Bitwise Bitcoin ETF Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Inventory: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Build your own liquidation scenario
Adjust asset discounts and liability assumptions to see how assumptions affect the numbers.
Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $0 | $0.00 |
| Liquid Liquidation Value | $0 | $0.00 |
| Operating Liquidation Value | $0 | $0.00 |
Key Components (as of 2025-09-30)
| Cash & Equivalents | $0 |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities (total reported; current not separately disclosed) | $70.86M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | N/A |
Explore all 46 XBRL tags and build your own scenario → Open Calculator
Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-09-30 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-06 | View |
| 2025-12-31 | 10-K/A | 2026-03-11 | View |
| 2025-12-31 | 10-K | 2026-03-02 | View |
| 2025-09-30 | 10-Q | 2025-11-10 | View |
| 2025-06-30 | 10-Q | 2025-08-07 | View |
| 2025-03-31 | 10-Q | 2025-05-12 | View |
| 2024-12-31 | 10-K/A | 2025-03-28 | View |
| 2024-12-31 | 10-K | 2025-03-18 | View |
AI Insights
Bitwise Bitcoin ETF (BITB) is a Delaware statutory trust structured as a grantor trust for U.S. federal income tax purposes. Its balance sheet is monolithic: substantially all assets are bitcoin held at fair value, and the liability stack is minimal. Under a liquidation lens, the recovery posture is straightforward and near-par relative to stated book value, absent the standard haircut problem seen in operating companies, because the primary asset is a Level 1 liquid instrument marked to observable market prices daily.
As of March 31, 2026, the Trust held 37,600.71 bitcoin valued at $2,549.5M (principal market NAV basis, Lukka Prime Rate / Crypto.com at $67,805.29/BTC). Total assets per XBRL: $2,551.4M. Total liabilities: $2.3M, consisting primarily of $1.8M payable for bitcoin purchased (unsettled trades, T+2) and $0.46M in accrued sponsor fees. Net assets: $2,549.1M. At a 100% recovery haircut on bitcoin (it trades on deep, liquid markets and is held in qualified custody at Coinbase Custody Trust Company), liquidation value approximates stated NAV, with only the $2.3M liability stack to settle at face. No intangibles, no PP&E, no goodwill, no operating leases, no debt.
QoQ change is material in dollar terms but structural in origin. Bitcoin fair value declined from $3,367.6M at December 31, 2025 to $2,549.5M at March 31, 2026, a $818.1M reduction driven by bitcoin price depreciation from $87,544/BTC to $67,805/BTC (approximately -22.6%). Net assets fell from $3,367.1M to $2,549.1M. Net redemptions also reduced trust size: 14.78M shares redeemed vs. 13.22M created, net outflow of 1.56M shares. Bitcoin quantity declined from 38,468.05 BTC to 37,600.71 BTC. Total return on principal market NAV was -22.58% for Q1 2026.
The prior filing (10-K/A) was a ministerial amendment to file a missing KPMG consent; it contained no balance sheet data and no financial statements. Accordingly, the QoQ comparison is drawn from December 31, 2025 figures embedded in the current 10-Q. The Trust has no debt, no pension obligations, no operating leases, no production commitments, and no goodwill. The only ongoing liability is the 0.20% annualized Sponsor Fee, paid in-kind in bitcoin monthly. Filing does not separately disclose custodial counterparty risk (Coinbase Custody) in XBRL tagging; it is discussed in Note 6 (Concentration of Risk) in the narrative only.
▼ Community Notes