BITWISE EUROPE GMBH

(FRANKFURT AM MAIN)

for the attention of the holders of

the Bitwise Core Bitcoin ETP bonds with the

ISIN DE000A4AER62

issued by

Bitwise Europe GmbH

This notice relates to the Bitwise Core Bitcoin ETP bonds with the ISIN DE000A4AER62
(the "Bonds"), offered by Bitwise Europe GmbH (the "Issuer") under its base prospectus dated
15 October 2025, as supplemented from time to time (the "Base Prospectus") and must be read in conjunction with the Terms and Conditions of the Bonds (the "T&Cs") and the Final Terms dated 17 October 2025. Terms not otherwise defined herein shall have the meaning as specified in the T&Cs.

Notification of change in Diminishing Entitlement Rate ("DER")

Pursuant to Annex A of the T&Cs, the Issuer hereby informs the Bondholders of the Bonds, that it has decided to reduce the DER to 0.05 percent until 31 March 2026.

Accordingly, and as of 20 October 2025, the DER for the Bonds will be 0.05% until 31 March 2026.

***

This document is provided by Bitwise Europe GmbH, in its capacity as the issuer of the Bonds. It is directed at Bondholders and prospective investors in the Bonds to draw particular attention to the change in DER that might impact the decision of prospective investors to invest in the Bonds.

A full description of the risks and the terms applicable to the Bonds is contained in the offering documentation for the Bonds, available on https://bitwiseinvestments.eu/.

PLEASE CONSIDER THESE RISKS CAREFULLY BEFORE MAKING ANY INVESTMENT DECISIONS IN RELATION TO THE BONDS AND, IF IN DOUBT, PLEASE SPEAK TO A FINANCIAL ADVISER TO UNDERSTAND THE IMPLICATIONS OF SUCH RISKS FOR YOUR INVESTMENT.

THE BONDS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, (THE "SECURITIES ACT"). THE BONDS ARE BEING OFFERED OUTSIDE THE UNITED STATES OF AMERICA (THE "UNITED STATES" OR "U.S.") IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained herein and/or the Base Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Base Prospectus is not addressed. Prior to relying on the information contained in the Base Prospectus you must ascertain from the Base Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.