Bitwise 10 Crypto Index ETF 10-Q

Item 1. Financial Statements (Unaudited). Bitwise 10 Crypto Index ETF S tatements of A ssets and L iabilities (Amounts in thousands, except Share and per Share amounts) Assets June 30, 2026 December 31, 2025 (unaudited) Investments in Crypto Assets, at fair value (cost $ 169,101 and $ 235,588 as of June 30, 2026 and December 31, 2025, respectively) $ 532,696 $ 1,029,868 Receivable for Crypto Assets sold 350 18,910 Cash 93 15 Total Assets 533,139 1,048,793 Liabilities Payable for redemptions — 17,068 Management fees payable 352 1,217 Payable for Crypto Assets purchased — 639 Total Liabilities 352 18,924 Net Assets $ 532,787 $ 1,029,869 Shares issued and outstanding, no par value (unlimited shares authorized) 14,141,947 17,451,947 Principal Market NAV per Share $ 37.67 $ 59.01 The accompanying notes are an integral part of the Financial Statements. 1 Bitwise 10 Crypto Index ETF Schedules of Investment s (Amounts in thousands, except Units of Crypto Assets and percentages) June 30, 2026 (unaudited) Units Cost Fair Value Percentage of Shareholders' Equity Investments in Crypto Assets, at fair value * Bitcoin 7,060.1670 $ 93,937 $ 414,549 77.81 % Ethereum 42,500.5291 19,600 67,088 12.59 XRP 21,897,203.6376 15,502 22,843 4.29 Solana 204,185.5559 6,388 15,032 2.82 Hyperliquid 78,926.5943 5,189 5,167 0.97 Stellar Lumens 11,858,751.6205 2,681 2,204 0.41 Cardano 13,149,177.6756 15,221 1,903 0.36 Chainlink 254,003.5223 2,044 1,829 0.34 Litecoin 27,488.6084 3,509 1,149 0.22 SUI 1,340,342.0017 5,030 932 0.17 Total investments in Crypto Assets, at fair value (cost $ 169,101 ) $ 532,696 99.98 Other assets in excess of liabilities 91 0.02 Net Assets $ 532,787 100.00 % December 31, 2025 Units Cost Fair Value Percentage of Shareholders' Equity Investments in Crypto Assets, at fair value * Bitcoin 8,836.1188 $ 133,153 $ 773,549 75.11 % Ethereum 53,393.7681 26,400 158,683 15.41 XRP 26,808,148.3800 18,989 48,981 4.76 Solana 248,993.3542 9,525 30,865 3.00 Cardano 16,225,913.9193 19,444 5,402 0.52 Chainlink 313,437.5474 2,539 3,837 0.37 Litecoin 33,920.6399 4,348 2,598 0.25 Avalanche 190,139.0261 4,064 2,345 0.23 SUI 1,653,967.2590 6,345 2,308 0.22 Polkadot 729,577.6306 10,781 1,300 0.13 Total investments in Crypto Assets, at fair value (cost $ 235,588 ) $ 1,029,868 100.00 Other assets in excess of liabilities 1 0.00 ^ Net Assets $ 1,029,869 100.00 % ^ Less than 0.005 % * 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 Bitwise 10 Crypto Index ETF Statements of Operations (Amounts in thousands) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Income Investment income $ — $ — $ — $ — Expenses Management fee 1,278 8,490 2,825 16,349 Total expenses 1,278 8,490 2,825 16,349 Net Investment loss ( 1,278 ) ( 8,490 ) ( 2,825 ) ( 16,349 ) Net realized and change in unrealized gain (loss) on investments Net realized gain (loss) from investment in Crypto Assets 24,322 4,099 94,107 12,965 Net change in unrealized appreciation (depreciation) from Crypto Assets ( 122,299 ) 319,683 ( 430,685 ) 63,034 Net realized and change in unrealized appreciation (depreciation) on investments ( 97,977 ) 323,782 ( 336,578 ) 75,999 Net increase (decrease) in net assets resulting from operations $ ( 99,255 ) $ 315,292 $ ( 339,403 ) $ 59,650 The accompanying notes are an integral part of the Financial Statements. 3 Bitwise 10 Crypto Index ETF Statements of Changes in Net Assets (Amounts in thousands, except Shares issued and redeemed) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Increase (decrease) in net assets from operations Net investment loss $ ( 1,278 ) $ ( 8,490 ) $ ( 2,825 ) $ ( 16,349 ) Net realized gain (loss) 24,322 4,099 94,107 12,965 Net change in unrealized appreciation (depreciation) ( 122,299 ) 319,683 ( 430,685 ) 63,034 Net increase (decrease) in net assets resulting from operations ( 99,255 ) 315,292 ( 339,403 ) 59,650 Increase (decrease) in net assets from capital share transactions Creations for Shares issued 3,507 — 3,507 — Redemptions for Shares redeemed ( 49,701 ) — ( 161,186 ) — Net increase (decrease) in net assets resulting from capital share transactions ( 46,194 ) — ( 157,679 ) — Total increase (decrease) in net assets from operations and capital share transactions ( 145,449 ) 315,292 ( 497,082 ) 59,650 Net Assets Beginning of Period 678,236 1,110,098 1,029,869 1,365,740 End of Period $ 532,787 $ 1,425,390 $ 532,787 $ 1,425,390 Shares issued and redeemed: Shares issued 90,000 — 90,000 — Shares redeemed ( 1,150,000 ) — ( 3,400,000 ) — Net increase (decrease) in Shares issued and outstanding ( 1,060,000 ) — ( 3,310,000 ) — The accompanying notes are an integral part of the Financial Statements. 