Bitwise 10 Financials

BITW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bitwise 10 (BITW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Bitwise 10 passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed

-0.92x

For every $1 of reported earnings, Bitwise 10 generates $-0.92 in operating cash flow ($152.9M OCF vs -$165.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$165.9M

YoY-125.0%

Bitwise 10 reported -$165.9M in net income in fiscal year 2025. This represents a decrease of 125.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$15K

YoY-80.5%

5Y CAGR-54.2%

Bitwise 10 held $15K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY-13.8%

5Y CAGR+2.9%

Bitwise 10 had 17M shares outstanding in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-16.1%

YoY-64.8pp

5Y CAGR-57.5pp

Bitwise 10's ROE was -16.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 64.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$154.3M

Bitwise 10 spent $154.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

BITW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$165.9M-125.0%	$664.6M+69.1%	$392.9M+159.0%	-$666.4M-259.9%	$416.8M+170.0%	$154.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$0	N/A	N/A	N/A	$0
Net Income	N/A	$205.3M-34.9%	$315.3M+223.3%	-$255.6M	N/A	-$14.9M+91.5%	-$174.1M-141.3%	$421.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.0B-23.4%	$1.4B+94.8%	$702.6M+127.5%	$308.8M-68.4%	$976.7M+160.6%	$374.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$15K-80.5%	$77K+8333.7%	$913-99.9%	$657K-96.5%	$18.5M+2393.0%	$743K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.9M+563.8%	$2.9M+94.7%	$1.5M+123.6%	$655K-69.0%	$2.1M+38.9%	$1.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.0B-24.6%	$1.4B+94.8%	$701.1M+127.5%	$308.2M-68.4%	$974.5M+161.1%	$373.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.0B-35.8%	$1.6B+14.4%	$1.4B+28.4%	$1.1B-18.7%	$1.4B+46.1%	$936.7M-1.5%	$950.9M-15.5%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$15K+902.7%	$1K+1921.6%	$74-91.4%	$859-98.9%	$77K+9952.2%	$766-99.8%	$320K+71674.4%	$446
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.9M+457.9%	$3.4M+14.0%	$3.0M+28.4%	$2.3M-18.7%	$2.9M+7.6%	$2.7M+33.8%	$2.0M-15.5%	$2.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.0B-36.8%	$1.6B+14.4%	$1.4B+28.4%	$1.1B-18.7%	$1.4B+46.2%	$934.0M-1.6%	$948.9M-15.5%	$1.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$152.9M+201065.8%	$76K+111.6%	-$656K	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$152.9M	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$154.3M	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BITW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-16.1%-64.8pp	48.7%-7.4pp	56.0%+272.3pp	-216.3%-259.0pp	42.8%+1.4pp	41.4%
Return on Assets	-15.8%-64.4pp	48.6%-7.4pp	55.9%+271.7pp	-215.8%-258.5pp	42.7%+1.5pp	41.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02+0.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	12.6%-9.5pp	22.1%+45.1pp	-23.0%	N/A	-1.6%+16.8pp	-18.3%-55.9pp	37.6%
Return on Assets	N/A	12.6%-9.5pp	22.1%+45.1pp	-23.0%	N/A	-1.6%+16.7pp	-18.3%-55.8pp	37.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02+0.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Bitwise 10 profitable?

No, Bitwise 10 (BITW) reported a net income of -$165.9M in fiscal year 2025.

What is Bitwise 10's return on equity (ROE)?

Bitwise 10 (BITW) has a return on equity of -16.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bitwise 10's operating cash flow?

Bitwise 10 (BITW) generated $152.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bitwise 10's total assets?

Bitwise 10 (BITW) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Bitwise 10 buy back shares?

Yes, Bitwise 10 (BITW) spent $154.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Bitwise 10 have outstanding?

Bitwise 10 (BITW) had 17M shares outstanding as of fiscal year 2025.

What is Bitwise 10's debt-to-equity ratio?

Bitwise 10 (BITW) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bitwise 10's return on assets (ROA)?

Bitwise 10 (BITW) had a return on assets of -15.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bitwise 10's Piotroski F-Score?

Bitwise 10 (BITW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bitwise 10's earnings high quality?

Bitwise 10 (BITW) has an earnings quality ratio of -0.92x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.