What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 99 added, 79 removed, 409 unchanged (30% of the section changed)

3 unchanged sentences

(Amounts in thousands, except Share and per Share amounts)

March 31, 2026

June 30, 2026

December 31, 2025

Investments in Crypto Assets, at fair value (cost $ 192,273 and $ 235,588 as of March 31, 2026 and December 31, 2025, respectively)

Investments in Crypto Assets, at fair value (cost $ 169,101 and $ 235,588 as of June 30, 2026 and December 31, 2025, respectively)

Receivable for Crypto Assets sold

3 unchanged sentences

Total Liabilities

Shares issued and outstanding, no par value (unlimited shares

Shares issued and outstanding, no par value (unlimited shares authorized)

Principal Market NAV per Share

(1) See footnote 5 for more information.

The accompanying notes are an integral part of the Financial Statements.

Bitwise 10 Crypto Index ETF

Schedules of Investment

Schedules of Investment s

(Amounts in thousands, except Units of Crypto Assets and percentages)

March 31, 2026 (unaudited)

June 30, 2026 (unaudited)

Percentage of Shareholders' Equity

1 unchanged sentence

21,897,203.6376

Stellar Lumens

11,858,751.6205

13,149,177.6756

1,340,342.0017

Total investments in Crypto Assets, at fair value (cost $ 169,101 )

9 unchanged sentences

Less than 0.005 %

* Crypto Assets do not have a singular country or geographic region, therefore country information is omitted.

* Crypto Assets do not have a singular country or geographic region;

therefore country information is omitted.

The accompanying notes are an integral part of the Financial Statements.

2 unchanged sentences

(Amounts in thousands)

For the three months ended March 31,

2026 (unaudited)

2025 (unaudited)

For the three months ended June 30,

For the six months ended June 30,

Investment income

2 unchanged sentences

Net Investment loss

Net realized and change in unrealized gain (loss) on

Net realized and change in unrealized gain (loss) on investments

Net realized gain (loss) from investment in Crypto Assets

Net change in unrealized appreciation (depreciation)

from Crypto Assets

Net change in unrealized appreciation (depreciation) from Crypto Assets

Net realized and change in unrealized appreciation (depreciation) on investments

Net increase (decrease) in net assets resulting from

Net increase (decrease) in net assets resulting from operations

The accompanying notes are an integral part of the Financial Statements.

2 unchanged sentences

(Amounts in thousands, except Shares issued and redeemed)

For the three months ended March 31,

2026 (unaudited)

2025 (unaudited)

Increase in net assets from operations

For the three months ended June 30,

For the six months ended June 30,

Increase (decrease) in net assets from operations

Net investment loss

Net realized gain (loss) from investment in Crypto Assets

Net change in unrealized appreciation (depreciation) from Crypto Assets

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

Net increase (decrease) in net assets resulting from operations

Increase (decrease) in net assets from capital share

Increase (decrease) in net assets from capital share transactions

Creations for Shares issued

Redemptions for Shares redeemed

Net increase (decrease) in net assets resulting

from capital share transactions

Net increase (decrease) in net assets resulting from capital share transactions

Total increase (decrease) in net assets from operations and capital share transactions

9 unchanged sentences

(Amounts in thousands)

For the three months ended March 31,

2026 (unaudited)

2025 (unaudited)

For the six months ended June 30,

Cash flows from operating activities

18 unchanged sentences

N otes to Financial Statements

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Bitwise 10 Crypto Index ETF (the “Trust”) is a Delaware Statutory Trust that commenced operations on November 22, 2017.

3 unchanged sentences

Delaware Trust Company is the Trustee of the Trust.

On December 3, 2025, in conjunction with the Trust's conversion to an Exchange Traded Product (“ETP”), the Trust's name was changed from “Bitwise 10 Crypto Index Fund”.

On December 3, 2025, in conjunction with the Trust's conversion to an Exchange Traded Product (“ETP”), the Trust's name was changed from "Bitwise 10 Crypto Index Fund" to "Bitwise 10 Crypto Index ETF".

