Bitcoin News Today: Bitwise Becomes First Bitcoin ETF Provider Revealing On-Chain Wallet Address

Bitcoin News Today: Bitwise Becomes First Bitcoin ETF Provider Revealing On-Chain Wallet Address

Key Notes

Key Notes:

Bitwise’s CEO Hunter Horsley emphasized that Bitcoin’s blockchain technology enables unprecedented verification capabilities compared to traditional assets like gold.The company addresses security concerns by creating new wallet addresses after transactions, with Coinbase as custodian ensuring proper security protocols.Beyond ETF management, Bitwise contributes to the Bitcoin ecosystem by donating 10% of its BITB ETF profits to organizations supporting Bitcoin development.

Bitwise Asset Management became the first Bitcoin ETF provider in the US to reveal the on-chain address of its spot Bitcoin ETF (BITB) holdings in a post shared on X. This development is a big step in improving transparency.

Transparency among core Bitcoin ETF issuers remains a major subject of discussion in the crypto industry. With the new move, investors can now check the asset manager’s Bitcoin holdings directly on the blockchain. This makes it easy to confirm the assets are locked in.

Bitwise’s co-founder and CEO Hunter Horsley highlighted the move as a step toward greater transparency. He said that the company now stands out as the only US ETP issuer to share its wallet addresses openly.

Bitcoin is here to improve the system, not conform to the ways of the past.

This is why we’re proud that the Bitwise Bitcoin ETF ( $BITB ) publishes the public wallet addresses of its holdings for investors to see (and is the only US ETP to do so).

Unlike gold at Fort Knox, the… https://t.co/hHg2t0ve5U pic.twitter.com/WqN2Mj9mU3

— Hunter Horsley (@HHorsley) February 18, 2025

Unlike traditional assets like gold, which require audits, Bitcoin BTC $96 656 24h volatility: 1.3% Market cap: $1.92 T Vol. 24h: $17.95 B is stored on a public blockchain. Horsley said the blockchain addresses will allow anyone to confirm Bitwise’s Bitcoin’s BTC holdings anytime. He emphasized that Bitcoin is meant to enhance the financial system rather than adhere to old practices.

Many in the crypto industry have praised Bitwise for taking this step. Hoseki, a company that works on Bitcoin proof of reserves, is now partnering with Bitwise to improve industry transparency.

Some investors have noticed no outgoing transactions from the published address. Bitwise explained that this is because Coinbase Global Inc (NASDAQ: COIN), the fund’s custodian, does not reuse Bitcoin addresses after making transactions.

A new address is created whenever funds are moved, and Bitwise will update its website with the latest one to stay transparent. This helps protect the blockchain against hackers and cybercriminals.

Meanwhile, the move by Bitwise is to correct the narrative around the availability of the gold held at Fort Knox. While there is no evidence of its depletion, many have called on Elon Musk’s DOGE to audit the gold stash. The move from Bitwise is to indirectly set a standard for investors to check the assets they own by themselves.

Bitwise manages the third-largest spot Bitcoin ETF, with holdings exceeding $490 million in BTC. In January, Coinspeaker reported that the US Securities and Exchange Commission (SEC) approved a fresh ETF filing backed by the New York Stock Exchange (NYSE).

This approval allows Bitwise’s joint Bitcoin and Ethereum ETFs to be listed and traded. This product added to the company’s successes thus far this year.

Remarkably, Bitwise is focused on transparency and supports Bitcoin development. The company donates 10% of its BITB ETF profits to organizations like the Human Rights Foundation, Open Sats, and Brink.

With ETF providers competing for investors, being open about its Bitcoin reserves is becoming a key way to stand out. Other providers may soon follow Bitwise’s lead to gain trust and attract more investors.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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