Designed for storing purchased Bitwise Bitcoin ETF (BITB) coins bitcoin address received donations are mainly in the form of “inscriptions”.
A few hours earlier, the issuer of the product, Bitwise Asset Management, disclosed the product's wallet details.
At the time of writing address contains 16,773 “inscriptions” worth over $6,000. Among them: RSIC airdrops, Bitcoin Punk, Bitcoin Burials, Quadkey.
Thousands of BRC20 tokens with an invalid balance were also sent to the address.
The community welcomed Bitwise's initiative to reveal the Bitcoin address. Some were “shocked” by the lack of test transactions before the transfer of 12,000 BTC to the wallet.
Very cool. However, it would be nice to see at least one transaction spending FROM the address. Honestly kind of shocked they didn't test that before throwing ~12k BTC in there 😬 https://t.co/RpNqyWBs1T https://t.co/DtSC09D9rs pic.twitter.com/rKDSgTsWaf
— Alexander Leishman 🇺🇸 (@Leishman) January 24, 2024
Others questioned the asset manager's use of multisig. In their opinion, this indicates a low degree of wallet security.
While the transparency is cool… WTF at putting half a billion dollars into a single pay-to-pubkey-hash address.
That's completely insane. Use multisig. And prove to the world that you're using multisig. https://t.co/ULCQUkIbCE
— Peter Todd/mempoolfullrbf=1 (@peterktodd) January 24, 2024
“While transparency is this is great […], why the hell invest half a billion dollars into one address? This is complete madness. Use multisig and prove it to the whole world,” — the user complained.
Let us remind you that K33 Research analysts ranked BITB in third place among its competitors in terms of fund inflows since the product was approved.
Previously, Bitcoin Treasuries estimated the volume of coins at the disposal of Bitcoin issuers.ETP at 832,432 BTC, which is equivalent to 3.96% of the current issue of the first cryptocurrency.
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