Investors subscribe to Bitwise's tokenized funds and on-chain vaults, and Bitwise charges management and performance fees. We track the Bitwise Ethereum ETF (ETHW), the Bitwise Crypto Carry Fund (USCC) and the Bitwise Premium RWA AUSD Vault (PAPY).

Bitwise is a global crypto asset manager with $9 billion in client assets, and the largest crypto index fund manager in America. It was founded in 2017.

Bitwise shareholders own and govern the company. They currently take a cut of the total return on investment and total assets under management (revenue).

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Bitwise

# Bitwise ETHW Capital deployed Methodology

## 1. Overview

Capital deployed measures the total USD value of all digital assets held by Bitwise's Ethereum ETF across its portfolio addresses. This metric tracks the aggregate value of the fund's holdings over time, providing insight into the scale of assets under management. The calculation aggregates token balances across six specific Ethereum addresses and converts them to USD values using end-of-day pricing data.

## 2. Data sources

- **Ethereum account balances**: Daily snapshots of token balances for specific ETF portfolio addresses
- **End-of-day token price feeds**: USD pricing data for converting token balances to dollar values  
- **Token metadata**: Decimal precision information for accurate balance calculations
- **Chain availability data**: Configuration indicating when Ethereum data is reliable and complete

## 3. Step-by-step calculation

### Component A: Portfolio balance retrieval
- **Purpose**: Collects all token balances held by Bitwise ETF addresses
- **Logic**: Retrieves balance snapshots for six hardcoded Ethereum addresses (`0x3339aad5f1a0cc95d6dee6ddf10b444f080c7cb5`, `0xa15c9d4af12d42c612d5a7445d76f5cc3ac92a69`, `0x6f28ebf3170aa00bfdf7131a4635a04976c657ed`, `0x7716d9e70779ee3d2580dcca818521a85e59eec8`, `0xed9258097cc80e1e6ebf2131a4635a04976c657ed`, `0xfbac831c5a71bf8f517b3a33cbfffdd448ebb5c6`) that represent the ETF's portfolio holdings. For each address and timestamp, all token balances are collected including native ETH and ERC-20 tokens
- **Key fields**: `timestamp`, `chain`, `address`, `token_address`, `balance`

### Component B: Balance aggregation  
- **Purpose**: Combines balances across all addresses and timestamps
- **Logic**: Groups balance data by `timestamp`, `timestamp_grain`, and `chain`, then sums all `balance` values to get total portfolio holdings at each point in time. Adds business classification metadata including business line as 'Asset Management', market sector as 'asset_management', business segment as 'yield_aggregator', product ID as 'ethw', and version as 'v1'
- **Key fields**: `capital_deployed` (sum of all balances), business classification fields

### Final aggregation
- **Combining components**: The aggregated balances represent the raw token amounts held by the ETF addresses
- **Currency conversion**: All token balances are converted to USD using end-of-day price feeds, with proper decimal adjustments applied based on each token's decimal precision metadata
- **Time aggregation**: Data is organized by daily timestamps with consistent time grain formatting
- **Final calculation**: The final `capital_deployed` value represents the total USD value of all digital assets held across the six ETF addresses at each timestamp, filtered to only include periods when Ethereum chain data is available and reliable

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of capital allocated into investments by an asset manager.

Bitwise

Capital deployed

Capital deployed

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