Crypto-focused fund manager Bitwise publishes bitcoin ETF wallet addresses
Crypto fund manager Bitwise has become the first US bitcoin ETF to publicly disclose the digital wallet addresses of its holdings. The decision to publish this information is driven by a commitment to on-chain transparency. By making the wallet addresses available, anyone can verify Bitwise’s holdings and flows directly on the blockchain. In a social media thread, the firm stated that publishing on-chain addresses is just the first step towards increasing public transparency. Bitwise hopes to collaborate with firms like Hoseki in the future to provide real-time cryptographic attestations.
Bitwise’s spot bitcoin ETF performance
After gaining approval from the Securities and Exchange Commission for its spot bitcoin ETF application, Bitwise saw $238 million in inflows on its first day of trading. Currently holding 3.1% market share in the spot bitcoin ETF market, Bitwise also recorded a daily volume of $49.8 million on January 23rd.
About the author
MK Manoylov has been a reporter for The Block since 2020, covering various crypto news topics including NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem. With a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP), MK has written nearly 1,000 articles for The Block and has previously covered health topics for WebMD and Insider.
Hot Take: Transparency in Bitcoin ETFs Benefits Investors
The move by Bitwise to publish the wallet addresses of its bitcoin ETF holdings is a significant step towards increasing transparency in the crypto industry. By allowing anyone to verify its holdings and flows directly on the blockchain, Bitwise is providing investors with greater confidence and trust in their investment. This move sets a precedent for other crypto fund managers and ETFs to follow, promoting on-chain transparency as a standard practice. As the infrastructure evolves, collaborations with firms like Hoseki to provide real-time cryptographic attestations will further enhance transparency and accountability in the industry. Overall, this development is a positive move towards creating a more transparent and trustworthy crypto ecosystem.
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