Bitwise Bitcoin ETF (BITB) is a passively managed exchange-traded trust that holds bitcoin directly, giving investors exposure to bitcoin through a conventional brokerage account without the technical complexity of direct ownership. BITB shares trade on NYSE Arca, and the trust's NAV tracks the bitcoin price (less fees) as measured by the CME CF Bitcoin Reference Rate. Bitwise Investment Advisers serves as the Sponsor, Coinbase Custody Trust Company holds the bitcoin in cold storage, and BNY Mellon serves as administrator and cash custodian. The trust's only revenue source is a Sponsor Fee of 0.20% per annum on total bitcoin holdings, accrued daily and paid monthly in bitcoin. This is a unitary fee — Bitwise covers all ordinary operating costs out of it, including custody, administration, and legal fees, so 0.20% is the all-in cost to investors. Shares are created and redeemed only in 10,000-share blocks called Baskets, and only by Authorized Participants, who deliver or receive cash. This mechanism keeps the share price aligned to NAV. BITB's revenue grows through two channels: net inflows that bring new bitcoin into the trust, and bitcoin price appreciation, which increases the dollar value of the fee without requiring new share issuance. This means BITB's economics are directly tied to bitcoin's price.