At a glance
It has $532.7M in assets, the 7th largest of that group. Over the past year it returned −34.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +44.2% a year. At its worst it fell 77.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 28 months after the low.
The short version
Bitwise 10 Crypto Index Fund (BITW) is a trust that holds a basket of cryptocurrencies directly, not stocks. It is taxed as a partnership, so owners get a Schedule K-1 tax form. Bitcoin-only funds hold one coin. This fund spreads money across several crypto assets, and its swings have been extreme: it fell 85.9% in 2022, then rose 331.1% in 2023.
Price history
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BITW -34.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BITW price data to Oct 27, 2026 | -11.8% | -34.2% | +44.2% | +1.3% | — | -15.6% |
- Over the year to Oct 27, 2026, BITW returned -34.2%, 8th of 8 among similar funds.
- Its 5-year annualized return was +1.3%.
- Its worst full calendar year was 2022 (-85.9%); its best was 2023 (+331.1%).
- The deepest fall in its price history was 96.4% (Feb 22, 2021 to Dec 28, 2022), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.8% |
| 2025 | -2.6% |
| 2024 | +160.7% |
| 2023 | +331.1% |
| 2022 | -85.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 71.7% over that stretch · deepest drop along the way 77.5%, back to its old high 28.3 months after the low |
What's inside
The trust holds a basket of cryptocurrencies directly, worth $532.7M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
As its name suggests, the fund is built to follow an index of 10 crypto assets. The filings summarized here don't spell out how coins are picked, how they are weighted or how often the mix is rebalanced. Investors who want those rules will need the fund's own index documents. The annual report discusses bitcoin and ether. It also names Solana as one of the smart contract networks behind some of the fund's holdings.
Mechanically, BITW is a trust that owns the coins themselves, which its filings call "Portfolio Crypto Assets." It is registered under the Securities Act of 1933, not the Investment Company Act of 1940, the law that covers most mutual funds and ETFs. That means it lacks some fund-specific investor protections. It is taxed as a partnership, so holders get a K-1 instead of a 1099. Net assets were about $532.7 million as of June 30, 2026.
The coins earn no interest or dividends. Their value depends on the underlying blockchains, which are public digital ledgers. The 10-K lists the risks. Transfers on a blockchain usually can't be reversed, so stolen or misdirected coins may be lost for good. Networks can fail: Solana was offline for over five hours on February 6, 2024. Regulators are also looking harder at crypto, including staking rewards.
What it really costs
Structure and tax notes
- A trust registered under the Securities Act of 1933, not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
It holds only cryptocurrencies, pays no income and has lost most of its value more than once, so at most it could be a small side position.
BITW gives exposure to a basket of crypto assets that behave very differently from stocks and bonds. The ride has been severe. In the 2022 bear market it fell 77.5% between January 4 and June 30, 2022, and it took 28.3 months to recover, on November 6, 2024. Its worst calendar year was 2022, at -85.9%. Its deepest drop was 96.4%, from February 22, 2021, to December 28, 2022, and it had not regained that peak as of October 27, 2026. Its price history here starts in 2021, so the 2008 and 2020 crashes aren't covered. Anyone who might need to sell in a bad year could be forced to sell after a deep loss. The fund has paid no distributions. Its expense ratio wasn't available for this page. For comparison, the bitcoin funds in its peer group charge 0% to 1.5%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding several cryptocurrencies, not only bitcoin, and can accept drops like the 96.4% fall from 2021 to 2022.
- People who want a small, high-risk satellite position and can hold through recoveries that have taken over two years, such as 28.3 months after 2022.
- Investors comfortable filing a Schedule K-1 at tax time and owning a 1933 Act trust rather than a 1940 Act fund.
Look elsewhere if
- Retirees who need income: BITW has made no distributions, and the coins it holds produce no interest or dividends.
- Investors who want only bitcoin at low cost: bitcoin funds such as IBIT (0.25%) and BTC (0.15%) are worth comparing.
- Anyone who may need to sell within a few years: the fund lost 85.9% in 2022 and 34.2% over one year to October 27, 2026.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BITW this fund | — | $532.7M | -34.2% | +44.2% |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
Questions investors ask
Does BITW pay dividends?
No. BITW has recorded no distributions. The fund holds cryptocurrencies directly, and those coins produce no interest or dividends. Any return comes only from changes in the coins' prices. That makes it a poor fit for anyone who needs regular income from a portfolio. Investors who want income would need to look at other kinds of funds, or plan to sell shares, which could mean selling after a large drop.
What's the difference between BITW and IBIT?
BITW holds a basket of cryptocurrencies, built around an index of 10 crypto assets. IBIT, the iShares Bitcoin Trust ETF, holds only bitcoin. That makes IBIT a different strategy, not a close substitute. IBIT charges 0.25% and had about $43.4 billion in net assets as of June 30, 2026. BITW had about $532.7 million. Over one year, IBIT returned -28.2% as of October 30, 2026. BITW returned -34.2% as of October 27, 2026, last among the eight funds compared.
Is BITW good for retirement?
BITW is a high-risk fund that may suit, at most, a small side position in a retirement portfolio. It pays no income. It fell 85.9% in 2022 and had a deepest drop of 96.4% from February 2021 to December 2022, a peak it had not regained as of October 27, 2026. Its one-year volatility was 50.6%. A retiree who has to sell shares during a slump like that could lock in heavy losses.
Does BITW send a K-1?
Yes. BITW is a trust taxed as a partnership, so investors get a Schedule K-1 instead of the usual 1099. K-1s can make tax filing more involved. The trust is also registered under the Securities Act of 1933, not the Investment Company Act of 1940, which governs most mutual funds and ETFs. As a result, it lacks some of the investor protections that apply to those funds.
How volatile is BITW?
Very volatile. As of October 27, 2026, its one-year volatility was 50.6% and its one-year beta was 2.12. Beta measures how much a fund moves compared with the market, so 2.12 means it moved roughly twice as much as the market. Its calendar-year returns ranged from -85.9% in 2022 to +331.1% in 2023. It gained 160.7% in 2024 and lost 2.6% in 2025.