Bitwise Asset Management: Pioneering Transparency in ETFs
San Francisco-based crypto asset manager, Bitwise, has recently taken a bold step by publicly revealing the address of its Bitcoin ETF, BITB, which holds 11,858 bitcoins. By publishing this address, Bitwise allows real-time verification of the fund’s assets, in line with Bitcoin’s inherent transparency objective.
This initiative is part of a broader effort to increase public transparency. Bitwise hopes to collaborate with companies like Hoeski to provide real-time cryptographic attestations, thereby strengthening trust in blockchain-based financial products.
Reactions and Future Perspectives
Bitwise’s move has been widely praised by industry experts, including influential Silicon Valley investors such as Balaji Srinivasan, former CTO of Coinbase. This increased transparency is seen as a crucial step towards onchain accounting, bridging the gap between traditional finance (tradfi) and decentralized finance (defi).
Arkham Intelligence had already identified bitcoin wallet addresses of managers such as BlackRock, Fidelity, Franklin Templeton, as well as VanEck and WisdomTree. With its 11,858 bitcoins worth approximately $474 million, Bitwise has positioned itself as the most successful crypto ETF manager, with fund inflows of $518 billion in just eight days, surpassing even BlackRock and Fidelity.
The Crypto Community Seizes the Opportunity to Innovate
Shortly after the address was shared, an anonymous individual playfully sent 6,969 satoshis to the ETF, creating the first donation of an underlying asset to the fund.
Since then, numerous donations reflecting favored numbers in the community (such as 420 and 69) have been observed, reaching Bitwise’s ETF address.