Mon, May 12, 3:34 PM (37 days ago)
**Bitwise 10 Crypto Index Fund (BITW) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Not explicitly stated, but the fund's assets are primarily derived from investments in crypto assets. - **Profit Margins:** The fund reported a net decrease in net assets of $255,642,027 for Q1 2025, compared to a net increase of $421,884,128 in Q1 2024. This indicates a significant decline in profitability. - **Cash Flow:** The fund maintains a very small cash balance, with most assets invested in crypto assets to track the Bitwise 10 Large Cap Crypto Index. - **Earnings Changes:** The net realized gain from crypto assets was $8,866,176 in Q1 2025, down from $1,516,665 in Q1 2024. The net change in unrealized depreciation was $256,649,161 in Q1 2025, compared to a net change in unrealized appreciation of $426,245,688 in Q1 2024. **Quarterly Performance Discussion:** - **Management Fees:** Increased to $7,859,042 in Q1 2025 from $5,878,198 in Q1 2024 due to higher net asset value. - **Crypto Asset Valuation:** The fund's assets are valued using prices from reputable exchanges, with a focus on the highest volume exchange during the 60 minutes prior to 4:00 pm ET. - **Market Risks:** The fund faces significant market risks due to the volatility and regulatory uncertainties surrounding crypto assets. **Trends and Uncertainties:** - **Market Volatility:** The crypto market's extreme volatility significantly impacts the fund's performance. - **Regulatory Risks:** Future regulatory actions could adversely affect the value of the fund's investments. - **Technological Risks:** The fund must adapt to technological changes to secure and safeguard client accounts. **Future Operations Impact:** - **Investment Strategy:** The fund aims to track the Bitwise 10 Large Cap Crypto Index, with monthly rebalancing to stay current with changes. - **Shareholder Subscriptions:** The fund has closed the acceptance of all subscriptions, with no plans to reopen. - **Liquidity:** The fund maintains a very small cash balance, with most assets invested in crypto assets. **Ticker:** BITW **Full Name:** Bitwise 10 Crypto Index Fund **Note:** Amounts are usually in thousands, 000s.