- Bitwise Asset Management has published the address where the BITB fund's bitcoins are stored.
- The company became the first US ETF issuer to take this step.
- The decision was supported by industry experts.
Bitwise Asset Management has disclosed an account for its spot Bitcoin ETF under the ticker symbol BITB. She is the first to take such a step for the sake of transparency.
“Now anyone can verify BITB holders and flows directly on the blockchain. Transparency is the basis of Bitcoin ethics. We are proud to be on this journey with BITB,” the company said in a note.
At the time of writing on specified account 11,858.64 BTC are stored – about $474 million. According to Bloomberg Intelligence analyst James Seyffart, BITB is among the top 5 largest spot Bitcoin ETFs.
He commented on the company's decision to disclose the fund's address. By in his wordsother issuers of exchange-traded funds will follow the firm's example.
Bitwise Asset Management CEO Hunter Horsley commented situation:
“Bitcoin could modernize TradFi. More transparency and trust. We are proud to take this innovative step today.”
As a reminder, the US Securities and Exchange Commission approved spot Bitcoin ETFs on January 10, 2024.
Prior to this, Bitwise Asset Management promised that it would use 10% of the profits from the fund to support the development of the Bitcoin ecosystem.