What changed in this filing

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Item 9A. Controls and Procedures

2026-03-27 compared with 2025-03-27 · 298 added, 251 removed, 548 unchanged (50% of the section changed)

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Executive Officer and Principal Financial Officer of the Sponsor to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Principal Executive

Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls

and procedures, as defined under Exchange Act Rule 13a-15(e).

Based on this evaluation, the Principal Executive Officer and the Principal

Financial Officer of the Sponsor concluded that, as of December 31, 2024, the Trust’s disclosure controls and procedures were effective.

Under the supervision and with the participation of the Principal

Executive Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s

disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e) and 15d-15(e).

Based on this evaluation, the Principal Executive

Officer and the Principal Financial Officer of the Sponsor concluded that, as of December 31, 2025, the Trust’s disclosure

controls and procedures were effective.

Management’s Report on Internal Control over Financial Reporting;

Attestation Report of the Registered Public Accounting Firm

This annual report does not include a report of management’s

assessment regarding internal control over financial reporting or an attestation report of the company’s registered public accounting

firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

The Trust’s management is responsible for

establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the

Exchange Act.

The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding

the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect

misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation

of the Principal Executive Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the effectiveness

of the Trust’s internal control over financial reporting as of December 31, 2025, based on the framework in "Internal Control-Integrated

Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this evaluation,

the Principal Executive Officer and the Principal Financial Officer of the Sponsor concluded that, as of December 31, 2025, the Trust’s

disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

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OTHER INFORMATION

DISCLOSURE REGARDING FOREIGN JURISDICTIONS

THAT PREVENT INSPECTIONS

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT

Not applicable.

DIRECTORS, EXECUTIVE OFFICERS, AND

CORPORATE GOVERNANCE

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

The Trust does not have any directors, officers or employees.

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March 2021-Present

Global Chief Investment Officer for WisdomTree since 2021, Global Head of Research from 2018 to 2021 and Director of Research from 2008 to 2018.

Global Chief Investment Officer for WisdomTree since 2021;

Global Head of Research from 2018 to 2021.

David Castano (1971)

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Head of Fund Accounting & Administration, WisdomTree Asset Management, Inc.

Director of Fund Accounting & Administration, WisdomTree Asset Management, 2011 to 2020.

Ryan Louvar (1972)

Joanne Antico (1975)

Chief Legal Officer and Secretary

March 2021-Present

Chief Legal Officer and Head of Business and Legal Affairs, WisdomTree Digital+, since 2021;

General Counsel, WisdomTree Asset Management, Inc., 2013 to 2021.

+ WisdomTree Digital refers to the separate division within WisdomTree

and its affiliates commencing in 2021 and includes the separate advisory subsidiary, WisdomTree Digital Management, Inc.

commencing in

2022, money services subsidiary, WisdomTree Digital Movement, Inc., commencing in 2023, and limited purpose trust company subsidiary, WisdomTree Digital Trust Company, LLC., commencing in 2024.

The Sponsor has a code of conduct (the “Code of

Conduct”) that applies to those personnel of the Sponsor whose regular functions or duties involve making, participating in,

or obtaining information regarding the purchase or sale of bitcoin by the Trust, and requires pre-clearance of transactions in

bitcoin by such persons in excess of certain de minimis amounts.

The Code of Conduct is filed as Exhibit 14.1 to this Annual Report

on Form 10-K and is available free of charge upon written request sent to the Sponsor at 250 West 34th Street, 3rd Floor, New York,

The Trust has no employees, officers, or directors and is managed

by the Sponsor, which is a subsidiary of WisdomTree, Inc.

January 2026-Present

General Counsel at WisdomTree Asset Management since 2021;

Assistant General Counsel at WisdomTree Asset Management from 2016 to 2021.

The Sponsor has a code of conduct (the “Code of Conduct”)

that applies to those personnel of the Sponsor whose regular functions or duties involve making, participating in, or obtaining information

regarding the purchase or sale of bitcoin by the Trust, and requires pre-clearance of transactions in bitcoin by such persons in excess

of certain de minimis amounts.