4 Bitwise 10 Crypto Index ETF Statements of Cash Flows (Amounts in thousands) For the six months ended June 30, 2026 2025 (unaudited) (unaudited) Cash flows from operating activities Net increase (decrease) in net assets resulting from operations $ ( 339,403 ) $ 59,650 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Purchases of Crypto Assets ( 13,305 ) ( 23,063 ) Proceeds from Crypto Assets sold 191,820 39,211 Net realized (gain) loss from investment in Crypto Assets ( 94,107 ) ( 12,965 ) Net change in unrealized (appreciation) depreciation on investment in Crypto Assets 430,685 ( 63,034 ) Changes in operating assets and liabilities: Increase (decrease) in Management Fee payable ( 865 ) 124 Net cash provided by (used in) operating activities 174,825 ( 77 ) Cash flows from financing activities Creations for Shares issued 3,507 — Redemptions for Shares redeemed ( 178,254 ) — Net cash provided by (used in) financing activities ( 174,747 ) — Net increase (decrease) in cash 78 ( 77 ) Cash, beginning of period 15 77 Cash, end of period $ 93 $ — The accompanying notes are an integral part of the Financial Statements. 5 Bitwise 10 Crypto Ind ex ETF N otes to Financial Statements June 30, 2026 (Unaudited) 1. Organization Bitwise 10 Crypto Index ETF (the “Trust”) is a Delaware Statutory Trust that commenced operations on November 22, 2017. The Trust's name was changed from “Bitwise Hold 10 Private Index Fund, LLC” on September 24, 2018, and changed again from “Bitwise 10 Private Index Fund, LLC” on May 1, 2020, when it was also simultaneously converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. Bitwise Investment Advisers, LLC, is the sponsor (“Sponsor”) and investment adviser of the Trust. Bitwise Asset Management, Inc, an affiliate of the Sponsor, served as the Manager before the Trust's conversion to a Delaware Statutory Trust. 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" 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. (the “Exchange”), under the trading symbol “BITW” on December 9, 2025. The Trust’s principal investment objective is to invest in a Portfolio of broad-based Crypto Assets that tracks the Bitwise 10 Large Cap Crypto Index (the “Index”), which is administered by Bitwise Index Services, LLC (the “Index Provider”), an affiliate of the Sponsor. The Trust rebalances monthly alongside the Index to stay current with changes. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor develops a marketing plan for the Trust, prepares marketing materials regarding the Shares, and operates the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement. The Sponsor has agreed to pay all normal operating expenses of the Trust (except for litigation expenses and other extraordinary expenses) out of the Sponsor’s unitary management fee (the “Sponsor Fee”) and may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 500,000 per annum. The Sponsor also paid the costs of the Trust’s organization. The Trust purchases and sells Crypto Assets directly and it creates or redeems its Shares in cash-settled transactions in blocks of 10,000 Shares at the Trust’s net asset value (“NAV”) per Share and only in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an “Authorized Participant”). An Authorized Participant will deliver, or cause to be delivered, cash to the Trust when it purchases Shares from the Trust, and the Trust will deliver cash to an Authorized Participant, or its designee, when it redeems Shares with the Trust. Authorized Participants, and their customers, may then, in turn, offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. 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. 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. 6 2. Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC") Topic 946, Financial Services—Investment Companies. Use of Estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. Actual results could differ from those estimates. Cash Cash represents cash deposits held at financial institutions and Crypto Asset exchanges. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. Investments and Valuation The Trust’s investments in Crypto Assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “Calculation of NAV and NAV per Share” in the footnote below. Crypto Assets are generally valued using prices as reported on reputable and liquid exchanges and may utilize an average of bid and ask quotes using closing prices provided by such exchanges as of the date and time of determination ("Investment Valuation - Principal Market Net Asset Value (NAV)" below). 