Thousands of donations sent to Bitwise’s dedicated ETF wallet:
- Bitwise publicly reveals the address of its Bitcoin ETF wallet, a first in the industry.
- The wallet attracts unique registrations and rare sats and Ordinals.
- Some believe these donations may lead to network congestion by occupying additional space.
Almost $7,000 in donations received
Bitwise, an asset management company, recently made the address of its Bitcoin Spot ETF (BITB) wallet public.
This initiative, a first among the issuers of 10 approved Bitcoin ETFs by the SEC, quickly captured the attention of the crypto community. Within hours, the wallet received multiple donations, including Bitcoin registrations and rare sats (satoshis).
These registrations include various digital items such as RSIC airdrops, a Bitcoin Punk worth nearly $2,000, and other digital collectibles. In total, the wallet received over 17,000 registrations, with a total value of around $6,500.
Controversies surrounding Ordinals
The adoption of Ordinals, which enable the creation of non-fungible tokens (NFTs) based on Bitcoin by engraving data on individual satoshis, has divided the community.
On one hand, some see Ordinals as an advancement that makes the Bitcoin network more versatile and fungible. On the other hand, critics point out that these registrations occupy additional space on the block, potentially leading to network congestion.
Furthermore, questions have been raised regarding the security of Bitwise’s wallet, including the use of a single-key wallet rather than a multisig wallet, which is considered more secure.
Bitwise has not yet responded to requests for comments on their plan regarding support for Ordinals and the use of single-key wallets.
While BlackRock and Fidelity’s ETFs dominate the market, Bitwise’s BITB ETF currently holds over 11,800 BTC, approximately $470 million, along with inflows exceeding $500 million in just eight days.
