Bitwise Bitcoin ETF Financials
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).
Cash movement is driven mainly by investor financing flows, while asset-value swings decide whether reported earnings look positive or negative.
From FY2024 to FY2025, net income swung from$1.59B profit to-$344M loss. Operating cash flow moved the opposite way, and financing cash nearly matched it in both years, which means reported earnings are largely reflecting value changes while actual cash movement is being set by capital entering or leaving the vehicle rather than by a self-funding operating engine.
The balance sheet is almost entirely equity-funded: FY2025 assets of
FY2025's smaller asset base looks tied to the capital structure rather than operating strain: shares outstanding fell by 3.2M while assets ended at
Financial Health Signals
We are recalculating Bitwise Bitcoin ETF's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Bitwise Bitcoin ETF passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
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
Earnings & Revenue
Bitwise Bitcoin ETF reported -$344.4M in net income in fiscal year 2025. This represents a decrease of 121.7% from the prior year.
Cash & Balance Sheet
Bitwise Bitcoin ETF had 71M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Margins & Returns
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
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.
BITB Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$328.4M+57.3% | -$768.7M | N/A | $255.3M-73.4% | $960.9M+312.0% | -$453.2M | N/A | $134.2M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BITB Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B-16.7% | $2.6B-24.5% | $3.4B-29.1% | $4.8B+12.0% | $4.3B+35.1% | $3.2B-16.4% | $3.8B+50.1% | $2.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | $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 | $378K-83.6% | $2.3M-84.0% | $14.4M-79.7% | $70.9M+10491.6% | $669K-96.7% | $20.4M+118.2% | $9.4M-6.8% | $10.0M |
| 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 | $2.1B-16.6% | $2.5B-24.3% | $3.4B-28.4% | $4.7B+10.4% | $4.3B+35.9% | $3.1B-16.7% | $3.8B+50.3% | $2.5B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BITB Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $70.0M-38.0% | $113.0M-25.5% | $151.7M+221.7% | -$124.7M+13.6% | -$144.2M-192.3% | $156.3M+746.8% | -$24.2M+79.6% | -$118.6M |
| 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 | -$70.0M+38.0% | -$113.0M+25.5% | -$151.7M-221.7% | $124.7M-13.6% | $144.2M+192.3% | -$156.3M-746.8% | $24.2M-79.6% | $118.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $195.4M-68.2% | $615.4M+6.6% | $577.3M+1.6% | $568.2M+22.4% | $464.3M-45.2% | $846.9M-17.4% | $1.0B+109.1% | $490.5M |
BITB Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -15.4%+14.7pp | -30.1% | N/A | 5.4%-17.1pp | 22.6%+37.0pp | -14.5% | N/A | 5.4% |
| Return on Assets | -15.4%+14.7pp | -30.1% | N/A | 5.3%-17.2pp | 22.6%+36.9pp | -14.4% | N/A | 5.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.00-0.0 | 0.02+0.0 | 0.000.0 | 0.010.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Bitwise Bitcoin ETF profitable?
No, Bitwise Bitcoin ETF (BITB) reported a net income of -$344.4M in fiscal year 2025.
What is Bitwise Bitcoin ETF's return on equity (ROE)?
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.
What is Bitwise Bitcoin ETF's operating cash flow?
Bitwise Bitcoin ETF (BITB) generated $39.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bitwise Bitcoin ETF's total assets?
Bitwise Bitcoin ETF (BITB) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Bitwise Bitcoin ETF's debt-to-equity ratio?
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.
What is Bitwise Bitcoin ETF's return on assets (ROA)?
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.
What is Bitwise Bitcoin ETF's Piotroski F-Score?
Bitwise Bitcoin ETF (BITB) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Are Bitwise Bitcoin ETF's earnings high quality?
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.