Bitwise Becomes First Bitcoin ETF Provider to Reveal On-Chain Wallet Address
Bitwise Asset Management has disclosed the on-chain address of its spot Bitcoin ETF (BITB) holdings, becoming the first Bitcoin ETF provider in the US to do so. This initiative enhances transparency for investors.
- Investors can verify Bitwise's Bitcoin holdings directly on the blockchain.
- Co-founder Hunter Horsley emphasized the importance of transparency among Bitcoin ETF issuers.
- The public wallet addresses allow for real-time confirmation of holdings.
- Many industry participants have praised this move, and Hoseki is partnering with Bitwise to further enhance transparency.
- Coinbase Global Inc, the custodian for Bitwise, creates a new address for each transaction to protect against hacking.
- Bitwise manages the third-largest spot Bitcoin ETF with holdings over $490 million.
- The SEC approved a new ETF filing, enabling Bitwise’s joint Bitcoin and Ethereum ETFs to be listed and traded.
- Bitwise donates 10% of BITB ETF profits to various organizations supporting Bitcoin development.
Bitwise's approach may encourage other ETF providers to adopt similar transparency measures to attract investors.