The Code of Conduct is filed as Exhibit 14.1 to this Annual Report on Form 10-K and is available free of

charge upon written request sent to the Sponsor at 250 West 34th Street, 3rd Floor, New York, NY 10119.

The Trust has no employees, officers, or directors and is managed by

the Sponsor, which is a subsidiary of WisdomTree, Inc.

WisdomTree, Inc.

has adopted an Insider Trading policy, which applies to

all of its employees, its subsidiaries, and itself.

The Sponsor believes that its Insider Trading Policy is reasonably designed to

promote compliance with insider trading laws, rules and regulations with respect to the purchase, sale and/or other dispositions of

securities, including Shares of the Trust, as well as the applicable rules and regulations of the Exchange.

A copy of the Insider

Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

has adopted an Insider Trading policy, which applies to all of

its employees, its subsidiaries, and itself.

The Sponsor believes that its Insider Trading Policy is reasonably designed to promote compliance

with insider trading laws, rules and regulations with respect to the purchase, sale and/or other dispositions of securities, including

Shares of the Trust, as well as the applicable rules and regulations of the Exchange.

A copy of the Insider Trading Policy is filed as

Exhibit 19.1 to this Annual Report on Form 10-K.

EXECUTIVE COMPENSATION

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The Trust pays the Sponsor a Sponsor

Fee of 0.25%.

The Sponsor Fee is calculated on a daily basis (accrued at 1/365, or 1/366 in a leap year, of the applicable percentage

of the NAV on that day) and paid on a monthly basis.

The Sponsor previously waived the entire Sponsor Fee on the first $1 billion of Trust

assets for the 6-month period commencing on the day the Trust’s Shares were initially listed on the Exchange.

Effective July 11,

2024, this waiver expired, and the Sponsor is no longer waiving the Sponsor Fee.

The Sponsor may, in its sole discretion and from time

to time, waive all or a portion of the Sponsor Fee for stated periods of time.

For the fiscal period ended December 31, 2024, the Trust

incurred Sponsor Fees of $290,625 of which $211,415 had been paid at December 31, 2024.

Sponsor Fees of $79,210 were unpaid at December

31, 2024 and are reported as a liability on the Statement of Assets and Liabilities.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL

OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Fee of 0.25% per annum of the Trust’s average daily net assets.

The Sponsor Fee is calculated on a daily basis (accrued at 1/365,

or 1/366 in a leap year, of the applicable Sponsor Fee percentage multiplied by the Trust’s NAV) and paid on a monthly basis.

Sponsor previously waived the entire Sponsor Fee on the first $1 billion of Trust assets for the 6-month period commencing on the day

the Trust’s Shares were initially listed on the Exchange.

Effective July 11, 2024, this waiver expired, and the Sponsor is no longer

waiving the Sponsor Fee.

The Sponsor may, in its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for

stated periods of time.

For the fiscal year ended December 31, 2025, the Trust incurred a Sponsor Fee of $515,401 of which $485,363 had

been paid as of December 31, 2025.

For the month of December 2025, the Trust incurred a Sponsor Fee of $30,038, which was unpaid as of

December 31, 2025, and is reported as a liability on the Statement of Assets and Liabilities.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

Securities Authorized for Issuance under Equity Compensation Plans

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by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,

AND DIRECTOR INDEPENDENCE

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR

Shareholders are dependent on the good faith of the respective parties

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markets for their own accounts and for the accounts of their clients, and in doing so may take positions opposite to those held by the

Trust or ahead of may compete with the Trust for positions in the marketplace.

Such trading may create conflicts of interest on behalf

of one or more such persons in respect of their obligations to the Trust.

Further, such transactions may not serve to benefit the Shareholders

of the Trust and may have a positive or negative effect on the value of the bitcoin held by the Trust and, consequently, on the market

value of bitcoin.

