Bitwise 10 Crypto Index Fund (BITW) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bitwise 10 Crypto Index Fund
Entity Central Index Key	0001723788
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Common Stock, Shares Outstanding	20,241,947
Entity Address, State or Province	CA
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Address, Address Line One	400 Montgomery Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	San Francisco
Entity Address, Postal Zip Code	94111
Entity File Number	000-56270
Entity Tax Identification Number	82-3002349
City Area Code	415
Local Phone Number	968-1843
Entity Incorporation, State or Country Code	DE
Entity Ex Transition Period	false

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Investments in digital assets, at fair value (cost $371,108,415 and $365,043,367)	$ 911,404,346	$ 958,115,187
Cash	2,067,916	18,534,761
Other assets	2,180	2,180
Total Assets	913,474,442	976,652,128
Liabilities
Management fees payable	1,902,880	2,034,342
Subscriptions received in advance	79,823	301
Capital withdrawals payable	301	79,823
Total Liabilities	1,983,004	2,114,466
Net Assets	911,491,438	974,537,662
Net Assets consists of:
Paid-in-capital	427,764,344	427,764,344
Accumulated net investment loss	(31,245,983)	(26,026,765)
Accumulated net realized gain (loss) on investments in digital assets	(25,322,851)	(20,271,737)
Net unrealized appreciation on investments in digital assets	540,295,928	593,071,820
Net Assets	$ 911,491,438	$ 974,537,662
Shares issued and outstanding, no par value (unlimited Shares authorized)	20,241,947	20,241,947
Net asset value per Share	$ 45.03	$ 48.14

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Investment owned, at cost	$ 371,108,415	$ 365,043,367
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited	Unlimited	Unlimited

Schedules of Investments

Schedules of Investments	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Schedule of Investments [Line Items]
Fair Value	$ 911,404,346	$ 958,115,187
Percentage of Shareholders' Equity	99.99%	98.32%
Other assets in excess of liabilities	$ 87,092	$ 16,422,475
Percentage of other assets in excess of liabilities	0.01%	1.68%
Net Assets	$ 911,491,438	$ 974,537,662
Percentage of Net Assets	100.00%	100.00%
Bitcoin [Member]
Schedule of Investments [Line Items]
Units	12,186.4969	12,475.6558
Fair Value	$ 555,650,030	$ 572,231,636
Percentage of Shareholders' Equity	60.96%	58.72%
Ethereum [Member]
Schedule of Investments [Line Items]
Units	77,204.3805	78,234.5412
Fair Value	$ 253,552,310	$ 285,145,344
Percentage of Shareholders' Equity	27.82%	29.26%
Solana [Member]
Schedule of Investments [Line Items]
Units	206,342.6772	204,175.6196
Fair Value	$ 25,373,959	$ 34,352,548
Percentage of Shareholders' Equity	2.78%	3.53%
Cardano [Member]
Schedule of Investments [Line Items]
Units	20,684,769.8454	22,428,062.5169
Fair Value	$ 23,750,253	$ 28,941,172
Percentage of Shareholders' Equity	2.61%	2.97%
Avalanche [Member]
Schedule of Investments [Line Items]
Units	158,465.6520	4,851.3970
Fair Value	$ 14,979,758	$ 519,342
Percentage of Shareholders' Equity	1.64%	0.05%
Polkadot [Member]
Schedule of Investments [Line Items]
Units	697,436.9240
Fair Value	$ 14,876,330
Percentage of Shareholders' Equity	1.63%
Polygon [Member]
Schedule of Investments [Line Items]
Units	4,432,383.6458	4,647,380.3452
Fair Value	$ 7,200,407	$ 11,418,613
Percentage of Shareholders' Equity	0.79%	1.17%
Algorand [Member]
Schedule of Investments [Line Items]
Units		4,208,152.1524
Fair Value		$ 6,924,935
Percentage of Shareholders' Equity		0.71%
Litecoin [Member]
Schedule of Investments [Line Items]
Units	44,960.6783	46,487.4378
Fair Value	$ 5,586,364	$ 6,697,910
Percentage of Shareholders' Equity	0.61%	0.69%
Bitcoin Cash [Member]
Schedule of Investments [Line Items]
Units		12,742.5405
Fair Value		$ 5,359,895
Percentage of Shareholders' Equity		0.55%
Cosmos [Member]
Schedule of Investments [Line Items]
Units	186,280.3872
Fair Value	$ 5,355,561
Percentage of Shareholders' Equity	0.59%
Chainlink [Member]
Schedule of Investments [Line Items]
Units	301,267.7366	314,935.5479
Fair Value	$ 5,079,374	$ 6,005,821
Percentage of Shareholders' Equity	0.56%	0.62%
Uniswap [Member]
Schedule of Investments [Line Items]
Units		30,776.6772
Fair Value		$ 517,971
Percentage of Shareholders' Equity		0.05%

