Bitwise 10 Crypto Index Fund (BITW) 10-K 20 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
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			$ 682,936,133
Entity Common Stock Shares Outstanding		20,241,947
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of Bitwise 10 Crypto Index Fund (the Trust), including the schedules of investments, as of December 31, 2024 and 2023, the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023, and the results of its operations and changes in its net assets for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Assets
Investments in crypto assets, at fair value (cost $303,296,992 and $314,774,926)	$ 1,368,514,435	$ 699,798,952
Crypto assets sold receivable		2,770,000
Cash	76,507	913
Other assets	392	263
Total Assets	1,368,591,334	702,570,128
Liabilities
Management fees payable	2,851,231	1,463,687
Subscriptions received in advance	301	301
Total Liabilities	2,851,532	1,463,988
Net Assets	1,365,739,802	701,106,140
Net Assets consists of:
Paid-in-capital	427,764,344	427,764,344
Accumulated net investment gain (loss)	(78,039,217)	(52,232,153)
Accumulated net realized gain (loss) on investments in Crypto Assets	(49,202,768)	(59,450,077)
Net unrealized appreciation (depreciation) on investments in crypto assets	1,065,217,443	385,024,026
Net Assets	$ 1,365,739,802	$ 701,106,140
Shares issued and outstanding, no par value (unlimited shares authorized)	20,241,947	20,241,947
Net asset value per share	$ 67.47	$ 34.64

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investment owned, at cost	$ 303,296,992	$ 314,774,926
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, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Fair Value	$ 1,368,514,435	$ 699,798,952
Percentage of Net Assets	100.20%	99.81%
Liabilities in excess of other assets	$ (2,774,633)
Other assets in excess of liabilities		$ 1,307,188
Percentage of liabilities in excess of other assets	(0.20%)
Percentage of other assets in excess of liabilities		0.19%
Net Assets	$ 1,365,739,802	$ 701,106,140
Percentage of Net Assets	100%	100%
Bitcoin [Member]
Schedule of Investments [Line Items]
Units	10,632.1413	10,998.0429
Fair Value	$ 992,967,681	$ 462,076,062
Percentage of Net Assets	72.70%	65.91%
Ethereum [Member]
Schedule of Investments [Line Items]
Units	65,011.3388	67,221.7443
Fair Value	$ 217,163,876	$ 154,923,265
Percentage of Net Assets	15.90%	22.10%
Ripple [Member]
Schedule of Investments [Line Items]
Units	30,686,126.7901	30,324,826.6436
Fair Value	$ 64,339,602	$ 18,825,652
Percentage of Net Assets	4.71%	2.69%
Solana [Member]
Schedule of Investments [Line Items]
Units	256,477.2246	239,876.3681
Fair Value	$ 49,677,074	$ 25,143,841
Percentage of Net Assets	3.64%	3.59%
Cardano [Member]
Schedule of Investments [Line Items]
Units	19,192,702.8414	19,777,360.767
Fair Value	$ 16,261,977	$ 11,943,548
Percentage of Net Assets	1.19%	1.70%
Avalanche [Member]
Schedule of Investments [Line Items]
Units	220,206.973	195,564.0766
Fair Value	$ 7,885,612	$ 7,859,720
Percentage of Net Assets	0.58%	1.12%
Polkadot [Member]
Schedule of Investments [Line Items]
Units	816,152.3229	732,019.7088
Fair Value	$ 5,433,942	$ 6,033,306
Percentage of Net Assets	0.40%	0.86%
Polygon [Member]
Schedule of Investments [Line Items]
Units		5,257,194.4118
Fair Value		$ 5,114,199
Percentage of Net Assets		0.73%
Chainlink [Member]
Schedule of Investments [Line Items]
Units	342,097.278	309,529.3045
Fair Value	$ 6,828,604	$ 4,803,895
Percentage of Net Assets	0.50%	0.69%
Litecoin [Member]
Schedule of Investments [Line Items]
Units		41,303.5713
Fair Value		$ 3,075,464
Percentage of Net Assets		0.44%
Bitcoin Cash [Member]
Schedule of Investments [Line Items]
Units	10,611.6785
Fair Value	$ 4,625,525
Percentage of Net Assets	0.34%
NEAR Protocal
Schedule of Investments [Line Items]
Units	680,674.8151
Fair Value	$ 3,330,542
Percentage of Net Assets	0.24%

Schedules of Investments (Paren

Schedules of Investments (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investment owned, at cost	$ 303,296,992	$ 314,774,926

