# EDGAR Filing Document

**Accession Number:** 0001723788
**File Stem:** 0000000000-25-007002
**Filing Date:** 2025-7
**Character Count:** 12523
**Document Hash:** 069300776a4a84ba76e4625505794cef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007002.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0000000000-25-007002

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250702

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitwise 10 Crypto Index ETF
- **CENTRAL INDEX KEY:** 0001723788
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 823002349
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287889

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise 10 Crypto Index Fund
- **DATE OF NAME CHANGE:** 20200618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise 10 Private Index Fund, LLC
- **DATE OF NAME CHANGE:** 20181003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise HOLD10 Private Index Fund, LLC
- **DATE OF NAME CHANGE:** 20180518
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-052796

## Text-Extract

```

                                                            July 2, 2025

Hunter Horsley
President and Treasurer
Bitwise 10 Crypto Index Fund
250 Montgomery Street, Suite 200
San Francisco, CA 94104

       Re: Bitwise 10 Crypto Index Fund
           Registration Statement on Form S-3
           Filed June 10, 2025
           File No. 333-287889
Dear Hunter Horsley:

       We have conducted a limited review of your registration statement and
have the
following comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form S-3
General

1.     We note your statement on page 16 of the Trust   s Form 10-K (   Trust
Annual Report   )
       for the fiscal year ended December 31, 2024, that the Committee   s
risk-based
       assessment that considers whether a Crypto Asset may be deemed a
security under
       U.S. federal securities laws    does not preclude legal or regulatory
action based on the
       presence of a security.    In future filings, please further revise to
state that any such
       assessment is not a legal standard or determination binding on any
regulatory body or
       court.
2.     Please revise to disclose whether and how you expect that the initial
and continuing
       listing requirements applicable to the Trust may impact the weighting of
the Trust   s
       Portfolio Crypto Assets.
 July 2, 2025
Page 2

Cover Page

3.     To the extent you intend to "take advantage of incidental opportunities
to generate
       additional returns in excess of the Index" as discussed on page 1,
please provide such
       disclosure on the cover page.
Prospectus Summary
The Trust's Investment Objective and Strategies, page 1

4.     We note that the "Sponsor has the discretion, when possible and prudent,
to take
       advantage of incidental opportunities to generate additional returns in
excess of the
       Index...through, for example, Airdrops, Staking, Emissions, Hard Forks,
lending or
       similar network events and activities." Please revise to describe:
           Whether any approvals are necessary for the Trust to engage in such
activities;
           In greater detail the lending and "similar network events and
activities" that the
          Sponsor may take advantage of;
           The criteria, if any, the Sponsor will use to exercise such
discretion; and
           How and when investors will be informed as to when the Sponsor
exercises such
          discretion and the identity of the related Portfolio Crypto Asset.
The Index, page 3

5.     We note that you incorporate by reference the description of the Index
Methodology
       provided in the Trust Annual Report. In future Exchange Act reports, to
the extent
       incorporated by reference, please address the following in your
disclosure regarding
       the Index Methodology:
           Include a table with market share and volume information for each
Crypto Asset
           exchange selected by the Sponsor and its affiliates to calculate the
value of Crypto
           Assets in the Index;
           Explain how the Crypto Asset exchanges are selected;
           Include a brief description of each of the Crypto Asset exchanges,
including
           where they are located and how they are licensed or regulated; and
           Revise to describe the adjustments that may be made to the Index and
the impact
           that such adjustments could have on the NAV of the Trust.
Calculation of NAV, page 4

6.     We note your cross-reference to    Part I   Item 1. Business
Calculation of NAV    in
       the Trust Annual Report. Please revise this cross-reference to refer to
the correct
       section of the Trust Annual Report.
The Trust's Legal Structure, page 4

7.     Please revise to disclose here that Shareholders have no voting rights
under the Trust
       Agreement, and that the Sponsor and Trustee may agree to amend the Trust
       Agreement or Sponsor Agreement without Shareholder approval. In this
regard, we
       note your disclosure on page 59 that "except as required under
applicable federal law
       or under the rules or regulations of an Exchange, Shareholders do not
have any voting
 July 2, 2025
Page 3

       rights, take no part in the management or control, and have no voice in,
the Trust's
       operations or business."
The Trust's Fees and Expenses, page 6

8.     Please revise to clarify whether the Sponsor will assume the fees of the
Trading
       Counterparties in connection with the purchase and sale of Portfolio
Crypto Assets
       under the Trust-Directed Trading Model.
