Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

Overview: The Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is an actively managed ETF listed on NYSE Arca, designed to provide directional exposure to bitcoin through regulated futures contracts.

Investment Strategy: Seeks to maximize roll returns by selectively investing in bitcoin futures contracts beyond front- or near-month, using a proprietary approach to optimize yield.

Holdings: Does not invest directly in bitcoin; holds cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), along with U.S. Treasuries and cash equivalents for liquidity and collateral.

Expense Ratio: Features an expense ratio of 0.85%, with the adviser agreeing to waive fees to ensure total annual operating expenses do not exceed this until May 1, 2027.

Risk Management: Employs a long-flat trend-following strategy, rotating between 100% exposure to bitcoin futures during uptrends and U.S. Treasuries during downtrends to manage volatility.

Performance: As of July 2025, BITC has a 1-month return of 0.5% and a 3-month return of -15.61%, reflecting the volatile nature of bitcoin futures markets.

Background: Bitwise Asset Management is a crypto-native asset manager founded in 2017, managing over $10 billion in assets.

Products: Specializes in crypto index funds and single-asset ETFs, providing institutional-grade exposure to digital assets.

Bitcoin ETFs: The Bitwise Bitcoin ETF (BITB) launched in January 2024 with a competitive 0.20% fee.

Transparency: One of the few issuers to publish on-chain proof of reserves, showing wallet addresses for full auditability.

Custody: Uses Coinbase Custody with multi-institutional backup custody arrangements.