There can be no assurance that any of the foregoing will not have an adverse effect on the performance of the Trust

or its Shares.

Trust or may compete with the Trust for positions in the marketplace.

Such trading may create conflicts of interest on behalf of one or

more such persons in respect of their obligations to the Trust.

Further, such transactions may not serve to benefit the Shareholders of

the Trust and may have a positive or negative effect on the value of the bitcoin held by the Trust and, consequently, on the market value

There can be no assurance that any of the foregoing will not have an adverse effect on the performance of the Trust or its

Records of proprietary trading and trading on behalf of other clients are not available for inspection by Shareholders.

Internal written trading policies are also not available for inspection by Shareholders.

written trading policies are also not available for inspection by Shareholders.

Because the Sponsor and its respective directors, officers, employees

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The table below summarizes the fees for services performed by Ernst

and Young LLP for the year ended December 31, 2024.

and Young LLP for the years ended December 31, 2025 and December 31, 2024.

Audit-related fees

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Exhibit Description

Amended and Restated Trust Agreement, dated as of December 28, 2023

Second Amended and Restated Trust Agreement, dated as of January 6, 2024

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Marketing Agent Agreement , dated as of December 29, 2023

Custodian Agreement (Cash and Cash Equivalents) , dated as of December 21, 2023

Trust Administration Agreement (including Accounting) , dated as of December 21, 2023

Transfer Agency Agreement , dated as of December 21, 2023

Custody Agreement (Cash and Cash Equivalents), dated as of November 15, 2024

Trust Administration Agreement (including Accounting), dated as of November 15, 2024

Transfer Agency Agreement, dated as of November 15, 2024

Form of Authorized Participant Agreement

1 unchanged sentence

Insider Trading Policies and Procedures

Consent of Independent Registered Public Accounting Firm

Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Financial Statements

Report of Independent Registered Public Accounting Firm

Statement of Assets and Liabilities for December 31, 2024 and December 31, 2023

Schedule of Investment as of December 31, 2024

Statement of Operations for the Year Ended December 31, 2024

Statement of Changes in Net Assets for the Year Ended December 31, 2024 and for the Fiscal Period December 22, 2023 through December 31, 2023

Statement of Cash Flows for the Year Ended December 31, 2024 and the fiscal period December 22, 2023 through December 31, 2023

Report of Independent Registered Public Accounting Firm (PCAOB 42 )

Statements of Assets and Liabilities for December 31, 2025 and December 31, 2024

Schedules of Investment as of December 31, 2025 and December 31, 2024

Statements of Operations for the Years Ended December 31, 2025 and December 31, 2024

Statements of Changes in Net Assets for the Years Ended December 31, 2025 and December 31, 2024

Statements of Cash Flows for the Years Ended December 31, 2025 and December 31, 2024

Notes to Financial Statements

Ernst & Young

One Manhattan West

New York City,

Report of Independent Registered

Public Accounting Firm

To the Shareholders and the

Trustee of WisdomTree Bitcoin Fund

Opinion on the Financial

We have audited the accompanying

statement of assets and liabilities of WisdomTree Bitcoin Fund (the “Trust”) as of December 31, 2024 and 2023, and the schedule

of investment as of December 31, 2024, the related statement of operations for the year ended December 31, 2024, and the related statements

of changes in net assets and cash flows for the period from December 22, 2023 (date of seeding) through December 31, 2023, and for the

year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion,

the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023,

the results of its operations for the year ended December 31, 2024, and the changes in its net assets and its cash flows for the period

from December 22, 2023 (date of seeding) through December 31, 2023, and for the year ended December 31, 2024, in conformity with U.S.

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Trustee of WisdomTree Bitcoin Fund

Opinion on the Financial Statement

We have audited the accompanying statement of

assets and liabilities of WisdomTree Bitcoin Fund (the “Trust”) as of December 31, 2025 and 2024, and the schedules of investment

as of December 31, 2025 and 2024, the related statement of operations, changes in net assets, and cash flows for each of the two years

in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31,

2025 and 2024, the results of its operations, and the changes in its net assets and its cash flows for each of the two years in the period

ended December 31, 2025, in conformity with U.S.

generally accepted accounting principles.

