On Wednesday, Jan. 24, 2024, Bitwise, a leading digital asset manager, made a groundbreaking announcement as the first U.S. spot bitcoin exchange-traded fund (ETF) to reveal its bitcoin wallet address. Emphasizing its commitment to transparency, Bitwise stated, “proud to walk the walk with BITB,” and affirmed that “onchain transparency is core to Bitcoin’s ethos.”
Bitwise Sets New Standard: Onchain Spot Bitcoin ETF Authentication
Bitwise, the cryptocurrency asset management firm known for its recent introduction of the BITB U.S. spot bitcoin ETF, has become the first ETF to authenticate its BTC reserves. This development comes closely on the heels of Arkham Intelligence, an onchain analytics company, disclosing the onchain BTC holdings of several major players including Blackrock, Bitwise, Fidelity, and Franklin Templeton.
“Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings,” Bitwise wrote on the social media platform X. “Now anyone can verify BITB’s holdings and flows directly on the blockchain. Onchain transparency is core to Bitcoin’s ethos. We’re proud to walk the walk with BITB”
The company further added:
Publishing onchain addresses is a first step toward increasing public transparency. As infrastructure evolves, we hope to do more, such as working with firms like [Hoseki App] to provide real-time cryptographic attestations.
Bitwise has joined the growing trend of centralized exchange (cex) platforms that have enhanced their proof-of-reserve (POR) attestations in the past year. The use of POR systems, which have been in place for years but only minimally, surged following the collapse of FTX, prompting exchanges to be more transparent in providing details about their crypto reserves.
As of 4:40 p.m. Eastern Time (ET) on Jan. 24, 2024, Bitwise’s wallet, identified as “1CKVs,” owns 11,858.63 BTC, valued at approximately $470.74 million at the prevailing exchange rates. Since its establishment on Jan. 11, 2024, there have been 17 transactions in total within this wallet. Ranking 71st among the top 100 wealthiest bitcoin addresses, the Bitwise wallet has not transferred any satoshis since its creation. It remains to be seen if other spot bitcoin ETFs will adopt a similar approach to address verification.
What do you think about Bitwise disclosing its public bitcoin address associated with the BITB ETF? Let us know what you think about this subject in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments