Bitwise Revolutionizes Spot Bitcoin ETF with Onchain Authentication
Bitwise, a prominent digital asset manager, has made a groundbreaking move by becoming the first U.S. spot bitcoin exchange-traded fund (ETF) to authenticate its bitcoin reserves. This announcement follows in the wake of Arkham Intelligence, an onchain analytics company, disclosing the onchain BTC holdings of major players like Blackrock, Fidelity, and Franklin Templeton.
Bitwise proudly stated that its Bitcoin ETF, BITB, is the first to publish its bitcoin wallet addresses, allowing anyone to verify its holdings directly on the blockchain. This commitment to onchain transparency aligns with Bitcoin’s ethos. Bitwise plans to increase public transparency in the future by exploring real-time cryptographic attestations in collaboration with firms like Hoseki App.
With this move, Bitwise joins centralized exchange platforms in enhancing their proof-of-reserve attestations. As of now, Bitwise’s wallet owns 11,858.63 BTC valued at around $470.74 million. The wallet ranks 71st among the top 100 wealthiest bitcoin addresses and has remained inactive since its creation.
Hot Take: Will Other Spot Bitcoin ETFs Follow Suit?
Bitwise’s decision to authenticate its BTC reserves through onchain transparency sets a new standard in the industry. It introduces a level of trust and accountability that investors value greatly. As other spot bitcoin ETFs observe Bitwise’s success, it remains to be seen if they will also adopt a similar approach to address verification. The crypto community eagerly awaits more ETFs embracing higher levels of transparency, ensuring investor confidence and pushing the industry forward.
By
By
By
By
By