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 Saving Time and 21:00 UTC during non-Daylight Saving Time. The Sponsor’s Valuation Policy provides a listing of preferred exchanges. While some Crypto Assets are valued based on prices reported in the public markets, other Crypto Assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain Crypto Assets, and how to value such assets as to which limited prices or quotations are available, are based on the Sponsor’s recommendations or instructions. Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto Asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statement of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if, when received, the airdropped Crypto Assets have value. 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 six-month period ended June 30, 2026 and the year ended December 31, 2025. Investment Valuation - Principal Market Net Asset Value (“NAV”) To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's net asset value in accordance with U.S. GAAP ("Principal Market NAV" and "Principal Market NAV per Share"), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for Crypto Assets in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that Crypto Assets are sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. 7 In determining which of the eligible Digital Asset Markets is the Trust's principal market, the Trust reviews these criteria in the following order: First, the Trust reviews a list of Digital Asset Markets that are U.S. 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 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 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. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. EST for Crypto Assets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, Lukka, Inc. then selects a Digital Asset Market as its principal market based on the highest market-based volume level of activity and price stability in comparison to the other Digital Asset Markets on the list. As of December 31, 2025, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration. 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 six-month period ended June 30, 2026. Asset Principal Market Price Principal Market Bitcoin (BTC) $ 58,716.53 Coinbase Ethereum (ETH) $ 1,578.53 Crypto.com XRP (XRP) $ 1.04 Coinbase Solana (SOL) $ 73.62 Coinbase Hyperliquid (HYPE) $ 65.47 Coinbase Stellar Lumens (XLM) $ 0.19 Coinbase Cardano (ADA) $ 0.14 Coinbase Chainlink (LINK) $ 7.20 Coinbase Litecoin (LTC) $ 41.80 Coinbase Sui (SUI) $ 0.70 Coinbase Various inputs are used to determine the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. These inputs may include (a) quoted prices for similar assets in active markets, (b) quoted prices for identical or similar assets in markets that are not active, (c) inputs other than quoted prices that are observable for the asset, or (d) inputs derived principally from or corroborated by observable market data by correlation or other means. 8 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 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 June 30, 2026 (amounts in thousands): Level 1 Level 2 Level 3 Total Assets Investments in Crypto Assets, at fair value $ 532,696 $ — $ — $ 532,696 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2025 (amounts in thousands): Level 1 Level 2 Level 3 Total Assets Investments in Crypto Assets, at fair value $ 1,029,868 $ — $ — $ 1,029,868 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: 9 Bitcoin (BTC) Units Fair Value Balance at January 1, 2026 8,836.1188 $ 773,549 Purchases 44.9106 2,707 Sales ( 1,820.8624 ) ( 131,256 ) Net realized gain (loss) on investment — 89,333 Net change in unrealized appreciation (depreciation) on investment — ( 319,784 ) Balance at June 30, 2026 7,060.1670 $ 414,549 Ethereum (ETH) Units Fair Value Balance at January 1, 2026 53,393.7681 $ 158,683 Purchases 270.3511 438 Sales ( 11,163.5901 ) ( 24,270 ) Net realized gain (loss) on investment — 17,032 Net change in unrealized appreciation (depreciation) on investment — ( 84,795 ) Balance at June 30, 2026 42,500.5291 $ 67,088 XRP (XRP) Units Fair Value Balance at January 1, 2026 26,808,148.3800 $ 48,981 Purchases 324,630.1329 398 Sales ( 5,235,574.8753 ) ( 7,728 ) Net