BITC

Bitwise Bitcoin Strategy Optimum Roll ETF

BITC is a new type of bitcoin-linked ETF designed specifically for long-term investors. The fund provides directional exposure to bitcoin via regulated futures contracts and seeks to maximize potential roll returns through a selective analysis of bitcoin futures beyond front- or near-month contracts. The fund does not invest directly in bitcoin.

Contact Us

Why Invest in BITC

BITC offers strategic directional exposure to bitcoin, whose unique return pattern and low correlation to traditional assets has the potential to enhance a portfolio’s risk-adjusted returns over the long term.

Regulated Bitcoin Exposure

There are limited options today for investors to gain bitcoin exposure in a traditional brokerage or advisory account. BITC aims to meet this need by providing access to regulated bitcoin futures in a familiar ETF wrapper.

Designed for Long-Term Investors

BITC seeks to generate long-term outperformance versus existing bitcoin futures ETFs by selecting contracts with the highest level of backwardation or the lowest level of contango.* Optimum yield strategies in other commodities, such as oil and natural gas futures, have tended to substantially outperform the front-month strategy over long-term horizons.**

Crafted and Supported by Crypto Experts

BITC leverages the deep expertise of the Bitwise team, featuring industry leaders in ETFs, technology, asset management, and law. This includes more than 60 professionals, including a team of dedicated relationship managers nationwide whose sole mission is helping investors understand the fast-evolving crypto space.

* Contango refers to a scenario in which the futures price of a commodity is higher than the spot price, while backwardation is the opposite: when the futures price is lower than the spot price.   
** See, for example, Gomes, M., “Harvesting Commodity Curve Premiums Through Roll-Yield Differentials” Journal of Alternative Investments, 2015, 18 (2), pp.51-60; Erb, C., and C. Harvey, “The Strategic and Tactical Value of Commodity Futures,” Financial Analysts Journal, 62 (2), (2006), pp. 69-97. 
Learn More
Fund Summary

About the BITC Fund

Fund Details

Data as of 06/14/2024

Ticker

BITC

Fund Type

ETF

CUSIP

091748202

ISIN

US0917482020

Exchange

NYSE Arca

Net Assets (AUM)

$12,358,156

Net Expense Ratio*

0.85%

Gross Expense Ratio*

0.92%

Inception Date

March 20, 2023

Adviser

Bitwise Investment Manager, LLC

Sub-Adviser

Vident Asset Management

SEC Yield**

2.81%

Legal Counsel

Chapman and Cutler, LLP

Administrator

The Bank of New York Mellon

Distributor

Foreside Fund Services

Custodian

The Bank of New York Mellon

* The total annual fund operating expenses are 0.92%. The Fund's investment adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses do not exceed 0.85% of average net daily assets until February 6, 2025.
**30-Day SEC Yield – Reflects the dividends and interest earned during the previous month, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” Data as of May 31, 2024.

Fund Details

PDF

Fact Sheet

View
PDF

SAI

View
PDF

Prospectus

View
PDF

Summary Prospectus

View
PDF

Bitwise Regional Contacts

View

ETF Holdings

Data as of 06/14/2024

Name
Security ID
Shares/Contracts
Notional Value
Market Value
Futures
Exposure Weight (%)
CME Bitcoin Fut Jun24
BTCM4 CUR
37
$12,143,400.00
98.61%
CME Micro Bitcoin Jun24
BMRM4 CUR
26
$170,664.00
1.39%
TREASURY BILL DN 7/24
912797KR7
7,000,000
$6,956,138.98
CASH
CASH
$5,402,016.88

Holdings are subject to change. Current and future holdings are subject to risk.

Premium / Discount

Data as of 06/13/2024

NAV
Market Price
Difference
Premium/ Discount
$50.34
$50.32
$0.02
-0.03%
Q1 2023
Q2 2023
Q3 2023
Q4 2023
2023
Q1 2024
Q2 2024
2024
Days Traded at NAV
Q1 20231
Q2 202311
Q3 20237
Q4 20239
202328
Q1 20244
Q2 20245
20249
Days Traded at Premium
Q1 20236
Q2 202334
Q3 202330
Q4 202324
202394
Q1 202436
Q2 202425
202461
Days Traded at Discount
Q1 20232
Q2 202317
Q3 202326
Q4 202330
202375
Q1 202421
Q2 202423
202444

Net Asset Value (NAV) and Market Price

Data as of 06/13/2024

NAV: $50.34
Market Price: $50.32
NAV Change: -$0.75 / -1.47%
Market Price Change: -$0.66 / -1.29%
Median Bid-Ask Spread (30-Day): 0.15%
To

30 Day Median Bid-Ask Spread: The spread is calculated from (i) sampling the ETF's NBBO as of the end of each 10-second interval during each trading day of the last 30 calendar days; (ii) dividing the difference between each such bid and offer by the midpoint of the NBBO; and (iii) identifying the median of those values.

BITC Quarter-End Performance

Data as of 03/31/2024

3 Months
YTD
1 Year
Since Inception
NAV
3 Months63.79%
YTD63.79%
1 Year125.43%
Since Inception130.23%
Market Price
3 Months63.90%
YTD63.90%
1 Year125.64%
Since Inception130.25%

Performance data quoted represents past performance and is no guarantee of future results. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the original cost. Returns for periods of one year or less are not annualized. For the most recent month-end performance, please call 1-866-880-7228.
 
Performance of one year or less is not annualized. NAV performance is calculated based on the official closing values as of 4:00 p.m. ET. Market Price performance reflects the midpoint of the bid-ask spread as of 4:00 p.m. ET, and does not represent the returns an investor would receive if shares were traded at other times. Fund returns are calculated net of expenses. Shares are subject to a 0.85% Expense Ratio that includes the management fee, custody charges for holding the fund’s assets charged by the custodian, and customary fees and expenses of the fund administrator and auditor.

Distributions

Month
Notice Date
Ex Date
Record Date
Pay Date
Ordinary Income
Long-term Capital Gains
Short-term Capital Gains
MonthDecember
Notice Date
Ex Date12/22/23
Record Date12/26/23
Pay Date12/28/23
Ordinary Income$1.882
Long-term Capital Gains
Short-term Capital Gains

Learn more about the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) today.

Contact Us

Sign up to receive the latest crypto trends, insights, and company news.