Bitwise Bitcoin Trust

Fund Description

BITB is a passively managed fund that seeks to track the price performance of spot Bitcoin (BTC). It will hold Bitcoin directly, secured through a multi-layer cold storage wallet.

FactSet Analyst Report

BITB aims to track the spot price of Bitcoin (BTC), less liabilities and expenses. It intends to provide investors with a costeffective and convenient way to invest in Bitcoin. The fund owns Bitcoin directly and holds it in a multi-layer cold storage,which is a safeguarding method wherein the private keys providing access to the funds Bitcoins are generated and storedin an offline manner, making them more resistant to hacking. Holdings are valued daily based on the CME CF BitcoinReference Rate - New York Variant. This serves as a once-a-day benchmark rate of Bitcoins USD price, calculated as of4:00 pm ET. The index aggregates the trade flow of several Bitcoin platforms during an observation window, focusing onrelevant transactions, as defined by the index provider. At the time of launch, the Issuer waived a portion of the fee. Thefunds expense ratio and tracking should be reviewed and considered for comparison purposes.