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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MAREX NORTH AMERICA LLC</counterpartyName>
              <counterpartyLei>5493008RKGQ4XITI3W85</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>15.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>325674.65000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAREX NORTH AMERICA LLC</name>
        <lei>5493008RKGQ4XITI3W85</lei>
        <title>MARA HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="AGM5C17ZZ"/>
        </identifiers>
        <balance>-1122.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-45283.92000000</valUSD>
        <pctVal>-0.29583736512</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MAREX NORTH AMERICA LLC</counterpartyName>
              <counterpartyLei>5493008RKGQ4XITI3W85</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>17.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-886.17000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBOE GLOBAL MARKETS, INC.</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>MARA HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="MARA 7 C16"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01V5W1XK8"/>
        </identifiers>
        <balance>-2242.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-56050.00000000</valUSD>
        <pctVal>-0.36617157514</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CBOE GLOBAL MARKETS, INC.</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-9942.03000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAREX NORTH AMERICA LLC</name>
        <lei>5493008RKGQ4XITI3W85</lei>
        <title>MARA HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="AIN5P151Z"/>
        </identifiers>
        <balance>-9888.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1585540.80000000</valUSD>
        <pctVal>-10.3582510651</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MAREX NORTH AMERICA LLC</counterpartyName>
              <counterpartyLei>5493008RKGQ4XITI3W85</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>15.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>330619.37000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBOE GLOBAL MARKETS, INC.</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>MARA HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="MARA 7 C16.5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01VQCH1M0"/>
        </identifiers>
        <balance>-4556.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-259692.00000000</valUSD>
        <pctVal>-1.69655358954</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CBOE GLOBAL MARKETS, INC.</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-79431.35000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees. The fund's inception date is 04/02/2025. The performance return presented is for a partial month." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Bitwise Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>James H Bebrin III </ncom:signature>
      <ncom:signerName>James H Bebrin III </ncom:signerName>
      <ncom:title>Assistant Treasurer of Bitwise Funds Trust</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
