<SEC-DOCUMENT>0001214659-24-001114.txt : 20240123
<SEC-HEADER>0001214659-24-001114.hdr.sgml : 20240123
<ACCEPTANCE-DATETIME>20240123162458
ACCESSION NUMBER:		0001214659-24-001114
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240123
DATE AS OF CHANGE:		20240123

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Bitcoin Fund
		CENTRAL INDEX KEY:			0001850391
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-254134
		FILM NUMBER:		24552944

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		1-866-909-9473

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WisdomTree Bitcoin Trust
		DATE OF NAME CHANGE:	20210310

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Bitcoin Fund
		CENTRAL INDEX KEY:			0001850391
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		1-866-909-9473

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WisdomTree Bitcoin Trust
		DATE OF NAME CHANGE:	20210310
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>j123245fwp.htm
<DESCRIPTION>INTERVIEW
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant To Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-254134</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>January 23, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Blockworks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As bitcoin ETFs continue fight for assets, here&rsquo;s where they
all stand</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ten spot bitcoin ETFs launched on Jan. 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eight days later, two funds have distinguished themselves in terms
of net inflows: BlackRock&rsquo;s iShares Bitcoin Trust (IBIT) and Fidelity Investments&rsquo; Wise Origin Bitcoin Fund (FBTC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the BlackRock offering reached $1 billion in assets after four
days trading, Fidelity&rsquo;s fund hit the milestone on its fifth trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IBIT and FBTC had about $1.2 billion and nearly $1.1 billion in net
inflows, respectively, after Thursday, according to Bloomberg Intelligence data. The two funds each have more than $2 billion in trading
volumes since launching.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yahoo Finance data indicated IBIT saw an additional $430 million or
so in trading volumes on Friday, while Fidelity&rsquo;s fund hit Friday trading volumes totaling roughly $415 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;This is just the beginning,&rdquo; BlackRock digital assets
head Robert Mitchnick told Blockworks in an email. &ldquo;We have a long-term commitment focused on providing investors access to an iShares
quality ETF.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bitwise&rsquo;s spot bitcoin ETF was closing in on $400 million of
inflows entering Friday, while a product by Ark and 21Shares had eclipsed inflows of $300 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Invesco Galaxy Bitcoin ETF (BTCO) had roughly $190 million of assets
after five days on the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net inflows for a fund by crypto specialist Valkyrie have so far edged
those seen by a product from traditional finance giant Franklin Templeton. VanEck and WisdomTree have seen the lowest levels of inflows
thus far.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Outflows, lack of traction, pending spot exposure&hellip;oh my</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grayscale Investments&rsquo; Bitcoin Trust ETF (GBTC) has seen about
$2.2 billion of outflows so far, the Bloomberg Intelligence data indicates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GBTC &mdash; prior to converting to an ETF &mdash; was an investment
vehicle launched in 2013. It had about $28 billion in assets upon the conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But that level has come down amid outflows &mdash; a scenario various
industry watchers foresaw given GBTC&rsquo;s 1.5% fee, which is well above the other ETFs with fees between 0.19% and 0.39%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hoffman, Grayscale&rsquo;s managing director of sales and distribution,
called GBTC a &ldquo;leading risk transfer vehicle&rdquo; that has dominated spot bitcoin ETF volumes. The fund&rsquo;s trading volumes
totaled roughly $7.7 billion after five days trading. This accounted for more than half the volumes seen for such ETFs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Broadly speaking, large capital markets ETFs are used in a variety
of investing strategies, and we anticipate GBTC&rsquo;s diverse shareholder base will continue to deploy strategies that impact inflows
and outflows,&rdquo; he told Blockworks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While some firms have seen heavy inflows and outflows, WisdomTree is
a rare case that has seen almost no flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund manager, which manages about $100 billion in assets, launched
a &ldquo;blockchain-native&rdquo; app last year where consumers can buy and sell bitcoin and ether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But its standing in the segment has not yet attracted investor capital
to its bitcoin ETF. Its $15 million in trading volumes and $2.6 million in flows through Thursday rank last among the 10 US spot bitcoin
ETFs, according to Bloomberg Intelligence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jarrett Lilien, WisdomTree&rsquo;s president and chief operating officer,
noted that some issuers had guaranteed initial flows from &ldquo;their own discretionary allocations or from their captive distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We would hope to take in a greater share of industry inflows
into bitcoin ETFs through BTCW going forward,&rdquo; Lilien added.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;The wealth management channel &mdash; our primary distribution
channel for US ETFs &mdash; has barely begun to allocate to bitcoin, and we expect to work with and educate our partners on our product
and the asset class over time.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil-based Hashdex has not yet reached the starting gate when it
comes to offering spot bitcoin ETF exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The asset manager filed in August to modify its Bitcoin Futures ETF
(DEFI) to a new fund &mdash; the Hashdex Bitcoin ETF &mdash; that holds bitcoin directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It appears the US Securities and Exchange Commission is still reviewing
the proposed investment strategy change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hashdex spokesperson has declined to comment further.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-------------------------------------</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The WisdomTree Bitcoin Fund has
filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the WisdomTree Bitcoin Fund has filed with the
SEC for more complete information about the WisdomTree Bitcoin Fund and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at&nbsp;www.sec.gov&nbsp;or by visiting the fund&nbsp;detail page. Alternatively, the WisdomTree Bitcoin Fund
will arrange to send you the prospectus if you request it by calling toll free at 1-866-909-9473.</FONT></P>

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