realized gain (loss) on investment — 3,843 Net change in unrealized appreciation (depreciation) on investment — ( 22,651 ) Balance at June 30, 2026 21,897,203.6376 $ 22,843 Solana (SOL) Units Fair Value Balance at January 1, 2026 248,993.3542 $ 30,865 Purchases 3,979.9398 354 Sales ( 48,787.7381 ) ( 4,412 ) Net realized gain (loss) on investment — 921 Net change in unrealized appreciation (depreciation) on investment — ( 12,696 ) Balance at June 30, 2026 204,185.5559 $ 15,032 Hyperliquid (HYPE) Units Fair Value Balance at January 1, 2026 — $ — Purchases 89,491.2733 5,884 Sales ( 10,564.6790 ) ( 678 ) Net realized gain (loss) on investment — ( 17 ) Net change in unrealized appreciation (depreciation) on investment — ( 22 ) Balance at June 30, 2026 78,926.5943 $ 5,167 Stellar Lumens (XLM) Units Fair Value Balance at January 1, 2026 — $ — Purchases 12,588,308.0031 2,847 Sales ( 729,556.3826 ) ( 151 ) Net realized gain (loss) on investment — ( 15 ) Net change in unrealized appreciation (depreciation) on investment — ( 477 ) Balance at June 30, 2026 11,858,751.6205 $ 2,204 Cardano (ADA) Units Fair Value Balance at January 1, 2026 16,225,913.9193 $ 5,402 10 Purchases 83,667.1776 12 Sales ( 3,160,403.4213 ) ( 857 ) Net realized gain (loss) on investment — ( 3,378 ) Net change in unrealized appreciation (depreciation) on investment — 724 Balance at June 30, 2026 13,149,177.6756 $ 1,903 Chainlink (LINK) Units Fair Value Balance at January 1, 2026 313,437.5474 $ 3,837 Purchases 1,615.7481 12 Sales ( 61,049.7732 ) ( 578 ) Net realized gain (loss) on investment — 71 Net change in unrealized appreciation (depreciation) on investment — ( 1,513 ) Balance at June 30, 2026 254,003.5223 $ 1,829 Litecoin (LTC) Units Fair Value Balance at January 1, 2026 33,920.6399 $ 2,598 Purchases 174.8584 8 Sales ( 6,606.8899 ) ( 367 ) Net realized gain (loss) on investment — ( 480 ) Net change in unrealized appreciation (depreciation) on investment — ( 610 ) Balance at June 30, 2026 27,488.6084 $ 1,149 Sui (SUI) Units Fair Value Balance at January 1, 2026 1,653,967.2590 $ 2,308 Purchases 8,526.0832 6 Sales ( 322,151.3405 ) ( 337 ) Net realized gain (loss) on investment — ( 984 ) Net change in unrealized appreciation (depreciation) on investment — ( 61 ) Balance at June 30, 2026 1,340,342.0017 $ 932 Avalanche (AVAX) Units Fair Value Balance at January 1, 2026 190,139.0261 $ 2,345 Purchases — — Sales ( 190,139.0261 ) ( 1,715 ) Net realized gain (loss) on investment — ( 2,349 ) Net change in unrealized appreciation (depreciation) on investment — 1,719 Balance at June 30, 2026 — $ — Polkadot (DOT) Units Fair Value Balance at January 1, 2026 729,577.6306 $ 1,300 Purchases — — Sales ( 729,577.6306 ) ( 911 ) Net realized gain (loss) on investment — ( 9,870 ) Net change in unrealized appreciation (depreciation) on investment — 9,481 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. 11 Additions during the year primarily represent Crypto Assets purchased due to creations into the Trust and in-kind creations. Dispositions during the year represent Crypto Assets sold as a result of shareholder redemptions from the Trust and in-kind redemptions. In addition, Crypto Assets were sold to pay the Sponsor Fee of the Trust. 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: 12 Bitcoin (BTC) Units Fair Value Balance at January 1, 2025 10,632.1413 $ 992,968 Purchases 3.5303 328 Sales ( 1,799.5528 ) ( 165,407 ) Net realized gain (loss) on investment — 119,592 Net change in unrealized appreciation (depreciation) on investment — ( 173,932 ) Balance at December 31, 2025 8,836.1188 $ 773,549 Ethereum (ETH) Units Fair Value Balance at January 1, 2025 65,011.3388 $ 217,164 Purchases 570.5775 1,469 Sales ( 12,188.1482 ) ( 36,229 ) Net realized gain (loss) on investment — 23,651 Net change in unrealized appreciation (depreciation) on investment — ( 47,372 ) Balance at December 31, 2025 53,393.7681 $ 158,683 XRP (XRP) Units Fair Value Balance at January 1, 2025 30,686,126.7901 $ 64,340 Purchases 1,439,571.8875 3,136 Sales ( 5,317,550.2976 ) ( 11,128 ) Net realized gain (loss) on investment — 4,962 Net change in unrealized appreciation (depreciation) on investment — ( 12,329 ) Balance at December 31, 2025 26,808,148.3800 $ 48,981 Solana (SOL) Units Fair Value Balance at January 1, 2025 256,477.2246 $ 49,677 Purchases 36,637.5790 5,491 Sales ( 44,121.4494 ) ( 6,154 ) Net realized gain (loss) on investment — ( 693 ) Net change in unrealized appreciation (depreciation) on investment — ( 17,456 ) Balance