Basis for Opinion

These financial statements

are the responsibility of the Trust's management.

Our responsibility is to express an opinion on the Trust’s financial statements

based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)

and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules

and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in

accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to

have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting.

As part of our audits,

we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion

on the effectiveness of the Trust’s internal control over financial reporting.

These financial statements are the responsibility

of the Trust's management.

Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required

to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to

perform, an audit of the Trust’s internal control over financial reporting.

As part of our audits, we are required to obtain an

understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the

Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing

procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures

that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Ernst & Young LLP

We have served as the auditor

of one or more WisdomTree investment companies since 2006.

Ernst & Young LLP

New York, New York

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$ 106,564,016

$ 233,035,069

Investment in bitcoin, at fair value (Note 2)

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$ 139,686,992

$ 360,517,232

Net Assets consist of:

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$ 232,041,248

Total distributable earnings (loss)

Total earnings (loss)

$ 139,686,992

$ 360,517,232

Outstanding beneficial interest shares of $ 0.0001 par value (unlimited number of shares authorized)

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WisdomTree Bitcoin Fund

Schedule of Investment

Schedules of Investment

December 31, 2025

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$ 139,686,992

Non-income producing.

(a) Non-income producing.

FAIR VALUATION SUMMARY

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$ 139,717,030

See accompanying Notes to Financial Statements which are an integral

part of the financial statements.

WisdomTree Bitcoin Fund

Schedules of Investment

December 31, 2024

As of December 31, 2023 the WisdomTree Bitcoin Fund did not hold any investments in bitcoin.

See accompanying Notes to Financial Statements

which are an integral part of the financial statements.

DIGITAL ASSETS – 100.0 %

$ 360,596,442

TOTAL INVESTMENT IN BITCOIN

$ 233,035,069 )

Liabilities in excess of Other Assets – ( 0.0 )%

NET ASSETS – 100.0 %

$ 360,517,232

(a) Non-income producing.

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the

inputs used in valuing the Trust’s investments (See Note 2 – Investment Valuation):

Investment in bitcoin

Digital Assets

$ 360,596,442

Total Investment in bitcoin

$ 360,596,442

See accompanying Notes to Financial Statements which are an integral

part of the financial statements.

WisdomTree Bitcoin Fund

Statement of Operations †

Statements of Operations

For the year ended

December 31, 2025

For the year ended

INVESTMENT INCOME:

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Net realized gain from investment in bitcoin sold for redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

Net realized and unrealized gain on investment in bitcoin

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

Net increase (decrease) in unrealized appreciation (depreciation) on investment in bitcoin

( 94,408,359 )

No comparative Statement of Operations is shown as of December of the prior year since the WisdomTree Bitcoin Fund commenced investment operations on January 11, 2024.

Net realized and unrealized gain (loss) on investment in bitcoin

( 36,154,047 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 36,669,448 )

$ 128,475,984

* Commencement of operations date January 11, 2024.

The commencement of operations date is considered to be the date WisdomTree Bitcoin

Fund began trading in the secondary market.

See accompanying Notes to Financial Statements

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December 31, 2025

For the Fiscal Period

December 22, 2023

through December 31,

For the year ended

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

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$ ( 515,401 )

Net realized gain on investment in bitcoin sold to pay Sponsor fee

Net realized gain on investment in bitcoin sold for net redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

Total increase in net assets resulting from operations

$ ( 290,625 )

Net realized gain from investment in bitcoin sold to pay Sponsor Fee

Net realized gain from investment in bitcoin sold for redemption of Shares

Net increase (decrease) in unrealized appreciation on investment in bitcoin

( 94,408,359 )

Total increase (decrease) in net assets resulting from operations

( 36,669,448 )

CAPITAL SHARE TRANSACTIONS:

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( 226,413,871 )

Net increase in net assets resulting from capital share transactions

Net Increase in Net Assets

( 13,573,826 )

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

( 184,160,792 )

Net Increase (Decrease) in Net Assets

( 220,830,240 )

Beginning of period

$ 360,517,232

End of period

$ 139,686,992

$ 360,517,232

SHARES CREATED AND REDEEMED

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Shares redeemed

( 2,515,000 )

Shares outstanding, end of period

* Commencement of operations date January 11, 2024.

