Bitwise 10-Crypto ETF Lost $500M as Bitcoin Rose to 78%

Bitwise’s 10 Crypto Index ETF held $532.8 million in net assets on June 30, down 48.27% from $1.03 billion at Dec. 31, 2025, according to the fund’s quarterly filing. The trust reported a negative 36.16% Principal Market NAV total return for the first half of 2026, and shares outstanding fell 18.97% to 14,141,947.

Operations reduced the fund’s net assets by $339.4 million during the six-month period. The filing lists $430.7 million of unrealized depreciation and a $2.8 million net investment loss, partly offset by $94.1 million of realized gains.

Capital-share transactions accounted for a further $157.7 million decline in net assets. The fund recorded $161.2 million of redemptions and $3.5 million of creations. A separate cash-flow line shows $178.3 million paid for redemptions, which includes settlement of a $17.1 million redemption payable carried over from 2025. Shares were transacted through authorized participants in 10,000-share blocks; the filing does not identify the ultimate investors behind those transactions.

The ETF’s portfolio became more concentrated in Bitcoin. Bitcoin’s share of shareholders’ equity rose from 75.11% at year-end to 77.81% in June, while Ethereum’s weight declined from 15.41% to 12.59%. The list of constituents changed: Hyperliquid and Stellar appear in the June schedule, while Avalanche and Polkadot are absent compared with December.

Bitwise states the fund rebalances monthly to follow a rules-based index that governs reconstitution and weighting. The filing does not assign how much of the portfolio shift resulted from relative price moves, redemption-related sales or scheduled rebalancing. It also does not compare the fund’s performance to a Bitcoin-only benchmark.

The ETF permits authorized participants to create or redeem shares directly with the trust in large blocks, a mechanism that can change share count and require portfolio trades when flows are large. The filing records the fund’s half-year market losses, net redemptions and the higher share of assets held in Bitcoin as of June 30.