Business Description

—Description of the Trust Agreement .” The principal office of the Sponsor is located at 250 Montgomery Street, Suite 200, San Francisco, CA 94104. The lease expires on March 1, 2027. Ite m 3. Legal Proceedings. There are no current, past, pending or, to the Sponsor’s knowledge, threatened legal proceedings or administrative actions either by or against the Trust or the Sponsor that could have a material effect on the Trust’s or the Sponsor’s business, financial condition, or operations or any current, past or pending trading suspensions by a securities regulator. Item 4. Mine Safety Disclosures. Not applicable. 70 Pa rt II. It em 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information The Shares of the Trust that have commenced investment operations are listed in the accompanying table. The dates the Shares of the Trust began trading, their symbols and their primary listing exchange are indicated below: Trust Commencement of Trading Ticker Symbol Name of each exchange on which registered Bitwise Bitcoin ETF January 11, 2024 BITB NYSE Arca Holders As of December 31, 2025, there was one (1) holder of record of the Trust. This includes Cede & Co. as nominee for DTC for the Shares traded on the Exchange, but not its direct participants. Therefore, this number does not include the individual holders who have bought Shares on the Exchange or transferred their eligible Shares to their brokerage accounts. Because all of the Trust's Shares are currently held by brokers and other institutions on behalf of Shareholders, the Trust is unable to estimate the total number of Shareholders represented by the record holder. Dividends The Trust made no cash dividends to Shareholders during the period ended December 31, 2025. The Trust has no obligation to make periodic distributions to Shareholders nor does it expect to declare or pay any cash dividends in the foreseeable future. Recent Sales of Unregistered Shares and Use of Proceeds There were no sales of unregistered securities during the year ended December 31, 2025. Prior to the commencement of operations on January 10, 2024, on November 9, 2023, BAM purchased 4 Shares at a per-Share price of $50.00 for $200 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the “Seed Shares”). Delivery of the Seed Shares was made on November 9, 2023. On January 5, 2024, Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased 10,010 Shares of the Trust at a per-Share price of $50.00 for $500,500. On January 10, 2024, BAM redeemed the entirety of its 4 Seed Shares for $200 and BIM redeemed the entirety of its 10,010 Shares for $500,500. Following the redemptions, on January 10, 2024, the Trust formally revised its NAV per Share from $50.00 per Share to $25.00 per Share. Additionally, on January 10, 2024, BIM purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $2,500,000, at $25.00 per Share. BIM acted as a statutory underwriter in connection with the initial purchase of the Seed Baskets. On January 11, 2024, BIM sold all of its 100,000 Shares of the Trust for cash. Purchases of Equity Securities by the Issuers and Affiliated Purchaser There were no purchases during the year ended December 31, 2025. The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Baskets held by Authorized Participants, the Trust redeemed 1,101 Baskets (comprising 11,010,000 Shares) during the fourth quarter of the year ended December 31, 2025. The following table summarizes the redemptions by Authorized Participants during the period: Period Total Shares Redeemed Average Price Per Share October 1, 2025 – October 31, 2025 4,160,000 $ 61.16 November 1, 2025 – November 30, 2025 2,520,000 $ 52.15 December 1, 2025 – December 31, 2025 4,330,000 $ 47.40 71 It em 6. [Reserved]. It em 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Trust's financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, the Trust's audited financial statements and related notes included elsewhere in this Annual Report, which have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”).…