Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data Bitwise Bitcoin ETF files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2025
Operating expenses
4.58
8.13
Income tax
0
0
Net income
1,587
-344
Balance sheet
FY2024
FY2025
Cash and equivalents
0
Total assets
3,771
3,381
Total liabilities
9.36
14.4
Shares outstanding
74
70.8
Cash flow statement
FY2024
FY2025
Net income
1,587
-344
Cash from operations
-2,167
39.1
Stock issued
3,894
2,418
Share buybacks
-1,727
-2,457
Cash from financing
2,167
-39.1
Net change in cash
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $45.57 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-91.7%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-121.7%
Net income vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-10.3%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Liabilities / assets
0.0%
Total liabilities / total assets.
Valuation
Metric
Value
How it is calculated
Market cap
$3.11B
Share price x shares outstanding.
Enterprise value
$3.11B
Market cap + total debt - cash - short-term investments.
P/OCF
14.8x
Market cap / cash from operations, when positive.
Earnings yield
-62.8%
Net income / market cap (the inverse of P/E).
Shareholder yield
63.0%
(Dividends paid + share buybacks) / market cap.
Was Bitwise Bitcoin ETF profitable in fiscal 2025?
No. It reported a net loss of $344.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.