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Bitwise Bitcoin ETF Financials

BITB
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bitwise Bitcoin ETF (BITB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 22 / 100
Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Bitwise Bitcoin ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage
100

Bitwise Bitcoin ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns
32

Bitwise Bitcoin ETF's ROE of -10.2% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 42.2% the prior year.

Piotroski F-Score Weak
3/9

Bitwise Bitcoin ETF passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed
-0.11x

For every $1 of reported earnings, Bitwise Bitcoin ETF generates $-0.11 in operating cash flow ($39.1M OCF vs -$344.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$344.4M
YoY-121.7%

Bitwise Bitcoin ETF reported -$344.4M in net income in fiscal year 2025. This represents a decrease of 121.7% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
N/A
Dividends Per Share
N/A
Shares Outstanding
71M
YoY-4.3%

Bitwise Bitcoin ETF had 71M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
-10.2%
YoY-52.4pp

Bitwise Bitcoin ETF's ROE was -10.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 52.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$2.5B
YoY+42.2%

Bitwise Bitcoin ETF spent $2.5B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 42.2% from the prior year.

Capital Expenditures
N/A

BITB Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A $0 N/A N/A N/A $0
Net Income N/A $255.3M-73.4% $960.9M+312.0% -$453.2M N/A $134.2M+133.6% -$399.2M-163.9% $624.8M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

BITB Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $3.4B-29.1% $4.8B+12.0% $4.3B+35.1% $3.2B-16.4% $3.8B+50.1% $2.5B+11.7% $2.2B-2.7% $2.3B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents N/A $0 $0 $0 $0 $0 $0 $0
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $14.4M-79.7% $70.9M+10491.6% $669K-96.7% $20.4M+118.2% $9.4M-6.8% $10.0M+4067.2% $241K-99.6% $67.4M
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $3.4B-28.4% $4.7B+10.4% $4.3B+35.9% $3.1B-16.7% $3.8B+50.3% $2.5B+11.2% $2.2B+0.2% $2.2B
Retained Earnings N/A N/A N/A N/A N/A N/A N/A N/A

BITB Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $151.7M+221.7% -$124.7M+13.6% -$144.2M-192.3% $156.3M+746.8% -$24.2M+79.6% -$118.6M+70.7% -$404.6M+75.0% -$1.6B
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow -$151.7M-221.7% $124.7M-13.6% $144.2M+192.3% -$156.3M-746.8% $24.2M-79.6% $118.6M-70.7% $404.6M-75.0% $1.6B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $577.3M+1.6% $568.2M+22.4% $464.3M-45.2% $846.9M-17.4% $1.0B+109.1% $490.5M+135.2% $208.5M+9238.1% $2.2M

BITB Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity N/A 5.4%-17.1pp 22.6%+37.0pp -14.5% N/A 5.4%+23.1pp -17.7%-45.6pp 27.8%
Return on Assets N/A 5.3%-17.2pp 22.6%+36.9pp -14.4% N/A 5.3%+23.1pp -17.7%-44.8pp 27.0%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 0.00-0.0 0.02+0.0 0.000.0 0.010.0 0.000.0 0.000.0 0.00-0.0 0.03
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

No, Bitwise Bitcoin ETF (BITB) reported a net income of -$344.4M in fiscal year 2025.

Bitwise Bitcoin ETF (BITB) has a return on equity of -10.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Bitwise Bitcoin ETF (BITB) generated $39.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Bitwise Bitcoin ETF (BITB) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Bitwise Bitcoin ETF (BITB) spent $2.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Bitwise Bitcoin ETF (BITB) had 71M shares outstanding as of fiscal year 2025.

Bitwise Bitcoin ETF (BITB) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Bitwise Bitcoin ETF (BITB) had a return on assets of -10.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Bitwise Bitcoin ETF (BITB) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Bitwise Bitcoin ETF (BITB) has an earnings quality ratio of -0.11x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Bitwise Bitcoin ETF (BITB) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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