Bitwise pitched a diversified 10-crypto fund, then lost $500 million as Bitcoin swallowed 78% of the portfolio
Bitwise’s 10 Crypto Index ETF (BITW) saw net assets fall 48.27% in the first half of 2026, from $1.03 billion to $532.8 million. The decline came from both weak market performance and redemptions: the fund reported a -36.16% NAV total return per share, $430.7 million in unrealized depreciation, and $161.2 million in redemptions, while shares outstanding dropped 18.97% to 14.14 million. Its holdings became more concentrated in Bitcoin, which rose from 75.11% of shareholders’ equity to 77.81%, while Ethereum fell from 15.41% to 12.59%. The June basket also changed composition, with Hyperliquid and Stellar added and Avalanche and Polkadot removed. BITW says it rebalances monthly under rules-based index weighting, but the filing does not separate the effects of price moves, redemptions, and rebalancing.
