Bitwise Bitcoin ETF is a Delaware statutory trust that provides investors with exchange-traded exposure to bitcoin through shares that trade on NYSE Arca. The Trust holds bitcoin in segregated cold storage custody with Coinbase, with shares issued and redeemed in blocks through authorized participants either in-kind using bitcoin or for cash. The Trust generates revenue through a unitary sponsor fee of 0.20% per annum on assets under management, which covers all ordinary operating expenses including trustee fees, service provider costs, exchange listing, and compliance-related costs, serving retail and institutional investors seeking passive bitcoin exposure through a regulated, publicly-traded vehicle.