Bitcoin concentration rises as fund shrinks to $532.8M
Bitwise’s 10 Crypto Index ETF (BITW) ended the first half of 2026 with net assets of $532.8 million, down 48.27% from $1.03 billion on December 31, 2025, according to fund filings. The decline came alongside a shift in portfolio composition, with Bitcoin’s share of shareholders’ equity rising to 77.81% from 75.11% over the six-month period.
The fund’s principal market net asset value per share fell 36.16% during the first half of 2026. Share count declined 18.97%, dropping from 17,451,947 shares outstanding at year-end to 14,141,947 by June 30, 2026.
Authorized-participant redemptions drove much of the contraction. Redemptions totaled $161.2 million against just $3.5 million in creations, with $178.3 million in cash paid for redemptions during the period. The filing does not identify ultimate investors behind these redemption transactions, so the figures do not establish whether the decline reflects retail investor flight or institutional repositioning.
Market losses accounted for $430.7 million in unrealized depreciation, while operations reduced assets by $339.4 million and capital-share transactions by $157.7 million. The fund recorded $94.1 million in realized gains against $2.8 million in net investment loss.
Ethereum’s weighting in shareholders’ equity contracted to 12.59% from 15.41%, reflecting broader weakness across the diversified basket. The fund rebalances monthly according to rules-based index reconstitution. Hyperliquid and Stellar appeared in the June investment schedule, while Avalanche and Polkadot, present in December, were absent by mid-year.
The filing does not quantify how much of the portfolio shift resulted from relative asset-price movements versus redemption-driven sales or scheduled rebalancing. It also does not establish whether the diversified 10-asset basket cushioned losses relative to Bitcoin alone or another benchmark.
