Bitwise Asset Management has recently announced that its Bitwise Bitcoin ETF (BITB) is the first spot Bitcoin ETF listed in the United States to disclose wallet addresses.
This innovative initiative offers the possibility to publicly verify BITB participations and flows directly through the blockchain. Let’s see all the details below.
Summary
Bitwise Bitcoin ETF: public verification of holdings and flows directly on the blockchain
As anticipated, Bitwise recently announced a new transparency standard in the cryptocurrency ETF industry, marking a significant step towards mainstream acceptance.
On January 24th, Bitwise Asset Management revealed groundbreaking information about its Bitwise Bitcoin ETF (BITB), the first spot ETF on Bitcoin listed in the United States to publicly disclose the addresses of its BTC portfolio.
Approved by the US SEC on January 10th and started trading the following day, this unprecedented announcement allows anyone to verify the holdings and flows of the ETF directly on the blockchain.
Respecting the fundamental principle of on-chain transparency of Bitcoin.
This step forward not only represents a significant success for Bitwise, but also marks a fundamental moment for the US cryptocurrency market, demonstrating a high commitment to transparency and trust.
Bitwise’s decision to publish BTC wallet addresses resonates with the ethics of Bitcoin, highlighting the company’s adherence to the fundamental principles of the world of cryptocurrencies.
New era of security and innovation in the crypto ETF sector
The above initiative is just the beginning of Bitwise’s journey towards improving public transparency. There are indeed prospects for further progress in infrastructure and a willingness to collaborate with companies like Hoseki to provide real-time cryptographic attestations.
This effort aims to further strengthen the transparency and reliability of the ETF, establishing a new benchmark for the industry.
The announcement by Bitwise has been enthusiastically welcomed by the crypto community and experts.
For example, the analyst Joe Burnett praised the move and suggested an innovative approach to improve the security and decentralization of the ETF. Specifically, proposing the use of a network of geographically distributed key agents.
This approach reduces the risk of a single failure point, adding an additional level of security to the BITB ETF. The positive response from the sector highlights the growing demand for transparency and security in the world of cryptocurrencies.
The introduction of on-chain transparency by Bitwise goes beyond improving a financial product: it represents a bold step towards the future of cryptocurrency ETFs.
This movement, in line with Bitcoin’s ethics, meets the growing demand for transparency from investors.
As the cryptocurrency market continues to mature, further innovations of this kind are expected, pushing the industry towards greater security, decentralization, and public trust.
The pioneering spirit of Bitwise could inspire other companies, paving the way for a new era in cryptocurrency ETFs.
CoinShares and WisdomTree reduce fees on Bitcoin ETPs
In the midst of the news, CoinShares has recently announced a significant reduction in fees on its Bitcoin ETP product, following the example of WisdomTree and Invesco.
The move, scheduled for February 1st, sees the annual commission decrease from 0.98% to 0.35%, in response to the dynamism of the cryptocurrency market.
The decision reflects a broader trend, with WisdomTree reducing fees last week and Invesco doing the same for its physical Bitcoin ETP.
These changes reflect a new phase of global competition in the bitcoin ETF industry, driven by the recent approvals from the Securities and Exchange Commission (SEC) for funds directly linked to Bitcoin in the United States.
The growing focus on spot ETPs on bitcoin has led to a race for the lowest fees, highlighting the challenge among major issuers to find the right balance between supply and demand.
The reduction of fees aims to stimulate the growth of managed assets and improve accessibility to exposure to cryptocurrencies for institutional and retail investors.
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