The BITW fund lost nearly half its net assets in the first half of 2026, falling from $1.03 billion to $532.8 million, while Bitcoin’s share of the portfolio rose to 77.81%. Market losses and net redemptions drove this $500 million decline, with operations accounting for $339.4 million in losses and authorized participants redeeming $161.2 million in shares. The fund reported a negative 36.16% total return per share over the six-month period, as Ethereum’s portfolio share fell from 15.41% to 12.59% and new tokens Hyperliquid and Stellar replaced Avalanche and Polkadot in the basket.
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