What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-12 compared with 2026-05-08 · 66 added, 60 removed, 242 unchanged (34% of the section changed)

1 unchanged sentence

Bitwise Chainlink ETF

Statement of Assets and Liabilities

March 31, 2026

Statements of Assets and Liabilities

June 30, 2026

December 31, 2025*

Investment in Chainlink, at fair value (cost $ 18,323,320 )

Receivable for In-Kind Creations

Investment in Chainlink, at fair value (cost $ 27,304,757 as of June 30, 2026)

Sponsor Fee payable

8 unchanged sentences

Schedule of Investment

March 31, 2026* (unaudited)

June 30, 2026* (unaudited)

Percentage of

Investment in Chainlink^

1 unchanged sentence

Total investment

Assets in excess of liabilities

Liabilities in excess of other assets

* No comparative period information yet available as the Trust commenced operations on January 13, 2026.

2 unchanged sentences

Bitwise Chainlink ETF

Statement of Operations

For the period January 13, 2026 (commencement of operations) through March 31, 2026*

Statements of Operations

For the three months ended June 30, 2026*

For the period January 13, 2026 (commencement of operations) through June 30, 2026*

Investment income

1 unchanged sentence

Total expenses

waivers and reimbursement

waivers and reimbursements

Net investment loss

Net realized and unrealized gain (loss)

Net realized gain (loss) on investment in Chainlink sold to pay Sponsor Fee

Net realized gain (loss) on investment in Chainlink sold for redemptions

Net change in unrealized appreciation (depreciation) on investment in Chainlink

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

Net realized gain (loss) from investment in Chainlink sold to pay Sponsor Fee

Net change in unrealized appreciation (depreciation) from investment in Chainlink

Net realized and unrealized gain (loss)

3 unchanged sentences

Bitwise Chainlink ETF

Statement of Changes in Net Assets

For the period January 13, 2026 (commencement of operations) through March 31, 2026*

Statements of Changes in Net Assets

For the three months ended June 30, 2026*

For the period January 13, 2026 (commencement of operations) through June 30, 2026*

Increase (decrease) in net assets resulting from operations

Net investment gain (loss)

Net realized gain (loss) on investment in Chainlink sold to pay Sponsor Fee

Net realized gain (loss) on investment in Chainlink sold for redemptions

Net investment loss

Net realized gain (loss)

Net change in unrealized appreciation (depreciation) on investment in Chainlink

17 unchanged sentences

Statement of Cash Flows

For the period January 13, 2026 (commencement of operations) through March 31, 2026*

For the period January 13, 2026 (commencement of operations) through June 30, 2026*

Cash flows from operating activities

3 unchanged sentences

Proceeds from Chainlink sold

Transfer of Chainlink to pay Sponsor Fee

Net realized (gain) loss from investment in Chainlink sold to pay Sponsor Fee

Net realized (gain) loss from investment in Chainlink sold for redemptions

Net change in unrealized (appreciation) depreciation on investment in Chainlink

Net change in unrealized (appreciation) depreciation from investment in Chainlink

Increase (decrease) in Sponsor Fee payable

Net cash provided by (used in) operating activities

8 unchanged sentences

In-Kind Creations of Chainlink

In-Kind Redemptions of Chainlink

* No comparative period information yet available as the Trust commenced operations on January 13, 2026.

4 unchanged sentences

Notes To Financial Statements

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Bitwise Chainlink ETF (the “Trust”), is an investment trust organized on August 13, 2025 under Delaware law pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated as of November 17, 2025.

12 unchanged sentences

The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

The statements of assets and liabilities and schedules of investment as of March 31, 2026, and the statement of operations, cash flows, and changes in net assets for the period from January 13, 2026 (commencement of operations) through March 31, 2026, have been prepared on behalf of the Trust.

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

The statement of assets and liabilities and schedules of investment as of June 30, 2026, the statement of cash flows for the period from January 13, 2026 (commencement of operations) and the statements of operations and changes in net assets for the three month period ended June 30, 2026 and for the period from January 13, 2026 (commencement of operations) through June 30, 2026, have been prepared on behalf of the Trust.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three-month period ended June 30, 2026, the period from January 13, 2026 (commencement of operations), 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.

35 unchanged sentences

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

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

For the period from January 13, 2026 (commencement of operations) through 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.

then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 p.m.

ET for Chainlink to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.

1 unchanged sentence

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 March 31, 2026, Lukka, Inc.

As of June 30, 2026, 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.

At March 31, 2026, the principal market and the principal market price for Chainlink, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Coinbase with a price of $ 8.77 .

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 cost basis of the Chainlink received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Chainlink at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

At June 30, 2026, the principal market and the principal market price for Chainlink, which is composed of the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $ 7.20 .

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 cost basis of the Chainlink received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Chainlink at 4:00 p.m.

ET on the creation date for financial reporting purposes.

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.

7 unchanged sentences

Unobservable inputs, including the Trust's assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

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

The following summarizes the Trust’s assets accounted for at fair value at June 30, 2026*:

Investments in Chainlink, at fair value

9 unchanged sentences

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

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

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

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

As of March 31, 2026, 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.