The commencement of operations date is considered to be the date WisdomTree Bitcoin

Fund began trading in the secondary market.

See accompanying Notes to Financial Statements

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December 31, 2025

For the Fiscal Period

For the year ended

December 31, 2024 *

through December 31,

Cash Flows from Operating Activities:

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 36,669,448 )

ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH (USED FOR) OPERATING ACTIVITIES:

$ 128,475,984

ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES:

Purchases of bitcoin

( 42,253,604 )

Proceeds from bitcoin sold for net redemption of Shares

Proceeds from bitcoin sold to pay Sponsor fee

( 241,768,512 )

Proceeds from sales of bitcoin sold for net redemption of Shares

Proceeds from sales of bitcoin sold to pay Sponsor Fee

Net realized gain on investment in bitcoin

( 58,254,312 )

( 1,205,236 )

Net change in unrealized appreciation from investment in bitcoin

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Changes in assets and liabilities:

Increase in Sponsor fee payable, net

Net cash used for operating activities

Increase (decrease) in Sponsor Fee payable, net

Net cash provided by (used for) operating activities

( 232,041,248 )

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( 226,413,871 )

Net cash provided by financing activities

( 13,573,826 )

Net cash provided by (used for) financing activities

( 184,160,792 )

Net increase (decrease) in cash

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Cash at end of period

* Commencement of operations date January 11, 2024.

The commencement of operations date is considered to be the date WisdomTree Bitcoin

Fund began trading in the secondary market.

See accompanying Notes to Financial Statements

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the DSTA that the Trust have at least one Trustee with a principal place of business in the State of Delaware.

Prior to December 31, 2023, the Trust had no

operations other than matters relating to its organization and registration under Securities Act of 1933, as amended (the

WisdomTree, Inc., the parent of the Sponsor, purchased (i) $50,000 in Shares at a price per Share of $50 on

December 22, 2023, and (ii) $2,450,000 in Shares at a price per Share of $50 on January 8, 2024, for a total of $2,500,000.

December 16, 2024, WisdomTree, Inc.

sold 50,000 shares of the Trust for proceeds $5,637,003.

As of December 31, 2024, WisdomTree

did not own any outstanding Shares of the Trust.

On January 10, 2024, the Trust’s registration statement relating to the

continuous public offering of its Shares was declared effective by the U.S.

Securities and Exchange Commission (the

“SEC”) and the Trust commenced trading on the Exchange on January 11, 2024.

On November 25, 2024, the Trust transitioned its

administration, accounting, transfer agency, and cash custody service provider relationship from State Street Bank and Trust Company to

The Bank of New York Mellon ("BNY").

BNY serves as cash custodian, administrator, fund accountant, and transfer agent for the

Trust (the “Trust Administrator” or the “Cash Custodian”).

Prior to December 31, 2023, the Trust had no operations

other than matters relating to its organization and registration under Securities Act of 1933, as amended (the “1933 Act”).

WisdomTree, Inc., the parent of the Sponsor, purchased (i) $50,000 in Shares at a price per Share of $50 on December 22, 2023, and (ii)

$2,450,000 in Shares at a price per Share of $50 on January 8, 2024, for a total of $2,500,000.

On December 16, 2024, WisdomTree, Inc.

sold 50,000 shares of the Trust for proceeds $5,637,003 and did not own any shares of the Trust as of that date.

