is to provide investors with exposure to the price of bitcoin through a regulated fund vehicle rather than direct coin ownership.

— WisdomTree Bitcoin Fund
%
Bitcoin ETF shares100% Shares of the trust that trade on an exchange and track bitcoin price exposure.
Bitcoin holdings0% The trust's underlying bitcoin assets used to support share value.

The fund is bought by investors seeking bitcoin exposure in a brokerage account, including retail investors and...

  • Retail brokerage investorsprimary

    Buy shares for simple, listed exposure to bitcoin without direct custody.

  • Institutional investorsprimary

    Use the fund as a regulated vehicle for portfolio bitcoin exposure.

  • Financial advisors and wealth platformssecondary

    Use the ETF structure to offer bitcoin exposure within client accounts.

  • Short-term traderssecondary

    Trade the listed shares for tactical exposure to bitcoin price moves.

The trust is organized in the United States and its shares trade on a U.S. exchange. Its economic exposure is global...

  • •United States domicile and exchange listing
  • •Shares trade on Cboe BZX Exchange
  • •Underlying bitcoin is globally priced and traded
  • •Custody and valuation rely on U.S.-based market infrastructure

The trust's core strategy is to maintain direct bitcoin exposure through holdings of bitcoin and to reflect that...

01
Preserve tight tracking to bitcoinshort-term

The fund's value proposition depends on shares closely reflecting bitcoin prices.

02
Support liquidity and tradabilityshort-term

Investors need efficient entry and exit through the exchange-listed structure.

03
Maintain robust valuation and custody processesmedium-term

Bitcoin valuation and custody are central to trust operations and investor confidence.

The fund is exposed to bitcoin price volatility, which directly drives share value and can create large swings in...

high

Bitcoin price volatility

The trust's shares are designed to reflect bitcoin, so price swings flow directly into NAV.

Scope
Underlying asset value and share price
Materiality
high
high

Custody and operational risk

Bitcoin must be held and safeguarded through custodial and market infrastructure arrangements.

Scope
Asset security and transaction processing
Materiality
high
medium

Fee and expense drag requiring bitcoin sales

The trust has no income and must sell bitcoin to fund the Sponsor's Fee and other expenses.

Scope
Net asset value and holdings balance
Materiality
high
medium

Valuation and principal market risk

NAV depends on reference-rate and principal-market pricing judgments.

Scope
Reported fair value of bitcoin
Materiality
high
medium

Regulatory risk for crypto-linked products

Exchange-traded bitcoin products depend on securities and digital-asset market rules.

Scope
Listing, trading, and investor access
Materiality
medium
Fair value measurement of bitcoin
Reported results are highly sensitive to market price movements
Principal market determination
Can influence the carrying value of bitcoin and period-end NAV
Realized and unrealized gains/losses
Creates large period-to-period volatility in net assets from operations
Expense-funded bitcoin sales
Reduces bitcoin holdings and can affect per-share exposure

Fidelity Wise Origin Bitcoin Fund

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: 29.4.2026