Bitwise Bitcoin ETF (the "Trust") is a Delaware statutory trust formed on August 29, 2019. The Trust continuously issues common Shares ("Shares"), representing units of undivided beneficial interest in and ownership of the Trust. The Shares are listed on the NYSE Arca Inc. (the "Exchange") under the ticker symbol "BITB." The Trust commenced operations on January 10, 2024 and commenced trading on the Exchange on January 11, 2024.
The Trust's investment objective is to seek to provide shareholders of the Trust ("Shareholders") with exposure to the value of bitcoin held by the Trust that is reflective of the actual bitcoin market in which investors can purchase or sell bitcoin, less the expenses of the Trust's operations and other liabilities. In seeking to achieve its investment objective, the Trust holds bitcoin and establishes its net asset value (the "NAV") by reference to the CME CF Bitcoin Reference Rate - New York Variant (the "BRRNY"). The BRRNY was designed to provide a daily, 4:00 p.m. EST reference rate of the U.S. dollar price of one (1) bitcoin and is calculated by CF Benchmarks Ltd. (the "Benchmark Provider") based on an aggregation of executed trade flow of major bitcoin trading platforms (the "Constituent Platforms").