at December 31, 2025 248,993.3542 $ 30,865 Cardano (ADA) Units Fair Value Balance at January 1, 2025 19,192,702.8414 $ 16,262 Purchases 411,637.1580 242 Sales ( 3,378,426.0801 ) ( 1,558 ) Net realized gain (loss) on investment — ( 2,970 ) Net change in unrealized appreciation (depreciation) on investment — ( 6,574 ) Balance at December 31, 2025 16,225,913.9193 $ 5,402 Chainlink (LINK) Units Fair Value Balance at January 1, 2025 342,097.2780 $ 6,828 Purchases 30,202.6854 402 Sales ( 58,862.4160 ) ( 814 ) Net realized gain (loss) on investment — ( 33 ) Net change in unrealized appreciation (depreciation) on investment — ( 2,546 ) Balance at December 31, 2025 313,437.5474 $ 3,837 Avalanche (AVAX) Units Fair Value Balance at January 1, 2025 220,206.9730 $ 7,886 13 Purchases 4,421.5228 76 Sales ( 34,489.4697 ) ( 499 ) Net realized gain (loss) on investment — ( 561 ) Net change in unrealized appreciation (depreciation) on investment — ( 4,557 ) Balance at December 31, 2025 190,139.0261 $ 2,345 Sui (SUI) Units Fair Value Balance at January 1, 2025 — $ — Purchases 1,985,863.2240 7,705 Sales ( 331,895.9650 ) ( 601 ) Net realized gain (loss) on investment — ( 759 ) Net change in unrealized appreciation (depreciation) on investment — ( 4,037 ) Balance at December 31, 2025 1,653,967.2590 $ 2,308 Litecoin (LTC) Units Fair Value Balance at January 1, 2025 — $ — Purchases 40,872.6900 5,239 Sales ( 6,952.0501 ) ( 566 ) Net realized gain (loss) on investment — ( 325 ) Net change in unrealized appreciation (depreciation) on investment — ( 1,750 ) Balance at December 31, 2025 33,920.6399 $ 2,598 Polkadot (DOT) Units Fair Value Balance at January 1, 2025 816,152.3229 $ 5,434 Purchases 49,191.1633 110 Sales ( 135,765.8556 ) ( 323 ) Net realized gain (loss) on investment — ( 2,288 ) Net change in unrealized appreciation (depreciation) on investment — ( 1,633 ) Balance at December 31, 2025 729,577.6306 $ 1,300 Bitcoin Cash (BCH) Units Fair Value Balance at January 1, 2025 10,611.6785 $ 4,625 Purchases — — Sales ( 10,611.6785 ) ( 4,462 ) Net realized gain (loss) on investment — 9 Net change in unrealized appreciation (depreciation) on investment — ( 172 ) Balance at December 31, 2025 — $ — Uniswap (UNI) Units Fair Value Balance at January 1, 2025 — $ — Purchases 320,996.9789 4,351 Sales ( 320,996.9789 ) ( 3,751 ) Net realized gain (loss) on investment — ( 600 ) Net change in unrealized appreciation (depreciation) on investment — — Balance at December 31, 2025 — $ — NEAR Protocol (NEAR) Units Fair Value Balance at January 1, 2025 680,674.8151 $ 3,330 Purchases — — Sales ( 680,674.8151 ) ( 3,326 ) Net realized gain (loss) on investment — ( 1,425 ) 14 Net change in unrealized appreciation (depreciation) on investment — 1,421 Balance at December 31, 2025 — $ — As of December 31, 2025, Bitcoin represented 75.11 % of the total Portfolio Crypto Assets held by the Trust, and Ethereum represented 15.41 %, while the remaining 9.48 % of the Portfolio Crypto Assets were comprised of XRP, Solana, Cardano, Chainlink, Litecoin, Avalanche, Sui, and Polkadot. Calculation of NAV and NAV Per Share On each business day, as soon as practicable after 4:00 p.m. ET, the NAV of the Trust is obtained by subtracting all accrued fees and other liabilities of the Trust from the fair value of the Crypto Assets and other assets held by the Trust. The Bank of New York Mellon (the “Administrator”) computes the NAV Per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made. Income Taxes The Trust is classified as a partnership for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax. 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 June 30, 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 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 . However, the Trust’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions; compliance with U.S. federal, U.S. state, and tax laws of jurisdictions in which the Trust operates and changes in the administrative practices and precedents of the relevant authorities. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2026, all tax years since inception remain open for examination. There were no examinations in progress at period end. Organizational and Offering Costs The costs of the Trust’s organization and the initial offering of the Shares are borne directly by the Sponsor. The Trust is not obligated to reimburse the Sponsor. 