On January 10, 2024,

the Trust’s registration statement relating to the continuous public offering of its Shares was declared effective by the U.S.

and Exchange Commission (the “SEC”) and the Trust commenced trading on the Exchange on January 11, 2024.

Coinbase Custody Trust Company LLC (the “Bitcoin

Custodian”) is the custodian of the Trust with respect to the Trust’s bitcoin holdings, and The Bank of New York Mellon ("BNY")

serves as cash custodian, administrator, fund accountant, and transfer agent for the Trust (the "Trust Administrator" or the

"Cash Custodian").

In the ordinary course of operation, the Trust

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Topic 946, Financial Services-Investment Companies .

Rules and interpretive releases of the SEC under authority of federal laws are also

sources of authoritative GAAP for SEC registrants.

Rules and interpretive releases of the SEC under authority of federal laws

are also sources of authoritative GAAP for SEC registrants.

Cash & Cash Equivalents –

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and Disclosures (“ASC 820”).

Fair value is defined as the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the measurement date.

A fair value measurement assumes that

the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or,

in the absence of a principal market, in the most advantageous market for the asset or liability.

ASC 820 defines “principal market”

as the market with the greatest volume and level of activity for the asset or liability.

The determination of the principal market (and,

as a result, the market participants in the principal market) is made from the perspective of the reporting entity.

ASC 820 defines “most

advantageous market” as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that

would be paid to transfer the liability, after taking into account transaction costs and transportation costs.

Based on the foregoing,

the Trust has determined its principal market for GAAP reporting for its bitcoin investment to be the bitcoin platform operated by Coinbase,

and utilizes an exchange-traded price from that principal market as of 11:59:59 p.m.

Eastern Standard Time on the financial statement

measurement date.

Fair value is defined as the price that would be received to sell an asset or paid to transfer

a liability in an orderly transaction between market participants at the measurement date.

A fair value measurement assumes that the transaction

to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of

a principal market, in the most advantageous market for the asset or liability.

ASC 820 defines “principal market” as the

market with the greatest volume and level of activity for the asset or liability.

The determination of the principal market (and, as a

result, the market participants in the principal market) is made from the perspective of the reporting entity and the reporting entity

must have access to the principal (or most advantageous) market at the measurement date.

ASC 820 defines “most advantageous market”

as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer

the liability, after taking into account transaction costs and transportation costs.

Based on the foregoing, the Trust has determined

its principal market for GAAP reporting for its bitcoin investment to be the bitcoin platform operated by Coinbase, Inc.

an exchange-traded price from that principal market as of 11:59 p.m.

Eastern Standard Time on the financial statement measurement date.

ASC 820 has established a three-tier hierarchy

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inputs used in valuing the Trust’s assets as of the measurement date is included in a “Fair Valuation Summary” supplementary

table in the Schedule of Investment.

For the year ended December 31, 2024, there were

no transfers into or out of Level 3 of the fair value hierarchy.

table in the Schedules of Investment.

For the years ended December 31, 2025 and 2024,

there were no transfers into or out of Level 3 of the fair value hierarchy.

Income Taxes – The Trust is

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by the relevant income taxing authority.

As of December 31, 2024, the 2023 and 2024 tax years remain open for examination.

no examinations in progress at period end.

All tax years since inception remain open for examination.

There were no examinations in progress

at period end.

EXPENSES, ORGANIZATION AND OFFERING COSTS

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cap on the amount of these Sponsor paid expenses.

For the year ended December 31, 2025 and the period from January 11, 2024 (commencement

of operations) through December 31, 2024, the Trust accrued a Sponsor Fee of $ 515,401 and $ 366,373 , respectively.

For the period that commenced on January 11, 2024

through July 11, 2024, the Sponsor waived the Sponsor Fee for the first $1.0 billion of the Trust’s assets.

close of business on July 11, 2024, the waiver expired and was not renewed.

For the year ended December 31, 2024, the Sponsor waived $ 75,748

After the close of business

on July 11, 2024, the waiver expired and was not renewed.

