Bitwise 10 Crypto | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD 10.14.

EBIT: As of FY2025 Q3, the actual value is USD -10.09 M.

Segment Revenue

• Investments in Crypto Assets: As of September 30, 2025, the fair value of investments in crypto assets was $1,634,076,084, compared to $1,368,514,435 as of December 31, 2024.

Operational Metrics

• Net Investment Gain (Loss): For the three months ended September 30, 2025, the Trust recorded a net investment loss of - $10,091,264, compared to - $5,869,015 for the same period in 2024.
• Net Realized Gain (Loss) from Crypto Assets: For the three months ended September 30, 2025, the Trust recorded a net realized gain of $8,589,966, compared to $2,628,714 for the same period in 2024.
• Net Change in Unrealized Appreciation (Depreciation) from Crypto Assets: For the three months ended September 30, 2025, the Trust recorded a net change in unrealized appreciation of $206,796,534, compared to a net change in unrealized depreciation of - $11,640,352 for the same period in 2024.

Cash Flow

• Management Fee: The Sponsor charges a management fee of 2.5% per annum of the net asset value of the Trust’s assets at the end of each month.

Unique Metrics

• Principal Market NAV per Share: As of September 30, 2025, the Principal Market NAV per share was $80.56, compared to $67.47 as of December 31, 2024.

Future Outlook and Strategy

• Core Business Focus: The Trust aims to invest in a portfolio of crypto assets that tracks the Bitwise 10 Large Cap Crypto Index as closely as possible, with a correlation of 99.99% between the Portfolio Crypto Assets and the assets included in the Index as of September 30, 2025.
• Non-Core Business: The Trust may pursue incidental opportunities such as Airdrops, Emissions, forks, or similar network events if deemed possible and prudent by the Sponsor.