3. Related Party Transactions The Trust pays a Management Fee of 0.75 % per annum of the net asset value of the Trust Estate, which includes all Crypto Assets owned by the Trust, including its investment portfolio, cash, and any contractual rights at the end of each month. Prior to the Trust's listing on the Exchange on December 9, 2025, the Trust paid the Sponsor a Management Fee of 2.5 % in arrears, in an amount equal to 2.5 % per annum (1/12th of 2.5% per month) of the net asset value of the Trust’s assets at the end of each month. The Management Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement. The Management Fee accrues daily, and is payable monthly in arrears. The amount of cash or Crypto Assets payable in respect of each daily accrual is determined by reference to the Trust’s valuation procedures. 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, 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, Custodians, Prime Execution Agent, Transfer Agent, 15 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. 4. Creation and Redemption of Shares When the Trust creates or redeems its Shares, it does so only in Baskets (blocks of 10,000 Shares) based on the quantity of Crypto Assets attributable to each Share of the Trust (net of accrued expenses and liabilities) multiplied by the number of Shares comprising a Basket ( 10,000 ). This is called the “Basket Amount.” The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as Custodian of the Trust’s cash and cash equivalents. The Trust only creates or redeems its Shares at NAV. Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the cash or Shares required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants must pay the Transfer Agent a nonrefundable fee for each order they place to create or redeem one or more Baskets. The transaction fee may be waived, reduced, increased or otherwise changed by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares. Each Authorized Participant is required to be registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime. 5. Risks and Uncertainties Crypto Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Crypto Asset exchanges have been closed due to fraud, failure, or security breaches. Any of the Trust’s assets that reside on an exchange that closes may be lost. 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: supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates, or future regulatory measures (if any) that restrict the trading of Crypto Assets or the use of Crypto Assets as a form of payment. There is no assurance that Crypto Assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of Crypto Asset payments by mainstream retail merchants and commercial businesses will continue to grow. As Crypto Assets have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the Crypto Assets industry. To the extent that future regulatory actions or policies limit the ability to exchange Crypto Assets or utilize them for payments, the demand for Crypto Assets will be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert Crypto Assets into fiat currency (e.g., U.S. dollars) or use Crypto Assets to pay for goods and services. Such regulatory actions or policies could result in a reduction of demand, and in turn, a decline in the underlying Crypto Asset unit prices. 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 (“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. 16 June 30, 2026 December 31, 2025 (Amounts in thousands) (unaudited) Payable for Crypto Assets purchased $ — $ 639 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) (unaudited) Receivable for Crypto Assets sold $ 350 $ 18,910 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 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. Some of the markets in which the Trust may execute its transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of “exchange-based” markets. This exposes the Trust to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Trust to suffer a loss. Such “counterparty risk” is accentuated for Crypto Assets where the Trust has concentrated its transactions with a single or small group of counterparties. The Trust is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Moreover, the Trust has no internal credit function that evaluates the creditworthiness of its counterparties. The ability of the Trust to transact business with any one or number of counterparties, the lack of any meaningful and independent evaluation of such counterparty's financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Trust. The Trust is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation (“FDIC”) or the Securities Investor Protection Corporation (“SIPC”). Accordingly, deposits or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The Trust’s Crypto Asset Custodians do, however, carry bespoke insurance policies related to the Crypto Assets over which they provide custody. The Trust must adapt to technological change in order to secure and safeguard client accounts. While management believes they have developed an appropriate proprietary security system reasonably designed to safeguard the Trust's Crypto Assets from theft, loss, destruction or other issues relating to hackers and technological attack, such assessment is based upon known technology and threats. To the extent that the Trust is unable to identify and mitigate or stop new security threats, the Trust's Crypto Assets may be subject to theft, loss, destruction or other attack, which could have a negative impact on the performance of the Trust or result in loss of the Trust's Crypto Assets. Since Crypto Assets are virtual and transactions in such Crypto Assets reside on distributed networks, governance of the underlying distributed network could be adversely altered should any individual or group obtain 51 % control of the distributed network. Such control could have a significant adverse effect on either the ownership or value of the Crypto Asset. As of the date of these financial statements, the transfer of digital currency assets from one party to another typically relies on an authentication process by an outside party known as a Miner. In exchange for compensation, the Miner will authenticate the transfer of the currency through the solving of a complex algorithm known as a proof of work, or will vouch for the transfer through other means, such as a proof of stake. Effective transfers of and therefore realization of Crypto Assets are dependent on interactions from these Miners or forgers. 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. 6. Financial Highlights Per-Share Performance (for a Share outstanding throughout the periods presented) 17 For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Principal Market NAV per-share, beginning of period $ 44.62 $ 54.84 $ 59.01 67.47 Net investment loss 1 ( 0.09 ) ( 0.42 ) ( 0.18 ) ( 0.81 ) Net realized and change in unrealized appreciation (depreciation) on investment in Crypto Assets ( 6.86 ) 16.00 ( 21.16 ) 2 3.76 Net change in net assets from operations ( 6.95 ) 15.58 ( 21.34 ) 2.95 Principal Market NAV per-share, end of period $ 37.67 $ 70.42 $ 37.67 $ 70.42 Total return, at net asset value 3 ( 15.58 ) % 28.41 % ( 36.16 ) % 4.37 % Ratios to average net assets 4,5,6 Expenses 0.75 % 2.51 % 0.75 % 2.51 % Net investment loss ( 0.75 ) % ( 2.51 ) % ( 0.75 ) % ( 2.51 ) % Total returns are calculated based on the change in value of a share during the period. The total return and the ratios to average net asset value are calculated for each class as a whole. An individual Shareholder’s return and ratios may vary based on the timing of capital transactions. Ratios have been annualized for the periods ended June 30, 2026 and 2025; total returns and portfolio turnover have not been annualized. 1. Calculated using average Shares outstanding . 2. 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 . 3. Total return is calculated based on the change in Principal Market NAV during the reporting period. An individual Shareholder’s total return and ratios may vary from the above total return and ratios based on the timing of share transactions from the Trust. 4. Based on the average of month-end net assets. 5. Annualized. 6. 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. 7. Segment Reporting An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“Topic 280”), as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selected members of the Executive Management Committee and other senior personnel of the Sponsor act as the Trust’s CODM. The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its Trust Agreement, based on a defined investment strategy which is executed by the Sponsor. The financial information in the form of the Trust’s assets, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment’s performance versus the Trust’s comparative benchmarks and to make resource allocation decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations. 8. Indemnifications In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote. 18 9. Subsequent Events 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. 19