Bitwise 10 Crypto Index ETF

The Trust is a passively managed investment vehicle that provides accredited investors with exposure to a diversified portfolio of cryptocurrency assets, primarily Bitcoin and Ether, tracked according to the Bitwise 10 Largest Cap Crypto Index, which selects the top ten digital assets by free-float-adjusted market capitalization and rebalances monthly. The Trust does not actively trade or manage its holdings; rather, it holds its portfolio assets for extended periods with minimal active management, generating shareholder returns solely through capital appreciation of the underlying cryptocurrency holdings rather than through dividends or other income-generating activities. The Trust's revenue model depends on management fees that cover custody, audit, administration, and Index use, with shareholder returns entirely dependent on price appreciation of the cryptocurrency assets held.