Bitwise Asset Management has released details of its spot bitcoin ETF account, which can now be tracked by the ticker BITB. This move towards transparency is an industry first.
"Anyone can now verify the ownership and transactions of #BITB directly on the blockchain. Transparency is a founding principle of the bitcoin community and we are proud to be a leader in this area thanks to BITB," the company said in a statement.
The account currently holds 12,338.44 BTC, which is equivalent to about $474 million.
Announcement: Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings.
— Bitwise (@BitwiseInvest) January 24, 2024
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
According to James Seyffarth, an analyst at Bloomberg Intelligence, BITB is one of the top five largest spot #bitcoin ETFs.
Seyffarth commented on the company's decision to disclose the fund's address, saying that other exchange-traded fund issuers are likely to follow suit.
Day 9 -- More $GBTC outflows, -$429 million. Still waiting on BlackRock data. pic.twitter.com/S2mjoEvg5o
— James Seyffart (@JSeyff) January 25, 2024
Hunter Horsley, CEO of Bitwise Asset Management, gave his opinion on bitcoin's potential impact on traditional finance, saying:
"Bitcoin could modernize TradFi. More transparency and trust. We are proud to take this groundbreaking step today."
It's worth noting that the US Securities and Exchange #Commission approved a spot bitcoin ETF on January 10, 2024.
Prior to that, #Bitwise Asset Management has committed to allocating 10% of the fund's profits to support the development of the bitcoin ecosystem.