Concurrently, the Sponsor and the Trustee entered into a First Amended and Restated Trust Agreement which became effective when the common shares (“Shares”) of beneficial interest that it issues began trading on the NYSE Arca, Inc.

12 unchanged sentences

Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares.

The statements of assets and liabilities and schedule of investment as of March 31, 2026, and the statements of operations, cash flows, and changes in net assets for the three-month periods ended March 31, 2026 and 2025, have been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three-month periods ended March 31, 2026 and 2025, and for all interim periods presented have been made.

Effective June 1, 2026, the Trust, through the Sponsor, expanded its custody arrangements by entering into a new agreement with Anchorage Digital Bank N.A., which will custody the Trust's assets alongside Coinbase Custody Trust Company, LLC in a multi-custodian framework.

The framework is designed to enhance institutional security by allowing the Trust to distribute asset concentration risk across multiple custodial providers.

The statement of assets and liabilities and schedule of investment as of June 30, 2026, the statements of cash flows for the six-month periods ended June 30, 2026 and 2025, and the statements of operations and changes in net assets for the three- and six-month periods ended June 30, 2026 and 2025, have been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three- and six-month periods ended June 30, 2026 and 2025, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative of results for a full-year period.

17 unchanged sentences

Factors such as the recent stability of the exchange, current liquidity of the exchange, and recent price activity of an exchange will be considered in the determination of which exchanges to utilize.

The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Savings Time and 21:00 UTC during non-Daylight Savings Time.

The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Saving Time and 21:00 UTC during non-Daylight Saving Time.

The Sponsor’s Valuation Policy provides a listing of preferred exchanges.

10 unchanged sentences

Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received.

There were no Airdrops recognized or unrecognized during the three month period ended March 31, 2026 and the year ended December 31, 2025.

There were no Airdrops recognized or unrecognized during the six-month period ended June 30, 2026 and the year ended December 31, 2025.

Investment Valuation - Principal Market Net Asset Value (“NAV”)

7 unchanged sentences

accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on.

Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well-established and reputable crypto asset exchanges selected in their sole discretion.

Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well-established and reputable crypto asset exchanges selected in its sole discretion.

Second, Lukka, Inc.

sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Crypto Assets traded on each Digital Asset Market.

For the three months ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.

For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.

Third, Lukka, Inc.

6 unchanged sentences

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust's determination of its principal market.

The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the three-month period ended March 31, 2026.

The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the six-month period ended June 30, 2026.

Principal Market Price

1 unchanged sentence

Ethereum (ETH)

Hyperliquid (HYPE)

Stellar Lumens (XLM)

Cardano (ADA)

Avalanche (AVAX)

Chainlink (LINK)

Polkadot (DOT)

Litecoin (LTC)

8 unchanged sentences

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The cost basis of the investments in Crypto Assets recorded by the Trust for financial reporting purposes are the fair values of the Crypto Assets at the time of transfer.

The cost basis of the investments in Crypto Assets recorded by the Trust for financial reporting purposes is the fair value of the Crypto Assets at the time of transfer.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

The following summarizes the Trust’s assets accounted for at fair value at March 31, 2026:

The following summarizes the Trust’s assets accounted for at fair value at June 30, 2026 (amounts in thousands):

Investments in Crypto Assets, at fair value

The following summarizes the Trust’s assets accounted for at fair value at December 31, 2025:

The following summarizes the Trust’s assets accounted for at fair value at December 31, 2025 (amounts in thousands):

Investments in Crypto Assets, at fair value

During the periods ended March 31, 2026 and December 31, 2025, there were no significant transfers into or out of any levels of the fair value hierarchy.

The following represents the changes in quantity of Crypto Assets and the respective fair values for the three-month period ended March 31,2026:

During the periods ended June 30, 2026 and December 31, 2025, there were no significant transfers into or out of any levels of the fair value hierarchy.

