As of September 30, 2024, the Bitwise 10 Crypto Index Fund reported total investments in crypto assets at fair value of $936.4 million, a significant increase from $699.8 million as of December 31, 2023. The cost basis for these investments was $304.2 million. Bitcoin remains the dominant asset, with holdings of 10,732.06 BTC valued at $681.1 million, representing 72.92% of net assets. Ethereum holdings were valued at $169.4 million, accounting for 18.13% of net assets.
The fund's net assets decreased from $948.9 million at the beginning of the third quarter to $934.0 million by the end of the quarter. In contrast, net assets increased from $701.1 million at the beginning of the nine-month period to $934.0 million by September 30, 2024. The fund experienced a net increase in net assets resulting from operations of $232.9 million for the nine months ended September 30, 2024, compared to $144.7 million for the same period in 2023.
Management fees for the three months ended September 30, 2024, totaled $5.9 million, up from $2.9 million in the same period of 2023. Total expenses for the third quarter of 2024 were also $5.9 million, compared to $2.9 million in 2023. The net investment loss for the third quarter of 2024 was $(5.9 million), compared to $(2.9 million) in the prior year. However, the fund reported a net realized gain from crypto assets of $2.6 million for the third quarter of 2024, a recovery from a net realized loss of $(4.1 million) in the same quarter of 2023.
For the nine months ended September 30, 2024, the fund recorded a net realized gain of $3.6 million, contrasting with a net realized loss of $(6.2 million) for the same period in 2023. The net change in unrealized appreciation for the nine months ended September 30, 2024, was $247.2 million, compared to $159.8 million in 2023.
The fund's management has maintained a correlation of 99.99% between its portfolio crypto assets and the Bitwise 10 Large Cap Crypto Index. As of September 30, 2024, the Trust had 20,241,947 shares outstanding, with a net asset value per share of $46.14, up from $22.37 a year earlier. The Trust continues to operate under a management fee structure of 2.5% per annum, with no significant changes anticipated in liquidity needs based on current trends.
About Bitwise 10 Crypto Index Fund
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