Fri, Nov 8, 9:33 PM (94 days ago)
Bitwise Bitcoin ETF (BITB) reported its quarterly results for the period ending September 30, 2024, showing a net asset value (NAV) of approximately $2.5 billion, driven by significant bitcoin price appreciation. The Trust held 39,435.54 bitcoin valued at $2,502,767, reflecting a 5.82% increase in NAV during the quarter. The net increase in net assets from operations was $134,167, influenced by realized and unrealized gains totaling $135,282, despite a net investment loss of $1,115 due to sponsor fees. The Trust's cash flow was primarily from capital share transactions, with $609,099 from share creations and $490,528 from redemptions. The sponsor fee, which is 0.20% annually, was waived for the first $1 billion in assets until July 2024, after which it began accruing. Key risks include bitcoin's extreme price volatility, regulatory uncertainties, and operational dependencies on third-party service providers. The Trust is also pursuing an asset purchase agreement with Osprey Bitcoin Trust, expected to close in Q4 2024, which could further affect its asset base and market positioning.