WisdomTree Bitcoin FundBTCW

WisdomTree Bitcoin ETF (BTCW), listed on Nasdaq, is a grantor trust that holds Bitcoin and issues shares whose price tracks the WisdomTree Bitcoin Reference Rate. The ETF is not an operating company; it is a wrapper around a single asset class, with liquidity derived solely from sales of the underlying Bitcoin when fees or expenses must be paid. (source: WisdomTree ETF Centre, https://www.wisdomtree.com/; Nasdaq BTCW market page, https://www.nasdaq.com/market-activity/etf/btcw)

BTCW’s mandate is simple: hold Bitcoin, charge a 0.25% annual Sponsor Fee, and remit Bitcoin network and custody costs to the Trust’s expenses. The fund does not reinvest, does not lend, and does not hedge; its only cash flows are the Sponsor Fee and the Bitcoin it must sell to pay it. (source: BTCW 10-Q, 2026-05-13, https://www.sec.gov/Archives/edgar/data/1850391/000121465926006093/wtb5627010q.htm)

The Trust values Shares daily using the WisdomTree Bitcoin Reference Rate, defined as an aggregation of executed trade flow across major Bitcoin platforms. This reference rate is not an index or futures price; it is a real-time aggregation the issuer sources from exchange execution data. Financing charges, Bitcoin network fees, and extraordinary services costs are deducted before any distributions to shareholders. (source: BTCW 10-Q, 2025-11-12, https://www.sec.gov/Archives/edgar/data/1850391/000121465925016344/wtb11725210q.htm)

Custody is provided by Coinbase Custody under an agreement that limits Coinbase’s aggregate liability to $100 million per cold-storage address and allows administrative charges on unclaimed funds. The agreement also requires WisdomTree to pre-fund its Trading Balance on Coinbase’s platform before trading, creating a prepaid structure for Bitcoin movements. (source: Coinbase Custodial Services Agreement, Exhibit 10.1, https://www.sec.gov/Archives/edgar/data/0001850391/000121465923017131/ex10_1.htm)

BTCW’s expense ratio is 0.25% per annum, paid to the Sponsor as a unified fee for services performed. There is no performance fee, no management fee tiering, and no expense cap beyond the Sponsor Fee and ordinary Bitcoin-related costs. The Trust’s liquidity is solely the Bitcoin it holds, which must be sold to cover fees when required. (source: BTCW 10-Q, 2026-05-13, https://www.sec.gov/Archives/edgar/data/1850391/000121465926006093/wtb5627010q.htm)

As of 26 July 2026, BTCW’s daily valuation is derived from the Reference Rate, Bitcoin network activity, and custody terms set by Coinbase. The fund does not disclose AUM or trading volume in its latest filings, and its market price may deviate from Bitcoin spot due to the 0.25% Sponsor Fee and custody constraints. For live price and volume, see Nasdaq’s BTCW page. (source: Nasdaq BTCW market page, https://www.nasdaq.com/market-activity/etf/btcw)