Schedules of Investments (Paren

Schedules of Investments (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investment owned, at cost	$ 371,108,415	$ 365,043,367

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Expenses
Management fees	$ 5,218,398	$ 4,909,445
Transaction and other fees	820	816
Total Expenses	5,219,218	4,910,261
Net investment loss	(5,219,218)	(4,910,261)
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) from digital assets	(5,051,114)	(128,174)
Net change in unrealized appreciation (depreciation) from digital assets	(52,775,892)	473,156,278
Net realized and change in unrealized gain (loss) on investments	(57,827,006)	473,028,104
Net increase (decrease) in net assets resulting from operations	$ (63,046,224)	$ 468,117,843

Statement of Changes in Net Ass

Statement of Changes in Net Assets - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase in net assets from operations:
Net investment loss	$ (5,219,218)	$ (4,910,261)
Net realized gain (loss) from digital assets	(5,051,114)	(128,174)
Net change in unrealized appreciation (depreciation) from digital assets	(52,775,892)	473,156,278
Net increase (decrease) in net assets resulting from operations	(63,046,224)	468,117,843
Increase in net assets from capital share transactions:
Subscriptions		161,036,568
Net increase in net assets resulting from capital share transactions		161,036,568
Total increase (decrease) in net assets from operations and capital share transactions	(63,046,224)	629,154,411
Net Assets:
Beginning of Period	974,537,662	373,240,438
End of Period	$ 911,491,438	$ 1,002,394,849
Increase (Decrease) in Partners' Capital [Roll Forward]
Shares outstanding at beginning of period	20,241,947	15,132,240
Subscriptions		4,647,510
Net increase (decrease) in shares		4,647,510
Shares outstanding at end of period	20,241,947	19,779,750

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Bitwise 10 Crypto Index Fund (the “ Trust ”) is a Delaware Statutory Trust that commenced operations on November 22, 2017. The Trust’s name was changed from “Bitwise Hold 10 Private Index Fund, LLC” on September 24, 2018, and changed again from “Bitwise 10 Private Index Fund, LLC” on May 1, 2020 when it was also simultaneously converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. Bitwise Investment Advisers, LLC, is the sponsor (“ Sponsor ”) and investment adviser of the Trust. Bitwise Asset Management, Inc, an affiliate of the Sponsor, served as the Manager before the Trust’s conversion to a Delaware Statutory Trust. Delaware Trust Company is the Trustee of the Trust, and American Stock Transfer & Trust Company is the Transfer Agent of the Trust. On December 9, 2020, the Trust received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group, Inc. (“ OTCQX ”). The Trust’s trading symbol on OTCQX is “BITW” and the CUSIP number for its Shares is 091749101 . The Trust’s principal investment objective is to invest in a portfolio of broad-based cryptocurrencies that tracks the Bitwise 10 Large Cap Crypto Index (the “ Index ”), which is administered by Bitwise Index Services, LLC (the “ Index Provider ”), an affiliate of the Sponsor. The Trust rebalances monthly alongside the Index to stay current with changes. All shareholders are subject to a 2.5 % per annum Management Fee and are referred to as the Investor Class. Pursuant to the Agreement and Plan of Conversion executed as of May 1, 2020, the Trust converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. Theorem Fund Services, LLC (the “ Administrator ”) serves as the Trust’s Administrator and performs certain administrative and accounting services on behalf of the Trust.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ” or “ Codification ”) Topic 946, Financial Services—Investment Companies. The accompanying comparative financial statements are unaudited, but in the opinion of management of the Sponsor, contain all adjustments (which include normal recurring adjustments) considered necessary to present fairly the financial position of the Trust as of March 31, 2022 and December 31, 2021 and the results of operations for the three months ended March 31, 2022 and 2021. These interim financial statements should be read in conjunction with the Trust’s annual report on Form 10-K for the year ended December 31, 2021. Interim period results are not necessarily indicative of results for a full-year period. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash represents cash deposits held at financial institutions and digital asset exchanges. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. Investments and Valuation The Trust’s investments in digital assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “— Calculation of Valuation” in the footnote below. Digital assets are generally valued using prices as reported on reputable and liquid exchanges and may involve utilizing an average of bid and ask quotes using closing prices provided by such exchanges as of the date and time of determination ("Calculation of Valuation" below). Factors such as the recent stability of the exchange, current liquidity of the exchange, and recent price activity of an exchange will be considered as to the determination of which exchanges to utilize. The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Savings Time and 21:00 UTC during non-Daylight Savings Time. The Sponsor’s Valuation Policy provides a listing of preferred exchanges. While some digital assets are valued based on prices reported in the public markets, other digital assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain digital assets, and how to value such assets as to which limited prices or quotations are available, are based on the Sponsor’s recommendations or instructions. Digital asset transactions are recorded on the trade date. Realized gains and losses from digital asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statement of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. Calculation of Valuation For all periods through the quarterly period ended June 30, 2021, the NAV Per Share, the NAV of the Trust, and the fair valuations for each Portfolio Crypto Asset were calculated by the Trust’s Administrator in reliance on the fair value of each Portfolio Crypto Asset based on a blended average approach for calculating the price of a digital asset (the " Blended Bitwise Crypto Asset Price "), which the Sponsor was responsible for calculating. The Sponsor provided this price to the Administrator, and the Administrator used this price (multiplied by the Trust’s holdings) for each asset to determine the fair value of the Trust’s assets. The Administrator then subtracted the Trust’s liabilities to determine the Trust’s NAV. The Administrator then divided this value by the Trust’s shares outstanding in order to determine the NAV per share. As a result of the Sponsor’s responsibility in this regard, any errors, discontinuance or changes in such valuation calculations may have had an adverse effect on the value of the Shares. The Sponsor instituted this valuation policy in order to generate fair value estimates because it determined that such policy was in the best interest of shareholders, as it would avoid misstatements in valuation of the assets potentially arising from deviations in pricing across the digital asset market, and because of the fragmented nature of the digital asset trading ecosystem. As a result, management applied this valuation technique which it determined to be appropriate given the circumstances. Following the filing of its Form 10, the Sponsor conducted a complete review of its process for determining fair valuation in the presentation of its financial statements and calculation of NAV. In this process, the Sponsor evaluated whether or not the identification of a principal market for each of the Trust’s assets for valuation purposes, during each period for which the Trust created and had audited its financial statements, would have created a material difference in the Trust’s estimated fair value or assets. In conjunction, the Sponsor determined to undertake a change in valuation policy for the fair valuation of cryptocurrencies held in the Trust. As a result, the Sponsor developed a revised process for the determination of a principal market for each asset based on this consideration and disclosed and implemented this change in valuation policy and accounting policy prior to the creation of financial statements for the period ending September 30, 2021. The Blended Bitwise Crypto Asset Price is no longer used for any calculations by the Trust, including NAV Per Share, NAV of the Trust or fair valuations for any Portfolio Crypto Asset. The process that the Sponsor developed for identifying a principal market, as described in FASB ASC 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable cryptocurrency exchanges selected by the Sponsor and its affiliates in their sole discretion, including BitFlyer, Binance, Bitstamp, Bittrex, Coinbase, itBit, Kraken, Gemini and Poloniex, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset. In evaluating the markets that could be considered principal markets, the Trust considered whether or not the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period. In conducting this review, the Sponsor also retroactively applied this process for identifying a principal market to the prior periods of reported financial results, including the fiscal years ended 2018, 2019 and 2020, to determine whether or not any material or significant differences would have resulted from the application of a different valuation policy in the creation of each financial statement (e.g., comparing the fair value prices determined using the existing and previous valuation methodology to the hypothetical fair value prices using an identified principal market for each asset) and to consider whether management’s use of the previous valuation policy would have created any material departures from a valuation policy of identifying a principal market. The Sponsor’s results conclude that there were no material or significant differences in valuation or to the financial statements as previously presented when using the policy of identifying a principal market described above as compared to the previous valuation methodology for any period since the Trust commenced operations. Included within the net change in unrealized appreciation (depreciation) within the Trusts' Statement of Operations for the quarter ended March 31, 2021 is $ 244,938 , representing the immaterial difference in the Trust's fair market value of digital assets at the beginning of the year determined using the Blended Bitwise Crypto Asset Price and the Principal Market Price. The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the quarter ended March 31, 2022. Asset Principal Market Price Principal Bitcoin (BTC) $ 45,595.55 Coinbase Ethereum (ETH) $ 3,284.17 Coinbase Solana (SOL) $ 122.97 Coinbase Cardano (ADA) $ 1.15 Coinbase Avalanche (AVAX) $ 94.53 Coinbase Polkadot (DOT) $ 21.33 Coinbase Polygon (MATIC) $ 1.62 Coinbase Litecoin (LTC) $ 124.25 Coinbase Cosmos (ATOM) $ 28.75 Coinbase Chainlink (LINK) $ 16.86 Coinbase

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Trust carries its investments at fair value in accordance with FASB ASC Topic 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value investments are not adjusted for transaction costs. In determining fair value, the Trust uses various valuation approaches. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. These inputs may include (a) quoted prices for similar assets in active markets, (b) quoted prices for identical or similar assets in markets that are not active, (c) inputs other than quoted prices that are observable for the asset, or (d) inputs derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement. The following summarizes the Trust’s assets accounted for at fair value at March 31, 2022. Level 1 Level 2 Level 3 Total Assets Investments in digital assets, at fair value $ 911,404,346 $ — $ — $ 911,404,346 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2021. Level 1 Level 2 Level 3 Total Assets Investments in digital assets , at fair value $ 958,115,187 $ — $ — $ 958,115,187

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Risks and Uncertainties	4. Risks and Uncertainties Digital Assets Digital assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Digital asset exchanges have been closed due to fraud, failure or security breaches. Any of the Trust’s assets that reside on an exchange that shuts down may be lost. At March 31, 2022 and December 31, 2022, digital assets of approximately $ 1,216,700 and $ 1,037,000 reside on exchanges, respectively. Several factors may affect the price of digital assets, including, but not limited to: supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of digital assets or the use of digital assets as a form of payment. There is no assurance that digital assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of digital asset payments by mainstream retail merchants and commercial businesses will continue to grow. Digital Asset Regulation As digital assets have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the digital assets industry. To the extent that future regulatory actions or policies limit the ability to exchange digital assets or utilize them for payments, the demand for digital assets will be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert digital assets into fiat currency (e.g., U.S. dollars) or use digital assets to pay for goods and services. Such regulatory actions or policies could result in a reduction of demand, and in turn, a decline in the underlying digital asset unit prices. The effect of any future regulatory change on the Trust or digital assets in general is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Trust’s investments in digital assets. Custody of Digital Assets Coinbase Custody Trust Company, LLC (the “ Custodian ”) serves as the Trust’s Custodian for digital assets for which qualified custody is available. The Custodian is subject to change in the sole discretion of the Sponsor. At March 31, 2022 and December 31, 2021, digital assets of approximately $ 910,187,600 and $ 957,078,000 are held by the Custodian, respectively. Digital Asset Trading is Volatile and Speculative Digital assets represent a speculative investment and involve a high degree of risk. Prices of digital assets have fluctuated widely for a variety of reasons including uncertainties in government regulation and may continue to experience significant price fluctuations. If digital asset markets continue to be subject to sharp fluctuations, Shareholders may experience losses as the value of the Trust’s investments decline. Even if Shareholders are able to hold their Shares in the Trust for the long-term, their Shares may never generate a profit, since digital asset markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations. Over-the-Counter Transactions Some of the markets in which the Trust may execute its transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of “exchange-based” markets. This exposes the Trust to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Trust to suffer a loss. Such “counterparty risk” is accentuated for digital assets where the Trust has concentrated its transactions with a single or small group of counterparties. The Trust is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Moreover, the Trust has no internal credit function that evaluates the creditworthiness of its counterparties. The ability of the Trust to transact business with any one or number of counterparties, the lack of any meaningful and independent evaluation of such counterparty’s financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Trust. No FDIC or SIPC Protection The Trust is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation (“ FDIC ”) or the Securities Investor Protection Corporation (“ SIPC ”). Accordingly, deposits or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The Trust’s cryptocurrency custodians do however carry bespoke insurance policies related to the cryptocurrencies over which they provide custody. The Trust must adapt to technological change in order to secure and safeguard client accounts. While management believes they have developed an appropriate proprietary security system reasonably designed to safeguard the Trust’s digital assets from theft, loss, destruction or other issues relating to hackers and technological attack, such assessment is based upon known technology and threats. To the extent that the Trust is unable to identify and mitigate or stop new security threats, the Trust’s digital assets may be subject to theft, loss, destruction or other attack, which could have a negative impact on the performance of the Trust or result in loss of the Trust’s digital assets. Risks Associated With a Cryptocurrency Majority Control Since cryptocurrencies are virtual and transactions in such currencies reside on distributed networks, governance of the underlying distributed network could be adversely altered should any individual or group obtain 51 % control of the distributed network. Such control could have a significant adverse effect on either the ownership or value of the cryptocurrency. Transaction Authentication As of the date of these financial statements, the transfer of digital currency assets from one party to another typically relies on an authentication process by an outside party known as a miner. In exchange for compensation, the miner will authenticate the transfer of the currency through the solving of a complex algorithm known as a proof of work, or will vouch for the transfer through other means, such as a proof of stake. Effective transfers of and therefore realization of cryptocurrency, digital assets and tokens are dependent on interactions from these miners or forgers. In the event that there were a shortage of miners to perform this function, that shortage could have an adverse effect on either the fair value or realization of the cryptocurrency assets. Other Risks Management continues to evaluate the impact of the COVID-19 pandemic, including new variant strains of the underlying virus, current or anticipated military conflict, including between Russia and Ukraine, terrorism, sanctions and other geopolitical events as well as adverse developments in the economy, the capital markets and the Blockchain markets, including rising energy costs, inflation and interest rates, in the United States and globally, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, and has concluded that while it is reasonably possible that these events could have a negative effect on the financial performance and operations of the Trust, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Trust is classified as a partnership for U.S. federal income tax purposes. The Trust does not record a provision for U.S. federal, U.S. state or local income taxes because the Shareholders report their share of the Trust’s income or loss on their income tax returns. The Trust files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. The Trust is required to determine whether its tax positions are more likely than not to be sustained on examination by the applicable taxing authority, based on the technical merits of the position. Tax positions not deemed to meet a more likely than not threshold would be recorded as a tax expense in the current year. As of March 31, 2022 and December 31, 2021, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded. The Trust does not expect that its assessment related to unrecognized tax benefits will materially change over the next 12 months . However, the Trust’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions; compliance with U.S. federal, U.S. state, and tax laws of jurisdictions in which the Trust operates in; and changes in the administrative practices and precedents of the relevant authorities. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of December 31, 2021, the 2020, 2019 and 2018 tax years remain open for examination. There were no examinations in progress at period end.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity Subscriptions As of November 18, 2021, the Sponsor to the Trust has closed the acceptance of all subscriptions to the Bitwise 10 Crypto Index Fund, pursuant to its rights under Sections 5 and 6 of the Trust Agreement. In-Kind Subscriptions The Sponsor may, at its sole discretion, accept digital assets (“In-Kind Investments”) in lieu of, or in addition to, cash as payment for investment in the Trust. Such In-Kind Investments are valued using the same digital asset prices as per the Trust’s valuation policy at any given valuation date as of 4:00 pm ET on the date of the subscription. As of November 18, 2021, the Sponsor to the Trust has closed the acceptance of all subscriptions to the Bitwise 10 Crypto Index Fund, pursuant to its rights under Sections 5 and 6 of the Trust Agreement. Withdrawals In connection with the Trust seeking approval for the quotation of its Shares on OTCQX, the Trust halted the withdrawal program on October 7, 2020. Allocation of Profits and Losses Prior to May 1, 2020, when the dual class structure was eliminated, income or loss (prior to the calculation of the Management Fee (as defined below)) attributable to the Trust was allocated to each Class in proportion to each Class’ capital account balance.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions The Trust considers the Sponsor, its directors and employees to be related parties of the Trust. In consideration for the management services to be provided to the Trust, the Sponsor will receive from the Trust a management fee (the “ Management Fee ”) payable monthly, in arrears at a rate of 2.5 % per annum. The Sponsor may, in its discretion, waive, reduce or rebate the Management Fee with respect to any Shareholder or group of Shareholders (which group may, but need not, include all Shareholders), including affiliates of the Sponsor; provided that such waiver, reduction or rebate shall not increase the Management Fee payable in respect of any other Shareholder. For the periods January 1, 2022 to March 31, 2022 and January 1, 2021 to March 31, 2021, the Shareholders were charged Management Fees of $ 5,218,398 and $ 4,909,445 , respectively, of which $ 1,902,880 and $ 2,034,342 remained payable as of March 31, 2022 and 2021, respectively. The Sponsor paid all expenses related to the initial offering, organization and start-up of the Trust and will not seek reimbursement for such amounts. The Sponsor is responsible for all ordinary operating expenses of the Trust, including administrative, custody, legal, audit, insurance, and other operating expenses.

Indemnifications

Indemnifications	3 Months Ended
	Mar. 31, 2022
Indemnifications Disclosure [Abstract]
Indemnifications	8. Indemnifications In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2022
Investment Company, Financial Highlights [Abstract]
Financial Highlights	9. Financial Highlights The following presents the financial highlights for the three month periods ended March 31, 2022 and March 31, 2021. Three months ended Three months ended Per Share Performance Investor Class Investor Class (for a share outstanding throughout the period) Net asset value per share at beginning of period $ 48.14 $ 24.67 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments (1) ( 2.85 ) 26.27 Net investment loss (1) ( 0.26 ) ( 0.26 ) Net increase (decrease) in Net Assets resulting from ( 3.11 ) 26.01 Net asset value per share at end of period $ 45.03 $ 50.68 Total return ( 6.47 ) % 105.43 % Supplemental Data Ratios to average net asset value (2) Expenses 2.51 % 2.76 % Net investment loss ( 2.51 ) % ( 2.76 ) % Net Assets at end of period $ 911,491,438 $ 1,002,394,849 Average net assets (3) $ 833,208,157 $ 783,874,649 Portfolio turnover 3.72 % 1.50 % Total returns are calculated based on the change in value of a share during the period. The total return and the ratios to average net asset value are calculated for each class as a whole. An individual Shareholder’s return and ratios may vary based on the timing of capital transactions. Ratios have been annualized for the periods ended March 31, 2022 and 2021; total returns and portfolio turnover have not been annualized. (1) Net investment loss per share is calculated by dividing the net investment loss by the average number of shares outstanding during the period. Net realized and change in unrealized gain on investments is a balancing amount necessary to reconcile the change in net asset value per share with the other per share information. (2) Annualized. (3) Based on the average of month-end net assets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events The Sponsor has evaluated subsequent events through May 11, 2022, the date the financial statements were available to be issued, and has determined that there are no other subsequent events that require disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ” or “ Codification ”) Topic 946, Financial Services—Investment Companies. The accompanying comparative financial statements are unaudited, but in the opinion of management of the Sponsor, contain all adjustments (which include normal recurring adjustments) considered necessary to present fairly the financial position of the Trust as of March 31, 2022 and December 31, 2021 and the results of operations for the three months ended March 31, 2022 and 2021. These interim financial statements should be read in conjunction with the Trust’s annual report on Form 10-K for the year ended December 31, 2021. Interim period results are not necessarily indicative of results for a full-year period. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Cash	Cash Cash represents cash deposits held at financial institutions and digital asset exchanges. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
Investments and Valuation	Investments and Valuation The Trust’s investments in digital assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “— Calculation of Valuation” in the footnote below. Digital assets are generally valued using prices as reported on reputable and liquid exchanges and may involve utilizing an average of bid and ask quotes using closing prices provided by such exchanges as of the date and time of determination ("Calculation of Valuation" below). Factors such as the recent stability of the exchange, current liquidity of the exchange, and recent price activity of an exchange will be considered as to the determination of which exchanges to utilize. The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Savings Time and 21:00 UTC during non-Daylight Savings Time. The Sponsor’s Valuation Policy provides a listing of preferred exchanges. While some digital assets are valued based on prices reported in the public markets, other digital assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain digital assets, and how to value such assets as to which limited prices or quotations are available, are based on the Sponsor’s recommendations or instructions. Digital asset transactions are recorded on the trade date. Realized gains and losses from digital asset transactions are determined using the identified cost method. Any change in net unrealized gain or loss is reported in the statement of operations. Commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction.
Calculation of Valuation	Calculation of Valuation For all periods through the quarterly period ended June 30, 2021, the NAV Per Share, the NAV of the Trust, and the fair valuations for each Portfolio Crypto Asset were calculated by the Trust’s Administrator in reliance on the fair value of each Portfolio Crypto Asset based on a blended average approach for calculating the price of a digital asset (the " Blended Bitwise Crypto Asset Price "), which the Sponsor was responsible for calculating. The Sponsor provided this price to the Administrator, and the Administrator used this price (multiplied by the Trust’s holdings) for each asset to determine the fair value of the Trust’s assets. The Administrator then subtracted the Trust’s liabilities to determine the Trust’s NAV. The Administrator then divided this value by the Trust’s shares outstanding in order to determine the NAV per share. As a result of the Sponsor’s responsibility in this regard, any errors, discontinuance or changes in such valuation calculations may have had an adverse effect on the value of the Shares. The Sponsor instituted this valuation policy in order to generate fair value estimates because it determined that such policy was in the best interest of shareholders, as it would avoid misstatements in valuation of the assets potentially arising from deviations in pricing across the digital asset market, and because of the fragmented nature of the digital asset trading ecosystem. As a result, management applied this valuation technique which it determined to be appropriate given the circumstances. Following the filing of its Form 10, the Sponsor conducted a complete review of its process for determining fair valuation in the presentation of its financial statements and calculation of NAV. In this process, the Sponsor evaluated whether or not the identification of a principal market for each of the Trust’s assets for valuation purposes, during each period for which the Trust created and had audited its financial statements, would have created a material difference in the Trust’s estimated fair value or assets. In conjunction, the Sponsor determined to undertake a change in valuation policy for the fair valuation of cryptocurrencies held in the Trust. As a result, the Sponsor developed a revised process for the determination of a principal market for each asset based on this consideration and disclosed and implemented this change in valuation policy and accounting policy prior to the creation of financial statements for the period ending September 30, 2021. The Blended Bitwise Crypto Asset Price is no longer used for any calculations by the Trust, including NAV Per Share, NAV of the Trust or fair valuations for any Portfolio Crypto Asset. The process that the Sponsor developed for identifying a principal market, as described in FASB ASC 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable cryptocurrency exchanges selected by the Sponsor and its affiliates in their sole discretion, including BitFlyer, Binance, Bitstamp, Bittrex, Coinbase, itBit, Kraken, Gemini and Poloniex, and then calculating, on each valuation period, the highest volume exchange during the 60 minutes prior to 4:00 pm ET for each asset. In evaluating the markets that could be considered principal markets, the Trust considered whether or not the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period. In conducting this review, the Sponsor also retroactively applied this process for identifying a principal market to the prior periods of reported financial results, including the fiscal years ended 2018, 2019 and 2020, to determine whether or not any material or significant differences would have resulted from the application of a different valuation policy in the creation of each financial statement (e.g., comparing the fair value prices determined using the existing and previous valuation methodology to the hypothetical fair value prices using an identified principal market for each asset) and to consider whether management’s use of the previous valuation policy would have created any material departures from a valuation policy of identifying a principal market. The Sponsor’s results conclude that there were no material or significant differences in valuation or to the financial statements as previously presented when using the policy of identifying a principal market described above as compared to the previous valuation methodology for any period since the Trust commenced operations. Included within the net change in unrealized appreciation (depreciation) within the Trusts' Statement of Operations for the quarter ended March 31, 2021 is $ 244,938 , representing the immaterial difference in the Trust's fair market value of digital assets at the beginning of the year determined using the Blended Bitwise Crypto Asset Price and the Principal Market Price. The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the quarter ended March 31, 2022. Asset Principal Market Price Principal Bitcoin (BTC) $ 45,595.55 Coinbase Ethereum (ETH) $ 3,284.17 Coinbase Solana (SOL) $ 122.97 Coinbase Cardano (ADA) $ 1.15 Coinbase Avalanche (AVAX) $ 94.53 Coinbase Polkadot (DOT) $ 21.33 Coinbase Polygon (MATIC) $ 1.62 Coinbase Litecoin (LTC) $ 124.25 Coinbase Cosmos (ATOM) $ 28.75 Coinbase Chainlink (LINK) $ 16.86 Coinbase

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Principal Market and the Principal Market Prices for Portfolio Cryto Assets Comprised Majority of Trust Assets	The following provides an overview of the Principal Market and the Principal Market Prices for Portfolio Crypto Assets that comprised the majority of the Trust’s assets for the quarter ended March 31, 2022. Asset Principal Market Price Principal Bitcoin (BTC) $ 45,595.55 Coinbase Ethereum (ETH) $ 3,284.17 Coinbase Solana (SOL) $ 122.97 Coinbase Cardano (ADA) $ 1.15 Coinbase Avalanche (AVAX) $ 94.53 Coinbase Polkadot (DOT) $ 21.33 Coinbase Polygon (MATIC) $ 1.62 Coinbase Litecoin (LTC) $ 124.25 Coinbase Cosmos (ATOM) $ 28.75 Coinbase Chainlink (LINK) $ 16.86 Coinbase

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Trust's Assets Accounted For At Fair Value	The following summarizes the Trust’s assets accounted for at fair value at March 31, 2022. Level 1 Level 2 Level 3 Total Assets Investments in digital assets, at fair value $ 911,404,346 $ — $ — $ 911,404,346 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2021. Level 1 Level 2 Level 3 Total Assets Investments in digital assets , at fair value $ 958,115,187 $ — $ — $ 958,115,187

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Company, Financial Highlights [Abstract]
Summary of Financial Highlights	The following presents the financial highlights for the three month periods ended March 31, 2022 and March 31, 2021. Three months ended Three months ended Per Share Performance Investor Class Investor Class (for a share outstanding throughout the period) Net asset value per share at beginning of period $ 48.14 $ 24.67 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments (1) ( 2.85 ) 26.27 Net investment loss (1) ( 0.26 ) ( 0.26 ) Net increase (decrease) in Net Assets resulting from ( 3.11 ) 26.01 Net asset value per share at end of period $ 45.03 $ 50.68 Total return ( 6.47 ) % 105.43 % Supplemental Data Ratios to average net asset value (2) Expenses 2.51 % 2.76 % Net investment loss ( 2.51 ) % ( 2.76 ) % Net Assets at end of period $ 911,491,438 $ 1,002,394,849 Average net assets (3) $ 833,208,157 $ 783,874,649 Portfolio turnover 3.72 % 1.50 % Total returns are calculated based on the change in value of a share during the period. The total return and the ratios to average net asset value are calculated for each class as a whole. An individual Shareholder’s return and ratios may vary based on the timing of capital transactions. Ratios have been annualized for the periods ended March 31, 2022 and 2021; total returns and portfolio turnover have not been annualized. (1) Net investment loss per share is calculated by dividing the net investment loss by the average number of shares outstanding during the period. Net realized and change in unrealized gain on investments is a balancing amount necessary to reconcile the change in net asset value per share with the other per share information. (2) Annualized. (3) Based on the average of month-end net assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	Dec. 09, 2020	Mar. 31, 2022
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Committee for uniform securities identification procedures (CUSIP), number	091749101
Investor Class [Member]
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of management fee paid by shareholders		2.50%

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Principal Market and the Principal Market Prices for Portfolio Cryto Assets Comprised Majority of Trust Assets (Detail) - Coinbase [Member] - Fair Value Measured at Net Asset Value Per Share [Member]	Mar. 31, 2022$ / shares
Bitcoin [Member]
Principal Market Price	$ 45,595.55
Ethereum [Member]
Principal Market Price	3,284.17
Solana [Member]
Principal Market Price	122.97
Cardano [Member]
Principal Market Price	1.15
Avalanche [Member]
Principal Market Price	94.53
Polkadot [Member]
Principal Market Price	21.33
Polygon [Member]
Principal Market Price	1.62
Litecoin [Member]
Principal Market Price	124.25
Cosmos [Member]
Principal Market Price	28.75
Chainlink [Member]
Principal Market Price	$ 16.86

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Line Items]
Time used in investment valuation, description	The time used is 4:00 pm ET which corresponds to 20:00 UTC during Daylight Savings Time and 21:00 UTC during non-Daylight Savings Time.
Net change in unrealized appreciation (depreciation)		$ 244,938

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Trust's Assets Accounted For at Fair Value (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned	$ 911,404,346	$ 958,115,187
Digital Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned	911,404,346	958,115,187
Digital Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned	911,404,346	958,115,187
Digital Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned
Digital Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned

Risks and Uncertainties - Addit

Risks and Uncertainties - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Risks And Uncertainties [Line Items]
Digital assets that resides on exchange	$ 1,216,700	$ 1,037,000
Investment owned	$ 911,404,346	958,115,187
Distributed Networks [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Risks And Uncertainties [Line Items]
Concentration risk percentage	51.00%
Coinbase Custody Trust Company LLC The Custodian [Member]
Risks And Uncertainties [Line Items]
Investment owned	$ 910,187,600	$ 957,078,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0
Unrecognized tax benefits	$ 0	$ 0
Reporting period	12 months
Tax years remain open for examination	2020 2019 2018

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Management fees payable	$ 1,902,880		$ 2,034,342
Sponsor [Member]
Related party transaction, rate	2.50%
Management fees payable	$ 1,902,880	$ 2,034,342
Sponsor [Member] | Investor Class [Member]
Management fee expense	$ 5,218,398	$ 4,909,445

Financial Highlights - Summary

Financial Highlights - Summary of Financial Highlights (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Ratios to average net asset value
Net assets at end of period		$ 911,491,438	$ 1,002,394,849	$ 974,537,662	$ 373,240,438
Investor Class [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value per share at beginning of period		$ 48.14	$ 24.67
Net increase (decrease) in Net Assets resulting from operations:
Net realized and change in unrealized gain on investments	[1]	(2.85)	26.27
Net investment loss	[1]	(0.26)	(0.26)
Net increase (decrease) in Net Assets resulting from operations		(3.11)	26.01
Net asset value per share at end of period		$ 45.03	$ 50.68
Total return		(6.47%)	105.43%
Ratios to average net asset value
Expenses	[2]	2.51%	2.76%
Net investment loss		(2.51%)	(2.76%)
Net assets at end of period		$ 911,491,438	$ 1,002,394,849
Average net assets	[3]	$ 833,208,157	$ 783,874,649
Portfolio turnover		3.72%	1.50%
[1]	Net investment loss per share is calculated by dividing the net investment loss by the average number of shares outstanding during the period. Net realized and change in unrealized gain on investments is a balancing amount necessary to reconcile the change in net asset value per share with the other per share information.
[2]	Annualized.
[3]	Based on the average of month-end net assets.