Bitwise Reveals Bitcoin Wallet Addresses for Spot ETF
In a groundbreaking move towards transparency, Bitwise, an asset management firm, has publicly disclosed the wallet addresses holding Bitcoin for its spot exchange-traded fund (ETF). This makes Bitwise the first among the recent wave of spot Bitcoin ETF issuers to reveal on-chain details of its holdings. The wallet currently holds over 11,858 BTC, which is valued at approximately $465 million.
Wallet Receives Over 16,000 Inscriptions
Bitwise’s ETF address has attracted public attention and engagement. Within hours of going public, the wallet received over 16,000 inscriptions worth more than $6,000. These inscriptions include rare Bitcoin ordinals like RSIC airdrops and Bitcoin Punks. This level of public participation reflects the growing fascination with crypto investment vehicles.
Driven by Investor Demand for Transparency
The decision to disclose the wallet addresses was driven by investor demand for more transparency. In a Twitter poll conducted by Bitwise, over 91% of respondents supported public wallet addresses. By being the first firm to meet this demand, Bitwise is setting a precedent that others may soon follow.
Arkham Intelligence Claims to Identify Other Major BTC ETF Wallets
Research firm Arkham Intelligence claims to have identified wallet addresses linked to other major Bitcoin ETF players such as BlackRock, Fidelity, and Franklin Templeton. While unverified, this suggests that efforts are underway to uncover the holdings of other Bitcoin ETFs. Arkham also released information on VanEck and WisdomTree, showing their respective holdings in BTC.
The Significance of Bitwise’s Move
For an asset class built on transparency and trustlessness, the opaque nature of crypto ETFs has posed an irony. By revealing its wallet addresses, Bitwise is satisfying regulatory obligations while signaling to cryptocurrency purists. This move could pressure competitors to follow suit and bring previously opaque holdings into public sight. In the long term, such transparency could improve accountability across managed crypto funds.
Hot Take: Bitwise Sets a New Standard for Transparency in Crypto ETFs
Bitwise’s decision to publicly disclose its Bitcoin wallet addresses for its spot ETF sets a new standard for transparency in the industry. By doing so, they have satisfied investor demand and brought attention to the need for greater transparency in crypto investment vehicles. Other ETF issuers may now feel pressured to follow suit and reveal their holdings as well. This move not only improves accountability but also aligns with the principles of blockchain technology and cryptocurrency itself, which are built on transparency and verifiability.
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