Yesterday, the SEC approved in-kind creations and redemptions for the Bitwise Bitcoin ETF $BITB and the Bitwise Ethereum ETF $ETHW, along with several other spot crypto ETPs.  It’s big news—and a long time coming. What is it? In-kind creation and redemption is a process where ETF shares are exchanged for the underlying assets—like bitcoin—instead of cash, helping reduce costs and improve tax efficiency. Why it matters:  •More efficient—can streamline transactions, tighten trading spreads, and increase tax efficiency for ETPs   •Mainstream signal—brings spot crypto ETPs closer in line with traditional-asset ETPs and ETFs, which have done in-kind transactions for decades For years, we, our partners, and others in the industry have been pushing for this change to bring investors the most efficient means of accessing crypto possible.  Another milestone in a big year for this space.  Let’s go.

Risks and Important Information This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit: for BITB, ; for ETHW, . The Bitwise Bitcoin ETF (BITB) and the Bitwise Ethereum ETF (ETHW) (each, a “Fund” and collectively the “Funds”) are not investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) and are not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of BITB or ETHW do not have the protections associated with mutual funds or ETFs registered under the 1940 Act or the protections afforded by the CEA. Shares of ETPs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. ETHW will not participate in the proof-of-stake validation mechanism to earn additional ether or seek other means of generating income from its ether holdings. The amount of bitcoin or ether represented by a Share will continue to be reduced during the life of the Fund due to the transfer of the Fund’s bitcoin or ether to pay for the Sponsor’s management fee, and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of bitcoin or ether. There is no guarantee or assurance that the Funds’ methodology will result in the Funds achieving positive investment returns or outperforming other investment products. Investors may choose to use the Funds as a means of investing indirectly in bitcoin or ether. An investment in either Fund is not a direct investment in bitcoin or ether. Bitcoin Risk. There are significant risks and hazards inherent in the bitcoin market that may cause the price of bitcoin to fluctuate widely. The Fund’s bitcoin may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the bitcoin market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund’s investment strategy. Ether Risk. There are significant risks and hazards inherent in the ether market that may cause the price of ether to fluctuate widely. The Fund’s ether may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the ether market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund’s investment strategy. Nondiversification Risk. The Funds are nondiversified and may hold a smaller number of portfolio securities than many other products. To the extent the Funds invest in a relatively small number of issuers, a decline in the market value of a particular security held by the Funds may affect their value more than if they invested in a larger number of issuers. Recency Risk. The Funds are recently organized, giving prospective investors a limited track record on which to base their investment decision. If the Funds are not profitable, the Funds may terminate and liquidate at a time that is disadvantageous to Shareholders. Bitwise Investment Advisers, LLC serves as the sponsor of the Funds. Foreside Fund Services, LLC serves as the Marketing Agent, and is not affiliated with Bitwise Investment Advisers, LLC, Bitwise, or any of its affiliates