Bitwise Physical Bitcoin ETP

The Bitwise Physical Bitcoin ETP is a physically backed exchange-traded product designed to deliver investors listed exposure to the market price of Bitcoin. Issued by Bitwise Europe GmbH and domiciled in Germany, it holds 100% Bitcoin in cold-storage custody with institutional-grade providers like BitGo Trust Company and Zodia Custody, secured by multi-signature technology and insured against key risks. Featuring a total expense ratio of 2.00% p.a., the ETP offers physical redemption, weekly proof of holdings, and on-chain verification by an independent administrator for transparency. Launched in June 2020 as a debt security fully asset-backed with no leverage, it enables simple trading like stocks via standard securities accounts on platforms such as XETRA, without needing crypto wallets. In the financial markets, it provides efficient, regulated access to Bitcoin's performance, mitigating issuer default risk through a security trustee while operating under a German financial authority-approved base prospectus. This structure supports daily liquidity and broad European listings in multiple currencies, catering to investors seeking digital asset exposure within traditional frameworks.