I can think of lots of reasons not to buy, and just as many to buy.

CON

  • It’s BTC only
  • There’s a discount to the NAV
  • There’s an annual expense ratio associated with owning shares
  • Crypto is volatile

PRO

  • It’s more diversified than a BTC ETF, which can help reduce risk
  • The discount to NAV lets you buy BTC for less than its current price
  • The expense ratio is less than some other funds
  • Bitwise handles custody for you; no need to create/manage your own wallet
  • Volatility can work to your advantage via dollar cost averaging, rebalancing and tax loss harvesting

You can probably add to both lists.