Bitwise Bitcoin ETF has reported its financial results for the three months ending March 31, 2025, revealing a significant decline in net assets and a shift in operational performance compared to the previous fiscal period. The Trust's net assets decreased to approximately $3.13 billion, down from $3.76 billion at the end of 2024. This decline was primarily attributed to a net decrease in capital share transactions and a net loss from operations amounting to $453.2 million, driven by a depreciation in the value of bitcoin held by the Trust.
The Trust's investment in bitcoin, which constitutes its sole asset, was valued at $3.13 billion as of March 31, 2025, reflecting a decrease from $3.76 billion at the end of the previous year. The quantity of bitcoin held also fell from 40,289.13 to 38,003.77 during the same period. The Principal Market NAV per share decreased from $50.85 to $44.87, marking an 11.76% decline. The Trust reported no investment income for the quarter, with total expenses rising to $1.86 million, up from $531,000 in the prior period, largely due to the expiration of a fee waiver.
Operationally, the Trust experienced a notable reduction in share transactions, with 12.72 million shares issued and 16.88 million shares redeemed during the quarter, resulting in a net decrease of 4.16 million shares outstanding. The Trust's Sponsor Fee, which is 0.20% of the Trust's bitcoin holdings, amounted to $1.86 million for the quarter, compared to a net fee of $177,000 in the previous period, reflecting the increase in net assets and the end of the fee waiver. The Trust's cash flow from operations was minimal, with no cash balance reported at the end of the quarter.
Looking ahead, Bitwise Bitcoin ETF's management has indicated that the Trust will continue to focus on its investment strategy centered around bitcoin, while monitoring market conditions that could impact its performance. The Trust's reliance on bitcoin as its sole asset exposes it to significant market volatility, which could affect both the value of its shares and its operational results. The management remains committed to providing shareholders with exposure to bitcoin's value, while also managing the associated risks inherent in the cryptocurrency market.
About Bitwise Bitcoin ETF
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