By Hassan Mehmood (Saudi Arabia)
Bitwise, a cryptocurrency asset management firm, has recently published statistics about wallet addresses associated with Bitcoin spot ETF reserves. The pledged transparency for its investors after the Securities and Exchange Commission approved its spot ETF listing.
On that account, the firm has published wallet addresses where the firm has stored the Bitcoin reserves. The firm posted an update on social media on 24th January noting that anyone can verify Bitwise Bitcoin holdings.
The firm has listed its Bitcoin spot ETF shares as BITB on the New York stock exchange named Arca. As per the addresses shared by the firm, Bitwise currently holds around 11,858.63 Bitcoins.
At press time, the reserves are valued at around $465 million. The firm also informed the investors that ensuring on-chain transparency is an important aspect of the Bitcoin core. Furthermore, the firm also asserted that it is proud to walk the walk with BITB.
Bitwise Ensures Transparency for its Bitcoin ETF Investors
Bitwise has noted that the firm has taken all important steps to ensure that it is ensuring public transparency in regard to on-chain addresses. The firm noted that it is only the first step towards bringing more transparency to the ecosystem.
Bitwise is one of the 10 asset management firms that received a Bitcoin spot ETF approval on 10th January 2024. For now, the remaining firms are yet to share the backing reserve details with the public.
On 22nd January, Arkham Intelligence issued new statistics noting that the firm has identified various digital wallet addresses that are associated with Bitcoin spot ETFs. Some of these wallets are linked to BlackRock, Bitwise, Fidelity, and Franklin Templeton.
Bitwise Releases Wallet Addresses on Request of Investors
Hunter Horsley, the CEO of Bitwise, has noted that the organization has published Bitcoin addresses in response to ensure clear feedback requests by investors.
The co-founder also conducted a poll at X on 23rd January. The poll results indicated that around 91.1% of 2,416 participants voted in favor of public declaration of funds.
BITB Transparency Declaration
Bloomberg analyst, James Seyffart recently noted that Bitwise is not going to be the first and only firm to declare Bitcoin addresses for BITB shares. After the first 7 days of trading, BITB was ranked among the top 5% of ETFs in terms of AUM during 2023. It is important to note that BITB was first introduced in 2023 as Bitwise Bitcoin ETF Trust.
Horsley confirmed on 18th January that BITB purchased an additional $68 million worth of Bitcoin to the trust raising the total inflow to $370 million in 4 days.
Eric Balchunas, a Bloomberg analyst, noted that spot Bitcoin ETFs launched on 10th January, 2024 outperformed 500 ETFs that were launched in 2023. As of 16th January, Bitcoin spot ETFs generated a total volume of $1.8 billion while remaining ETFs reported $450 million at the same day.
Data projections shared by analyst James Seyffart indicate that BlackRock’s iShares ranked at top in terms of AUM with $700 million, Fidelity’s FBTC at second with $427 million, and Bitwise’s BITB in third place with $354 million.
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