BITB — Bitwise Bitcoin ETF

BITB Price Performance — Growth of $10,000

Value of a $10,000 investment in BITB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

BITB Drawdown

The "underwater" chart: BITB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Bitwise Bitcoin ETF (BITB) is a cryptocurrency fund issued by Bitwise Investments that tracks one of 11 ETFs in the Crypto category. With an asset base of $2.12 billion and a share price of $34.84, the fund has attracted significant capital despite holding an overall rank of #437 out of 458 tracked ETFs across all categories. The fund has received an ETFValuer grade of F, reflecting a score of 33.9 out of 100. Investors face an expense ratio of 0.2% and receive no income, as the dividend yield stands at 0.00%. The substantial assets under management suggest active investor participation, even as the low overall ranking indicates broader performance challenges relative to the total universe of funds. This combination of high AUM and a low grade highlights a divergence between capital inflows and the fund's current risk-adjusted metrics.

Recent performance data shows a sharp divergence between short-term gains and long-term losses for the Bitwise Bitcoin ETF. Over the last day, the fund fell 0.88%, while the one-week return was a modest +0.06%. The one-month period saw a stronger recovery with a +7.27% gain, yet the three-month trend reversed sharply to a -17.50% decline. This negative momentum extended further over the six-month horizon, resulting in a -28.24% loss, and the year-to-date return is similarly negative at -28.61%. The one-year return stands at -45.93%, indicating a prolonged period of underperformance compared to the brief recent uptick. Data for the three-year return is not available, leaving the long-term historical record incomplete.

The fund carries a Very High volatility label, which aligns with a Sharpe ratio of -1.15, indicating that returns have not compensated investors for the level of risk taken. A maximum drawdown of -53.33% demonstrates the potential for severe capital erosion during market downturns. The absence of a beta figure prevents a direct comparison to a specific market benchmark, yet the extreme drawdown and negative Sharpe ratio suggest behavior that is highly sensitive to market shifts. This combination of metrics implies that the fund experiences significant price swings that result in negative risk-adjusted returns over the measured periods. The data points to a profile where the fund is likely to exhibit large movements in both directions without a consistent positive risk premium.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

BITB Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 4.58% and average daily volume is 1.5M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $2.12B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: BITB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

BITB Performance History

How BITB Compares to Other Crypto ETFs