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income
Other income		$ 68,436
Total Income		68,436
Expenses
Management fees	$ 25,807,020	12,857,555	$ 13,411,511
Transaction and other fees	44	3,052	1,706
Total Expenses	25,807,064	12,860,607	13,413,217
Net Investment loss	(25,807,064)	(12,792,171)	(13,413,217)
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) from crypto assets	10,247,309	(23,155,952)	(16,022,388)
Net change in unrealized appreciation (depreciation) from crypto assets	680,193,417	428,897,764	(636,945,558)
Net realized and change in unrealized gain (loss) on investments	690,440,726	405,741,812	(652,967,946)
Net increase (decrease) in Net Assets resulting from operations	$ 664,633,662	$ 392,949,641	$ (666,381,163)

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase in net assets from operations:
Net investment gain (loss)	$ (25,807,064)	$ (12,792,171)	$ (13,413,217)
Net realized gain (loss) from crypto assets	10,247,309	(23,155,952)	(16,022,388)
Net change in unrealized appreciation (depreciation) from crypto assets	680,193,417	428,897,764	(636,945,558)
Net increase (decrease) in Net Assets resulting from operations	664,633,662	392,949,641	(666,381,163)
Increase in net assets from capital share transactions:
Total increase (decrease) in net assets from operations and capital share transactions	664,633,662	392,949,641	(666,381,163)
Net Assets:
Beginning of Period	701,106,140	308,156,499	974,537,662
End of Period	$ 1,365,739,802	$ 701,106,140	$ 308,156,499
Increase (Decrease) in Partners' Capital [Roll Forward]
Shares outstanding at beginning of period	20,241,947	20,241,947	20,241,947
Shares outstanding at end of period	20,241,947	20,241,947	20,241,947

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 664,633,662	$ 392,949,641	$ (666,381,163)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. C YBERSECURITY Cybersecurity Risk Management and Strategy The Trust’s cybersecurity risk management is established and governed by the Sponsor. The Sponsor determines and implements appropriate risk management processes and strategies as it relates to cybersecurity for the Trust and the Trust relies on the Sponsor for assessing, identifying and managing material risks to the Trust’s business from cybersecurity threats. The Sponsor’s cybersecurity policies and practices are set out in the Sponsor’s compliance manual and are reviewed on an annual basis. In addition, all officers of the Sponsor and all employees of Bitwise receive annual compliance training and annual cybersecurity training. Attendance at the annual cybersecurity training and the annual compliance training is tracked and recorded. The Sponsor engages a selection of third-party security experts (" Experts ") to assist its internal legal, compliance and engineering personnel in developing, implementing and testing its cybersecurity policies and procedures. The Experts assist in performing assessments, penetration tests and reviewed areas of potential vulnerability. In addition, the Experts work with the Sponsor to conduct cybersecurity training, exercises and quarterly internal phishing tests. The Sponsor uses the findings of such exercises and campaigns to improve its practices, procedures, and technologies. The Sponsor also engages the Experts to support its cybersecurity threat and incident response management and maintains information security risk insurance coverage. The Sponsor conducts due diligence on the Experts and all third-party service providers both at the beginning of any contractual relationship and on an ongoing, periodic basis. The Sponsor reviews a selection of all of its service providers on an annual basis, with specific emphasis on any service providers deemed to be high risk and utilizes external compliance partners to assist with this review. As part of this review, the Sponsor tracks any identified deficiencies and requires that its third-party service providers have in place appropriate technical and organizational security measures and security-control principles based on recognized cybersecurity standards. The Sponsor also obtains contractual assurances from third-party service providers relating to their security responsibilities, controls, reporting, and roles and responsibilities as it pertains to cybersecurity incident response policies and notification requirements. While neither the Sponsor no r the Trust has experienced a material cybersecurity incident, cybersecurity threat risks may materially affect either the Sponsor or the Trust, including the Trust’s business strategy, results of operations or financial condition. For further discussion of the risks the Trust faces from cybersecurity threats, see “ Item 1A. Risk Factors—Risks Related to Trust Investment—Investing in the Trust may result in the total loss of investment due to passive management strategies, cybersecurity vulnerabilities, and inadequate recovery options for lost assets. ” Governance The Trust does not have any directors, officers or employees. Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates. As a result, Katherine Dowling, the General Counsel and Vice President of the Sponsor, is responsible for assessing and overseeing the Sponsor’s and the Trust’s cybersecurity risks and providing direction and oversight for risk mitigation action, in conjunction with Hong Kim, the Chief Technology Officer of Bitwise. Ms. Dowling has served as a Chief Compliance Officer at various companies since 2015 and has more than ten years of experience as an Assistant U.S. Attorney, most recently in the Economic Crimes Unit of the U.S. Attorney's Office for the Northern District of California. Ms. Dowling receives periodic reports from the Experts, outside legal representatives and members of the Sponsor’s Legal and Compliance team who take part in cybersecurity review, implementation and testing. Mr. Kim graduated from the University of Pennsylvania with a Bachelor of Science in Computer Science, and, prior to Bitwise, worked on Google's backend infrastructure for Google Drive and worked in software security for the South Korean military. Bitwise, the parent of the Sponsor, has a board of directors that is ultimately responsible for managing and directing the affairs of the Sponsor, including maintaining oversight of risks from cybersecurity threats. Mr. Kim serves on the Bitwise board of directors. Ms. Dowling serves as the General Counsel and Chief Compliance Officer of Bitwise and therefore is able to report directly to Bitwise’s board of directors regarding cybersecurity risks to the Trust and the Sponsor.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Bitwise, the parent of the Sponsor, has a board of directors that is ultimately responsible for managing and directing the affairs of the Sponsor, including maintaining oversight of risks from cybersecurity threats. Mr. Kim serves on the Bitwise board of directors. Ms. Dowling serves as the General Counsel and Chief Compliance Officer of Bitwise and therefore is able to report directly to Bitwise’s board of directors regarding cybersecurity risks to the Trust and the Sponsor.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Bitwise, the parent of the Sponsor, has a board of directors that is ultimately responsible for managing and directing the affairs of the Sponsor, including maintaining oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Mr. Kim serves on the Bitwise board of directors. Ms. Dowling serves as the General Counsel and Chief Compliance Officer of Bitwise and therefore is able to report directly to Bitwise’s board of directors regarding cybersecurity risks to the Trust and the Sponsor.
Cybersecurity Risk Role of Management [Text Block]	The Trust does not have any directors, officers or employees. Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates. As a result, Katherine Dowling, the General Counsel and Vice President of the Sponsor, is responsible for assessing and overseeing the Sponsor’s and the Trust’s cybersecurity risks and providing direction and oversight for risk mitigation action, in conjunction with Hong Kim, the Chief Technology Officer of Bitwise. Ms. Dowling has served as a Chief Compliance Officer at various companies since 2015 and has more than ten years of experience as an Assistant U.S. Attorney, most recently in the Economic Crimes Unit of the U.S. Attorney's Office for the Northern District of California. Ms. Dowling receives periodic reports from the Experts, outside legal representatives and members of the Sponsor’s Legal and Compliance team who take part in cybersecurity review, implementation and testing. Mr. Kim graduated from the University of Pennsylvania with a Bachelor of Science in Computer Science, and, prior to Bitwise, worked on Google's backend infrastructure for Google Drive and worked in software security for the South Korean military.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	As a result, Katherine Dowling, the General Counsel and Vice President of the Sponsor, is responsible for assessing and overseeing the Sponsor’s
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Ms. Dowling has served as a Chief Compliance Officer at various companies since 2015 and has more than ten years of experience as an Assistant U.S. Attorney, most recently in the Economic Crimes Unit of the U.S. Attorney's Office for the Northern District of California. Ms. Dowling receives periodic reports from the Experts, outside legal representatives and members of the Sponsor’s Legal and Compliance team who take part in cybersecurity review, implementation and testing. Mr. Kim graduated from the University of Pennsylvania with a Bachelor of Science in Computer Science, and, prior to Bitwise, worked on Google's backend infrastructure for Google Drive and worked in software security for the South Korean military.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	the Trust’s cybersecurity risks and providing direction and oversight for risk mitigation action, in conjunction with Hong Kim, the Chief Technology Officer of Bitwise.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization

Organization	12 Months Ended
	Dec. 31, 2024
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 Equiniti Trust Company, LLC, formerly 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. Securitize Fund Services, LLC, formerly 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, 2024
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 specific identification cost method. Any change in net unrealized gain or loss is reported in the statements 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 years ended December 31, 2022 and 2024. Calculation of Valuation Effective February 13, 2023, the Sponsor adapted a nearly identical principal market valuation process, with no material impact to the Trust, which begins by partnering with a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable cryptocurrency exchanges selected by Lukka, Inc. in their sole discretion, including Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX 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 the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period. 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, 2024. Year Ended December 31, 2024 Asset Principal Market Price Principal BTC $ 93,393.01 Crypto.com ETH $ 3,340.40 Crypto.com XRP $ 2.10 Coinbase SOL $ 193.69 Coinbase ADA $ 0.85 Coinbase AVAX $ 35.81 Coinbase LINK $ 19.96 Coinbase DOT $ 6.66 Coinbase BCH $ 435.89 Coinbase NEAR $ 4.89 Coinbase

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
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, 2024. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets, at fair value $ 1,368,514,435 $ — $ — $ 1,368,514,435 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

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, Crypto Assets with a value of approximately $ 7,226,139 and $ 1,270,261 , respectively, resided on exchanges. As of December 31, 2024, the Trust had approximately $ 76,500 in cash with $ 75,700 held on exchange and $ 800 in the Trust bank accounts. At December 31, 2023, the Trust had a $ 2,770,000 receivable from Crypto Assets sold, and approximately $ 0 held on exchange and $ 900 in cash in the Trust bank accounts. 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, 2024 and 2023, Crypto Assets of $ 1,361,288,296 and $ 698,528,691 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, 2024
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, 2024, 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, 2024
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. As all subscriptions were closed for the year ended December 31, 2024, 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, 2024
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. All 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, 2024 and 2023, the Shareholders were charged Management Fees of $ 25,807,020 and $ 12,857,555 , respectively, of which $ 2,851,231 and $ 1,463,687 remain payable as of December 31, 2024 and 2023, 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, 2024, 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, 2024
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, 2024
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, 2024, December 31, 2023 and December 31, 2022. 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 $ 34.64 $ 15.22 $ 48.14 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments 34.10 20.05 ( 32.26 ) Net investment gain (loss) (1) ( 1.27 ) ( 0.63 ) ( 0.66 ) Net increase (decrease) in Net Assets resulting from 32.83 19.42 ( 32.92 ) Net asset value per share at end of period $ 67.47 $ 34.64 $ 15.22 Total return 94.77 % 127.60 % ( 68.38 ) % Supplemental Data Ratios to average net asset value Expenses 2.51 % 2.51 % 2.51 % Net investment loss ( 2.51 ) % ( 2.49 ) % ( 2.51 ) % Net Assets at end of period $ 1,365,739,802 $ 701,106,140 $ 308,156,499 Average net assets (2) $ 1,030,130,222 $ 513,230,745 $ 535,343,806 Portfolio turnover (3) 3 % 8 % 11 % 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 net 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 %.

Operating Segments

Operating Segments	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Operating Segments	10. Operating Segments In this reporting period, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ ASU 2023-07 ”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“ CODM ”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selective members of the Executive Management Committee and other senior personnel of the Trust’s Sponsor, acts as the Trust’s CODM. The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its Trust agreement, based on a defined investment strategy which is executed by the Sponsor. The financial information in the form of the Trust’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment’s performance versus the Trust’s comparative benchmarks and to make resource allocation decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statements of operations.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2024
Disclosure Text Block [Abstract]
New Accounting Pronouncements	11. New Accounting Pronouncements In December 2023, the FASB released ASU 2023-08, Intangibles—Goodwill and Other— Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The ASU aims to enhance accounting and disclosure for crypto assets. It is effective for annual and interim periods beginning after December 15, 2024 and early adoption is permitted. The Fund is currently evaluating the effect that adoption of ASU 2023-08 will have on its financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events The Sponsor has evaluated subsequent events through February 20, 2025, the date the financial statements were available to be issued, and has determined that there are no subsequent events that require disclosure or recognition.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 specific identification cost method. Any change in net unrealized gain or loss is reported in the statements 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 years ended December 31, 2022 and 2024.
Calculation of Valuation	Calculation of Valuation Effective February 13, 2023, the Sponsor adapted a nearly identical principal market valuation process, with no material impact to the Trust, which begins by partnering with a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable cryptocurrency exchanges selected by Lukka, Inc. in their sole discretion, including Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX 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 the specific markets were accessible to the Trust, either directly or through an intermediary, at the end of each period. 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, 2024. Year Ended December 31, 2024 Asset Principal Market Price Principal BTC $ 93,393.01 Crypto.com ETH $ 3,340.40 Crypto.com XRP $ 2.10 Coinbase SOL $ 193.69 Coinbase ADA $ 0.85 Coinbase AVAX $ 35.81 Coinbase LINK $ 19.96 Coinbase DOT $ 6.66 Coinbase BCH $ 435.89 Coinbase NEAR $ 4.89 Coinbase

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024. Year Ended December 31, 2024 Asset Principal Market Price Principal BTC $ 93,393.01 Crypto.com ETH $ 3,340.40 Crypto.com XRP $ 2.10 Coinbase SOL $ 193.69 Coinbase ADA $ 0.85 Coinbase AVAX $ 35.81 Coinbase LINK $ 19.96 Coinbase DOT $ 6.66 Coinbase BCH $ 435.89 Coinbase NEAR $ 4.89 Coinbase

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024. Level 1 Level 2 Level 3 Total Assets Investments in crypto assets, at fair value $ 1,368,514,435 $ — $ — $ 1,368,514,435 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

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, December 31, 2023 and December 31, 2022. 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 $ 34.64 $ 15.22 $ 48.14 Net increase (decrease) in Net Assets resulting from Net realized and change in unrealized on investments 34.10 20.05 ( 32.26 ) Net investment gain (loss) (1) ( 1.27 ) ( 0.63 ) ( 0.66 ) Net increase (decrease) in Net Assets resulting from 32.83 19.42 ( 32.92 ) Net asset value per share at end of period $ 67.47 $ 34.64 $ 15.22 Total return 94.77 % 127.60 % ( 68.38 ) % Supplemental Data Ratios to average net asset value Expenses 2.51 % 2.51 % 2.51 % Net investment loss ( 2.51 ) % ( 2.49 ) % ( 2.51 ) % Net Assets at end of period $ 1,365,739,802 $ 701,106,140 $ 308,156,499 Average net assets (2) $ 1,030,130,222 $ 513,230,745 $ 535,343,806 Portfolio turnover (3) 3 % 8 % 11 % 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 net 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) - Fair Value Measured at Net Asset Value Per Share [Member]	Dec. 31, 2024 $ / shares
Bitcoin [Member] | Crypto.com [Member]
Principal Market Price	$ 93,393.01
Ethereum [Member] | Crypto.com [Member]
Principal Market Price	3,340.4
Ripple [Member] | Coinbase [Member]
Principal Market Price	2.1
Solana [Member] | Coinbase [Member]
Principal Market Price	193.69
Cardano [Member] | Coinbase [Member]
Principal Market Price	0.85
Avalanche [Member] | Coinbase [Member]
Principal Market Price	35.81
Chainlink [Member] | Coinbase [Member]
Principal Market Price	19.96
Polkadot [Member] | Coinbase [Member]
Principal Market Price	6.66
Bitcoin Cash [Member] | Coinbase [Member]
Principal Market Price	435.89
NEAR [Member] | Coinbase [Member]
Principal Market Price	$ 4.89

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 17, 2023	Dec. 31, 2024
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.
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned	$ 1,368,514,435	$ 699,798,952
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned	1,368,514,435	699,798,952
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, 2024	Dec. 31, 2023
Risks And Uncertainties [Line Items]
Crypto assets that resided on exchange	$ 7,226,139	$ 1,270,261
Crypto assets held on exchange	75,700	0
Crypto assets in cash	76,500
Crypto assets sold receivable		2,770,000
Crypto assets cash resided in bank accounts	800	900
Investment owned	$ 1,368,514,435	699,798,952
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	$ 1,361,288,296	$ 698,528,691

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0
Unrecognized tax benefits	$ 0	$ 0	$ 0
Reporting period	12 months

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
In-kind investments accepted	$ 0	$ 0	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Management fees payable	$ 2,851,231	$ 1,463,687
Sponsor [Member]
Related party transaction, rate	2.50%
Management fees payable	$ 2,851,231	1,463,687
Shares held by related party	78,494
Sponsor [Member] | Investor Class [Member]
Management fee expense	$ 25,807,020	$ 12,857,555
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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ratios to average net asset value
Net assets at end of period		$ 1,365,739,802	$ 701,106,140	$ 308,156,499	$ 974,537,662
Investor Class [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value per share at beginning of period		$ 34.64	$ 15.22	$ 48.14
Net increase (decrease) in Net Assets resulting from operations:
Net realized and change in unrealized on investments		34.10	20.05	(32.26)
Net investment gain (loss)	[1]	(1.27)	(0.63)	(0.66)
Net increase (decrease) in Net Assets resulting from operations		32.83	19.42	(32.92)
Net asset value per share at end of period		$ 67.47	$ 34.64	$ 15.22
Total return		94.77%	127.60%	(68.38%)
Ratios to average net asset value
Expenses		2.51%	2.51%	2.51%
Net investment loss		(2.51%)	(2.49%)	(2.51%)
Net assets at end of period		$ 1,365,739,802	$ 701,106,140	$ 308,156,499
Average net assets	[2]	$ 1,030,130,222	$ 513,230,745	$ 535,343,806
Portfolio turnover	[3]	3%	8%	11%
[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 net 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Investor Class [Member]
Investment Company, Financial Highlights [Line Items]
Portfolio turnover	[1]	3%	8%	11%
[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 %.

Operating Segments - Additional

Operating Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segment	1