Bitwise 10 Crypto Index ETF is a passively managed ETF that holds a basket of the ten largest eligible cryptocurrencies by market cap, offering investors broad crypto exposure through a standard brokerage or retirement account. The Trust tracks the Bitwise 10 Large Cap Crypto Index, which covers roughly 75% of total crypto market cap and is heavily concentrated in Bitcoin (75%) and Ethereum (15%), with the remaining ~10% spread across eight other tokens including XRP, Solana, and Cardano. The Trust was originally a private OTC fund launched in 2017 and converted to an ETF structure on NYSE Arca in December 2025. The business model is straightforward: Bitwise charges a 0.75% annual management fee on NAV, accrued daily and paid by selling portfolio crypto assets, which means each share's crypto holdings gradually dilute over time. Revenue scales directly with NAV, which is driven by assets under management and the price performance of the underlying tokens — primarily Bitcoin and Ethereum. The Trust has no employees or operations; Bitwise Investment Advisers serves as Sponsor, handling custody, administration, and index licensing, while Coinbase Custody holds the crypto assets. The Index is rebalanced monthly and applies eligibility screens that exclude stablecoins, memecoins, and assets with centralization or security concerns. A rule added in 2025 requires at least 87.5% of the Index to consist of assets for which the SEC has approved single-asset ETPs.