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Bitwise Reveal Wallet Addresses for Holdings in Spot BTC ETF

Key Takeaways
  • Disclosing Bitcoin ETF addresses, Bitwise sets a transparency standard in line with Bitcoin's ethos.
  • SEC approval on Jan 10 paves the way for increased market participation; will others follow Bitwise in BTC address disclosure.
  • BITB swiftly climbs to top 5% in ETFs by AUM in seven days. Despite success, the broader spot BTC ETF market sees $76M net outflows, with GBTC leading.
25-Jan-2024 By: Sudeep Saxena
Bitwise Reveal Walle

Bitwise Reveals Spot BTC ETF Addresses After 2 Weeks of Trading

Bitwise, the asset management firm, has publicly disclosed the addresses of its Bitcoin (BTC) exchange-traded fund (ETF) following approximately two weeks of trading.

As of January 24th, the firm revealed that the holdings of its Bitwise Bitcoin ETF, trading as BITB on the New York Stock Exchange Arca, can now be verified by anyone. The disclosed address currently holds 11,858.63 BTC, equivalent to approximately $465 million.

Bitwise Industries emphasized the significance of on-chain transparency in line with Bitcoin's ethos and stated that the publication of on-chain addresses marks an initial step towards enhancing public transparency for BITB.

Bitwise's Bitcoin ETF and On-Chain Transparency

On January 10, the United States Securities and Exchange Commission (SEC) granted approval to Bitwise for its spot Bitcoin ETF, marking a significant development along with approvals for 10 other applications from various asset management firms.

While the SEC's decision opens the door for increased participation in the cryptocurrency market, the extent to which other companies will follow Bitwise's lead in disclosing BTC addresses for their investment products remains uncertain.

Bitwise's CEO Responds to Calls for BTC Address Disclosure

Bitwise's co-founder and CEO, Hunter Horsley, revealed that the decision to release the Bitcoin (BTC) address was prompted by clear feedback from investors.

ETF analyst James Seyffart highlighted that Bitwise's move to post the Bitcoin address for BITB is groundbreaking. Coingabbar also emphasized that Bitwise is the first but likely not the last to adopt this transparency measure.

Within approximately seven days of its launch, BITB managed to secure a position in the top 5% of ETFs based on assets under management in 2023. Despite this success, the broader market for spot BTC ETFs experienced around $76 million in net outflows on the seventh day of trading. Notably, Grayscale's GBTC led with the largest net outflows during this period.

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