Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Address, State or Province | CA | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Address, Address Line One | 250 Montgomery Street | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, Postal Zip Code | 94104 | ||
Securities Act File Number | 000-56270 | ||
Entity Tax Identification Number | 82-3002349 | ||
City Area Code | 415 | ||
Local Phone Number | 707-3663 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Ex Transition Period | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 185 | ||
Entity Public Float | $ 228,641,990 | ||
Entity Common Stock Shares Outstanding | 20,241,947 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investments in crypto assets, at fair value (cost $314,774,926 and $352,025,947) | $ 699,798,952 | $ 308,152,209 |
Crypto assets cash resided as receivable | 2,770,000 | |
Cash | 913 | 656,726 |
Other assets | 263 | 2,180 |
Total Assets | 702,570,128 | 308,811,115 |
Liabilities | ||
Management fees payable | 1,463,687 | 643,333 |
Subscriptions received in advance | 301 | 301 |
Capital withdrawals payable | 10,982 | |
Total Liabilities | 1,463,988 | 654,616 |
Net Assets | 701,106,140 | 308,156,499 |
Net Assets consists of: | ||
Paid-in-capital | 427,764,344 | 427,764,344 |
Accumulated net investment gain (loss) | (52,232,153) | 39,439,982 |
Accumulated net realized gain (loss) on investments in Crypto Assets | (59,450,077) | 36,294,125 |
Net unrealized appreciation (depreciation) on investments in Crypto Assets | 385,024,026 | (43,873,738) |
Net Assets | $ 701,106,140 | $ 308,156,499 |
Shares issued and outstanding, no par value (unlimited shares authorized) | 20,241,947 | 20,241,947 |
Net asset value per share | $ 34.64 | $ 15.22 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Investment owned, at cost | $ 314,774,926 | $ 352,025,946 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited | Unlimited | Unlimited |
Schedules of Investments
Schedules of Investments | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 699,798,952 | $ 308,152,209 |
Percentage of Net Assets | 99.81% | 100% |
Assets in excess of liabilities | $ 1,307,188 | |
Other assets in excess of liabilities | $ 4,290 | |
Percentage of assets in excess of liabilities | 0.19% | |
Percentage of other assets in excess of liabilities | 0% | |
Net Assets | $ 701,106,140 | $ 308,156,499 |
Percentage of Net Assets | 100% | 100% |
Bitcoin [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 10,998.0429 | 11,819.9707 |
Fair Value | $ 462,076,062 | $ 195,753,017 |
Percentage of Net Assets | 65.91% | 63.52% |
Ethereum [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 67,221.7443 | 74,021.6567 |
Fair Value | $ 154,923,265 | $ 88,589,859 |
Percentage of Net Assets | 22.10% | 28.75% |
Solana [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 239,876.3681 | 225,537.2136 |
Fair Value | $ 25,143,841 | $ 2,223,797 |
Percentage of Net Assets | 3.59% | 0.72% |
Ripple [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 30,324,826.6436 | |
Fair Value | $ 18,825,652 | |
Percentage of Net Assets | 2.69% | |
Cardano [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 19,777,360.767 | 21,522,897.0117 |
Fair Value | $ 11,943,548 | $ 5,283,871 |
Percentage of Net Assets | 1.70% | 1.72% |
Avalanche [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 195,564.0766 | 191,304.3666 |
Fair Value | $ 7,859,720 | $ 2,083,305 |
Percentage of Net Assets | 1.12% | 0.68% |
Polkadot [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 732,019.7088 | 728,522.0272 |
Fair Value | $ 6,033,306 | $ 3,151,586 |
Percentage of Net Assets | 0.86% | 1.02% |
Polygon [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 5,257,194.4118 | 5,364,647.6643 |
Fair Value | $ 5,114,199 | $ 4,063,721 |
Percentage of Net Assets | 0.73% | 1.32% |
Chainlink [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 309,529.3045 | 301,859.6002 |
Fair Value | $ 4,803,895 | $ 1,646,342 |
Percentage of Net Assets | 0.69% | 0.53% |
Litecoin [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 41,303.5713 | 44,176.0683 |
Fair Value | $ 3,075,464 | $ 3,012,808 |
Percentage of Net Assets | 0.44% | 0.98% |
Uniswap [Member] | ||
Schedule of Investments [Line Items] | ||
Units | 462,947.3743 | |
Fair Value | $ 2,343,903 | |
Percentage of Net Assets | 0.76% |
Schedules of Investments (Paren
Schedules of Investments (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 314,774,926 | $ 352,025,946 |
Percentage of assets in excess of liabilities | 0.19% | |
Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of assets in excess of liabilities | 0% |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Other income | $ 68,436 | ||
Total Income | 68,436 | ||
Expenses | |||
Management fees | 12,857,555 | $ 13,411,511 | $ 23,059,156 |
Transaction and other fees | 3,052 | 1,706 | 3,919 |
Total Expenses | 12,860,607 | 13,413,217 | 23,063,075 |
Net Investment loss | (12,792,171) | (13,413,217) | (23,063,075) |
Net realized and change in unrealized gain (loss) on investments | |||
Net realized gain (loss) from crypto assets | (23,155,952) | (16,022,388) | (9,558,990) |
Net change in unrealized appreciation (depreciation) from crypto assets | 428,897,764 | (636,945,558) | 449,410,634 |
Net realized and change in unrealized gain (loss) on investments | 405,741,812 | (652,967,946) | 439,851,644 |
Net increase (decrease) in Net Assets resulting from operations | $ 392,949,641 | $ (666,381,163) | $ 416,788,569 |
Statement of Changes in Net Ass
Statement of Changes in Net Assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase in net assets from operations: | |||
Net investment gain (loss) | $ (12,792,171) | $ (13,413,217) | $ (23,063,075) |
Net realized gain (loss) from crypto assets | (23,155,952) | (16,022,388) | (9,558,990) |
Net change in unrealized appreciation (depreciation) from crypto assets | 428,897,764 | (636,945,558) | 449,410,634 |
Net increase (decrease) in Net Assets resulting from operations | 392,949,641 | (666,381,163) | 416,788,569 |
Increase in net assets from capital share transactions: | |||
Subscriptions | 184,508,655 | ||
Net increase (decrease) in net assets resulting from capital share transactions | 184,508,655 | ||
Total increase (decrease) in net assets from operations and capital share transactions | 392,949,641 | (666,381,163) | 601,297,224 |
Net Assets [Abstract] | |||
Beginning of Period | 308,156,499 | 974,537,662 | 373,240,438 |
End of Period | $ 701,106,140 | $ 308,156,499 | $ 974,537,662 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Shares outstanding at beginning of period | 20,241,947 | 20,241,947 | 15,132,240 |
Subscriptions (Shares) | 5,109,707 | ||
Net increase (decrease) in shares | 5,109,707 | ||
Shares outstanding at end of period | 20,241,947 | 20,241,947 | 20,241,947 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Nature of Operations 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. Any references to Shares or Shareholders refer to units and members, respectively, and references to the Sponsor refer to the Manager, with respect to the period prior to the conversion to a Delaware Statutory Trust on May 1, 2020. 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 Crypto Assets 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. 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 | 12 Months Ended |
Dec. 31, 2023 | |
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. 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 Crypto 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 Crypto Assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “— Calculation of Valuation ” below. Crypto 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 an exchange, current liquidity of an 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 Crypto Assets are valued based on prices reported in the public markets, other Crypto Assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain Crypto 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. Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto 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. The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if when received, the airdropped Crypto Assets have value. Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received. During the twelve months ended December 31, 2023, the Trust was eligible for a Flare (FLR) Airdrop. The Airdrop was based on the Trust’s XRP holding in its custody vault as of December 12, 2020. The Trust elected to participate in the Airdrop and on April 17th, 2023, Other income resulting from the Airdrop was booked into the Fund’s assets. At the time of the Airdrop, the result was a positive NAV increase of 0.013 % bps, less than $ 0.00 NAV increase and $ 68,436 net asset increase to the Trust. On April 18, 2023, the Trust sold the FLR and raised USD resulting in a minor loss to the Trust. The USD was used to purchase other assets in the Trust’s portfolio, since FLR was not part of the Index of the Trust. The impact of this Airdrop can be seen within the Statement of Operations under Other income and Net realized gain (loss) from Crypto Assets. There were no Airdrops recognized or unrecognized during the fiscal year ended December 31, 2022. 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 Crypto 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 Crypto Asset market, and because of the fragmented nature of the Crypto 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 Crypto Assets 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. Effective August 31, 2021, the process that the Sponsor developed for identifying a principal market, as described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable Crypto Asset exchanges selected by the Sponsor and its affiliates in their sole discretion, 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 the review following the filing of its Form 10, 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 Trust's Statement of Operations for the year ended December 31, 2021 is $ 118,351 , representing the immaterial difference in the Trust's fair market value of Crypto 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 year ended December 31, 2023. Year Ended December 31, 2023 Asset Principal Market Price Principal BTC $ 42,014.39 Coinbase ETH $ 2,304.66 Coinbase SOL $ 104.82 Coinbase XRP $ 0.62 Coinbase ADA $ 0.60 Coinbase AVAX $ 40.19 Coinbase DOT $ 8.24 Coinbase MATIC $ 0.97 Coinbase LINK $ 15.52 Coinbase LTC $ 74.46 Coinbase |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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 a single, principal market valuation approach. 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 December 31, 2023. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets, at fair value $ 699,798,952 $ — $ — $ 699,798,952 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2022. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets , at fair value $ 308,152,209 $ — $ — $ 308,152,209 |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 4. Risks and Uncertainties Crypto Assets Crypto 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. Crypto Asset exchanges have been closed due to fraud, failure or security breaches. Any of the Trust’s Portfolio Crypto Assets that reside on an exchange that shuts down may be lost. At December 31, 2023 and 2022, Crypto Assets with a value of approximately $ 1,270,261 and $ 292,421 , respectively, resided on exchanges. At December 31, 2023, the Trust had a $ 2,770,000 receivable from Crypto Assets sold and approximately $ 900 in cash in the Trust bank accounts. At December 31, 2022, cash of approximately $ 644,736 resided on exchanges. Several factors may affect the price of Crypto 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 Crypto Assets or the use of Crypto Assets as a form of payment. There is no assurance that Crypto Assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of Crypto Asset payments by mainstream retail merchants and commercial businesses will continue to grow. Crypto Asset Regulation As Crypto Assets have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the Crypto Asset industry. To the extent future regulatory actions or policies limit the ability to exchange Crypto Assets or utilize them for payments, the demand for Crypto Assets will be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert Crypto Assets into fiat currency (e.g., U.S. dollars) or use Crypto 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 Crypto Asset unit prices. The effect of any future regulatory change on the Trust or Crypto 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 Crypto Assets. Custody of Crypto Assets Coinbase Custody Trust Company, LLC (the " Custodian ") serves as the Trust's Custodian for Crypto Assets for which qualified custody is available. The Custodian is subject to change in the sole discretion of the Sponsor. At December 31, 2023 and 2022, Crypto Assets of approximately $ 698,528,691 and $ 307,859,788 are held by the Custodian, respectively. Crypto Asset Trading is Volatile and Speculative Crypto Assets represent a speculative investment and involve a high degree of risk. Prices of Crypto Assets have fluctuated widely for a variety of reasons including uncertainties in government regulation and may continue to experience significant price fluctuations. If Crypto 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 Crypto 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 Crypto 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 Crypto Asset custodians do however carry bespoke insurance policies related to the Crypto Assets 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 Crypto 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 Crypto 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 Crypto Assets. Risks Associated with Crypto Asset Majority Control Since Crypto Assets are virtual and transactions in such Crypto Assets 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 Crypto Asset. 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 Crypto Assets are dependent on interactions from these Miners or forgers. In the event that there was a shortage of Miners to perform this function, that shortage could have an adverse effect on either the fair value or realization of the Crypto Assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022, 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
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 Crypto 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 Crypto 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. For the year ended December 31, 2021, the Trust accepted In-Kind Investments from the Shareholders of $ 95,459,698 . As all subscriptions were closed for the year ended December 31, 2023 and December 31, 2022, there were no In-Kind Investments. 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions In consideration for the management services to be provided to the Trust, the Sponsor receives from the Trust a management fee (the “Management Fee”) in arrears. A ll Shareholders in the Trust are charged a Management Fee 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 years ended December 31, 2023 and 2022, the Shareholders were charged Management Fees of $ 12,857,555 and $ 13,411,511 , respectively, of which $ 1,463,687 and $ 643,333 remain payable as of December 31, 2023 and 2022, respectively. The Sponsor paid all expenses related to the initial offering, organization and start-up of the Trust. The Sponsor is responsible for all ordinary operating expenses of the Trust, including administrative, custody, legal, audit, insurance, and other operating expenses. The Trust considers directors and executive officers of the Sponsor to be related parties of the Trust. As of December 31, 2023, such individuals, collectively held 78,494 shares of the Trust, which represent less than 1 % ownership of total shares outstanding. |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2023 | |
Indemnifications Disclosure [Abstract] | |
Indemnifications | 8. Indemnifications In the normal course of business, the Sponsor on behalf of the Trust enters into contracts and agreements that contain a variety of representations and warranties and which may 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 | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 9. Financial Highlights The following presents the financial highlights for Investor Class shares for the twelve months ended December 31, 2023, December 31, 2022 and December 31, 2021. Twelve months ended Twelve months ended Twelve months ended Per Share Performance Investor Class Investor Class Investor Class (for a share outstanding throughout the period) Net asset value per share at beginning of period $ 15.22 $ 48.14 $ 24.67 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments 20.05 ( 32.26 ) 24.63 Net investment gain (loss) (1) ( 0.63 ) ( 0.66 ) ( 1.16 ) Net increase (decrease) in Net Assets resulting from 19.42 ( 32.92 ) 23.47 Net asset value per share at end of period $ 34.64 $ 15.22 $ 48.14 Total return 127.60 % ( 68.38 ) % 95.15 % Supplemental Data Ratios to average net asset value Expenses 2.51 % 2.51 % 2.51 % Net investment loss ( 2.49 ) % ( 2.51 ) % ( 2.51 ) % Net Assets at end of period $ 701,106,140 $ 308,156,499 $ 974,537,662 Average net assets (2) $ 513,230,745 $ 535,343,806 $ 920,451,951 Portfolio turnover (3) 8 % 11 % 14 % 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. Portfolio turnover percentages are calculated by taking the lesser of the total purchases and sales divided by the average net assets during the period. (1) Net investment gain (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) Based on the average of month-end assets (3) The flare airdrop, discussed in Footnote 2, Significant Accounting Policies, Calculation of Valuation, was not included within the portfolio turnover calculation for the twelve months ended December 31, 2023. If included, portfolio turnover for the twelve months ended December 31, 2023 would have been 8 %. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | 10. New Accounting Pronouncements On September 6, 2023, the Financial Accounting Standards Board (FASB) approved a proposed accounting standards update (Intangibles – Goodwill and Other – Crypto Assets, ASU Subtopic 350-60) to improve the accounting for, and disclosure of, certain crypto assets. The new standard is expected to be published by the end of 2023 and will be effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The Sponsor is evaluating the potential impact the ASU may have, and does not believe there will be any material impact to the Trust’s financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events The Sponsor has evaluated subsequent events through March 1, 2024, the date the financial statements were available to be issued, and has determined that there are no subsequent events that require disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. 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 Crypto 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 Crypto Assets are stated at fair value. For a further discussion of the Trust’s calculations of valuation, please see “— Calculation of Valuation ” below. Crypto 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 an exchange, current liquidity of an 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 Crypto Assets are valued based on prices reported in the public markets, other Crypto Assets may be more thinly-traded or subject to irregular trading activity. Determinations on the value of certain Crypto 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. Crypto Asset transactions are recorded on the trade date. Realized gains and losses from Crypto 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. The Trust intermittently receives Airdrops of new Crypto Assets. The use of Airdrops is generally to promote the launch and use of new Crypto Assets by providing a small amount of the new Crypto Assets to the private wallets or exchange accounts of holders of existing related Crypto Assets. Airdropped Crypto Assets can have substantially different Blockchain technology that has no relation to any existing Crypto Asset, and many Airdrops may be without value. The Trust will only record receipt of airdropped Crypto Assets if when received, the airdropped Crypto Assets have value. Crypto Assets received from Airdrops have no cost basis and the Trust recognizes other income equal to the fair value of the new Crypto Asset received. During the twelve months ended December 31, 2023, the Trust was eligible for a Flare (FLR) Airdrop. The Airdrop was based on the Trust’s XRP holding in its custody vault as of December 12, 2020. The Trust elected to participate in the Airdrop and on April 17th, 2023, Other income resulting from the Airdrop was booked into the Fund’s assets. At the time of the Airdrop, the result was a positive NAV increase of 0.013 % bps, less than $ 0.00 NAV increase and $ 68,436 net asset increase to the Trust. On April 18, 2023, the Trust sold the FLR and raised USD resulting in a minor loss to the Trust. The USD was used to purchase other assets in the Trust’s portfolio, since FLR was not part of the Index of the Trust. The impact of this Airdrop can be seen within the Statement of Operations under Other income and Net realized gain (loss) from Crypto Assets. There were no Airdrops recognized or unrecognized during the fiscal year ended December 31, 2022. |
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 Crypto 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 Crypto Asset market, and because of the fragmented nature of the Crypto 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 Crypto Assets 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. Effective August 31, 2021, the process that the Sponsor developed for identifying a principal market, as described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, which outlines the application of fair value accounting, was to begin by identifying publicly available, well established and reputable Crypto Asset exchanges selected by the Sponsor and its affiliates in their sole discretion, 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 the review following the filing of its Form 10, 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 Trust's Statement of Operations for the year ended December 31, 2021 is $ 118,351 , representing the immaterial difference in the Trust's fair market value of Crypto 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 year ended December 31, 2023. Year Ended December 31, 2023 Asset Principal Market Price Principal BTC $ 42,014.39 Coinbase ETH $ 2,304.66 Coinbase SOL $ 104.82 Coinbase XRP $ 0.62 Coinbase ADA $ 0.60 Coinbase AVAX $ 40.19 Coinbase DOT $ 8.24 Coinbase MATIC $ 0.97 Coinbase LINK $ 15.52 Coinbase LTC $ 74.46 Coinbase |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 year ended December 31, 2023. Year Ended December 31, 2023 Asset Principal Market Price Principal BTC $ 42,014.39 Coinbase ETH $ 2,304.66 Coinbase SOL $ 104.82 Coinbase XRP $ 0.62 Coinbase ADA $ 0.60 Coinbase AVAX $ 40.19 Coinbase DOT $ 8.24 Coinbase MATIC $ 0.97 Coinbase LINK $ 15.52 Coinbase LTC $ 74.46 Coinbase |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets, at fair value $ 699,798,952 $ — $ — $ 699,798,952 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2022. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets , at fair value $ 308,152,209 $ — $ — $ 308,152,209 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Summary of Financial Highlights | The following presents the financial highlights for Investor Class shares for the twelve months ended December 31, 2023, December 31, 2022 and December 31, 2021. Twelve months ended Twelve months ended Twelve months ended Per Share Performance Investor Class Investor Class Investor Class (for a share outstanding throughout the period) Net asset value per share at beginning of period $ 15.22 $ 48.14 $ 24.67 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments 20.05 ( 32.26 ) 24.63 Net investment gain (loss) (1) ( 0.63 ) ( 0.66 ) ( 1.16 ) Net increase (decrease) in Net Assets resulting from 19.42 ( 32.92 ) 23.47 Net asset value per share at end of period $ 34.64 $ 15.22 $ 48.14 Total return 127.60 % ( 68.38 ) % 95.15 % Supplemental Data Ratios to average net asset value Expenses 2.51 % 2.51 % 2.51 % Net investment loss ( 2.49 ) % ( 2.51 ) % ( 2.51 ) % Net Assets at end of period $ 701,106,140 $ 308,156,499 $ 974,537,662 Average net assets (2) $ 513,230,745 $ 535,343,806 $ 920,451,951 Portfolio turnover (3) 8 % 11 % 14 % 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. Portfolio turnover percentages are calculated by taking the lesser of the total purchases and sales divided by the average net assets during the period. (1) Net investment gain (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) Based on the average of month-end assets (3) The flare airdrop, discussed in Footnote 2, Significant Accounting Policies, Calculation of Valuation, was not included within the portfolio turnover calculation for the twelve months ended December 31, 2023. If included, portfolio turnover for the twelve months ended December 31, 2023 would have been 8 %. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 09, 2020 |
Organization, Consolidation And Presentation Of Financial Statements [Line Items] | |
Committee for uniform securities identification procedures (CUSIP), number | 091749101 |
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] | Dec. 31, 2023 $ / shares |
Bitcoin [Member] | |
Principal Market Price | $ 42,014.39 |
Ethereum [Member] | |
Principal Market Price | 2,304.66 |
Solana [Member] | |
Principal Market Price | 104.82 |
Ripple [Member] | |
Principal Market Price | 0.62 |
Cardano [Member] | |
Principal Market Price | 0.6 |
Avalanche [Member] | |
Principal Market Price | 40.19 |
Polkadot [Member] | |
Principal Market Price | 8.24 |
Polygon [Member] | |
Principal Market Price | 0.97 |
Chainlink [Member] | |
Principal Market Price | 15.52 |
Litecoin [Member] | |
Principal Market Price | $ 74.46 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 17, 2023 | Dec. 31, 2023 | Dec. 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) | $ 118,351 | ||
Positive NAV increase percentage | 0.013% | ||
Net asset increase to Trust | $ 68,436 | ||
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
NAV increase | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Trust's Assets Accounted For at Fair Value (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment owned | $ 699,798,952 | $ 308,152,209 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment owned | 699,798,952 | 308,152,209 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment owned | ||
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 ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risks And Uncertainties [Line Items] | ||
Crypto assets that resided on exchange | $ 1,270,261 | $ 292,421 |
Crypto assets cash resided as receivable | 2,770,000 | |
Crypto assets cash resided in bank accounts | 900 | |
Crypto assets cash resided on exchange | 644,736 | |
Investment owned | $ 699,798,952 | 308,152,209 |
Distributed Networks [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Risks And Uncertainties [Line Items] | ||
Concentration risk percentage | 51% | |
Coinbase Custody Trust Company LLC The Custodian [Member] | ||
Risks And Uncertainties [Line Items] | ||
Investment owned | $ 698,528,691 | $ 307,859,788 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Unrecognized tax benefits | $ 0 | $ 0 |
Reporting period | 12 months |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
In-kind investments accepted | $ 0 | $ 0 | $ 95,459,698 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Management fees payable | $ 1,463,687 | $ 643,333 |
Sponsor [Member] | ||
Related party transaction, rate | 2.50% | |
Management fees payable | $ 1,463,687 | 643,333 |
Shares held by related party | 78,494 | |
Sponsor [Member] | Investor Class [Member] | ||
Management fee expense | $ 12,857,555 | $ 13,411,511 |
Sponsor [Member] | Maximum [Member] | ||
Ownership percentage in outstanding shares | 1% |
Financial Highlights - Summary
Financial Highlights - Summary of Financial Highlights (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Ratios to average net asset value | |||||
Net assets at end of period | $ 701,106,140 | $ 308,156,499 | $ 974,537,662 | $ 373,240,438 | |
Investor Class [Member] | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Net asset value per share at beginning of period | $ 15.22 | $ 48.14 | $ 24.67 | ||
Net increase (decrease) in Net Assets resulting from operations: | |||||
Net realized and change in unrealized on investments | 20.05 | (32.26) | 24.63 | ||
Net investment gain (loss) | [1] | (0.63) | (0.66) | (1.16) | |
Net increase (decrease) in Net Assets resulting from operations | 19.42 | (32.92) | 23.47 | ||
Net asset value per share at end of period | $ 34.64 | $ 15.22 | $ 48.14 | ||
Total return | 127.60% | (68.38%) | 95.15% | ||
Ratios to average net asset value | |||||
Expenses | 2.51% | 2.51% | 2.51% | ||
Net investment loss | (2.49%) | (2.51%) | (2.51%) | ||
Net assets at end of period | $ 701,106,140 | $ 308,156,499 | $ 974,537,662 | ||
Average net assets | [2] | $ 513,230,745 | $ 535,343,806 | $ 920,451,951 | |
Portfolio turnover | [3] | 8% | 11% | 14% | |
[1] Net investment gain (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. Based on the average of month-end assets The flare airdrop, discussed in Footnote 2, Significant Accounting Policies, Calculation of Valuation, was not included within the portfolio turnover calculation for the twelve months ended December 31, 2023. If included, portfolio turnover for the twelve months ended December 31, 2023 would have been 8 %. |
Financial Highlights - Summary
Financial Highlights - Summary of Financial Highlights (Parenthetical) (Details) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Investor Class [Member] | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Portfolio turnover | [1] | 8% | 11% | 14% |
[1] The flare airdrop, discussed in Footnote 2, Significant Accounting Policies, Calculation of Valuation, was not included within the portfolio turnover calculation for the twelve months ended December 31, 2023. If included, portfolio turnover for the twelve months ended December 31, 2023 would have been 8 %. |