Bitwise 10 Crypto Index Fund (BITW) reported significant financial performance for the six months ending June 30, 2025, with total assets reaching approximately $1.43 billion, up from $1.37 billion at the end of 2024. The net asset value (NAV) per share increased to $70.42, compared to $67.47 at the end of the previous fiscal period. The Trust's net assets rose to $1.43 billion, reflecting a net increase of $59.65 million from operations during the first half of 2025, although this was a decrease from the $247.81 million increase reported for the same period in 2024.
The Trust's management fees for the first half of 2025 totaled $16.35 million, a notable increase from $12.01 million in the same period last year, attributed to the rise in the fair value of the Portfolio Crypto Assets. The Trust recorded a net realized gain from Crypto Assets of $12.96 million, compared to $1.02 million in the prior year. However, the net change in unrealized appreciation from Crypto Assets was significantly lower in 2025, at $63.03 million, compared to $258.79 million in 2024, indicating a shift in market conditions affecting asset valuations.
Operationally, the Trust maintained a consistent share count of 20,241,947 throughout the reporting period, with no new subscriptions or redemptions since November 2021. The Trust's portfolio remains heavily weighted in Bitcoin, which constituted approximately 78.88% of total investments as of June 30, 2025, followed by Ethereum at 11.13%. The Trust's investment strategy focuses on tracking the Bitwise 10 Large Cap Crypto Index, with a correlation of 99.99% between the Portfolio Crypto Assets and the Index.
Looking ahead, the Trust's management acknowledged the ongoing volatility in the Crypto Asset market, which could impact future performance. The filing highlighted various risks, including regulatory changes and market conditions that could adversely affect the value of the Trust's shares. The Trust's management remains committed to its investment strategy while monitoring market developments closely. The Trust's ability to adapt to these changes will be crucial in navigating the evolving landscape of the Crypto Asset market.
About Bitwise 10 Crypto Index Fund
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