Bitwise 10 Crypto Index Fund (OTC: BITW) is a statutory trust that holds a basket of the ten largest crypto assets by market capitalization, giving shareholders proportional exposure to Bitcoin, Ethereum, XRP, Solana, Cardano, Avalanche, Chainlink, Polkadot, Bitcoin Cash, and NEAR Protocol. The fund generates no operating revenue. It charges a management fee against trust assets, which is the sole expense line, producing a structural net investment loss each period. Bitwise Investment Advisers, LLC serves as the Sponsor, handling day-to-day administration, index calculation, and custody coordination. Coinbase serves as custodian under a Prime Broker Agreement, holding the trust's crypto assets in segregated cold storage. As of December 31, 2025, the fair value of the trust's crypto asset holdings was $1.03 billion against a cost basis of $0.24 billion. The Sponsor is a wholly-owned subsidiary of Bitwise Asset Management, Inc., which had 93 employees as of December 31, 2025. Officers listed in the FY2025 10-K include Hunter Horsley and Matthew Hougan.

Revenue model

No revenue is generated by the trust. Expenses consist of a management fee paid to the Sponsor and transaction and other fees, all charged against trust assets. Shareholders bear these costs through a reduction in net asset value.

Products and services

A single publicly registered trust product holding a market-cap-weighted index of ten crypto assets: Bitcoin, Ethereum, XRP, Solana, Cardano, Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Bitcoin Cash (BCH), and NEAR Protocol, as of December 31, 2024 per the FY2024 10-K.

Customers and end markets

Shareholders who purchase shares of the trust on the secondary market. The filing does not disclose retail versus institutional shareholder breakdown.

Value-chain role

The Sponsor calculates and publishes the index, processes subscription orders, and instructs the custodian. Coinbase serves as third-party custodian, holding private keys in segregated cold storage. The trust itself holds no employees and conducts no active trading beyond index rebalancing.

Geographic exposure

The filing does not specify geographic distribution of shareholders or operations beyond registration in the United States.

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

Industry: Commodity Contracts Brokers & Dealers