Bitwise Bitcoin ETF (NYSE Arca: BITB) is a statutory trust that holds bitcoin directly on behalf of shareholders, giving investors exposure to bitcoin's price through a regulated exchange-traded fund structure. The Trust earns no investment income. Its sole expense is a unitary management fee of 0.20% per annum of the Trust's bitcoin holdings, paid to the Sponsor, Bitwise Investment Advisers, LLC, a Delaware limited liability company and wholly owned subsidiary of Bitwise Asset Management, Inc. (BAM). Shares are issued and redeemed in blocks of 10,000 shares (a Basket) exclusively through Authorized Participants. Bitcoin is custodied in a dedicated Trust Bitcoin Account, with Coinbase Credit, Inc. serving as the Trade Credit Lender under a Post-Trade Financing Agreement and BNY Mellon acting as Transfer Agent. The Trust has no directors, officers, or employees of its own. All management functions are delegated to the Sponsor. Hunter Horsley serves as President of the Sponsor as of the 10-K filed March 2, 2026, covering fiscal year ended December 31, 2025.

Revenue model

The Trust charges a unitary management fee of 0.20% per annum of its bitcoin holdings, payable to the Sponsor in bitcoin. The Trust itself generates no revenue. Shareholders bear the Sponsor Fee as the sole disclosed expense, which accrues daily and reduces the bitcoin per share over time.

Products and services

A single product: the Bitwise Bitcoin ETF, an exchange-traded fund structured as a statutory trust that holds physical bitcoin. Shares track bitcoin's price as measured by the CME CF Bitcoin Reference Rate New York Variant (BRRNY), calculated by CF Benchmarks Ltd. The Trust previously acquired bitcoin assets from the Osprey Trust via an Asset Purchase agreement.

Customers and end markets

Retail and institutional investors seeking regulated, exchange-listed bitcoin price exposure without direct custody. Shares are accessible through standard brokerage accounts. Authorized Participants are the direct counterparties for creation and redemption of Baskets.

Value-chain role

The Trust sits between bitcoin markets and securities investors, acting as a pass-through custody vehicle. The Sponsor manages all operations. Coinbase serves as Bitcoin Custodian and Trade Credit Lender. BNY Mellon acts as Transfer Agent. CF Benchmarks Ltd. provides the benchmark rate. KPMG LLP serves as independent auditor.

Geographic exposure

Organized as a Delaware statutory trust, listed in the United States. Regulatory exposure spans federal frameworks including the SEC and CFTC, as well as state-level digital asset licensing regimes including New York's BitLicense and California's Digital Financial Assets Law.

Source: SEC 10-K, filed 2026-03-02

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