# EDGAR Filing Document

**Accession Number:** 0001928561
**File Stem:** 0001193125-25-192936
**Filing Date:** 2025-9
**Character Count:** 233488
**Document Hash:** 12437018fe09f404ee9e3b039e127102
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-192936.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-192936

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitwise Funds Trust
- **CENTRAL INDEX KEY:** 0001928561

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23801
- **FILM NUMBER:** 251282274

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-707-3663

**MAIL ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

## Series and Classes Contracts Data

### Bitwise Web3 ETF (Series ID: S000077055)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000237195 | Bitwise Web3 ETF |  |

### Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (Series ID: S000079705)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000240952 | Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | BITC            |

### Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF (Series ID: S000081198)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000243870 | Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | AETH            |

### Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (Series ID: S000082361)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000245670 | Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | BTOP            |

### Bitwise COIN Option Income Strategy ETF (Series ID: S000091075)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258470 | Bitwise COIN Option Income Strategy ETF |  |

### Bitwise MARA Option Income Strategy ETF (Series ID: S000091076)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258471 | Bitwise MARA Option Income Strategy ETF |  |

### Bitwise MSTR Option Income Strategy ETF (Series ID: S000091077)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258472 | Bitwise MSTR Option Income Strategy ETF |  |

### Bitwise Bitcoin Standard Corporations ETF (Series ID: S000091079)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000258474 | Bitwise Bitcoin Standard Corporations ETF |  |

### Bitwise GME Option Income Strategy ETF (Series ID: S000093139)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000261247 | Bitwise GME Option Income Strategy ETF |  |

?xml version='1.0' encoding='ASCII'? N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: <u>811-23801</u> 

<u>Bitwise Funds Trust</u> 

(Exact name of registrant as specified in charter)

250 Montgomery Street, Suite 200

<u>San Francisco, California 94101</u> 

(Address of principal executive offices) (Zip code)

Delaware Trust Company

251 Little Falls Drive

<u>Wilmington, New Castle County, Delaware 19808</u> 

(Name and address of agent for service)

*Copies of Communications to* 

Richard J. Coyle, Esq.

Chapman and Cutler, LLP

320 South Canal Street

Chicago, Illinois 60606

Katherine Dowling, Esq.

Bitwise Asset Management, Inc.

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Registrant's telephone number, including area code: <u>(415) 707-3663</u> 

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>June</u> <u>30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of

------

Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# Bitwise Bitcoin Standard Corporations ETF

# OWNB \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise Bitcoin Standard Corporations ETF for the period of March 10, 2025 to June 30, 2025. You can find additional information about the Fund at www.ownbetf.com/materials. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise Bitcoin Standard Corporations ETF | $32<sup>Footnote Reference(1)</sup> | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations on March 11, 2025. Expense for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $29922857 |
| Total advisory fees paid | $25701 |
| Total number of portfolio holdings | 25 |
| Period portfolio turnover rate | 70% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Information Technology | 71.3% |
| Consumer Discretionary | 11.6% |
| Financials | 6.3% |
| Communication Services | 5.5% |
| Health Care | 4.3% |
| Money Market Funds | 0.1% |
| Other Assets in Excess of Liabilities | 0.9% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise Web3 ETF

# BWEB \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise Web3 ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bwebetf.com/materials. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise Web3 ETF | $47 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $4295610 |
| Total advisory fees paid | $15165 |
| Total number of portfolio holdings | 41 |
| Period portfolio turnover rate | 18% |

---

## **Summary of Holdings by Sector** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Information Technology | 38.0% |
| Communication Services | 27.3% |
| Financials | 24.0% |
| Real Estate | 6.4% |
| Consumer Discretionary | 2.7% |
| Energy | 1.4% |
| Money Market Funds | 0.2% |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.05% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise COIN Option Income Strategy ETF

# ICOI \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise COIN Option Income Strategy ETF for the period of April 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.icoietf.com. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise COIN Option Income Strategy ETF | $19<sup>Footnote Reference(1)</sup> | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations on April 3, 2025. Expense for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $4431734 |
| Total advisory fees paid | $3856 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Purchased Option | 13.8% |
| Money Market Funds | 14.4% |
| Other Assets in Excess of Liabilities | 71.8% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise GME Option Income Strategy ETF

# IGME \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise GME Option Income Strategy ETF for the period of June 9, 2025 to June 30, 2025. You can find additional information about the Fund at www.igmeetf.com. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise GME Option Income Strategy ETF | $5<sup>Footnote Reference(1)</sup> | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations on June 10, 2025. Expense for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $2148747 |
| Total advisory fees paid | $511 |
| Total number of portfolio holdings | 3 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Purchased Options | 6.2% |
| Money Market Funds | 3.2% |
| Other Assets in Excess of Liabilities | 90.6% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise MARA Option Income Strategy ETF

# IMRA \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise MARA Option Income Strategy ETF for the period of April 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.imraetf.com. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise MARA Option Income Strategy ETF | $25<sup>Footnote Reference(1)</sup> | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations on April 3, 2025. Expense for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $15307032 |
| Total advisory fees paid | $5843 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Purchased Option | 15.5% |
| Money Market Funds | 5.5% |
| Other Assets in Excess of Liabilities | 79.0% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise MSTR Option Income Strategy ETF

# IMST \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise MSTR Option Income Strategy ETF for the period of April 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.imstetf.com. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise MSTR Option Income Strategy ETF | $26<sup>Footnote Reference(1)</sup> | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations on April 3, 2025. Expense for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $99248125 |
| Total advisory fees paid | $109427 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Purchased Option | 14.3% |
| Money Market Funds | 2.6% |
| Other Assets in Excess of Liabilities | 83.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

# BITC \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bitcetf.com/materials. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | $41 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $20415621 |
| Total advisory fees paid | $83955 |
| Total number of portfolio holdings | 3 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| U.S. Treasury Bills | 70.8% |
| Money Market Funds | 19.3% |
| Other Assets in Excess of Liabilities | 9.9% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF

# BTOP \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.btopetf.com/materials. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | $39 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $4537657 |
| Total advisory fees paid | $17487 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| U.S. Treasury Bills | 88.1% |
| Money Market Funds | 11.8% |
| Other Assets in Excess of Liabilities | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF

# AETH \| NYSE Arca, Inc.

# **SEMI-ANNUAL SHAREHOLDER REPORT** \| JUNE 30, 2025
![Image](g66998ida55c86640dc7a41ac55.jpg)

This semi-annual shareholder report contains important information about the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.aethetf.com/materials. You can also request this information by contacting us at 1-866-880-7228.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | $41 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $6238826 |
| Total advisory fees paid | $27958 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 0% |

---

## **Summary of Holdings by Investment Type** 
The table below shows the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| U.S. Treasury Bills | 92.8% |
| Money Market Funds | 7.1% |
| Other Assets in Excess of Liabilities | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable for semi-annual reporting period.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reporting period.

#### Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reporting period.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reporting period.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The registrant's semi-annual financial statements are attached herewith.

(b) The registrant's financial highlights are attached herewith.

------

June 30, 2025

## Semi-Annual Financial Statements and Other Information

## Bitwise Funds Trust
Bitwise Bitcoin Standard Corporations ETF (OWNB)

Bitwise Web3 ETF (BWEB)

![LOGO](g66998g63m81.jpg)

------

(This page intentionally left blank)

------

### **Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise Bitcoin Standard Corporations ETF](#fin166998_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise Web3 ETF](#fin166998_2) | 6 |
|  [Statements of Assets and Liabilities](#fin166998_3) | 8 |
|  [Statements of Operations](#fin166998_4) | 9 |
|  [Statements of Changes in Net Assets](#fin166998_5) | 10 |
|  [Financial Highlights](#fin166998_6) | 11 |
|  [Notes to Financial Statements](#fin166998_7) | 12 |
|  [Board Considerations Regarding Approval of Investment Management Agreement](#fin166998_8) | 17 |
|  [Additional Information](#fin166998_9) | 19 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

### Bitwise Bitcoin Standard Corporations ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks – 99.0%** |  |  |
|  **Communication Services – 5.5%** |  |  |
|  Boyaa Interactive International Ltd. | 1672708 | $1182615 |
|  Nexon Co. Ltd. | 23200 | 467389 |
|  |  | 1650004 |
|  **Consumer Discretionary – 11.6%** |  |  |
|  Cango, Inc., ADR<sup>\*</sup>  | 218926 | 1061791 |
|  GameStop Corp., Class A<sup>\*</sup>  | 14091 | 343679 |
|  Metaplanet, Inc.<sup>\*</sup>  | 142300 | 1625498 |
|  Tesla, Inc.<sup>\*</sup>  | 1413 | 448854 |
|  |  | 3479822 |
|  **Financials – 6.3%** |  |  |
|  Block, Inc.<sup>\*</sup>  | 6414 | 435703 |
|  Coinbase Global, Inc., Class A<sup>\*</sup>  | 1659 | 581463 |
|  Fold Holdings, Inc.<sup>\*</sup>  | 94949 | 401634 |
|  Galaxy Digital, Inc., Class A<sup>\*</sup>  | 20825 | 455113 |
|  |  | 1873913 |
|  **Health Care – 4.3%** |  |  |
|  Semler Scientific, Inc.\* | 33530 | 1298952 |
|  **Information Technology – 71.3%** |  |  |
|  Bitdeer Technologies Group, Class A<sup>\*</sup>  | 29795 | 342047 |
|  Bitfarms Ltd.<sup>\*</sup>  | 1194315 | 989063 |
|  BITFUFU, INC., Class A<sup>\*</sup>  | 307424 | 992979 |
|  Blockchain Group (The)<sup>\*</sup>  | 230122 | 1164251 |
|  Canaan, Inc., ADR<sup>\*</sup>  | 695988 | 430329 |
|  Cleanspark, Inc.<sup>\*</sup>  | 129609 | 1429587 |
|  Exodus Movement, Inc., Class A<sup>\*</sup>  | 37838 | 1090870 |
|  Hive Digital Technologies Ltd.<sup>\*</sup>  | 550706 | 992845 |
|  Hut 8 Corp.<sup>\*</sup>  | 73348 | 1364273 |
|  MARA Holdings, Inc.<sup>\*</sup>  | 166261 | 2606972 |
|  Microstrategy, Inc., Class A<sup>\*</sup>  | 14807 | 5985434 |
|  Next Technology Holding, Inc.<sup>\*</sup>  | 891411 | 2050245 |
|  Riot Platforms, Inc.<sup>\*</sup>  | 168050 | 1898965 |
|  |  | 21337860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $26,553,496) |  | 29640551 |
|  **Money Market Funds – 0.1%** |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(a)</sup>(Cost $17,117) | 17117 | 17117 |
|  Total Investments – 99.1%<br>(Cost $26,570,613) |  | $29657668 |
|  Other Assets in Excess of Liabilities – 0.9% |  | 265189 |
|  **Net Assets – 100.0%** |  | $**29922857** |

---

\* Non Income Producing

(a) Rate shown reflects the 7-day yield as of June 30, 2025.

ADR : American Depositary Receipt

See Notes to Consolidated Financial Statements. 4

------

### Bitwise Bitcoin Standard Corporations ETF
**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net**<br> **Assets** |
|  Information Technology | 71.3% |
|  Consumer Discretionary | 11.6% |
|  Financials | 6.3% |
|  Communication Services | 5.5% |
|  Health Care | 4.3% |
|  Money Market Funds | 0.1% |
|  Total Investments | 99.1% |
|  Other Assets in Excess of Liabilities | 0.9% |
|  **Net Assets** | **100.0%** |

---

#### Country Breakdown<sup>^</sup>

---

| | |
|:---|:---|
| Country | **% of Net<br>Assets** |
|  United States | 61.3% |
|  China | 15.7% |
|  Canada | 11.2% |
|  Japan | 7.0% |
|  France | 3.9% |
|  Other Assets in Excess of Liabilities | 0.9% |
|  **Total** | **100.0%** |

---

^ The Fund's country breakdown may change over time.