For the year ended December 31, 2024, the Sponsor Fee amount waived totaled

The Trust may incur certain non-recurring expenses

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pays the Sponsor Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins.

COMMITMENTS AND CONTINGENCIES

C OMMITMENTS AND CONTINGENCIES

In the normal course of business, the Trust may

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However, the Trust has not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.

RELATED PARTIES

As of December 31, 2023, WisdomTree, Inc.

owned 1,000 shares

or 100 % of the outstanding Shares of the Trust.

As of December 31, 2024, WisdomTree, Inc.

did no t hold any shares of the Trust.

INDEMNIFICATION

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Also, on the date of the Redemption Order Early Cutoff, the Trust instructs the

Bitcoin Custodian to prepare to move the associated bitcoin from the Trust’s Vault Balance with the Bitcoin Custodian to the Trust’s

Trading Balance with the Prime Execution Agent.

For settlement of a redemption, the Authorized Participant delivers the necessary Shares

to the Trust, a bitcoin trading counterparty or the Prime Execution Agent, as applicable, delivers the cash to the Trust associated with

the Trust’s sale of bitcoin, the Trustee delivers bitcoin to the bitcoin trading counterparty’s account at the Prime Execution

Agent or directly to the Prime Execution Agent, as applicable, and the Trust delivers cash to the Authorized Participant.

the Trust has not been able to successfully execute and complete settlement of a bitcoin transaction by the settlement date, the Authorized

Participant will be given the option to (1) cancel the redemption order, or (2) accept that the Trust will continue to attempt to complete

the execution, which will delay the settlement date.

With respect to a redemption order, between the Trust and the Authorized Participant,

the Authorized Participant will be responsible for the dollar cost of the difference between the bitcoin price utilized in calculating

the NAV on the trade date and the price realized in selling the bitcoin to raise the cash needed for the cash redemption order to the

extent the price realized in selling the bitcoin is lower than the bitcoin price utilized in the NAV.

To the extent the price realized

is selling the bitcoin is higher than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of

any such difference.

Bitcoin Custodian to prepare to move the associated bitcoin from the Trust's Vault Balance with the Bitcoin Custodian to the Trust's Trading

Balance with the Prime Execution Agent.

For settlement of a redemption, the Authorized Participant delivers the necessary Shares to the

Trust, a bitcoin trading counterparty or the Prime Execution Agent, as applicable, delivers the cash to the Trust associated with the

Trust's sale of bitcoin, the Bitcoin Custodian delivers bitcoin to the bitcoin trading counterparty's account at the Prime Execution Agent

or directly to the Prime Execution Agent, as applicable, and the Trust delivers cash to the Authorized Participant.

In the event the Trust

has not been able to successfully execute and complete settlement of a bitcoin transaction by the settlement date, the Authorized Participant

will be given the option to (1) cancel the redemption order, or (2) accept that the Trust will continue to attempt to complete the execution,

which will delay the settlement date.

With respect to a redemption order, between the Trust and the Authorized Participant, the Authorized

Participant will be responsible for the dollar cost of the difference between the bitcoin price utilized in calculating the NAV on the

trade date and the price realized in selling the bitcoin to raise the cash needed for the cash redemption order to the extent the price

realized in selling the bitcoin is lower than the bitcoin price utilized in the NAV.

To the extent the price realized is selling the bitcoin

is higher than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference.

NAV per Share for purposes of facilitating creations

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The Trust adopted FASB Accounting Standards Update

2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

The Trust operates

in one segment.

The segment derives its revenues from Trust investments made in accordance with the defined investment strategy

of the Trust, as prescribed in the Trust’s prospectus.

(“ASU”) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07").

The Trust operates in one segment.

The segment derives its revenues from Trust investments made in accordance with the defined investment

strategy of the Trust, as prescribed in the Trust's prospectus.

The accounting policies are the same as those described in Note 2 -summary

of significant accounting policies.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer of the

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer of the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information the CODM leverages to assess the segment's

performance and to make decisions for the Trust's single segment, is consistent with that presented within the Trust's financial statements.