The following represents the changes in quantity of Crypto Assets and the respective fair values for the six-month period ended June 30, 2026:

Bitcoin (BTC)

2 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

Ethereum (ETH)

Balance at January 1, 2026

( 11,163.5901

Net realized gain (loss) on investment

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

Balance at January 1, 2026

3 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

21,897,203.6376

3 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

Hyperliquid (HYPE)

Balance at January 1, 2026

( 10,564.6790

Net realized gain (loss) on investment

Net change in unrealized appreciation (depreciation) on investment

Balance at June 30, 2026

Stellar Lumens (XLM)

Balance at January 1, 2026

12,588,308.0031

( 729,556.3826

Net realized gain (loss) on investment

Net change in unrealized appreciation (depreciation) on investment

Balance at June 30, 2026

11,858,751.6205

Cardano (ADA)

4 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

13,149,177.6756

4 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Avalanche (AVAX)

Balance at June 30, 2026

Litecoin (LTC)

Balance at January 1, 2026

( 24,504.9982

Net realized gain (loss) on investment

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

Balance at January 1, 2026

3 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

1,340,342.0017

Litecoin (LTC)

Avalanche (AVAX)

Balance at January 1, 2026

( 190,139.0261

Net realized gain (loss) on investment

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

Balance at June 30, 2026

Polkadot (DOT)

3 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment

Balance at March 31, 2026

As of March 31, 2026 , Bitcoin represented 76.73 % of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 14.31 %, while the remaining 8.95 % of the Portfolio Crypto Assets were composed of XRP, Solana, Cardano, Chainlink, Litecoin, Avalanche, Sui, and Polkadot.

Balance at June 30, 2026

As of June 30, 2026 , Bitcoin represented 77.82 % of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 12.59 %, while the remaining 9.59 % of the Portfolio Crypto Assets were composed of XRP, Solana, Hyperliquid, XLM, Cardano, Chainlink, Litecoin, and Sui.

Additions during the year primarily represent Crypto Assets purchased due to creations into the Trust and in-kind creations.

1 unchanged sentence

In addition, Crypto Assets were sold to pay the Sponsor Fee of the Trust.

For the three months ended March 31, 2026, the Trust recognized net realized gains of $ 69,785,683 , which represents the net of cumulative realized gains of $ 74,973,367 and cumulative realized losses of $ 5,187,684 .

For the six months ended June 30, 2026, the Trust recognized net realized gains of $ 94,107,222 , which represent the net of cumulative realized gains of $ 111,389,482 and cumulative realized losses of $ 17,282,260 .

The following represents the changes in quantity of Crypto Assets and the respective fair values for the year ended December 31, 2025:

89 unchanged sentences

Instead, the Trust’s income and expenses “flow through” to the Shareholders, and the Administrator reports the Trust’s income, gains, losses, and deductions to the Internal Revenue Service on that basis.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust, and does not believe that there are any uncertain tax positions that require recognition of a tax liability as of March 31, 2026.

The Trust is required to determine whether its tax positions are more likely than not to be sustained on examination by the applicable taxing authority, based on the technical merits of the position.

Tax positions not deemed to meet a more likely than not threshold would be recorded as a tax expense in the current year.

As of March 31, 2026 and December 31, 2025, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded.

As of June 30, 2026 and December 31, 2025, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded.

The Trust does not expect that its assessment related to unrecognized tax benefits will materially change over the next 12 months .

5 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of March 31, 2026, all tax years since inception remain open for examination.

As of June 30, 2026, all tax years since inception remain open for examination.

There were no examinations in progress at period end.

9 unchanged sentences

The NAV of the Trust is reduced each day by the amount of the Management Fee calculated each day.

In exchange for the Management Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $ 500,000 per annum in ordinary legal fees and expenses.

In exchange for the Management Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Custodians, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $ 500,000 per annum in ordinary legal fees and expenses.

The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 500,000 per annum.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Crypto Asset network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of a digital-asset network, any Incidental Rights and any IR Asset, any indemnification of the Cash Custodian, Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters).

Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters).

As of June 30, 2026, the Sponsor owned no Shares of the Trust.

Creation and Redemption of Shares

20 unchanged sentences

Any of the Trust’s assets that reside on an exchange that closes may be lost.

At March 31, 2026 and December 31, 2025, Crypto Assets with a value of approximately $ 0 and $ 0 , respectively, resided on exchanges.

At March 31, 2026, the Trust had a $ 900,188 receivable from Crypto Assets sold and a payable of $ 389,279 from Crypto Assets purchased.

