Spot Bitcoin ETF Address Published by Bitwise
Bitwise, the issuer of spot Bitcoin ETF, has recently published the Bitcoin addresses for its BITB holdings. This move makes BITB the first United States spot Bitcoin ETF to provide public access to its holdings. By publishing these addresses, Bitwise promotes transparency as members of the public can verify the holdings and their flow on the blockchain.
American cypherpunk Jameson Lopp praised this action but pointed out that pay-to-public key hash addresses are outdated. In response, Samson Mow criticized Coinbase Exchange for not investing enough in its Bitcoin infrastructure due to being focused on “shitcoining,” which poses contamination risks. Shitcoin refers to a cryptocurrency with little or no value or purpose.
Bitcoin ETF Issuers to Migrate From Coinbase Custody
Mow believes that spot Bitcoin ETF issuers may start considering in-house custody or switching to other custodians due to Coinbase’s reputation. He also suggests that if these ETFs reach a certain Asset Under Management (AUM), they might opt for a Bitcoin-only custodian. However, it remains uncertain how Mow’s opinion of Coinbase Custody will impact the long-term decisions of spot Bitcoin ETF issuers.
The broader Bitcoin ETF market has been performing relatively well compared to previous days when there were significant outflows, particularly from Grayscale. With BlackRock’s IBIT leading with 40,213 BTC, nine spot Bitcoin ETFs have accumulated over 100,000 BTC worth more than $4 billion.
In an attempt to recover from capital outflows, Grayscale has adopted a new marketing strategy.
Hot Take: Samson Mow Criticizes Coinbase Custody for Lack of Investment in Bitcoin Infrastructure
Samson Mow, the CEO of JAN3 and a Bitcoin Marxist, has taken a dig at Coinbase Custody, the leading custodian service provider for spot Bitcoin ETF issuers. Mow believes that custodians like Coinbase have not invested enough in their Bitcoin infrastructure due to being preoccupied with “shitcoining,” which can lead to contamination risks. He suggests that spot Bitcoin ETF issuers may consider in-house custody or migrating to other custodians as a result of Coinbase’s reputation. While it is uncertain how this will impact their decisions in the long term, Mow highlights the need for transparency and proper investment in Bitcoin infrastructure.
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