The financial information the CODM leverages to assess the segment's performance

and to make decisions for the Trust's single segment, is consistent with that presented within the Trust's financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards

Update (“ASU”) No.

In December 2023, the FASB issued ASU 2023-08,

Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure

of Crypto Assets” (“ASU 2023-08”).

ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair

value, and changes in fair value must be recorded in net income in each reporting period.

In addition, entities are required to provide

additional disclosures about the holdings of certain crypto assets.

ASU 2023-08 is effective for annual and interim reporting periods

beginning after December 15, 2024.

Early adoption is permitted for both interim and annual financial statements that have not yet been

issued or made available for issuance.

The Trust is currently evaluating the impact the adoption of this new accounting standard update

will have on its financial statements and related disclosures but does not expect it will have a material impact on the Trust’s

financial statements as the requirements of ASU 2023-08 generally align with the accounting requirements under ASC Topic 946.

Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”).

ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair value, and changes in fair value must be recorded

in net income in each reporting period.

In addition, entities are required to provide additional disclosures about the holdings of certain

crypto assets.

ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024.

Early adoption is

permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.

Entities following

ASC Topic 946, Financial Services-Investment Companies should continue to present amounts related to crypto assets in their financial

statements in accordance with that industry-specific guidance.

Management has evaluated ASU 2023-08 and determined that it does not have

an impact on the Trust’s financial statements and related disclosures as the Trust presents its bitcoin investment in its financial

statements in accordance with ASC Topic 946.

In December 2023, the FASB issued ASU 2023-09, Income

Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”) which enhance income tax disclosures,

including amendments that require greater disaggregation of disclosures related to income taxes paid by jurisdiction.

ASU 2023-09 is effective

for annual periods beginning after December 15, 2024, with early adoption permitted.

Management has evaluated ASU 2023-09 and determined

that it does not have an impact on the Trust’s financial Statements and related disclosures as the Trust is classified as a grantor

trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.

FINANCIAL HIGHLIGHTS

The Trust is presenting the following NAV and financial highlights

related to investment performance for a Share outstanding for the years ended December 31, 2025 and 2024.

An individual investor’s

return and ratios may vary based on the timing of capital transactions.

Selected data for a share of beneficial interest

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December 31, 2025

For the Year Ended

December 31, 2024

Net asset value, beginning of period

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Net investment loss

Net realized and unrealized gain

Net realized and unrealized gain (loss)

Total from investment operations

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Net investment loss

1 No comparative Financial Highlights information is shown as of December of the prior year since the WisdomTree Bitcoin Fund commenced

investment operations on January 11, 2024.

1 Total return calculated for a period of less than one year is not annualized.

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Schedule of quarterly statement of operations

For the period

2024 * through

Three months ended

For the period

2024 * through

June 30, 2024

Three months ended (unaudited)

September 30,

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Total expenses

Expense waiver (Note 3)

Net investment loss

NET REALIZED AND UNREALIZED GAIN ON INVESTMENT:

Net realized gain on investment in bitcoin sold to pay Sponsor fee

Net realized gain on investment in bitcoin sold for net redemption of Shares

Net increase in unrealized appreciation on investment in bitcoin

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT:

Net realized gain from investment in bitcoin sold to pay Sponsor Fee

Net realized gain from investment in bitcoin sold for net redemption of Shares

Net increase (decrease) in unrealized appreciation on investment in bitcoin

( 90,966,656 )

( 45,959,789 )

( 94,408,359 )

Net realized and unrealized gain (loss) on investment in bitcoin

( 40,123,061 )

( 44,108,482 )

( 36,154,047 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

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$ ( 36,669,448 )

Commencement of operations date January 11, 2024.

The commencement of operations date is considered to be the date the WisdomTree Bitcoin Fund began trading in the secondary market.

SUBSEQUENT EVENTS

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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-K

Item 9A. Controls and Procedures