- Bitwise, known for the BITB U.S. spot bitcoin ETF, becomes the first U.S. spot bitcoin ETF to disclose its wallet address publicly.
- Investors and the public can independently verify BITB’s holdings and transactions directly on the blockchain.
Bitwise, a prominent digital asset manager, has made history by publicly disclosing the wallet address of its BITB U.S. spot Bitcoin ETF. This move sets a new standard for transparency in the cryptocurrency market, allowing investors and the general public to independently verify BITB’s holdings and transactions directly on the blockchain.
Bitwise’s decision to publish on-chain addresses is just the beginning of its commitment to transparency. The firm plans to increase public openness by exploring partnerships with companies like the Hoseki App, which provides real-time cryptographic attestations. This initiative signifies Bitwise’s role in shaping the evolving landscape of crypto market transparency and accountability.
As of January 24, 2024, Bitwise’s wallet, known as “1CKVs,” holds a substantial 11,858.63 BTC, valued at nearly $470.74 million. The wallet has participated in 17 transactions since its inception on January 11, 2024, and ranks 71st among the top 100 wealthiest Bitcoin addresses. Notably, there have been no outgoing transfers from this wallet since its creation.
SEC Approval and Industry Impact
Bitwise’s spot Bitcoin ETF, BITB, received approval from the U.S. Securities and Exchange Commission (SEC) on January 10, 2024. This move has sparked discussions about whether other organizations will follow Bitwise’s lead in revealing BTC addresses for their investment vehicles. A recent claim by Arkham Intelligence suggests discovering wallets linked to ETFs, including Bitwise, BlackRock, Fidelity, and Franklin Templeton.
Bitwise’s decision to release its BTC address stems from clear feedback from investors, with a poll indicating 91.1% of respondents in favour of making BTC holdings public. Industry experts acknowledge Bitwise’s pioneering move, with ETF analyst James Seyffart stating, “Bitwise is the first and almost certainly not the last to post their Bitcoin address for BITB.” This action sets a precedent for others in the industry.
