Bitwise Bitcoin ETF, a Delaware statutory trust, commenced operations on January 10, 2024, and began trading on the NYSE Arca under the ticker symbol "BITB" the following day. As of December 31, 2024, the Trust reported a net asset value (NAV) of approximately $3.76 billion, reflecting a significant increase from its initial NAV of $2.5 billion when operations began. The Trust's investment strategy focuses solely on holding bitcoin, with a total of 40,289.1335 bitcoin valued at $93,730.35 each, as determined by the CME CF Bitcoin Reference Rate - New York Variant (BRRNY). The Trust's net increase in net assets resulting from operations for the period was approximately $1.59 million, driven by bitcoin price appreciation and capital share transactions.
The Trust's financial performance indicates a 103.4% increase in NAV during the reporting period, attributed to a combination of bitcoin price appreciation and net capital share transactions totaling approximately $2.18 billion. The Trust's operations are managed by Bitwise Investment Advisers, LLC, which waived its management fee of 0.20% on the first $1 billion of assets through July 10, 2024. The Sponsor Fee began accruing daily thereafter, with total expenses for the period amounting to $4.58 million, offset by waivers of $906,000.
In terms of operational developments, the Trust has seen significant trading activity, with 117.27 million shares issued and 43.29 million shares redeemed during the reporting period. The average discount of the Trust's shares relative to NAV was 0.02%, with the highest premium reaching 1.38% on December 24, 2024. The Trust's reliance on Authorized Participants for the creation and redemption of shares is critical for maintaining liquidity, and any disruptions in their activities could adversely affect the trading price of the shares.
Looking ahead, the Trust's management remains focused on navigating the evolving regulatory landscape surrounding digital assets, which could impact its operations and the value of the shares. The Trust is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements, but this status may also affect investor perceptions. The Trust's future performance will depend on various factors, including bitcoin market dynamics, regulatory developments, and the overall adoption of bitcoin as a medium of exchange and store of value.
About Bitwise Bitcoin ETF
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