I can think of lots of reasons not to buy, and just as many to buy.
- It’s BTC only
- There’s a discount to the NAV
- There’s an annual expense ratio associated with owning shares
- Crypto is volatile
- 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.