Benzinga - Bitwise Asset Management, a cryptocurrency investment firm, stepped into the spotlight Wednesday by revealing the digital wallet addresses of its Bitwise Bitcoin (CRYPTO: BTC) ETF.
What Happened: The San Francisco-based company presented a snapshot of their holdings, which included 11,858 Bitcoin, valued at approximately $474 million at the current market rate.
Announcement: Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings.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… pic.twitter.com/1JTUh3zvDE
— Bitwise (@BitwiseInvest) January 24, 2024
Bitwise’s decision allows the public to directly track the fund’s holdings and transactions on the blockchain.
The crypto community has long embraced transparency as a foundational principle. This level of openness is especially significant amid concerns that traditional finance practices could obscure the fundamental transparency of assets like Bitcoin.
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Why It Matters: Silicon Valley investor Balaji Srinivasan, a notable figure in the tech and crypto spheres, praised Bitwise’s action as “an important first step toward on-chain accounting."
Important first step towards onchain accounting.Bitcoin's blockchain is more trustworthy than any state.
Satoshi > SEC. https://t.co/PjhM9I7gtX
— Balaji (@balajis) January 24, 2024
Despite no new flows reported on the day, Bitwise’s position in Bitcoin stands strong, with the firm pulling in $518 billion in inflows in just over a week. Among spot Bitcoin ETF issuers, only offerings from giants BlackRock and Fidelity have seen greater inflows, amassing approximately $1.8 billion and $1.5 billion, respectively.
Photo by Shutterstock
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $39,699 down 3.08% in the last 24 hours, according to Benzinga Pro.
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