As of June 30, 2026, 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;

2 unchanged sentences

state, and tax laws of jurisdictions in which the Trust operates;

and changes in the administrative

practices and precedents of the relevant authorities.

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

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

There were no examinations in progress at period end.

3 unchanged sentences

Fair Value of Chainlink

As of March 31, 2026, the Trust held a net closing balance of 1,766,259.4192 Chainlink with a total market value of $ 15,489,071 based on the CME CF Chainlink-Dollar Reference Rate - New York Variant ("LINKUSD_NY") price of $ 8.76942 , used to determine the Trust's NAV.

As of June 30, 2026, the Trust held a net closing balance of 2,766,406.1198 Chainlink with a total market value of $ 19,915,330 based on the CME CF Chainlink-Dollar Reference Rate - New York Variant ("LINKUSD_NY") price of $ 7.20 , used to determine the Trust's NAV.

The total market value of the Trust's Chainlink held was $ 19,918,124 based on the price of Chainlink (Lukka Prime Rate) in the principal market (Coinbase) of $ 7.20 , used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of Chainlink and the respective fair value for the period from January 13, 2026 (commencement of operations) to March 31, 2026*:

The following represents the changes in quantity of Chainlink and the respective fair value for the period from January 13, 2026 (commencement of operations) to June 30, 2026*:

Quantity of Chainlink

Beginning balance as of January 13, 2026 (commencement of operations)

1,401,936.6382

In-Kind Creations

1,365,520.5483

Sales for the redemption of Shares

Chainlink transferred for Sponsor Fee

Net realized gain (loss) on investment in Chainlink sold for redemptions

Change in unrealized appreciation (depreciation) on investment in Chainlink

Ending balance as of March 31, 2026

Net realized gain (loss) on investment in Chainlink transferred to pay Sponsor Fee

Change in unrealized appreciation (depreciation) from investment in Chainlink

Ending balance as of June 30, 2026

2,766,406.1198

* No comparative period information yet available as the Trust commenced operations on January 13, 2026.

Additions during the three months ended March 31, 2026 were primarily from Chainlink purchased due to creations into the Trust and in-kind creations.

There were no security dispositions or realized gains (losses) for the three months ended March 31, 2026.

Additions during the six months ended June 30, 2026 were primarily from Chainlink purchased due to creations into the Trust and in-kind creations.

For the period from January 13, 2026 (commencement of operations) through June 30, 2026, the Trust recognized net realized gains of $ 1,003 , which represents the net of cumulative realized gains of $ 1,003 and cumulative realized losses of $ 0 .

Related Party Transactions and Agreements

7 unchanged sentences

dollars divided by the LINKUSD_NY price on the last day of the month.

The Trust is not responsible for paying any fees or costs associated with the transferring of Chainlink to the Sponsor.

In exchange for the Sponsor 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, Chainlink Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $ 500,000 per annum in

ordinary legal fees and expenses.

The Trust is not responsible for paying any fees or costs associated with the

transferring of Chainlink to the Sponsor.

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

1 unchanged sentence

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, Chainlink 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 the Chainlink blockchain, any Incidental Rights and any IR Asset, any indemnification of the Cash Custodian, Chainlink Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters).

See Note 1 for further discussion on related party capital transactions.

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

Creation and Redemption of Shares

16 unchanged sentences

The Trust only creates or redeems its Shares at NAV.

Concentration of Risk

Risks and Uncertainties

Substantially all the Trust’s assets will be holdings of Chainlink, which creates a concentration risk associated with fluctuations in the price of Chainlink.

4 unchanged sentences

market conditions of, and overall sentiment towards, the crypto assets and blockchain technology industry;

trading activity on crypto

asset exchanges, which, in many cases, are largely unregulated or may be subject to manipulation;

trading activity on crypto asset exchanges, which, in many cases, are largely unregulated or may be subject to manipulation;

the adoption of Chainlink as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Chainlink network, and their ability to meet user demands;

6 unchanged sentences

Payable for Chainlink purchased represents the quantity of Chainlink purchased for the creation of Shares where the Chainlink has not yet settled.

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

Receivable for Chainlink sold represents the quantity of Chainlink sold for the redemption of Shares where the Chainlink has not yet been settled.

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

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

For the period January 13, 2026 (commencement of operations) through March 31, 2026*

For the three months ended June 30, 2026*

For the period January 13, 2026 (commencement of operations) through June 30, 2026*

Principal Market NAV per-share, beginning of period

10 unchanged sentences

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

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

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.

Total return for the period is not annualized.

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.

Total return is not annualized.

For the three-month period starting on January 14, 2026, the day the Trust began accruing expenses, the Sponsor agreed to waive the entire Sponsor Fee on the first $ 500 million of Trust assets through April 13, 2026.

4 unchanged sentences

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.

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.

Indemnifications

3 unchanged sentences

Subsequent Events

The Trust has evaluated subsequent events through May 8, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

The Trust has evaluated subsequent events through August 12, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

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

What changed 10-Q

Item 1. Financial Statements