Bitwise Bitcoin ETF
BITBNYSEArcaUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $39.95 Prior regular-session close from the quote source.
- $39.74–$40.51 Regular-session low and high so far today.
- 1.4M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $31.49–$57.03 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BITB if investors keep wanting a regulated NYSE-listed spot-Bitcoin wrapper and the trust tracks Bitcoin cleanly; it is not an earnings-compounding business.
BITB price history
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Investment thesis
What must happen next
Investors continue to prefer BITB’s regulated exchange-traded wrapper over self-custody and less familiar Bitcoin access routes, so the fund retains meaningful scale even through Bitcoin volatility.HoldingMateriality: High
GAAP total assets were $3.381 billion at FY2025 year-end, indicating BITB still had meaningful asset scale. If wrapper demand holds, BITB remains a viable liquid exposure vehicle; if it breaks, shareholders face worse liquidity, possible tracking friction, and reduced relevance versus rival ETFs.
Watch: Advisor platforms and model portfolios standardize on larger rival spot-Bitcoin ETFs such as BlackRock’s IBIT or Fidelity’s FBTC.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP total assets were $3.381 billion at FY2025 year-end, indicating BITB still had meaningful asset scale.
Open source ↗BITB’s trust structure remains economically clean only if liabilities stay small relative to Bitcoin assets and do not become a hidden drag on NAV.StrengtheningMateriality: High
GAAP liabilities were $14.356 million at FY2025 year-end versus $3.381 billion of assets. Low liabilities preserve the ETF’s value proposition as direct Bitcoin exposure; rising obligations would turn a simple wrapper into a more complex credit or expense-risk vehicle.
Watch: A custody incident, litigation, tax dispute, or regulatory penalty creates material obligations at the trust level.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities were $14.356 million at FY2025 year-end versus $3.381 billion of assets.
Open source ↗BITB shareholder outcomes remain driven by spot-Bitcoin mark-to-market exposure rather than by sponsor operating execution or accounting earnings.StrengtheningMateriality: Medium
GAAP annual net income was positive $1.587 billion in FY2024 and negative $344.382 million in FY2025, showing earnings are dominated by asset-price movements rather than a stable operating engine. Owners should underwrite Bitcoin risk and tracking quality, not treat BITB like an operating company with earnings power.
Watch: The fund changes mandate away from spot-Bitcoin exposure into derivatives, lending, yield strategies, or other return sources.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual net income was positive $1.587 billion in FY2024 and negative $344.382 million in FY2025, showing earnings are dominated.
Open source ↗The ETF wrapper’s advantage depends on creation-redemption and market-making plumbing staying functional so investor flows can enter and exit without persistent dislocations.HoldingMateriality: Medium
GAAP annual operating cash flow was positive $39.056 million in FY2025 after negative $2.167 billion in FY2024, consistent with large ETF flow activity rather than a normal corporate cash-flow profile. If the plumbing holds, BITB can remain a convenient Bitcoin vehicle; if it fails, the ETF can trade at discounts or premiums and lose the access advantage it was built to provide.
Watch: Authorized participants or market makers step back from supporting spot-Bitcoin ETF creations and redemptions during Bitcoin market stress.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive $39.056 million in FY2025 after negative $2.167 billion in FY2024, consistent with large.
Open source ↗
Full investment case & evidence
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Original research
Investors continue to prefer BITB’s regulated exchange-traded wrapper over self-custody and less familiar Bitcoin access routes, so the fund retains meaningful scale even through Bitcoin volatility. If wrapper demand holds, BITB remains a viable liquid exposure vehicle; if it breaks, shareholders face worse liquidity, possible tracking friction, and reduced relevance versus rival ETFs.
BITB’s trust structure remains economically clean only if liabilities stay small relative to Bitcoin assets and do not become a hidden drag on NAV. Low liabilities preserve the ETF’s value proposition as direct Bitcoin exposure; rising obligations would turn a simple wrapper into a more complex credit or expense-risk vehicle.
BITB shareholder outcomes remain driven by spot-Bitcoin mark-to-market exposure rather than by sponsor operating execution or accounting earnings. Owners should underwrite Bitcoin risk and tracking quality, not treat BITB like an operating company with earnings power.
The ETF wrapper’s advantage depends on creation-redemption and market-making plumbing staying functional so investor flows can enter and exit without persistent dislocations. If the plumbing holds, BITB can remain a convenient Bitcoin vehicle; if it fails, the ETF can trade at discounts or premiums and lose the access advantage it was built to provide.
All standing thesis claims
Original report summary
investors keep wanting a regulated NYSE-listed spot-Bitcoin wrapper and the trust tracks Bitcoin cleanly; it is not an earnings-compounding business.
Bull case and bear case
Bull case and bear case for Bitwise Bitcoin ETF
Where the evidence on Bitwise Bitcoin ETF stands: Holding on the latest evidence (Nov 10, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Investors continue to prefer BITB’s regulated exchange-traded wrapper over self-custody and less familiar Bitcoin access routes, so the fund retains meaningful scale even through Bitcoin volatility.
BITB’s trust structure remains economically clean only if liabilities stay small relative to Bitcoin assets and do not become a hidden drag on NAV.
BITB shareholder outcomes remain driven by spot-Bitcoin mark-to-market exposure rather than by sponsor operating execution or accounting earnings.
The ETF wrapper’s advantage depends on creation-redemption and market-making plumbing staying functional so investor flows can enter and exit without persistent dislocations.
Bear case: what would count against it
Advisor platforms and model portfolios standardize on larger rival spot-Bitcoin ETFs such as BlackRock’s IBIT or Fidelity’s FBTC.
A custody incident, litigation, tax dispute, or regulatory penalty creates material obligations at the trust level.
The fund changes mandate away from spot-Bitcoin exposure into derivatives, lending, yield strategies, or other return sources.
Thesis-Break Engine
Thesis-break watch · Bitwise Bitcoin ETF
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- Advisor platforms and model portfolios standardize on larger rival spot-Bitcoin ETFs such as BlackRock’s IBIT or Fidelity’s FBTC.
- A custody incident, litigation, tax dispute, or regulatory penalty creates material obligations at the trust level.
- The fund changes mandate away from spot-Bitcoin exposure into derivatives, lending, yield strategies, or other return sources.
- Authorized participants or market makers step back from supporting spot-Bitcoin ETF creations and redemptions during Bitcoin market stress.
BITB news
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Financial statements
BITB income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BITB: quick answers
- What is BITB's short interest?
- As of October 30, 2026, 615,588 BITB shares were sold short, up 14.5% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. BITB short interest history
- Have members of Congress traded BITB?
- 24 trades in BITB have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed BITB trade