See Notes to Consolidated Financial Statements. 5

------

### Bitwise Web3 ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks – 99.8%** |  |  |
|  **Communication Services – 27.3%** |  |  |
|  Alphabet, Inc., Class C | 339 | $60135 |
|  Electronic Arts, Inc. | 1188 | 189724 |
|  Meta Platforms, Inc., Class A | 453 | 334355 |
|  ROBLOX Corp., Class A<sup>\*</sup>  | 3296 | 346739 |
|  Take-Two Interactive Software, Inc.\* | 764 | 185537 |
|  Tencent Holdings Ltd. | 898 | 57541 |
|  |  | 1174031 |
|  **Consumer Discretionary – 2.7%** |  |  |
|  Alibaba Group Holding Ltd., ADR | 495 | 56138 |
|  LVMH Moet Hennessy Louis Vuitton SE | 110 | 57408 |
|  |  | 113546 |
|  **Energy – 1.4%** |  |  |
|  Exxon Mobil Corp | 568 | 61230 |
|  **Financials – 24.0%** |  |  |
|  Block, Inc.<sup>\*</sup>  | 2733 | 185653 |
|  Coinbase Global, Inc., Class A<sup>\*</sup>  | 1256 | 440215 |
|  Defi Technologies, Inc.\* | 6212 | 17983 |
|  Etoro Group Ltd., Class A<sup>\*</sup>  | 276 | 18379 |
|  Galaxy Digital, Inc., Class A<sup>\*</sup>  | 3014 | 65868 |
|  Mastercard, Inc., Class A | 101 | 56756 |
|  OSL Group Ltd.<sup>\*</sup>  | 8249 | 16162 |
|  Robinhood Markets, Inc., Class A<sup>\*</sup>  | 1845 | 172747 |
|  Visa, Inc., Class A | 160 | 56808 |
|  |  | 1030571 |
|  **Information Technology – 38.0%** |  |  |
|  Akamai Technologies, Inc.<sup>\*</sup>  | 758 | 60458 |
|  Applied Digital Corp.<sup>\*</sup>  | 3609 | 36343 |
|  Bit Digital, Inc.<sup>\*</sup>  | 4160 | 9110 |
|  Bitdeer Technologies Group, Class A<sup>\*</sup>  | 1720 | 19746 |
|  Cipher Mining, Inc.<sup>\*</sup>  | 5309 | 25377 |
|  Circle Internet Group, Inc.<sup>\*</sup>  | 648 | 117476 |
|  Cleanspark, Inc.<sup>\*</sup>  | 5503 | 60698 |
|  Cloudflare, Inc., Class A\* | 989 | 193676 |
|  CompoSecure, Inc., Class A<sup>\*</sup>  | 238 | 3353 |
|  Core Scientific, Inc.\* | 5583 | 95302 |
|  Hut 8 Corp.<sup>\*</sup>  | 1886 | 35066 |
|  Iris Energy Ltd.<sup>\*</sup>  | 4887 | 71204 |
|  MARA Holdings, Inc.<sup>\*</sup>  | 6805 | 106702 |
|  Microsoft Corp. | 126 | 62674 |
|  Northern Data AG<sup>\*</sup>  | 738 | 20791 |
|  NVIDIA Corp | 418 | 66040 |
|  Riot Platforms, Inc.<sup>\*</sup>  | 6589 | 74456 |
|  Shopify, Inc., Class A<sup>\*</sup>  | 2835 | 327017 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 289 | 65456 |
|  Terawulf, Inc.<sup>\*</sup>  | 5845 | 25601 |
|  Unity Software, Inc.<sup>\*</sup>  | 6482 | 156864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633410 |

---

See Notes to Financial Statements. 6

------

### Bitwise Web3 ETF
**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks (continued)** |  |  |
|  **Real Estate – 6.4%** |  |  |
|  Equinix, Inc. | 346 | $275232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $3,976,362) |  | 4288020 |
|  **Money Market Funds – 0.2%** |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(a)</sup>(Cost $9,282) | 9282 | 9282 |
|  Total Investments – 100.0%<br>(Cost $3,985,644) |  | $4297302 |
|  Liabilities in Excess of Other Assets – (0.0)%<sup>†</sup>  |  | (1692) |
|  **Net Assets – 100.0%** |  | $**4295610** |

---

\* Non Income Producing

† Less than 0.05%

(a) Rate shown reflects the 7-day yield as of June 30, 2025.

ADR : American Depositary Receipt

#### Summary of Investment Type

---

| | | |
|:---|:---|:---|
| **Industry** | **% of Net<br>Assets** |  |
|  Information Technology | 38.0 | % |
|  Communication Services | 27.3 | % |
|  Financials | 24.0 | % |
|  Real Estate | 6.4 | % |
|  Consumer Discretionary | 2.7 | % |
|  Energy | 1.4 | % |
|  Money Market Funds | 0.2 | % |
|  Total Investments | 100.0 | % |
|  Liabilities in Excess of Other Assets | (0.0) |)%<sup>†</sup> |
|  **Net Assets** | **100.0** | **%** |

---

#### Country Breakdown<sup>^</sup>

---

| | | |
|:---|:---|:---|
| **Country** | **% of Net<br>Assets** |  |
|  United States | 82.7 | % |
|  Canada | 8.8 | % |
|  China | 3.0 | % |
|  Australia | 1.7 | % |
|  Taiwan | 1.5 | % |
|  France | 1.4 | % |
|  Germany | 0.5 | % |
|  Israel | 0.4 | % |
|  Liabilities in Excess of Other Assets | (0.0) |)%<sup>†</sup> |
|  **Total** | **100.0** | **%** |

---

^ The Fund's country breakdown may change over time.

† Less than 0.05%

See Notes to Financial Statements. 7

------

### Bitwise Funds Trust

### Statements of Assets and Liabilities
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Bitwise**<br> **Bitcoin**<br> **Standard<br>Corporations**<br> **ETF** | **Bitwise Web3<br>ETF** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value | $29657668 | $4297302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency at value | 10289 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 302069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 275006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5324 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 128 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 30250484 | 4298454 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | 311850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 15343 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 327627 | 2844 |
|  **Net Assets** | $29922857 | $4295610 |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $26677281 | $3725688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 3245576 | 569922 |
|  **Net Assets** | $29922857 | $4295610 |
|  Number of Common Shares outstanding | 950008 | 64000 |
|  **Net Asset Value, offering and redemption price per share** | $31.50 | $67.12 |
|  Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;26570613 | $&nbsp;&nbsp;&nbsp;&nbsp;3985644 |
|  Foreign currency at cost | $10289 | $122 |

---

See Notes to Financial Statements. 8

------

### Bitwise Funds Trust

### Statements of Operations
For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Bitwise Bitcoin<br>Standard<br>Corporations<br>ETF** | **Bitwise Web3<br>ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income\* | $15852 | $7786 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 25701 | 15165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 25701 | 15165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (9849) | (7379) |
|  **Realized and Unrealized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 180495 | (4648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 367575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (12120) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 168375 | 362913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3087055 | 401511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain (loss) | 3087050 | 401522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3255425 | 764435 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;3245576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757056 |
|  \* Net of foreign tax withheld | $240 | $182 |

---

See Notes to Financial Statements. 9

------

### Bitwise Funds Trust

### Statements of Changes in Net Assets
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Bitwise<br>Bitcoin<br>Standard<br>Corporations<br>ETF** | **Bitwise Web3 ETF** | **Bitwise Web3 ETF** |
|  | **For the period<br>March 10,<br>2025<sup>(1)</sup> to<br>June 30, 2025<br>(Unaudited)** | **For the Six<br>Months<br>Ended June<br>30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9849) | $(7379) | $(13135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 168375 | 362913 | 602441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) | 3087050 | 401522 | (157261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3245576 | 757056 | 432045 |
|  **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 26677081 | 1270074<sup>(2)</sup> | 5970955<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed |  | (1264992)<sup>(2)</sup> | (3912624)<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from fund share transactions | 26677081 | 5082 | 2058331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net increase (decrease) in net assets | 29922657 | 762138 | 2490376 |
|  **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 200 | 3533472 | 1043096 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;29922857 | $&nbsp;&nbsp;&nbsp;&nbsp;4295610 | $&nbsp;&nbsp;&nbsp;&nbsp;3533472 |
|  **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 8 | 64000 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 950000 | 20000<sup>(2)</sup> | 120000<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (20000)<sup>(2)</sup> | (80000)<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 950008 | 64000 | 64000 |

---

(1) Commencement of operations.

(2) Certain proceeds from shares sold and value of shares redeemed were related to the normal fund rebalance process, amounting to $1,270,074 and $(1,264,992), respectively. Shares sold and shares redeemed relating to rebalance activities totaled 20,000 and (20,000), respectively.

(3) Certain proceeds from shares sold and value of shares redeemed were related to the normal fund rebalance process, amounting to $2,934,675 and $(2,939,712), respectively. Shares sold and shares redeemed relating to rebalance activities totaled 60,000 and (60,000), respectively.

See Notes to Financial Statements. 10

------

### Bitwise Funds Trust

### Financial Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bitwise Bitcoin Standard Corporations ETF**<br> **Selected Per Share Data** | | | | **Period Ended<br>June 30, 2025<sup>(a)</sup>(Unaudited)** |
|  Net Asset Value, beginning of period |  |  |  | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  | 6.53 |
|  Total from investment operations |  |  |  | 6.50 |
|  Net Asset Value, end of period |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.50 |
|  **Total Return (%)** |  |  |  | 44.04 <sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) |  |  |  | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) |  |  |  | 0.85 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) |  |  |  | (0.33)<sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  |  |  |  | 70 <sup>(c)</sup> |
|  | **For the Six** | **Years Ended December 31** | **Years Ended December 31** |  |
|  | **Months Ended** |  |  | **Period Ended** |
| **Bitwise Web3 ETF** | **June 30, 2025** |  |  | **December 31,** |
| **Selected Per Share Data** | **(Unaudited)** | **2024** | **2023** | **2022<sup>(g)</sup>** |
|  Net Asset Value, beginning of period | $55.21 | $43.46 | $21.94 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | (0.11) | (0.23) | (0.16) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.02 | 11.98 | 21.68 | (3.03) |
|  Total from investment operations | 11.91 | 11.75 | 21.52 | (3.06) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.94 |
|  **Total Return (%)** | 21.57 <sup>(c)</sup> | 27.03 | 98.13 | (12.25)<sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) | $4 | $4 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.85 <sup>(d)</sup> | 0.85 | 0.85 | 0.85 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | (0.41)<sup>(d)</sup> | (0.50) | (0.53) | (0.44)<sup>(d)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 18 <sup>(c)</sup> | 28 | 32 | 51 <sup>(c)</sup> |

---

(a) For the period March 10, 2025 (commencement of operations) through June 30, 2025.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period March 11, 2025 (commencement of Fund expenses) through June 30, 2025.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

(g) For the period October 3, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements. 11

------

### Bitwise Funds Trust

### Notes to Financial Statements
June 30, 2025 (Unaudited)

1. Organization

Bitwise Funds Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized on April 28, 2022 as a Delaware Statutory Trust.

As of June 30, 2025, the Trust consists of nine investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

#### Bitwise Bitcoin Standard Corporations ETF

#### Bitwise Web3 ETF
Each Fund is a non-diversified series of the Trust.

Bitwise Investment Manager, LLC (the "Adviser") serves as investment adviser to the Trust and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds' Board of Trustees (the "Board").

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Unlike conventional mutual funds, Bitwise Bitcoin Standard Corporations ETF and Bitwise Web3 ETF issues and redeems shares ("Shares" or "Fund Shares") on a continuous basis, at net asset value ("NAV"), only in large specified lots of 25,000 and 20,000 shares respectively, each called a "Creation Unit", to authorized participants. An authorized participant is either (i) a broker-dealer or other participant in the clearing process through Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant agreement with the Distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds or tender such shares for redemption to the Funds, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment objectives** |
|  Bitwise Bitcoin Standard Corporations ETF | The Fund seeks investment results that, before fees and expenses, correspond generally to the performance of the Bitwise Bitcoin Standard Corporations Index. The Index was designed to provide focused exposure to corporations that hold at least 1,000 bitcoin as a corporate treasury asset. |
|  Bitwise Web3 ETF | The Fund seeks investment results that, before fees and expenses, correspond generally to the performance of the Bitwise Bitcoin Web3 Equities Index. The Index was designed to provide focused exposure to the next major era of the internet: Web3. |

---

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Funds qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

#### Valuation of Investments
The Board has adopted procedures for valuing portfolio securities in circumstances where market quotes are not readily available. In accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as its valuation designee (the "Valuation Designee"). As Valuation Designee, the Adviser, subject to the oversight of the Board, is responsible for making fair value determinations. The Adviser's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by the Adviser ("the Valuation Committee").

The NAV of the Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund's net assets by the number of Fund shares outstanding.

The Funds' investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 securities in the fair value hierarchy.

Investments in open-ended investment companies are valued at their reported NAV each business day and are categorized as Level 1.

12.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board designated the Adviser, as Valuation Designee, to perform fair valuation determinations pursuant to the fair valuation procedures approved by the Board. In undertaking these determinations, the Adviser's Valuation Committee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

• Level 1 – Quoted prices in active markets for identical assets that the Funds have the ability to access.

• Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for each Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bitwise Bitcoin Standard Corporations ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $29640551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $29640551 |
|  Money Market Funds | 17117 |  |  | 17117 |
|  TOTAL | 29657668 |  |  | 29657668 |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | 4288020 |  |  | 4288020 |
|  Money Market Funds | 9282 |  |  | 9282 |
|  TOTAL | 4297302 |  |  | 4297302 |

---

#### Cash
Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

#### Investment Transactions and Related Income
For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

#### Income Tax Information and Distributions to Shareholders
It is the Funds' policy is to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is each Funds' policy is to pay out dividends from net investment income at least annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. Each Fund may occasionally be required to make supplemental distributions at some other time during the year. Each Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance

13.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

with federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts will be reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Each Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statement.

Each Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

#### Foreign Taxes
Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invests. These foreign taxes, if any, are paid by the Funds and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in its respective net realized gain (loss) categories. Receivables and payables related to foreign taxes, if any, are disclosed in the Funds' Statement of Assets and Liabilities.

#### Foreign Currency Translations
The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

#### Foreign Currency Risk
To the extent that the Funds invests in securities that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds' investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

3. Investment Advisory Agreement and Other Agreements

The Adviser has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory (for the applicable Funds), transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds, the Adviser is entitled to receive a management fee from each Fund based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
|  Bitwise Bitcoin Standard Corporations ETF | 0.85% |
|  Bitwise Web3 ETF | 0.85% |

---

This unitary management fee is designed to pay each Funds' expenses and to compensate the Adviser for the services it provides to the Funds. Out of the unitary management fee, the Adviser pays substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees. However, the Adviser is not responsible for distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, and extraordinary expenses.

Vident Asset Management (the "Sub-Adviser") serves as the Sub-Adviser to Bitwise Web3 ETF. In this capacity, the Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in

14.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

connection with any rebalancing, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a fee by the Adviser. The Fund does not directly compensate the Sub-Adviser.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Funds.

Foreside Fund Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

A Trustee and certain Officers of the Funds are also employees of the Adviser and receive no compensation from the Funds.

4. Investment Transactions

The Fund's purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Bitwise Bitcoin Standard Corporations ETF | $&nbsp;&nbsp;&nbsp;&nbsp;8723510 | $&nbsp;&nbsp;&nbsp;&nbsp;7738221 |
|  Bitwise Web3 ETF | 754736 | 660935 |
| Securities received and delivered in-kind through subscriptions and redemptions were as follows: | Securities received and delivered in-kind through subscriptions and redemptions were as follows: |  |
| **Fund** | **Purchases** | **Sales** |
|  Bitwise Bitcoin Standard Corporations ETF | $&nbsp;&nbsp;&nbsp;&nbsp;25387713 | $— |
|  Bitwise Web3 ETF | 1165109 | &nbsp;&nbsp;&nbsp;&nbsp;1256835 |

---

5. Fund Share Transactions

Bitwise Bitcoin Standard Corporations and Bitwise Web3 ETF issues and redeems Shares at NAV only in large blocks of 25,000 and 20,000 shares respectively (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Funds.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

6. Affiliate Ownership

As of June 30, 2025, Bitwise Asset Management, Inc., the parent company of the Adviser, directly held 6.25% of Bitwise Web3 ETF shares outstanding.

7. Federal Income Taxes

At December 31, 2024, for Federal income tax purposes, the Fund have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
|  Bitwise Web3 ETF | $44008 | $2665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46673 |

---

15.0 ------

**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

At December 31, 2024, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Tax Cost** | **Net**<br> **Unrealized<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate<br>Gross<br>Unrealized<br>(Depreciation)** |
|  Bitwise Web3 ETF | $3661966 | $(140459) | $220575 | $(361034) |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

8. Segment Reporting

In this reporting period, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selective members of the Executive Management Committee, Officers of the Fund and other senior personnel of the Funds' adviser, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each individual Fund as a whole and each individual long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of each Fund's portfolio composition, total return, expense ratio and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment's performance versus each Funds' comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Funds' financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations for each respective Fund.

9. Risk and Uncertainties

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

10. Subsequent Events

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date this financial statements were available to be issued. Management has determined that there were no other material events that would require disclosure or recognition in the Funds' financial statements other than those disclosed above, which occurred during the period subsequent to June 30, 2025.

16.0 ------

**Board Considerations Regarding Approval of Investment Management Agreement** (Unaudited)

#### Approval of the Initial Term of the Investment Management Agreement Relating to the Bitwise Bitcoin Standard Corporations ETF
At a regularly scheduled meeting held on February 26, 2025 (the "February Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Bitwise Funds Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Bitwise Investment Manager, LLC ("BIM" or the "Adviser") and the Trust, on behalf of Bitwise Bitcoin Standard Corporations ETF (the "New Fund").

Pursuant to Section 15 of the 1940 Act, the Investment Management Agreement must be approved with respect to the New Fund by: (i) the vote of the Board or shareholders of the New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Management Agreement.

In addition to the written materials provided to the Board in advance of the February Meeting, representatives from the Adviser provided the Board with an overview, during the February Meeting, of the New Fund's proposed strategy, the services proposed to be provided to the New Fund by the Adviser, and additional information about the Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching the New Fund, the New Fund's proposed fees, and the operational aspects of the New Fund. The Board considered the Adviser's presentation and the materials it received in advance of the February Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Investment Management Agreement. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at a prior meeting and between meetings with respect to the services to be provided by the Adviser. The Board deliberated on the approval of the Investment Management Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The information received and considered by the Board in connection with the Board's determination to approve the Investment Management Agreement was both written and oral.

At the February Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser to the New Fund; (ii) the New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and its respective affiliates from their relationship with the Trust and the New Fund; (iv) comparative fee and expense data for the New Fund and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each New Fund grows and whether the overall advisory fee for the New Fund would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser from the relationship with the Trust and the New Fund, including any fall-out benefits enjoyed by the Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Investment Management Agreement are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Investment Management Agreement with respect to the New Fund separately.

*Approval of the Investment Management Agreement with the Adviser* 

*Nature, Extent and Quality of Services*. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the New Fund, determining the assets to be purchased, retained or sold by the New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Fund, including the oversight of the activities and operations of the service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Fund, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund by the Adviser.

*Performance*. The Board noted that because the New Fund had not yet commenced operations, they could not consider the New Fund's past performance. The Board was presented with information about the New Fund's investment strategy. The Board noted that the Adviser

17.0 ------

### Bitwise Funds Trust
**Board Considerations Regarding Approval of Investment Management Agreement** (Unaudited) (Continued)

does not currently manage a directly comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison with the New Fund but did note the Adviser's good record of prior performance for the other registered funds for which it serves as investment adviser. The Board noted that while the Adviser serves as investment adviser to the Bitwise Web3 ETF, which is an index fund structurally similar to the New Fund, the Adviser utilized an investment sub-adviser for the Bitwise Web3 ETF, while it would not utilize an investment sub-adviser for the New Fund. Additionally, the Board considered that the Adviser did not anticipate material amounts of tracking error as it related to the New Fund's tracking of its underlying index. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Fund under the Investment Management Agreement, and that the Adviser was expected to obtain an acceptable level of investment returns for the New Fund's shareholders. The Board considered the qualifications of the proposed portfolio managers and agreed that the Adviser was well positioned to manage the strategies proposed.

*Fees and Expenses*. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of the New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategy of the New Fund relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Fund. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of the New Fund's proposed unitary fee and the differences in the New Fund's strategy from the Selected Peer Group. In considering the level of the advisory fee with respect to the New Fund, the Board also noted that the Adviser did not manage any other accounts with a similar investment strategy. The Board did review a summary of all management fees charged by Bitwise Asset Management, Inc., an affiliate of the Adviser ("BAM"), across its suite of products, noting that the fees charged by BAM that provides services to entities which hold crypto assets that are not securities, are higher than the fees proposed to be charged by the Adviser. Based on its review, the Board concluded that the New Fund's unitary fee appeared to be competitive and is otherwise reasonable in light of the information provided.

*Cost of Services to be Provided and Profitability*. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for the New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, and paying the New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Fund, taking into account the Adviser's anticipated profitability analysis with respect to the New Fund and the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the New Fund had not yet commenced operations and consequently, the future size of the New Fund and the Adviser's future profitability were generally unpredictable.

*Fall-out Benefits*. The Board noted that no other benefits are expected to be derived by the Adviser or its affiliates from the Adviser's relationship with the New Fund. They noted that the Adviser will not use soft dollars when executing portfolio transactions for the New Fund. They also noted that, to the extent that the New Fund is successful, it may lead to positive public relations for the Adviser.

*Economies of Scale*. The Board expressed the view that the Adviser might realize economies of scale in managing the New Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with the New Fund's shareholders through the New Fund's unitary fee structure. In the event there were to be significant asset growth in the New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth and the possibility of adopting an expense reimbursement/fee waiver agreement or the introduction of fee breakpoints in the future.

*Conclusion*. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to the New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of the New Fund and its shareholders.

18.0 ------

**Additional Information** (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.bitwiseinvestments.com.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

19.0 ------

---

| | | |
|:---|:---|:---|
| **Investment Adviser** | **Investment Sub-Adviser** | **Custodian, Administrator,** |
| Bitwise Investment | Vident Asset Management | **Securities Lending Agent &** |
| Manager, LLC | 1125 Sanctuary Parkway, | **Transfer Agent** |
| 250 Montgomery Street, | Suite 515 | The Bank of New York Mellon |
| Suite 200 | Alpharetta, GA 30009 | 240 Greenwich Street |
| San Francisco, CA 94104 |  | New York, NY 10036 |
| **Distributor** | **Independent Registered** | **Legal Counsel** |
| Foreside Fund Services, LLC | **Public Accounting Firm** | Chapman and Cutler LLP |
| Three Canal Plaza, Suite 100 | KPMG LLP | 320 South Canal Street |
| Portland, ME 04101 | 345 Park Avenue | Chicago, IL 60606 |
|  | New York, NY 10154 |  |
|  | **Bitwise Funds Trust** |  |
|  | 250 Montgomery Street, |  |
|  | Suite 200, |  |
|  | San Francisco, CA 94104 |  |

---

------

June 30, 2025

## Semi-Annual Financial Statements

## and Other Information

## Bitwise Funds Trust
Bitwise COIN Option Income Strategy ETF (ICOI)

Bitwise GME Option Income Strategy ETF (IGME)

Bitwise MARA Option Income Strategy ETF (IMRA)

Bitwise MSTR Option Income Strategy ETF (IMST)

Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC)

Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (BTOP)

Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF (AETH)

![LOGO](g66998g63m81.jpg)

------

### **Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise COIN Option Income Strategy ETF](#fin266998_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise GME Option Income Strategy ETF](#fin266998_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise MARA Option Income Strategy ETF](#fin266998_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise MSTR Option Income Strategy ETF](#fin266998_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF](#fin266998_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF](#fin266998_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF](#fin266998_7) | 11 |
|  [Statements of Assets and Liabilities](#fin266998_8) | 12 |
|  [Consolidated Statements of Assets and Liabilities](#fin266998_9) | 13 |
|  [Statements of Operations](#fin266998_10) | 14 |
|  [Consolidated Statements of Operations](#fin266998_11) | 15 |
|  [Statements of Changes in Net Assets](#fin266998_12) | 16 |
|  [Consolidated Statements of Changes in Net Assets](#fin266998_13) | 18 |
|  [Financial Highlights](#fin266998_14) | 20 |
|  [Consolidated Financial Highlights](#fin266998_15) | 24 |
|  [Notes to Consolidated Financial Statements](#fin266998_16) | 27 |
|  [Board Considerations Regarding Approval of Investment Management Agreement](#fin266998_17) | 37 |
|  [Additional Information](#fin266998_18) | 42 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

### Bitwise COIN Option Income Strategy ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | **Value** |
|  **Purchased Option – 13.8%** |  |  |  |
|  **Calls – Exchange-Traded – 13.8%** |  |  |  |
|  Coinbase Global, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $335.01<sup>(a)</sup>  | 125 | $4187625 | $612364 |
|  Total Purchased Options<br>(Cost $577,000) |  |  | 612364 |
|  |  | **Shares** |  |
|  **Money Market Funds – 14.4%** |  |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup>(Cost $636,552) |  | 636552 | 636552 |
|  Total Investments – 28.2%<br>(Cost $1,213,552) |  |  | $1248916 |
|  Other Assets in Excess of Liabilities – 71.8% |  |  | 3182818 |
|  **Net Assets – 100.0%** |  |  | $**4431734** |
|  | **Number of<br>Contracts** | **Notional Amount** |  |
|  **Written Options – (14.4)%** |  |  |  |
|  **Calls – Exchange-Traded – (5.9)%** |  |  |  |
|  Coinbase Global, Inc. |  |  |  |
|  Expiration: 7/03/25; Exercise Price: $365.00 | (15) | $(547500) | (4455) |
|  Expiration: 7/18/25; Exercise Price: $330.00 | (53) | (1749000) | (159236) |
|  Expiration: 7/18/25; Exercise Price: $350.00 | (41) | (1435000) | (74497) |
|  Expiration: 7/18/25; Exercise Price: $360.00 | (16) | (576000) | (22880) |
|  |  |  | (261068) |
|  **Puts – Exchange-Traded – (8.5)%** |  |  |  |
|  Coinbase Global, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $335.01 | (125) | (4187625) | (376476) |
|  Total Written Options (Premiums Received $630,694) |  |  | $(637544) |

---

(a) Held in connection with Written Options.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net**<br> **Assets** |
|  Purchased Option | 13.8% |
|  Money Market Funds | 14.4% |
|  Total Investments | 28.2% |
|  Other Assets in Excess of Liabilities | 71.8% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 3

------

### Bitwise GME Option Income Strategy ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | **Value** |
|  **Purchased Options – 6.2%** |  |  |  |
|  **Calls – Exchange-Traded – 6.2%** |  |  |  |
|  GameStop Corp. |  |  |  |
|  Expiration: 7/18/25; Exercise Price: $23.01<sup>(a)</sup>  | 704 | $1619904 | $131556 |
|  Expiration: 7/18/25; Exercise Price: $30.01<sup>(a)</sup>  | 164 | 492164 | 3011 |
|  |  |  | 134567 |
|  Total Purchased Options<br>(Cost $174,710) |  |  | 134567 |
|  |  | **Shares** |  |
|  **Money Market Funds – 3.2%** |  |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup>(Cost $68,245) |  | 68245 | 68245 |
|  Total Investments – 9.4%<br>(Cost $242,955) |  |  | $202812 |
|  Other Assets in Excess of Liabilities – 90.6% |  |  | 1945935 |
|  **Net Assets – 100.0%** |  |  | $**2148747** |
|  | **Number of<br>Contracts** | **Notional Amount** |  |
|  **Written Options – (7.7)%** |  |  |  |
|  **Calls – Exchange-Traded – (1.7)%** |  |  |  |
|  GameStop Corp. |  |  |  |
|  Expiration: 7/11/25; Exercise Price: $25.50 | (704) | $(1795200) | (28160) |
|  Expiration: 7/18/25; Exercise Price: $26.00 | (164) | (426400) | (9377) |
|  |  |  | (37537) |
|  **Puts – Exchange-Traded – (6.0)%** |  |  |  |
|  GameStop Corp. |  |  |  |
|  Expiration: 7/18/25; Exercise Price: $23.01 | (704) | (1619904) | (33468) |
|  Expiration: 7/18/25; Exercise Price: $30.01 | (164) | (492164) | (94702) |
|  |  |  | (128170) |
|  Total Written Options (Premiums Received $170,171) |  |  | $(165707) |

---

(a) Held in connection with Written Options.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

See Notes to Consolidated Financial Statements. 4

------

### Bitwise GME Option Income Strategy ETF
**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net**<br> **Assets** |
|  Purchased Options | 6.2% |
|  Money Market Funds | 3.2% |
|  Total Investments | 9.4% |
|  Other Assets in Excess of Liabilities | 90.6% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 5

------

### Bitwise MARA Option Income Strategy ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Contracts** | **Notional Amount** | **Value** |
|  **Purchased Option – 15.5%** |  |  |  |
|  **Calls – Exchange-Traded – 15.5%** |  |  |  |
|  MARA Holdings, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $15.01<sup>(a)</sup>  | 9888 | $14841888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382613 |
|  Total Purchased Options (Cost $2,056,938) |  |  | 2382613 |
|  |  | **Shares** |  |
|  **Money Market Funds – 5.5%** |  |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup> <br>(Cost $838,725) |  | 838725 | 838725 |
|  Total Investments – 21.0%<br>(Cost $2,895,663) |  |  | $3221338 |
|  Other Assets in Excess of Liabilities – 79.0% |  |  | 12085694 |
|  **Net Assets – 100.0%** |  |  | $**15307032** |
|  | **Number of <br>Contracts** | **Notional Amount** |  |
|  **Written Options – (14.0)%** |  |  |  |
|  **Calls – Exchange-Traded – (3.7)%** |  |  |  |
|  MARA Holdings, Inc. |  |  |  |
|  Expiration: 7/03/25; Exercise Price: $15.50 | (646) | $(1001300) | (29716) |
|  Expiration: 7/03/25; Exercise Price: $16.00 | (2242) | (3587200) | (56050) |
|  Expiration: 7/18/25; Exercise Price: $15.00 | (1322) | (1983000) | (171860) |
|  Expiration: 7/18/25; Exercise Price: $16.50 | (4556) | (7517400) | (259692) |
|  Expiration: 7/18/25; Exercise Price: $17.00 | (1122) | (1907400) | (45284) |
|  |  |  | (562602) |
|  **Puts – Exchange-Traded – (10.3)%** |  |  |  |
|  MARA Holdings, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $15.01 | (9888) | (14841888) | (1585541) |
|  Total Written Options (Premiums Received $2,285,417) |  |  | $(2148143) |

---

(a) Held in connection with Written Options.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net<br>Assets** |
|  Purchased Option | 15.5% |
|  Money Market Funds | 5.5% |
|  Total Investments | 21.0% |
|  Other Assets in Excess of Liabilities | 79.0% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 6

------

### Bitwise MSTR Option Income Strategy ETF

### Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Contracts** | **Notional Amount** | **Value** |
|  **Purchased Option – 14.3%** |  |  |  |
|  **Calls – Exchange-Traded – 14.3%** |  |  |  |
|  MicroStrategy, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $380.01<sup>(a)</sup>  | 2436 | $92570436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256325 |
|  Total Purchased Options (Cost $10,996,860) |  |  | 14256325 |
|  |  | **Shares** |  |
|  **Money Market Funds – 2.6%** |  |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup> <br>(Cost $2,535,930) |  | 2535930 | 2535930 |
|  Total Investments – 16.9%<br>(Cost $13,532,790) |  |  | $16792255 |
|  Other Assets in Excess of Liabilities – 83.1% |  |  | 82455870 |
|  **Net Assets – 100.0%** |  |  | $**99248125** |
|  | **Number of <br>Contracts** | **Notional Amount** |  |
|  **Written Options – (10.1)%** |  |  |  |
|  **Calls – Exchange-Traded – (2.7)%** |  |  |  |
|  MicroStrategy, Inc. |  |  |  |
|  Expiration: 7/03/25; Exercise Price: $395.00 | (38) | $(1501000) | (46360) |
|  Expiration: 7/03/25; Exercise Price: $415.00 | (300) | (12450000) | (99000) |
|  Expiration: 7/11/25; Exercise Price: $405.00 | (81) | (3280500) | (98658) |
|  Expiration: 7/11/25; Exercise Price: $410.00 | (108) | (4428000) | (108108) |
|  Expiration: 7/18/25; Exercise Price: $390.00 | (373) | (14547000) | (928647) |
|  Expiration: 7/18/25; Exercise Price: $395.00 | (438) | (17301000) | (953859) |
|  Expiration: 7/18/25; Exercise Price: $400.00 | (250) | (10000000) | (476250) |
|  |  |  | (2710882) |
|  **Puts – Exchange-Traded – (7.4)%** |  |  |  |
|  MicroStrategy, Inc. |  |  |  |
|  Expiration: 9/19/25; Exercise Price: $380.01 | (2436) | (92570436) | (7355697) |
|  Total Written Options (Premiums Received $11,076,623) |  |  | $(10066579) |

---

(a) Held in connection with Written Options.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

See Notes to Consolidated Financial Statements. 7

------

### Bitwise MSTR Option Income Strategy ETF
**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net<br>Assets** |
|  Purchased Option | 14.3% |
|  Money Market Funds | 2.6% |
|  Total Investments | 16.9% |
|  Other Assets in Excess of Liabilities | 83.1% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 8

------

### Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

### Consolidated Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
|  **U.S. Treasury Bills – 70.8%** |  |  |
|  U.S. Treasury Bill, 4.00%, 7/29/2025<sup>(a)</sup>  | $4500000 | $4485492 |
|  U.S. Treasury Bill, 4.18%, 7/31/2025<sup>(a)</sup>  | 10000000 | 9965442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Bills (Cost $14,450,121) |  | 14450934 |
|  | **Shares** |  |
|  **Money Market Funds – 19.3%** |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup> <br>(Cost $3,943,104) | 3943104 | 3943104 |
|  Total Investments – 90.1%<br>(Cost $18,393,225) |  | $18394038 |
|  Other Assets in Excess of Liabilities – 9.9% |  | 2021583 |
|  **Net Assets – 100.0%** |  | $**20415621** |

---

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **At June 30, 2025, open Futures Contracts were as follows:** |  |  |  |  |
|  | | | | **Value/** |
|  | | | | **Unrealized** |
|  | **Number of** | **Notional** | **Expiration** | **Appreciation** |
|  | **Contracts** | **Value** | **Date** | **(Depreciation)** |
|  **Long position contracts:<sup>†</sup>**  |  |  |  |  |
|  CME Bitcoin Futures | 34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18399950 | 7/25/25 | $(664) |

---

† Cash in the amount of $9,976 has been pledged as collateral for open Futures Contracts as of June 30, 2025.

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net<br>Assets** |
|  U.S. Treasury Bills | 70.8% |
|  Money Market Funds | 19.3% |
|  Total Investments | 90.1% |
|  Other Assets in Excess of Liabilities | 9.9% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 9

------

### Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF

### Consolidated Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
|  **U.S. Treasury Bills – 88.1%** |  |  |
|  U.S. Treasury Bill, 4.24%, 7/10/2025<sup>(a)</sup>  |  |  |
|  (Cost $3,995,838) | $4000000 | $3995817 |
|  | **Shares** |  |
|  **Money Market Funds – 11.8%** |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup> <br>(Cost $537,081) | 537081 | 537081 |
|  Total Investments – 99.9%<br>(Cost $4,532,919) |  | $4532898 |
|  Other Assets in Excess of Liabilities – 0.1% |  | 4759 |
|  **Net Assets – 100.0%** |  | $**4537657** |

---

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

#### At June 30, 2025, open Futures Contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Value/** |
|  | | | | **Unrealized** |
|  | **Number of** | **Notional** | **Expiration** | **Appreciation** |
|  | **Contracts** | **Value** | **Date** | **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  CME Ether Futures | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645800 | 7/25/25 | $(232) |
|  CME Bitcoin Futures | 3 | 1623525 | 7/25/25 | (803) |
|  **Total net unrealized depreciation** |  |  |  | $**(1035)** |

---

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net<br>Assets** |
|  U.S. Treasury Bills | 88.1% |
|  Money Market Funds | 11.8% |
|  Total Investments | 99.9% |
|  Other Assets in Excess of Liabilities | 0.1% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 10

------

### Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF

### Consolidated Schedule of Investments
June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
|  **U.S. Treasury Bills – 92.8%** |  |  |
|  U.S. Treasury Bill, 4.24%, 7/10/2025<sup>(a)</sup>(Cost $5,793,961) | $&nbsp;&nbsp;&nbsp;&nbsp;5800000 | $5793934 |
|  | **Shares** |  |
|  **Money Market Funds – 7.1%** |  |  |
|  DWS Government Money Market Series Institutional, 4.31%<sup>(b)</sup>(Cost $440,448) | 440448 | 440448 |
|  Total Investments – 99.9%<br>(Cost $6,234,409) |  | $6234382 |
|  Other Assets in Excess of Liabilities – 0.1% |  | 4444 |
|  **Net Assets – 100.0%** |  | $**6238826** |

---

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

#### Summary of Investment Type

---

| | |
|:---|:---|
| **Industry** | **% of Net<br>Assets** |
|  U.S. Treasury Bills | 92.8% |
|  Money Market Funds | 7.1% |
|  Total Investments | 99.9% |
|  Other Assets in Excess of Liabilities | 0.1% |
|  **Net Assets** | **100.0%** |

---

See Notes to Consolidated Financial Statements. 11

------

### Bitwise Funds Trust

### Statements of Assets and Liabilities
June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bitwise<br>COIN Option<br>Income<br>Strategy ETF** | **Bitwise<br>GME Option<br>Income<br>Strategy ETF** | **Bitwise<br>MARA Option<br>Income<br>Strategy ETF** | **Bitwise**<br> **MSTR Option<br>Income<br>Strategy ETF** |
|  **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value | $&nbsp;&nbsp;&nbsp;&nbsp;1248916 | $&nbsp;&nbsp;&nbsp;&nbsp;202812 | $&nbsp;&nbsp;&nbsp;&nbsp;3221338 | $&nbsp;&nbsp;&nbsp;&nbsp;16792255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3685110 | 2112068 | 14843268 | 98726598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 553967 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 50128 |  |  | 1038791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 627 | 86 | 844 | 7235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5538748 | 2314966 | 18065450 | 116564879 |
|  **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 637544 | 165707 | 2148143 | 10066579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 392705 |  | 605349 | 3824774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | 74183 |  |  | 767648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2582 | 512 | 4926 | 59467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 2598286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1107014 | 166219 | 2758418 | 17316754 |
|  **Net Assets** | $4431734 | $2148747 | $15307032 | $99248125 |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $4330375 | $2143631 | $14933539 | $96366878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 101359 | 5116 | 373493 | 2881247 |
|  **Net Assets** | $4431734 | $2148747 | $15307032 | $99248125 |
|  Number of Common Shares outstanding | 80004 | 50004 | 320004 | 1910005 |
|  **Net Asset Value, offering and redemption price per share** | $55.39 | $42.97 | $47.83 | $51.96 |
|  Investments, at cost | $1213552 | $242955 | $2895663 | $13532790 |
|  Premiums received | $630694 | $170171 | $2285417 | $11076623 |

---

See Notes to Consolidated Financial Statements. 12

------

### Bitwise Funds Trust

### Consolidated Statements of Assets and Liabilities
June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Bitwise<br>Trendwise<br>Bitcoin and<br>Treasuries<br>Rotation<br>Strategy ETF** | **Bitwise<br>Trendwise<br>BTC/ETH and<br>Treasuries<br>Rotation<br>Strategy ETF** | **Bitwise<br>Trendwise<br>Ethereum and<br>Treasuries<br>Rotation<br>Strategy ETF** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value | $&nbsp;&nbsp;&nbsp;&nbsp;18394038 | $&nbsp;&nbsp;&nbsp;&nbsp;4532898 | $&nbsp;&nbsp;&nbsp;&nbsp;6234382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 19333 | 5354 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at Broker for Futures Contracts | 9976 |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 1993546 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 14006 | 3466 | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser | 3458 | 1150 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 20434357 | 4542868 | 6244605 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 3458 | 1150 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 14614 | 3026 | 4555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on Futures Contracts | 664 | 1035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18736 | 5211 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $20415621 | $4537657 | $6238826 |
|  **Net Assets Consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $22607017 | $5926654 | $7434735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (2191396) | (1388997) | (1195909) |
|  **Net Assets** | $20415621 | $4537657 | $6238826 |
|  Number of Common Shares outstanding | 450004 | 150004 | 175004 |
|  **Net Asset Value, offering and redemption price per share** | $45.37 | $30.25 | $35.65 |
|  Investments, at cost | $18393225 | $4532919 | $6234409 |

---

See Notes to Consolidated Financial Statements. 13

------

### Bitwise Funds Trust

### Statements of Operations
Period ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bitwise**<br> **COIN Option<br>Income<br>Strategy<br>ETF<sup>(1)</sup>**  | **Bitwise<br>GME Option<br>Income<br>Strategy<br>ETF<sup>(2)</sup>** | **Bitwise<br>MARA Option<br>Income<br>Strategy<br>ETF<sup>(1)</sup>** | **Bitwise**<br> **MSTR Option<br>Income**<br> **Strategy**<br> **ETF<sup>(1)</sup>**  |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;5152 | $85 | $4321 | $214463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income | 5152 | 85 | 4321 | 214463 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3856 | 511 | 5843 | 109427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3856 | 511 | 5843 | 109427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1296 | (426) | (1522) | 105036 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 957360 |  | (352070) | (287947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | (369614) | 41221 | 357512 | 5877100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 587746 | 41221 | 5442 | 5589153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 35364 | (40143) | 325675 | 3259465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | (6850) | 4464 | 137274 | 1010044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain (loss) | 28514 | (35679) | 462949 | 4269509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 616260 | 5542 | 468391 | 9858662 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;617556 | $&nbsp;&nbsp;&nbsp;&nbsp;5116 | $&nbsp;&nbsp;&nbsp;&nbsp;466869 | $&nbsp;&nbsp;&nbsp;&nbsp;9963698 |

---

(1) For the period April 1, 2025 (commencement of operations) through June 30, 2025.

(2) For the period June 9, 2025 (commencement of operations) through June 30, 2025.

See Notes to Consolidated Financial Statements. 14

------

### Bitwise Funds Trust

### Consolidated Statements of Operations
Period ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Bitwise**<br> **Trendwise**<br> **Bitcoin and<br>Treasuries**<br> **Rotation**<br> **Strategy ETF** | **Bitwise**<br> **Trendwise**<br> **BTC/ETH and<br>Treasuries**<br> **Rotation**<br> **Strategy ETF** | **Bitwise<br>Trendwise<br>Ethereum and<br>Treasuries<br>Rotation<br>Strategy ETF** |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $&nbsp;&nbsp;&nbsp;&nbsp;136009 | $&nbsp;&nbsp;&nbsp;&nbsp;24097 | $&nbsp;&nbsp;&nbsp;&nbsp;52625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 205672 | 49452 | 67697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income | 341681 | 73549 | 120322 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 83955 | 17487 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broker expense | 15880 | 6891 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 9697 | 2212 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 109532 | 26590 | 36445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see Note 5): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver / Reimbursement | (25577) | (9103) | (8487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 83955 | 17487 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 257726 | 56062 | 92364 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 12 | 106 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1099690) | (975544) | (422403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1099678) | (975438) | (422378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (816) | (1049) | (1443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (664) | (1035) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain (loss) | (1480) | (2084) | (1443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1101158) | (977522) | (423821) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(843432) | $&nbsp;&nbsp;&nbsp;&nbsp;(921460) | $(331457) |

---

See Notes to Consolidated Financial Statements. 15

------

### Bitwise Funds Trust

### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Bitwise**<br>**COIN Option<br>Income<br>Strategy ETF** | **Bitwise**<br>**GME Option<br>Income<br>Strategy ETF** |
| | **For the period**<br>**April 1, 2025<sup>(1)</sup>to**<br> **June 30, 2025<br>(Unaudited)** | **For the period**<br>**June 9, 2025<sup>(1)</sup>to**<br> **June 30, 2025<br>(Unaudited)** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1296 | $(426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 587746 | 41221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) | 28514 | (35679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 617556 | 5116 |
|  **Distributions to shareholders** | (516197)<sup>(2)</sup> |  |
|  **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4330175 | 2143431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from fund share transactions | 4330175 | 2143431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net increase (decrease) in net assets | 4431534 | 2148547 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4431734 | $2148747 |
|  **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 80000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 80004 | 50004 |

---

(1) Commencement of operations.

(2) All of the distributions to shareholders came from distributable earnings.

See Notes to Consolidated Financial Statements. 16

------

### Bitwise Funds Trust
**Statements of Changes in Net Assets** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Bitwise<br>MARA Option<br>Income<br>Strategy ETF** | **Bitwise**<br>**MSTR Option<br>Income<br>Strategy ETF** |
| | **For the period**<br>**April 1, 2025<sup>(1)</sup>to**<br> **June 30, 2025** | **For the period**<br>**April 1, 2025<sup>(1)</sup>to**<br> **June 30, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1522) | $105036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5442 | 5589153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) | 462949 | 4269509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 466869 | 9963698 |
|  **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (93376) | (7082451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital<sup>(2)</sup>  | (605348) | (3824775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (698724) | (10907226) |
|  **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 15538687 | 109052266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed |  | (8860813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from fund share transactions | 15538687 | 100191453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net increase (decrease) in net assets | 15306832 | 99247925 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $15307032 | $99248125 |
|  **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 320000 | 2080001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (170000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 320004 | 1910005 |

---

(1) Commencement of operations.

(2) Return of capital is estimated based off the 19a-1 notices disseminated throughout the period. Final tax characterization on distributions to shareholders will be finalized at fiscal year end, December 31, 2025.

See Notes to Consolidated Financial Statements. 17

------

### Consolidated Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bitwise Trendwise Bitcoin and<br>Treasuries Rotation Strategy<br>ETF** | **Bitwise Trendwise Bitcoin and<br>Treasuries Rotation Strategy<br>ETF** | **Bitwise Trendwise BTC/**<br> **ETH and Treasuries Rotation<br>Strategy ETF** | **Bitwise Trendwise BTC/**<br> **ETH and Treasuries Rotation<br>Strategy ETF** |
| | **For the Six<br>Months<br>Ended June**<br> **30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **For the Six<br>Months<br>Ended June<br>30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $257726 | $338524 | $56062 | $231131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1099678) | 6089864 | (975438) | 2791190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) | (1480) | 208487 | (2084) | 32364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (843432) | 6636874 | (921460) | 3054685 |
|  **Distributions to shareholders** |  | (7581644)<sup>(1)</sup> |  | (2602022)<sup>(1)</sup> |
|  **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3375018 | 18287905 | 797673 | 5691177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (1105603) | (5021730) | (601366) | (4280385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from fund share transactions | 2269415 | 13266175 | 196307 | 1410792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net increase (decrease) in net assets | 1425983 | 12321406 | (725153) | 1863455 |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 18989638 | 6668232 | 5262810 | 3399355 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $20415621 | $18989638 | $4537657 | $5262810 |
|  **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 400004 | 200004 | 150004 | 100004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 75000 | 325000 | 25000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (25000) | (125000) | (25000) | (75000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 450004 | 400004 | 150004 | 150004 |

---

(1) All of the distributions to shareholders came from distributable earnings.

See Notes to Consolidated Financial Statements. 18

------

### Bitwise Funds Trust
**Consolidated Statements of Changes in Net Assets** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Bitwise Trendwise Ethereum<br>and Treasuries Rotation<br>Strategy ETF** | **Bitwise Trendwise Ethereum<br>and Treasuries Rotation<br>Strategy ETF** |
| | **For the Six<br>Months<br>Ended June<br>30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $92364 | $285800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (422378) | 319112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) | (1443) | (26064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (331457) | 578848 |
|  **Distributions to shareholders** |  | (1228142)<sup>(1)</sup> |
|  **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 15941983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (1774919) | (9347147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from fund share transactions | (1774919) | 6594836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net increase (decrease) in net assets | (2106376) | 5945542 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 8345202 | 2399660 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6238826 | $8345202 |
|  **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 225004 | 75004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (225000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 175004 | 225004 |

---

(1) All of the distributions to shareholders came from distributable earnings.

See Notes to Consolidated Financial Statements. 19

------

### Financial Highlights

---

| | |
|:---|:---|
| **Bitwise COIN Option Income Strategy ETF Selected Per Share Data** | **Period Ended<br>June 30, 2025<sup>(a)</sup>(Unaudited)** |
|  Net Asset Value, beginning of period | $50.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 17.13 |
|  Total from investment operations | 17.17 |
|  Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (11.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (11.78) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.39 |
|  **Total Return (%)** | (35.84)<sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.95 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.32 <sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 0 <sup>(c)</sup> |

---

(a) For the period April 1, 2025 (commencement of operations) through June 30, 2025.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period April 3, 2025 (commencement of Fund expenses) through June 30, 2025.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 20

------

### Bitwise Funds Trust
**Financial Highlights** (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Bitwise GME Option Income Strategy ETF**<br> **Selected Per Share Data** | **Period Ended<br>June 30, 2025<sup>(a)</sup><br>(Unaudited)** |
|  Net Asset Value, beginning of period | $50.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.01) |
|  Total from investment operations | (7.03) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.97 |
|  **Total Return (%)** | (14.06)<sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.95 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | (0.79)<sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 0 <sup>(c)</sup> |

---

(a) For the period June 9, 2025 (commencement of operations) through June 30, 2025.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period June 10, 2025 (commencement of Fund expenses) through June 30, 2025.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 21

------

**Financial Highlights** (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Bitwise MARA Option Income Strategy ETF**<br> **Selected Per Share Data** | **Period Ended<br>June 30, 2025**<sup>(a)</sup><br>**(Unaudited)** |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.09 |
|  Total from investment operations | 9.06 |
|  Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (9.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (1.89)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (11.23) |
|  Net Asset Value, end of period | $47.83 |
|  **Total Return (%)** | 19.36 <sup>(d)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.95 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | (0.25)<sup>(e)(f)</sup> |
|  Portfolio turnover rate (%)<sup>(g)</sup>  | 0 <sup>(d)</sup> |

---

(a) For the period April 1, 2025 (commencement of operations) through June 30, 2025.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Return of capital is estimated based off the 19a-1 notices disseminated throughout the period. Final tax characterization on distributions to shareholders will be finalized at fiscal year end, December 31, 2025.

(d) Not annualized.

(e) Annualized.

(f) For the period April 3, 2025 (commencement of Fund expenses) through June 30, 2025.

(g) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 22

------

**Financial Highlights** (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Bitwise MSTR Option Income Strategy ETF**<br> **Selected Per Share Data** | **Period Ended<br>June 30, 2025**<sup>(a)</sup><br>**(Unaudited)** |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.73 |
|  Total from investment operations | 10.84 |
|  Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (7.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (1.87)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (8.88) |
|  Net Asset Value, end of period | $51.96 |
|  **Total Return (%)** | 23.30 <sup>(d)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.95 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.91 <sup>(e)(f)</sup> |
|  Portfolio turnover rate (%)<sup>(g)</sup>  | 0 <sup>(d)</sup> |

---

(a) For the period April 1, 2025 (commencement of operations) through June 30, 2025.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Return of capital is estimated based off the 19a-1 notices disseminated throughout the period. Final tax characterization on distributions to shareholders will be finalized at fiscal year end, December 31, 2025.

(d) Not annualized.

(e) Annualized.

(f) For the period April 3, 2025 (commencement of Fund expenses) through June 30, 2025.

(g) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 23

------

### Consolidated Financial Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF**<br> **Selected Per Share Data** | **For the Six<br>Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>December<br>31, 2023**<sup>(a)</sup>**<br>(Unaudited)** |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.58 | 1.41 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.68) | 32.94 | 9.61 |
|  Total from investment operations | (2.10) | 34.35 | 10.22 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (20.22) | (1.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (20.22) | (1.88) |
|  Net Asset Value, end of period | $45.37 | $47.47 | $33.34 |
|  **Total Return (%)** | (4.44)<sup>(c)</sup> | 103.06 | 40.56 <sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | $20 | $19 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 1.11 <sup>(d)</sup> | 1.38 | 3.36 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.85 <sup>(d)</sup> | 0.85 | 0.85 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.61 <sup>(d)</sup> | 2.79 | 2.82 <sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 0 <sup>(c)</sup> | 0 | 0 <sup>(c)</sup> |

---

(a) For the period March 20, 2023 (commencement of operations) through December 31, 2023.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period March 21, 2023 (commencement of Fund expenses) through December 31, 2023.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 24

------

### Bitwise Funds Trust
**Consolidated Financial Highlights** (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF**<br> **Selected Per Share Data** | **For the Six<br>Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>December<br>31, 2023**<sup>(a)</sup>**<br>(Unaudited)** |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.40 | 1.32 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.23) | 20.59 | 10.74 |
|  Total from investment operations | (4.83) | 21.91 | 10.98 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (20.82) | (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (20.82) | (1.99) |
|  Net Asset Value, end of period | $30.25 | $35.08 | $33.99 |
|  **Total Return (%)** | (13.76)<sup>(c)</sup> | 64.51 | 43.70 <sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | $5 | $5 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 1.29 <sup>(d)</sup> | 1.22 | 1.31 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.85 <sup>(d)</sup> | 0.85 | 0.85 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.73 <sup>(d)</sup> | 2.87 | 2.97 <sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 0 <sup>(c)</sup> | 0 | 0 <sup>(c)</sup> |

---

(a) For the period September 29, 2023 (commencement of operations) through December 31, 2023.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period October 2, 2023 (commencement of Fund expenses) through December 31, 2023.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 25

------

**Consolidated Financial Highlights** (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF**<br> **Selected Per Share Data** | **For the Six<br>Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>December**<br> **31, 2023<sup>(a)</sup>(Unaudited)** |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.46 | 1.13 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | 9.43 | 8.92 |
|  Total from investment operations | (1.44) | 10.56 | 9.13 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (5.46) | (2.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (5.46) | (2.14) |
|  Net Asset Value, end of period | $35.65 | $37.09 | $31.99 |
|  **Total Return (%)** | (3.88)<sup>(c)</sup> | 33.01 | 36.47 <sup>(c)</sup> |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | $6 | $8 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 1.11 <sup>(d)</sup> | 1.13 | 1.52 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.85 <sup>(d)</sup> | 0.85 | 0.85 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.81 <sup>(d)</sup> | 2.81 | 2.77 <sup>(d)(e)</sup> |
|  Portfolio turnover rate (%)<sup>(f)</sup>  | 0 <sup>(c)</sup> | 0 | 0 <sup>(c)</sup> |

---

(a) For the period September 29, 2023 (commencement of operations) through December 31, 2023.

(b) Per share amounts have been calculated using the average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) For the period October 2, 2023 (commencement of Fund expenses) through December 31, 2023.

(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions.

See Notes to Consolidated Financial Statements. 26

------

### Notes to Financial Statements
June 30, 2025 (Unaudited)

1. Organization

Bitwise Funds Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized on April 28, 2022 as a Delaware Statutory Trust.

As of June 30, 2025, the Trust consists of nine investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Bitwise COIN Option Income Strategy ETF

Bitwise GME Option Income Strategy ETF

Bitwise MARA Option Income Strategy ETF

Bitwise MSTR Option Income Strategy ETF

Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF

Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF

Each Fund is a non-diversified series of the Trust.

Bitwise Investment Manager, LLC (the "Adviser") serves as investment adviser to the Trust and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Trust's Board of Trustees (the "Board").

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Unlike conventional mutual funds, each Fund issues and redeems shares ("Shares" or "Fund Shares") on a continuous basis, at net asset value ("NAV"), only in large specified lots of 10,000 shares, except Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF and Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF whose lot consist of 25,000 shares, each called a "Creation Unit", to authorized participants. An authorized participant is either (i) a broker-dealer or other participant in the clearing process through Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant agreement with the Distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds or tender such shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment objectives** |
|  Bitwise COIN Option Income Strategy ETF | The Fund's primary investment objective is to provide investors with monthly income and maximize total return through an optimized synthetic covered call strategy. |
|  Bitwise GME Option Income Strategy ETF | The Fund's primary investment objective is to provide investors with monthly income and maximize total return through an optimized synthetic covered call strategy. |
|  Bitwise MARA Option Income Strategy ETF | The Fund's primary investment objective is to provide investors with monthly income and maximize total return through an optimized synthetic covered call strategy. |
|  Bitwise MSTR Option Income Strategy ETF | The Fund's primary investment objective is to provide investors with monthly income and maximize total return through an optimized synthetic covered call strategy. |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | The Fund seeks to provide investors with capital appreciation. |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | The Fund seeks to provide investors with capital appreciation. |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | The Fund seeks to provide investors with capital appreciation. |

---

2. Consolidation of Subsidiary

The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statement of Changes in Net Assets, and the Consolidated Financial Highlights of the Funds listed below include the accounts of a wholly owned subsidiary (each, a "Subsidiary"). All inter-company accounts and transactions have been eliminated in consolidation.

Each Subsidiary is a Cayman Islands exempted company with limited liability. For tax purposes, each Fund is required to increase its taxable income by its proportionate share of its respective share of the applicable Subsidiary's income. Net losses incurred by each Subsidiary cannot offset income earned by the respective Fund and cannot be carried back or forward by the Subsidiary to offset income from prior or future years.

27.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | Bitwise Bitcoin Strategy Optimum Yield Cayman Subsidiary, LLC |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | Bitwise Bitcoin and Ether Equal Weight Strategy Cayman Subsidiary, LLC |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | Bitwise Ethereum Strategy Cayman Subsidiary, LLC |

---

A summary of each Fund's investment in its corresponding subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception Date of<br>Subsidiary** | **Subsidiary Net<br>Assets at June 30,<br>2025** | **% of Fund's<br>Consolidated Total<br>Assets at June 30,<br>2025** |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | March 20, 2023 | $28645 | 0.1% |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | September 29, 2023 | $4320 | 0.1% |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | September 29, 2023 | $5303 | 0.1% |

---

3. Significant Accounting Policies

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Funds qualify as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

#### Valuation of Investments
The Board has adopted procedures for valuing portfolio securities in circumstances where market quotes are not readily available. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board has designated the Adviser as its valuation designee (the "Valuation Designee"). As Valuation Designee, the Adviser, subject to the oversight of the Board, is responsible for making fair value determinations. The Adviser's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by the Advisor ("the Valuation Committee").

The NAV of the Funds' shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund's net assets by the number of Fund shares outstanding.

The Funds' investments are valued using procedures approved by the Board and are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Exchange traded options are valued at the mid between the current bid and ask prices on the exchange on which such options are traded. These securities are categorized as Level 1 in the fair value hierarchy. FLexible EXchange<sup>®</sup> Options ("FLEX Options") listed on an exchange will typically be valued by a model-based price provided by third-party pricing providers at the official close of the trading day. In selecting the model prices, the Investment Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day's NAV. If the pricing vendors are not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined above). These securities are categorized as Level 2 in the fair value hierarchy.

Fixed income and debt securities are valued based on prices received from pricing services. The pricing services use multiple valuation techniques to determine the valuation of the fixed income securities. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation. Fixed income and debt securities are generally categorized as Level 2 of the fair value hierarchy.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Reverse repurchase agreements are valued at cost plus accrued interest. These securities are categorized as Level 2 in the fair value hierarchy.

Investments in open-ended investment companies are valued at their reported NAV each business day and are categorized as Level 1.

28.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser, as Valuation Designee, to perform fair valuation determinations pursuant to the fair valuation procedures approved by the Board. In undertaking these determinations, the Adviser's Valuation Committee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

• Level 1 – Quoted prices in active markets for identical assets that the Funds have the ability to access.

• Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for each Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bitwise COIN Option Income Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Purchased Options | $— | $612364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $612364 |
|  Money Market Funds | 636552 |  |  | 636552 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;636552 | &nbsp;&nbsp;&nbsp;&nbsp;612364 |  | &nbsp;&nbsp;&nbsp;&nbsp;1248916 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | (101832) | (535712) |  | (637544) |
|  TOTAL | (101832) | (535712) |  | (637544) |
| Bitwise GME Option Income Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Purchased Options |  | 134567 |  | 134567 |
|  Money Market Funds | 68245 |  |  | 68245 |
|  TOTAL | 68245 | 134567 |  | 202812 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | (28160) | (137547) |  | (165707) |
|  TOTAL | (28160) | (137547) |  | (165707) |
| Bitwise MARA Option Income Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Purchased Options |  | 2382613 |  | 2382613 |
|  Money Market Funds | 838725 |  |  | 838725 |
|  TOTAL | 838725 | 2382613 |  | 3221338 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | (517318) | (1630825) |  | (2148143) |
|  TOTAL | (517318) | (1630825) |  | (2148143) |

---

29.0 ------

**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bitwise MSTR Option Income Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Purchased Options | $— | $14256325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $14256325 |
|  Money Market Funds | 2535930 |  |  | 2535930 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;2535930 | &nbsp;&nbsp;&nbsp;&nbsp;14256325 |  | &nbsp;&nbsp;&nbsp;&nbsp;16792255 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | (828376) | (9238203) |  | (10066579) |
|  TOTAL | (828376) | (9238203) |  | (10066579) |
| Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  U.S. Treasury Bills |  | 14450934 |  | 14450934 |
|  Money Market Funds | 3943104 |  |  | 3943104 |
|  TOTAL | 3943104 | 14450934 |  | 18394038 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Futures | (664) |  |  | (664) |
|  TOTAL | (664) |  |  | (664) |
| Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  U.S. Treasury Bills |  | 3995817 |  | 3995817 |
|  Money Market Funds | 537081 |  |  | 537081 |
|  TOTAL | 537081 | 3995817 |  | 4532898 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Futures | (1035) |  |  | (1035) |
|  TOTAL | (1035) |  |  | (1035) |
| Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  U.S. Treasury Bills |  | 5793934 |  | 5793934 |
|  Money Market Funds | 440448 |  |  | 440448 |
|  TOTAL | 440448 | 5793934 |  | 6234382 |

---

#### Cash
Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

#### Investment Transactions and Related Income
For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Consolidated Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

30.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

#### Income Tax Information and Distributions to Shareholders
It is the Funds' policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is each Fund's policy to pay out dividends from net investment income at least annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. Each Fund may occasionally be required to make supplemental distributions at some other time during the year. Each Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts will be reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Each Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statement.

Each Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Consolidated Statement of Operations.

#### Derivative Financial Instruments
In the normal course of business, a Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. A Fund's derivative activities and exposure to derivative contracts are classified by the primary underlying risk: Crypto Assets. In addition to its primary underlying risks, a Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about a Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on a Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., crypto assets, interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though a Fund may use derivatives in an attempt to achieve an economic hedge, a Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

#### Futures Contracts
A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Unlike when a Fund purchases or sells a security, no price would be paid or received by a Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain a Fund's open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." A Fund expects to earn interest income on margin deposits.

The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on a Fund and a Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) the adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic

31.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if a Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and a Fund may have to sell securities at a time when it may be disadvantageous to do so.

#### Option Contracts
Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation.

An American call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The European equivalent exhibits the same properties, though restricts the buyer by only allowing the exercise of their right to buy when the option expires. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. An American put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument, or exposure with the same return profile as the underlying instrument to meet the obligations of the options contract, subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

32.0 ------

### Bitwise Funds Trust
**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

The following table summarizes the value of the Funds' derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  **Bitwise COIN Option Income Strategy ETF** |  |  |  |  |
|  | Investments, at |  | Investments, at |  |
|  Equity contracts | value<sup>(1)</sup> | $612364 | value<sup>(1)</sup> | $— |
|  Equity contracts | Written options | $— | Written options | $637544 |
|  **Bitwise GME Option Income Strategy ETF** |  |  |  |  |
|  | Investments, at |  | Investments, at |  |
|  Equity contracts | value<sup>(1)</sup> | $134567 | value<sup>(1)</sup> | $— |
|  Equity contracts | Written options | $— | Written options | $165707 |
|  **Bitwise MARA Option Income Strategy ETF** |  |  |  |  |
|  | Investments, at |  | Investments, at |  |
|  Equity contracts | value<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2382613 | value<sup>(1)</sup> | $— |
|  Equity contracts | Written options | $— | Written options | $2148143 |
|  **Bitwise MSTR Option Income Strategy ETF** |  |  |  |  |
|  | Investments, at |  | Investments, at |  |
|  Equity contracts | value<sup>(1)</sup> | $14256325 | value<sup>(1)</sup> | $— |
|  Equity contracts | Written options | $— | Written options | $&nbsp;&nbsp;&nbsp;&nbsp;10066579 |
| **Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF** |  |  |  |  |
|  | Unrealized |  | Unrealized |  |
|  | appreciation on |  | depreciation on |  |
|  Crypto Asset | futures contracts\* | $— | futures contracts\* | $663 |
| **Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF** |  |  |  |  |
|  | Unrealized |  | Unrealized |  |
|  | appreciation on |  | depreciation on |  |
|  Crypto Asset | futures contracts\* | $— | futures contracts\* | $1035 |

---

\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on Futures Contracts as disclosed in the Schedule of Investments.

<sup>(1)</sup> Purchased option contracts are included in Investments within the Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Purchase Option(a) Contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;Risk Type**  | **Realized Gain/ <br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br> (Depreciation)**  |
|  Bitwise COIN Option Income Strategy ETF | Equity contracts | $957402 | $35364 |
|  Bitwise GME Option Income Strategy ETF | Equity contracts |  | (40143) |
|  Bitwise MARA Option Income Strategy ETF | Equity contracts | (351920) | 325675 |
|  Bitwise MSTR Option Income Strategy ETF | Equity contracts | (284476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259465 |

---

(a) Purchased option contracts are included in Net Realized Gain (Loss) on Investments within the Statement of Operations or Consolidated Statement of Operations.

33.0 ------

**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Written Option

Contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/ <br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br> (Depreciation)** |
|  Bitwise COIN Option Income Strategy ETF | Equity contracts | $(369614) | $(6850) |
|  Bitwise GME Option Income Strategy ETF | Equity contracts | $41221 | $4464 |
|  Bitwise MARA Option Income Strategy ETF | Equity contracts | $357512 | $137274 |
|  Bitwise MSTR Option Income Strategy ETF | Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;5877100 | $&nbsp;&nbsp;&nbsp;&nbsp;1010044 |
| For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Futures Contracts by risk type, as disclosed in the Consolidated Statements of Operations, is as follows: | For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Futures Contracts by risk type, as disclosed in the Consolidated Statements of Operations, is as follows: | For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Futures Contracts by risk type, as disclosed in the Consolidated Statements of Operations, is as follows: | For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on Futures Contracts by risk type, as disclosed in the Consolidated Statements of Operations, is as follows: |
| **Fund** | **Risk Type** | **Realized Gain/ <br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br> (Depreciation)** |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | Crypto Asset | $(1099690) | $(664) |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | Crypto Asset | $(975544) | $(1035) |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | Crypto Asset | $(422403) | $— |
| For the period ended June 30, 2025, the average monthly notional volume of derivatives was as follows: | For the period ended June 30, 2025, the average monthly notional volume of derivatives was as follows: | For the period ended June 30, 2025, the average monthly notional volume of derivatives was as follows: | For the period ended June 30, 2025, the average monthly notional volume of derivatives was as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Future Contracts<br>(Contract Value)** | **Purchased Option<br>Contracts<br>(Contract Value)** | **Written Option<br>Contracts<br>(Contract Value)** |
|  Bitwise COIN Option Income Strategy ETF | $— | $269577 | $(280709) |
|  Bitwise GME Option Income Strategy ETF |  | 134567 | (165707) |
|  Bitwise MARA Option Income Strategy ETF |  | 845445 | (830425) |
|  Bitwise MSTR Option Income Strategy ETF |  | 9043356 | (6463220) |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | 11284049 |  |  |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | 2229786 |  |  |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 1760684 |  |  |

---

4. Reverse Repurchase Agreements

Reverse repurchase agreements involve the sale of securities held by the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF, Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF and Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. The Funds may borrow for investment purposes indirectly using reverse repurchase agreements. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Funds to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Funds to counterparties are recorded as a component of interest expense on each Fund's Consolidated Statement of Operations. Borrowing may cause the Funds to liquidate positions under adverse market conditions to satisfy its repayment obligations. The use of reverse repurchase agreements involves risks that are different from those associated with ordinary portfolio securities transactions. The Funds are subject to credit risk (i.e., the risk that a counterparty is or is perceived to be unwilling or unable to meet its contractual obligations) with respect to the security it expects to receive back from a counterparty. If a counterparty becomes bankrupt or fails to perform its obligations, or if any collateral posted by the counterparty for the benefit of the Funds is insufficient or there are delays in the Funds' ability to access such collateral, the value of an investment in the Funds may decline.

At June 30, 2025, the Funds did not hold any reverse repurchase agreements.

5. Investment Advisory Agreement and Other Agreements

The Adviser has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser (the "Investment Advisory

34.0 ------

**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Adviser is entitled to receive a management fee from each Fund based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
|  Bitwise COIN Option Income Strategy ETF | 0.95% |
|  Bitwise GME Option Income Strategy ETF | 0.95% |
|  Bitwise MARA Option Income Strategy ETF | 0.95% |
|  Bitwise MSTR Option Income Strategy ETF | 0.95% |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | 0.85% |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | 0.85% |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 0.85% |

---

For the Funds below, the Adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Funds to the extent necessary to ensure that total annual Fund operating expenses do not exceed 0.85% of average daily net assets until May 1, 2027.

For the period ended June 30, 2025, the Adviser reimbursed the Funds for broker expenses and other trading expenses as follows:

---

| | |
|:---|:---|
| **Fund** | **Expenses<br>Reimbursed** |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | $25577 |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | 9103 |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 8487 |

---

For the period ended June 30, 2025 the Funds had a receivable from Adviser. The Adviser reimbursed the Funds on July 8, 2025 as follows:

---

| | |
|:---|:---|
| **Fund** | **Receivable<br>Reimbursed** |
|  Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | $3458 |
|  Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | 1150 |
|  Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 1224 |

---

For Bitwise COIN Option Income Strategy ETF, Bitwise MARA Option Income Strategy ETF and Bitwise MSTR Option Income Strategy ETF, the Adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Funds to the extent necessary to ensure that total annual fund operating expenses (excluding brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, taxes, interest, and extraordinary expenses) do not exceed 0.95% of average daily net assets until April 2, 2027. Since inception, there have been no waivers or reimbursement from the Adviser.

This unitary management fee is designed to pay each Fund's expenses and to compensate the Adviser for the services it provides to the Funds. Out of the unitary management fee, the Adviser pays substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees. However, the Adviser is not responsible for distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, and extraordinary expenses.

Vident Asset Management (the "Sub-Adviser") serves as the Sub-Adviser to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF. In this capacity, the Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a fee by the Adviser. The Fund does not directly compensate the Sub-Adviser.

For the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF and the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF, the Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Funds.

Foreside Fund Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

A Trustee and certain Officers of the Funds are also employees of the Adviser and receive no compensation from the Funds.

35.0 ------

**Notes to Financial Statements** (Continued)

June 30, 2025 (Unaudited)

6. Fund Share Transactions

The Funds issues and redeems shares at NAV only in large blocks of 25,000 Shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the shares are not redeemable securities of the Funds.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

7. Federal Income Taxes

As of December 31, 2024, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate<br>Tax Cost** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Aggregate<br>Gross<br>Unrealized<br>Appreciation** | **Aggregate<br>Gross Unrealized <br>(Depreciation)** |
| Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | $19469396 | $(1400310) | $6795183 | $(8195493) |
| Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF | 5735754 | (474276) | 3241638 | $(3715914) |
| Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 9225825 | (886351) | 660859 | (1547210) |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

8. Segment Reporting

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selective members of the Executive Management Committee, Officers of the Trust and other senior personnel of the Trust's adviser, acts as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each individual Fund and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy for each Fund which is executed by the Funds' portfolio managers. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess each Fund's single segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Funds' single segment, is consistent with that presented within each of the Funds' respective financial statements. Segment assets for each Fund are reflected on the accompanying consolidated statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying consolidated statement of operations for each respective Fund.

9. Risk and Uncertainties

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

10. Subsequent Events

In preparing these consolidated financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date this financial statements were available to be issued. Management has determined that there were no material events that would require disclosure or recognition in the Funds' consolidated financial statements other than those disclosed above, which occurred during the period subsequent to June 30, 2025.

36.0 ------

### Board Considerations Regarding Approval of the Investment Management
**Agreement and Sub-Advisory Agreement** (Unaudited)

**Approval of the Initial Term of the Investment Management Agreement Relating to the Bitwise COIN Option Income Strategy ETF, the Bitwise MARA Option Income Strategy ETF and the Bitwise MSTR Option Income Strategy ETF** 

At a regularly scheduled meeting held on February 26, 2025 (the "February Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Bitwise Funds Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Bitwise Investment Manager, LLC ("BIM" or the "Adviser") and the Trust, on behalf of the Bitwise COIN Option Income Strategy ETF, Bitwise MARA Option Income Strategy ETF and Bitwise MSTR Option Income Strategy ETF (the "New Funds").

Pursuant to Section 15 of the 1940 Act, the Investment Management Agreement must be approved with respect to each of the New Funds by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Management Agreement.

In addition to the written materials provided to the Board in advance of the February Meeting, representatives from the Adviser provided the Board with an overview, during the February Meeting, of each New Fund's proposed strategy, the services proposed to be provided to the New Funds by the Adviser, and additional information about the Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching the New Funds, each New Fund's proposed fees, and the operational aspects of the New Funds. The Board considered the Adviser's presentation and the materials it received in advance of the February Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Investment Management Agreement. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at a prior meeting and between meetings with respect to the services to be provided by the Adviser. The Board deliberated on the approval of the Investment Management Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The information received and considered by the Board in connection with the Board's determination to approve the Investment Management Agreement was both written and oral.

At the February Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser to the New Funds; (ii) each New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and its respective affiliates from their relationship with the Trust and the New Funds; (iv) comparative fee and expense data for each New Fund and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each New Fund grows and whether the overall advisory fee for each New Fund would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser from the relationship with the Trust and the New Funds, including any fall-out benefits enjoyed by the Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Investment Management Agreement are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Investment Management Agreement with respect to each New Fund separately.

*Approval of the Investment Management Agreement with the Adviser* 

*Nature, Extent and Quality of Services*. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for each New Fund, determining the assets to be purchased, retained or sold by each New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Funds, including the oversight of the activities and operations of the service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Adviser.

37.0 ------

### Bitwise Funds Trust

### Board Considerations Regarding Approval of the Investment Management
**Agreement and Sub-Advisory Agreement** (Unaudited) (Continued)

*Performance*. The Board noted that because each New Fund had not yet commenced operations, they could not consider each New Fund's past performance. The Board was presented with information about each New Fund's investment strategy. The Board noted that the Adviser does not currently manage a directly comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison with the New Funds but did note the Adviser's good record of prior performance for the other registered funds for which it serves as investment adviser. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Funds under the Investment Management Agreement, and that the Adviser was expected to obtain an acceptable level of investment returns for each New Fund's shareholders. The Board considered the qualifications of the proposed portfolio managers and agreed that the Adviser was well positioned to manage the strategies proposed.

*Fees and Expenses*. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of each New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Funds. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of each New Fund's proposed unitary fee and the differences in each New Fund's strategy from the Selected Peer Group. In considering the level of the advisory fee with respect to the New Funds, the Board also noted that the Adviser did not manage any other accounts with a similar investment strategy. The Board did review a summary of all management fees charged by Bitwise Asset Management, Inc., an affiliate of the Adviser ("BAM"), across its suite of products, noting that the fees charged by BAM that provides services to entities which hold crypto assets that are not securities, are higher than the fees proposed to be charged by the Adviser. Based on its review, the Board concluded that each New Fund's unitary fee appeared to be competitive and is otherwise reasonable in light of the information provided.

*Cost of Services to be Provided and Profitability*. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for the New Funds was a "unitary fee," meaning the New Funds would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, and paying each New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Funds, taking into account the Adviser's anticipated profitability analysis with respect to the New Funds and the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the New Funds had not yet commenced operations and consequently, the future size of the New Funds and the Adviser's future profitability were generally unpredictable.

*Fall-out Benefits*. The Board noted that no other benefits are expected to be derived by the Adviser or its affiliates from the Adviser's relationship with each New Fund. They noted that the Adviser will not use soft dollars when executing portfolio transactions for each New Fund. They also noted that, to the extent that each New Fund is successful, it may lead to positive public relations for the Adviser.

*Economies of Scale*. The Board expressed the view that the Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each New Fund's shareholders through each New Fund's unitary fee structure. In the event there were to be significant asset growth in the New Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth and the possibility of adopting an expense reimbursement/fee waiver agreement or the introduction of fee breakpoints in the future.

*Conclusion*. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to the New Funds. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of each New Fund and its shareholders.

#### Approval of Continuation of the Investment Management Agreement Relating to the Bitwise Bitcoin Strategy Optimum Yield Cayman Subsidiary, LLC
In addition, at the February Meeting, the Board of Trustees of the Trust, including a majority of the Independent Trustees, unanimously approved the continuation of the investment management agreement (the "Cayman Management Agreement") between the Adviser and Bitwise Bitcoin Strategy Optimum Yield Cayman Subsidiary, LLC (the "Cayman Subsidiary"), a Cayman Islands exempted company.

38.0 ------

### Bitwise Funds Trust

### Board Considerations Regarding Approval of the Investment Management
**Agreement and Sub-Advisory Agreement** (Unaudited) (Continued)

The Cayman Subsidiary had been organized to engage in the business of a controlled foreign corporation that holds and trades certain securities and instruments for the benefit of the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF ("BITC").

At the February Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services provided by the Adviser to the Cayman Subsidiary; (ii) the Cayman Subsidiary's expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and its affiliates from their relationship with the Cayman Subsidiary; (iv) comparative fee and expense data for the Cayman Subsidiary; (v) the extent to which economies of scale would be realized as the Cayman Subsidiary grew and whether the overall advisory fee for the Cayman Subsidiary would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser from the relationship with the Cayman Subsidiary, including any fall-out benefits enjoyed by the Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Cayman Management Agreement are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at a prior meeting and between meetings with respect to the services to be provided by the Adviser. The Board deliberated on the approval of the Cayman Management Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The information received and considered by the Board in connection with the Board's determination to approve the Cayman Management Agreement was both written and oral.

*Approval of the Cayman Management Agreement with the Adviser* 

*Nature, Extent and Quality of Services*. The Trustees considered the scope of services to be provided under the Cayman Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the Cayman Subsidiary that is critical to the investment program it runs in connection with its service as investment adviser to BITC. The Trustees noted the responsibilities that the Adviser will have as investment adviser to the Cayman Subsidiary, including the oversight of the activities and operations of the investment sub-adviser to the Cayman Subsidiary and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Cayman Subsidiary. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as recent responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the Cayman Subsidiary by the Adviser.

*Performance*. The Board noted that it did not evaluate the performance of the Cayman Subsidiary itself, as the performance of the Cayman Subsidiary is not the relevant inquiry as it would be when evaluating the performance of a traditional fund. Instead, the relevant inquiry was whether the Cayman Subsidiary was performing as intended as it related to the operation of BITC. The Board noted that it had received quarterly reports since BITC's inception regarding the operation of the Cayman Subsidiary and in each such instance was satisfied that the Adviser was providing a high level of service to the Cayman Subsidiary. The Board considered the Adviser's established track record with regard to the management of the Cayman Subsidiary, the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser continued to have the overall capability to perform its duties with respect to the Cayman Subsidiary under the Cayman Management Agreement.

*Fees and Expenses*. Regarding the costs of the services provided by the Adviser, the Board considered that the Adviser has a unitary fee arrangement with BITC, pursuant to which the Adviser receives a management fee from BITC and pays all Fund operating expenses, with certain exceptions, and including the sub-advisory fees. The Board further considered that the Cayman Subsidiary is not assessed a management fee and will be included in the same fee arrangement as BITC. The Board noted that the Cayman Subsidiary's expenses will be paid by the Adviser pursuant to the unitary fee arrangement with BITC.

*Cost of Services to be Provided and Profitability*. The Board noted that the Adviser does not receive separate compensation for managing the Cayman Subsidiary, or any direct or indirect benefits from its relationship with the Cayman Subsidiary.

*Economies of Scale*. The Board noted that the Adviser might realize economies of scale in managing BITC as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with BITC's shareholders through the fund's unitary fee structure. In the event there were to be significant asset growth in BITC, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board noted that there

39.0 ------

### Bitwise Funds Trust

### Board Considerations Regarding Approval of the Investment Management
**Agreement and Sub-Advisory Agreement** (Unaudited) (Continued)

would be no additional fee charged with respect to the Cayman Subsidiary and that the Adviser would bear the expenses of the Cayman Subsidiary.

*Conclusion*. No single factor was determinative of the Board's decision to approve the continuation of the Cayman Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Cayman Management Agreement were fair and reasonable to the Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an additional term of one year was in the best interests of the Cayman Subsidiary and BITC.

#### Approval of the Initial Term of the Investment Management Agreement Relating to the Bitwise GME Option Income Strategy ETF
At a regularly scheduled meeting held on June 4, 2025 (the "June Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Bitwise Funds Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Bitwise Investment Manager, LLC ("BIM" or the "Adviser") and the Trust, on behalf of the Bitwise GME Option Income Strategy ETF(the "New Fund").

Pursuant to Section 15 of the 1940 Act, the Investment Management Agreement must be approved with respect to the New Fund by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Management Agreement.

In addition to the written materials provided to the Board in advance of the June Meeting, representatives from the Adviser provided the Board with an overview, during the June Meeting, of New Fund's proposed strategy, the services proposed to be provided to the New Fund by the Adviser, and additional information about the Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching the New Fund, proposed fees, and the operational aspects of the New Fund. The Board considered the Adviser's presentation and the materials it received in advance of the Meeting, including a memorandum to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Investment Management Agreement. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at a prior meeting and between meetings with respect to the services to be provided by the Adviser. The Board deliberated on the approval of the Investment Management Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The information received and considered by the Board in connection with the Board's determination to approve the Investment Management Agreement was both written and oral.

At the June Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser to the New Fund; (ii) the New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and its respective affiliates from their relationship with the Trust and the New Fund; (iv) comparative fee and expense data for the New Fund and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Fund grows and whether the overall advisory fee for the New Fund would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser from the relationship with the Trust and the New Fund, including any fall-out benefits enjoyed by the Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Investment Management Agreement are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Investment Management Agreement with respect to the New Fund separately.

*Approval of the Investment Management Agreement with the Adviser* 

*Nature, Extent and Quality of Services*. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the New Fund, determining the assets to be purchased, retained or sold by the New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Fund, including the oversight of the activities and operations of the service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's

40.0 ------

### Bitwise Funds Trust

### Board Considerations Regarding Approval of the Investment Management
**Agreement and Sub-Advisory Agreement** (Unaudited) (Continued)

Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Fund, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund by the Adviser.

*Performance*. The Board noted that because the New Fund had not yet commenced operations, they could not consider the New Fund's past performance. The Board was presented with information about the New Fund's investment strategy. The Board noted that the Adviser had recently begun managing the Bitwise COIN Option Income Strategy ETF, Bitwise MARA Option Income Strategy ETF and Bitwise MSTR Option Income Strategy ETF – each of which employed strategies similar to the New Fund, but that it had not been managing them long enough to yet derive conclusions. Nevertheless, the Board did note the Adviser's good record of prior performance for the other registered funds for which it serves as investment adviser. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Fund under the Investment Management Agreement, and that the Adviser was expected to obtain an acceptable level of investment returns for the New Fund's shareholders. The Board considered the qualifications of the proposed portfolio managers and agreed that the Adviser was well positioned to manage the strategies proposed.

*Fees and Expenses*. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of the New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Fund relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Fund. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of the New Fund's proposed unitary fee and the differences in the New Fund's strategy from the Selected Peer Group. The Board reviewed a summary of all management fees charged by Bitwise Asset Management, Inc., an affiliate of the Adviser ("BAM"), across its suite of products, noting that the fees charged by BAM that provides services to entities which hold crypto assets that are not securities, are higher than the fees proposed to be charged by the Adviser. Based on its review, the Board concluded that the New Fund's unitary fee appeared to be competitive and is otherwise reasonable in light of the information provided.

*Cost of Services to be Provided and Profitability*. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for the New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, and paying the New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Fund, taking into account the Adviser's anticipated profitability analysis with respect to the New Fund and the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the New Fund had not yet commenced operations and consequently, the future size of the New Fund and the Adviser's future profitability were generally unpredictable.

*Fall-out Benefits*. The Board noted that no other benefits are expected to be derived by the Adviser or its affiliates from the Adviser's relationship with the New Fund. They noted that the Adviser will not use soft dollars when executing portfolio transactions for the New Fund. They also noted that, to the extent that each New Fund is successful, it may lead to positive public relations for the Adviser.

*Economies of Scale*. The Board expressed the view that the Adviser might realize economies of scale in managing the New Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with the New Fund's shareholders through the New Fund's unitary fee structure. In the event there were to be significant asset growth in the New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth and the possibility of adopting an expense reimbursement/fee waiver agreement or the introduction of fee breakpoints in the future.

*Conclusion*. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to the New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of the New Fund and its shareholders.

41.0 ------

### Bitwise Funds Trust
**Additional Information** (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.bitwiseinvestments.com.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

42.0 ------

(This page intentionally left blank)

------

---

| | | |
|:---|:---|:---|
| **Investment Adviser** | **Investment Sub-Adviser** | **Custodian, Administrator,** |
| Bitwise Investment | Vident Asset Management | **Securities Lending Agent &** |
| Manager, LLC | 1125 Sanctuary Parkway, | **Transfer Agent** |
| 250 Montgomery Street, | Suite 515 | The Bank of New York Mellon |
| Suite 200 | Alpharetta, GA 30009 | 240 Greenwich Street |
| San Francisco, CA 94104 |  | New York, NY 10036 |
| **Distributor** | **Independent Registered** | **Legal Counsel** |
| Foreside Fund Services, LLC | **Public Accounting Firm** | Chapman and Cutler LLP |
| Three Canal Plaza, Suite 100 | KPMG LLP | 320 South Canal Street |
| Portland, ME 04101 | 345 Park Avenue | Chicago, IL 60606 |
|  | New York, NY 10154 |  |
|  | **Bitwise Funds Trust** |  |
|  | 250 Montgomery Street, |  |
|  | Suite 200, |  |
|  | San Francisco, CA 94104 |  |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included under Item 7 of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Statement Regarding Basis for Approval of Investment Advisory Contract is included under Item 7 of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

------

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable for semi-annual reporting period.

(a)(2) Not applicable for semi-annual reporting period.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d66998dex99cert.htm)  |

---

(a)(3)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(3)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d66998dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) <u>Bitwise Funds Trust</u> | (Registrant) <u>Bitwise Funds Trust</u> | (Registrant) <u>Bitwise Funds Trust</u> |
| By (Signature and Title)\* |  | <u>/s/ Paul Fusaro, President</u> |
|  |  | Paul Fusaro, President |
|  |  | (principal executive officer) |
| Date: <u>August</u> <u>29, 2025</u> | Date: <u>August</u> <u>29, 2025</u> | Date: <u>August</u> <u>29, 2025</u> |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Paul Fusaro, President</u> |
|  | Paul Fusaro President |
|  | (principal executive officer) |
| Date: <u>August</u> <u>29, 2025</u> | Date: <u>August</u> <u>29, 2025</u> |
| By (Signature and Title)\* | <u>/s/ James Gallo, Treasurer</u> |
|  | James Gallo, Treasurer |
|  | (principal financial officer) |
| Date: <u>August</u> <u>29, 2025</u> | Date: <u>August</u> <u>29, 2025</u> |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Paul Fusaro, certify that:

1. I have reviewed this report on Form N-CSR of Bitwise Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially

------

affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>August 29, 2025</u> | <u>/s/ Paul Fusaro, President</u>  |
|  | Paul Fusaro, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, James Gallo, certify that:

1. I have reviewed this report on Form N-CSR of Bitwise Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>August 29, 2025</u> | <u>/s/ James Gallo, Treasurer</u> |
|  | James Gallo, Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, Paul Fusaro Principal Executive Officer of Bitwise Funds Trust; (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>August 29, 2025</u> | <u>/s/ Paul Fusaro, President</u> |
|  | Paul Fusaro, President |
|  | (principal executive officer) |

---

I, James Gallo, Principal Financial Officer of Bitwise Funds Trust; (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>August 29, 2025</u> | <u>/s/ James Gallo, Treasurer</u> |
|  | James Gallo, Treasurer |
|  | (principal financial officer) |

---