WisdomTree Bitcoin Fund (BTCW) is a spot bitcoin ETF listed on the Cboe BZX Exchange. The Trust holds actual bitcoin — not futures or derivatives — and each share represents fractional ownership of those holdings. The share price tracks bitcoin's price using an independently calculated benchmark based on trading activity across major bitcoin spot platforms. BTCW gives retail and institutional investors bitcoin price exposure through a standard brokerage account, without requiring them to directly buy, hold, or custody bitcoin. Shares are created and redeemed in blocks of 5,000 shares exclusively by Authorized Participants, who transact only in cash. The Trust's custodian, Coinbase Custody Trust Company, holds all bitcoin in segregated cold storage. The Trust's sponsor, WisdomTree Digital Commodity Services, charges a sponsor fee of 0.25% per annum on average daily net assets — the Trust's only recurring expense. Because the Trust generates no income, it pays this fee by periodically selling small amounts of bitcoin, meaning the bitcoin represented by each share gradually declines over time. The sponsor's fee revenue grows as bitcoin's price rises or as new investor capital flows in, increasing AUM. BTCW is part of WisdomTree's broader digital asset product suite, which includes European bitcoin ETPs, bitcoin futures ETFs, tokenized assets, and a blockchain-native digital wallet.