9.     Please reconcile your usage of the term    Sponsor Fee    with the term
  Management
       Fee.
10.    We note your disclosure that the    Trust is not responsible for paying
any fees or costs
       associated with the transfer of Crypto Assets or cash to the Sponsor,
and it is unclear
       whether these fees and costs are paid by the Sponsor. Please revise to
clarify when the
       Trust is responsible for paying blockchain fees.
The Trust's Investment Program
Purchase and Sale of Crypto Assets
Trust-Directed Trade Model, page 29

11.    We note your disclosure that transfer fees with respect to on-chain
transfers to and
       from the Custodial Account to the Trading Counterparty will be paid by
the
       Custodian. We also note your statement on page 32 that the Sponsor will
direct the
       Custodian to transfer Portfolio Crypto Assets from the Custodial Account
to pay Trust
       expenses not assumed by the Sponsor. Please revise to clarify whether
the Custodian
       will pay such transfer fees using the Trust's assets.
12.    We note your disclosure that "[t]here is no contractual relationship
between the Trust,
       the Sponsor or the Trading Counterparties and all transactions will be
done on an
       arms-length basis." However, we also note your disclosure on page 3 that
       "[t]he Sponsor has entered into contractual agreements with the Trading
       Counterparties, and these agreements set forth the general parameters
under which
       transactions in Portfolio Crypto Assets will be effectuated, should any
transaction
       with a Trading Counterparty occur." Please revise your disclosure as
appropriate to
       reconcile this discrepancy. In addition, to the extent that the Sponsor
has entered into
       contractual arrangements with Trading Counterparties, please disclose
the material
       terms of the agreements, including the term, termination and
indemnification
       provisions, as applicable.
Custody of the Trust's Assets, page 33

13.    You disclose that the Custodian will keep a "substantial portion" of the
private keys
       associated with the Trust's Portfolio Crypto Assets in cold storage or
"similarly secure
       technology.    Please revise to disclose the percentage of the Portfolio
Crypto Assets
       that is held in cold storage and describe the "similarly secure
technology" used to hold
       the private keys.
14.    Please define the term    Hot Storage Account.
 July 2, 2025
Page 4
The Prime Execution Agent and the Trade Credit Lender
The Trade Credit Lender, page 40

15.    Please disclose the interest rate of Trade Credits. Please also disclose
the maximum
          Authorized Amount    of Trade Credits available to the Trust.
Creations and Redemptions of Shares, page 43

16.    Please revise to include the following disclosures:
           For creations, please clarify whether any excess cash will be
returned to the
           Authorized Participants to the extent that the cash deposit amount
exceeds the
           execution price of the Portfolio Crypto Assets acquired.
           For creation and redemption transactions, disclose whether the
interest payable on
           Trade Credits utilized under the Trade Financing Agreement are
included in the
           execution price and therefore the responsibility of the Authorized
Participants.
           Please discuss the mechanics of the redemption procedures, including
how and
           when cash and the Shares are transferred under the Trust-Directed
Trade Model
           and the Agent Execution Model.
           Clarify whether any costs or transaction fees associated with
creations and
           redemptions are payable by the Trust.
Suspension or Rejection of Redemption Orders, page 45

17.    Please revise to disclose whether and how you will notify Shareholders
if the Trust
       has suspended creations and redemptions, and describe the potential
impact of
       suspending creations and redemptions.
Use of Proceeds, page 46

18.    To the extent applicable, please revise your disclosure to address how
you will use the
       proceeds received by the Trust from incidental opportunities to generate
additional
       returns through, "for example, Airdrops, Staking, Emissions, Hard Forks,
lending or
       similar network events and activities."
Conflicts of Interest, page 47

19.    Please revise this section to address any potential conflicts of
interest between the
       Trust and Authorized Participants on the one hand, and the Prime
Execution Agent,
       the Trade Credit Lender and the Trading Counterparties, on the other
hand, as
       applicable.
Material Contracts, page 51

20.    Please revise to disclose the material terms of any agreement you have
with the
       Sponsor, Prime Execution Agent and Trade Credit Lender, including the
term,
       termination and indemnification provisions thereof, as applicable.
Please also file the
       agreements as exhibits to the registration statement.
 July 2, 2025
Page 5
Taxation of the Trust, page 53

21.    Please reconcile the disclosure that    [a]ssuming that the Trust is
currently a grantor
       trust for U.S. federal income tax purposes    with the remainder of the
discussion in this
       section.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Lulu Cheng at 202-551-3811 or Irene Paik at 202-551-6553
with any
other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Crypto
Assets
cc:   James Audette, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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