At December 31, 2025 the Trust had approximately $ 6,041 in cash in the Trust bank accounts.

At December 31, 2025, the Trust had an $ 18,910,054 receivable from Crypto Assets sold and a payable of $ 639,400 from Crypto Assets purchased.

At December 31, 2025 the Trust had approximately $ 14,700 in cash in the Trust bank accounts.

At June 30, 2026 and December 31, 2025, Crypto Assets with a value of approximately $ 0 and $ 0 , respectively, resided on exchanges.

Several factors may affect the price of Crypto Assets, including, but not limited to:

7 unchanged sentences

The effect of any future regulatory change on the Trust or Crypto Assets in general is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Trust’s investments in Crypto Assets.

Coinbase Custody Trust Company, LLC serves as the Trust’s custodian for Crypto Assets for which qualified custody is available.

The Custodian is subject to change in the sole discretion of the Sponsor.

Coinbase Custody Trust Company, LLC (“Coinbase Custody”) and Anchorage Digital Bank N.A.

(“Anchorage Custody”) serve as the Trust’s Custodians for Crypto Assets for which qualified custody is available.

The Custodians are subject to change in the sole discretion of the Sponsor.

Payable for Crypto Assets purchased represents the quantity of Crypto Assets purchased for the creation of Shares where the Crypto Assets have not yet settled.

June 30, 2026

December 31, 2025

(Amounts in thousands)

Payable for Crypto Assets purchased

Receivable for Crypto Assets sold represents the quantity of Crypto Assets sold for the redemption of Shares where the Crypto Assets have not yet been settled.

June 30, 2026

December 31, 2025

(Amounts in thousands)

Receivable for Crypto Assets sold

Crypto Assets represent a speculative investment and involve a high degree of risk.

Prices of Crypto Assets have fluctuated widely for a variety of reasons including uncertainties in government regulation and may continue to experience significant price fluctuations.

If Crypto Asset markets continue to be subject to sharp fluctuations, Shareholders may experience losses as the value of the Trust’s investments decline.

If Crypto Asset markets continue to be subject to sharp fluctuations, Shareholders may experience losses as the value of the Trust’s investments declines.

Even if Shareholders are able to hold their Shares in the Trust for the long-term, their Shares may never generate a profit, since Crypto Asset markets have historically experienced extended periods of flat or declining prices in addition to sharp fluctuations.

17 unchanged sentences

Effective transfers of and therefore realization of Crypto Assets are dependent on interactions from these Miners or forgers.

In the event that there was a shortage of Miners to perform this function, that shortage could have an adverse effect on either the fair value or realization of the Crypto Assets.

In the event that there were a shortage of Miners to perform this function, that shortage could have an adverse effect on either the fair value or realization of the Crypto Assets.

Financial Highlights

The following presents the financial highlights for the three months ended March 31, 2026 and 2025.

Three months ended

March 31, 2026

Three months ended

March 31, 2025

Per-Share Performance (for a Share outstanding throughout the periods presented)

For the three months ended June 30,

For the six months ended June 30,

Principal Market NAV per-share, beginning of period

9 unchanged sentences

An individual Shareholder’s return and ratios may vary based on the timing of capital transactions.

Ratios have been annualized for the periods ended March 31, 2026 and 2025;

Ratios have been annualized for the periods ended June 30, 2026 and 2025;

total returns and portfolio turnover have not been annualized.

Calculated using average Shares outstanding .

Because of the timing of subscriptions and redemptions in relation to fluctuating market values, the amount shown may not agree with the change in aggregate gains and losses .

Total return is calculated based on the change in Principal Market NAV during the reporting period.

1 unchanged sentence

Based on the average of month-end net assets.

(4) Annualized.

On December 3, 2025, as part of the conversion to an ETP product, the Sponsor reduced the management fee from 2.50 % per annum to 0.75 % per annum, which became effective upon the Trust's listing on the Exchange on December 9, 2025.

10 unchanged sentences

Subsequent Events

The Trust has evaluated subsequent events through May 6, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

The Trust has evaluated subsequent events through August 7, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements