SEC Comment Letter for Bitwise 10 Crypto Index ETF (BITW) — Aug 1, 2025
Bitwise 10 Crypto Index ETF
Date: Aug. 1, 2025 · CIK: 0001723788 · Accession: 0000000000-25-008138
AI Filing Summary & Sentiment
File numbers found in text: 333-287889
Letter
August 1, 2025 Hunter Horsley President and Treasurer Bitwise 10 Crypto Index Fund 250 Montgomery Street, Suite 200 San Francisco, CA 94104 Re:Bitwise 10 Crypto Index Fund Amendment No. 1 to Registration Statement on Form S-3 Filed June 18, 2025 File No. 333-287889 Dear Hunter Horsley: We have reviewed your amended registration statement and have the following comments. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe a comment applies to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our July 2, 2025 letter. Amendment No. 1 to Registration Statement on Form S-3 General 1.We note that the Exchange filed an amended Rule 19b-4 application on July 17, 2025. Please revise your disclosure throughout the prospectus, including with respect to information incorporated by reference from your Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for consistency with the amended Rule 19b-4 application.
August 1, 2025 Page 2 Prospectus Summary Overview of the Trust, page 1 2.We note your response to prior comment 3. Please reconcile your disclosures here and on page 28 to be consistent with your response relating to the Sponsor’s pursuit of incidental opportunities. The Index, page 3 3.Please revise to include a brief description of each of the constituent platforms comprising the Index, including the eligibility criteria, any oversight of the selection process, and where the platforms are located and how they are licensed or regulated. In addition, please include a table with market share and volume information for each constituent platform used to calculate the Index. Material Contracts Custodian Agreement, page 53 4.We note your response to prior comment 4. Please reconcile your statement here that “[n]either the Sponsor nor the Trust has given any instructions to the Custodian as it relates to Incidental Rights and/or IR Assets,” with your disclosure elsewhere that the Trust will not seek to acquire, and has disclaimed ownership in any, IR Assets or Incidental Rights. Exhibits 5.We note your response to prior comment 20 and re-issue the comment in part. Please file your Prime Execution Agreement and Trade Financing Agreement as exhibits to the registration statement, or tell us why they are not required to be filed. Refer to Item 601(b)(10) of Regulation S-K. Please contact Lulu Cheng at 202-551-3811 or Irene Paik at 202-551-6553 with any other questions. Sincerely, Division of Corporation Finance Office of Crypto Assets cc:James Audette, Esq.
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August 1, 2025
Hunter Horsley
President and Treasurer
Bitwise 10 Crypto Index Fund
250 Montgomery Street, Suite 200
San Francisco, CA 94104
Re:Bitwise 10 Crypto Index Fund
Amendment No. 1 to Registration Statement on Form S-3
Filed June 18, 2025
File No. 333-287889
Dear Hunter Horsley:
We have reviewed your amended registration statement and have the following
comments.
Please respond to this letter by amending your registration statement and providing
the requested information. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
After reviewing any amendment to your registration statement and the information
you provide in response to this letter, we may have additional comments. Unless we note
otherwise, any references to prior comments are to comments in our July 2, 2025 letter.
Amendment No. 1 to Registration Statement on Form S-3
General
1.We note that the Exchange filed an amended Rule 19b-4 application on July 17, 2025.
Please revise your disclosure throughout the prospectus, including with respect to
information incorporated by reference from your Annual Report on Form 10-K for the
fiscal year ended December 31, 2024, for consistency with the amended Rule 19b-4
application.
August 1, 2025
Page 2
Prospectus Summary
Overview of the Trust, page 1
2.We note your response to prior comment 3. Please reconcile your disclosures here and
on page 28 to be consistent with your response relating to the Sponsor’s pursuit of
incidental opportunities.
The Index, page 3
3.Please revise to include a brief description of each of the constituent platforms
comprising the Index, including the eligibility criteria, any oversight of the selection
process, and where the platforms are located and how they are licensed or regulated.
In addition, please include a table with market share and volume information for each
constituent platform used to calculate the Index.
Material Contracts
Custodian Agreement, page 53
4.We note your response to prior comment 4. Please reconcile your statement here that
“[n]either the Sponsor nor the Trust has given any instructions to the Custodian as it
relates to Incidental Rights and/or IR Assets,” with your disclosure elsewhere that the
Trust will not seek to acquire, and has disclaimed ownership in any, IR Assets or
Incidental Rights.
Exhibits
5.We note your response to prior comment 20 and re-issue the comment in part. Please
file your Prime Execution Agreement and Trade Financing Agreement as exhibits to
the registration statement, or tell us why they are not required to be filed. Refer to
Item 601(b)(10) of Regulation S-K.
Please contact Lulu Cheng at 202-551-3811 or Irene Paik at 202-551-6553 with any
other questions.
Sincerely,
Division of Corporation Finance
Office of Crypto Assets
cc:James Audette, Esq.