Bitwise 10 Crypto Index ETF loses 500 million dollars as Bitcoin dominates portfolio

Bitwise's 10 Crypto Index ETF, BITW, reported a 48.27% decline in net assets, dropping from 1.03 billion dollars on December 31 to 532.8 million dollars by June 30, 2026. The fund's total return per share was negative 36.16% over the six-month period, with outstanding shares decreasing by 18.97%. Operations contributed to a 339.4 million dollar reduction in net assets, including 430.7 million dollars in unrealized depreciation and a 2.8 million dollar net investment loss, partially offset by 94.1 million dollars in realized gains. Capital-share transactions further reduced BITW's assets by 157.7 million dollars, with redemptions totaling 161.2 million dollars against 3.5 million dollars in creations. The fund's Bitcoin allocation increased from 75.11% to 77.81%, while Ethereum's share fell from 15.41% to 12.59%. The June portfolio included new assets Hyperliquid and Stellar, while Avalanche and Polkadot were removed. BITW's monthly rebalancing is based on a rules-based index, but the filing does not specify the causes of the asset shifts or whether the basket mitigated losses compared to Bitcoin.