Bitwise 10 Crypto Index Fund Financials

BITW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Bitwise 10 Crypto Index Fund (BITW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI BITW FY2025 2026-05-07

BITW’s economic results are driven primarily by asset value swings and capital returns, not a conventional operating engine.

Across FY2023-FY2025, earnings and cash moved on different tracks: FY2025 showed a -$165.9M net loss even as operating cash flow reached $152.9M. With financing outflow at -$152.9M and share buybacks of $154.3M, the cash picture looks driven by capital management while reported profit reflects changes in asset values more than a normal revenue-cost cycle.

The balance sheet stayed almost unlevered: FY2025 assets were $1.05B against just $18.9M of liabilities, leaving creditors with a very small claim on the asset base. Because ROA and ROE stay unusually close in this setup, shareholder returns are coming mainly from movements in the asset base, not from debt magnifying gains or losses.

BITW’s net asset base behaves more like a marked portfolio than an operating company: assets climbed to $1.37B in FY2024 before slipping to $1.05B in FY2025 while liabilities remained comparatively small. The fall in shares outstanding from 20.2M to 17.5M means repurchases can change per-share economics for remaining holders even when total equity is moving the other way.

Financial Health Signals

Financial Profile 25/100

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 10 Crypto Index Fund'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 10 Crypto Index Fund carries a low D/E ratio of 0.02, meaning only $0.02 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

Bitwise 10 Crypto Index Fund's ROE of -16.1% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 48.7% the prior year.

Piotroski F-Score Weak

3/9

Bitwise 10 Crypto Index Fund passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed

-0.92x

For every $1 of reported earnings, Bitwise 10 Crypto Index Fund generates $-0.92 in operating cash flow ($152.9M OCF vs -$165.9M 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

-$165.9M

YoY-125.0%

Bitwise 10 Crypto Index Fund reported -$165.9M in net income in fiscal year 2025. This represents a decrease of 125.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$15K

YoY-80.5%

5Y CAGR-54.2%

Bitwise 10 Crypto Index Fund held $15K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY-13.8%

5Y CAGR+2.9%

Bitwise 10 Crypto Index Fund had 17M shares outstanding in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-16.1%

YoY-64.8pp

5Y CAGR-57.5pp

Bitwise 10 Crypto Index Fund's ROE was -16.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 64.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$154.3M

Bitwise 10 Crypto Index Fund spent $154.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

BITW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	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
Gross Profit	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
SG&A Expenses	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
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$165.9M-125.0%	$664.6M+69.1%	$392.9M+159.0%	-$666.4M-259.9%	$416.8M+170.0%	$154.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$240.1M	N/A	$205.3M-34.9%	$315.3M+223.3%	-$255.6M	N/A	-$14.9M+91.5%	-$174.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.0B-23.4%	$1.4B+94.8%	$702.6M+127.5%	$308.8M-68.4%	$976.7M+160.6%	$374.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$15K-80.5%	$77K+8333.7%	$913-99.9%	$657K-96.5%	$18.5M+2393.0%	$743K
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.9M+563.8%	$2.9M+94.7%	$1.5M+123.6%	$655K-69.0%	$2.1M+38.9%	$1.5M
Current Liabilities	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
Total Equity	$1.0B-24.6%	$1.4B+94.8%	$701.1M+127.5%	$308.2M-68.4%	$974.5M+161.1%	$373.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$679.1M-35.3%	$1.0B-35.8%	$1.6B+14.4%	$1.4B+28.4%	$1.1B-18.7%	$1.4B+46.1%	$936.7M-1.5%	$950.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6K-60.0%	$15K+902.7%	$1K+1921.6%	$74-91.4%	$859-98.9%	$77K+9952.2%	$766-99.8%	$320K
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	$837K-95.6%	$18.9M+457.9%	$3.4M+14.0%	$3.0M+28.4%	$2.3M-18.7%	$2.9M+7.6%	$2.7M+33.8%	$2.0M
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	$678.2M-34.1%	$1.0B-36.8%	$1.6B+14.4%	$1.4B+28.4%	$1.1B-18.7%	$1.4B+46.2%	$934.0M-1.6%	$948.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$152.9M+201065.8%	$76K+111.6%	-$656K	N/A	N/A	N/A
Capital Expenditures	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
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$152.9M	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$154.3M	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$128.5M	N/A	N/A	N/A	-$76K	N/A	N/A	N/A
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	-$128.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$128.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-16.1%-64.8pp	48.7%-7.4pp	56.0%+272.3pp	-216.3%-259.0pp	42.8%+1.4pp	41.4%
Return on Assets	-15.8%-64.4pp	48.6%-7.4pp	55.9%+271.7pp	-215.8%-258.5pp	42.7%+1.5pp	41.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02+0.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-35.4%	N/A	12.6%-9.5pp	22.1%+45.1pp	-23.0%	N/A	-1.6%+16.8pp	-18.3%
Return on Assets	-35.4%	N/A	12.6%-9.5pp	22.1%+45.1pp	-23.0%	N/A	-1.6%+16.7pp	-18.3%
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	0.000.0	0.000.0	0.000.0	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 10 Crypto Index Fund profitable?

No, Bitwise 10 Crypto Index Fund (BITW) reported a net income of -$165.9M in fiscal year 2025.

What is Bitwise 10 Crypto Index Fund's return on equity (ROE)?

Bitwise 10 Crypto Index Fund (BITW) has a return on equity of -16.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bitwise 10 Crypto Index Fund's operating cash flow?

Bitwise 10 Crypto Index Fund (BITW) generated $152.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bitwise 10 Crypto Index Fund's total assets?

Bitwise 10 Crypto Index Fund (BITW) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Bitwise 10 Crypto Index Fund buy back shares?

Yes, Bitwise 10 Crypto Index Fund (BITW) spent $154.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Bitwise 10 Crypto Index Fund have outstanding?

Bitwise 10 Crypto Index Fund (BITW) had 17M shares outstanding as of fiscal year 2025.

What is Bitwise 10 Crypto Index Fund's debt-to-equity ratio?

Bitwise 10 Crypto Index Fund (BITW) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bitwise 10 Crypto Index Fund's return on assets (ROA)?

Bitwise 10 Crypto Index Fund (BITW) had a return on assets of -15.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bitwise 10 Crypto Index Fund's Piotroski F-Score?

Bitwise 10 Crypto Index Fund (BITW) 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.

Are Bitwise 10 Crypto Index Fund's earnings high quality?

Bitwise 10 Crypto Index Fund (BITW) has an earnings quality ratio of -0.92x, 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.

How financially healthy is Bitwise 10 Crypto Index Fund?

Bitwise 10 Crypto Index Fund (BITW) scores 25 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.