As of September 30, 2024, the Bitwise Bitcoin ETF reported significant financial metrics following its operational commencement on January 10, 2024. The Trust's investment in bitcoin, valued at $2,502,767,000, reflects a cost basis of $2,068,421,000, indicating a net unrealized appreciation of $434,346,000. The Trust's net assets totaled $2,502,396,000, with a net asset value (NAV) per share of $34.57, down from $50.00 at the beginning of the year.
During the three months ended September 30, 2024, the Trust experienced a net increase in net assets resulting from operations of $134,167,000, alongside a net increase from capital share transactions of $118,571,000. The total increase in net assets for this period was $252,738,000. For the period from January 10, 2024, to September 30, 2024, the net increase in net assets from operations was $359,793,000, driven by a net realized and unrealized gain on investment in bitcoin of $361,735,000.
The Trust's bitcoin holdings amounted to 39,435.5408 bitcoin as of September 30, 2024. The Trust made purchases of 49,242.3896 bitcoin valued at $2,750,279,000 during the reporting period, while selling 9,781.9044 bitcoin for redemptions, valued at $607,676,000. The price of bitcoin increased from $45,852.66 at the start of operations to $63,410.65 by the end of the reporting period.
The Trust's operations included a Sponsor Fee of 0.20% per annum on bitcoin holdings, which was waived for the first $1 billion of assets through July 10, 2024. The Sponsor has also agreed to cover normal operating expenses up to $500,000 annually. The Trust's cash management strategy indicates minimal cash flow from operations, with no plans to borrow for liquidity needs.
In terms of strategic developments, the Trust entered into an Asset Purchase Agreement to acquire all bitcoin owned by the Osprey Fund, with the transaction expected to close in the fourth quarter of 2024, contingent upon regulatory approvals. The Trust redeemed 1,457 Baskets, comprising 14,570,000 Shares, from July 22, 2024, to September 30, 2024.
Overall, the Bitwise Bitcoin ETF's performance reflects a robust increase in net assets and strategic growth through acquisitions, despite fluctuations in bitcoin prices impacting NAV.
About Bitwise Bitcoin ETF
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