Unveiling the Bitcoin Secrets: Bitwise’s Bold Move Shakes the Crypto World! 💰✨

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Ah, dear reader! Gather ’round as we unveil the tale of Bitwise Asset Management, the gallant knight who hath become the first Bitcoin ETF provider in the grand land of the US to reveal the on-chain address of its spot Bitcoin ETF (BITB) holdings! 🏰 This revelation, shared upon the digital parchment known as X, is a most splendid leap towards transparency, indeed!

In the realm of Bitcoin ETF issuers, the quest for transparency is a topic of much debate and chatter. With this audacious move, investors can now peer into the treasure chest of the asset manager’s Bitcoin holdings directly upon the blockchain. Aye, no more guessing games; one can now confirm that the assets are securely locked away! 🔒

Bitwise Takes the Lead!

Our brave co-founder and CEO, Hunter Horsley, hath proclaimed this move as a stride towards greater transparency. He boasts that Bitwise now stands alone as the only US ETP issuer to share its wallet addresses with the public. A true pioneer, indeed! 🌟

“Bitcoin is here to improve the system, not conform to the ways of the past,” quoth he.

“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…”

— Hunter Horsley (@HHorsley) February 18, 2025

Unlike the traditional assets, such as gold, which require the watchful eyes of auditors, behold! Bitcoin, that shimmering digital coin, is stored upon a public blockchain. Our noble Horsley asserts that these blockchain addresses shall allow any curious soul to confirm Bitwise’s Bitcoin holdings at any hour of the day! 🕒 He emphasizes that Bitcoin is meant to enhance the financial system, not to be shackled by antiquated practices.

Many a crypto enthusiast hath sung praises for Bitwise’s bold step. The company Hoseki, which doth labor on Bitcoin proof of reserves, hath joined forces with Bitwise to further the cause of transparency in this wild crypto jungle.

Yet, some investors have raised an eyebrow, noticing a lack of outgoing transactions from the published address. Fear not! Bitwise hath explained that this is due to Coinbase Global Inc (NASDAQ: COIN), the custodian of the fund, not reusing Bitcoin addresses after transactions. A new address is conjured whenever funds are moved, and Bitwise shall keep its website updated with the latest one, ensuring transparency and safeguarding against the nefarious hackers lurking in the shadows! 🦹‍♂️

Meanwhile, this move by Bitwise seeks to correct the narrative surrounding the gold held at Fort Knox. While no evidence of its depletion hath been found, many have called upon the mighty Elon Musk’s DOGE to audit the gold stash. Bitwise, in its wisdom, aims to set a standard for investors to verify their own assets, thus empowering them! 💪

More Than Just an ETF Provider!

Bitwise, the valiant steward of the third-largest spot Bitcoin ETF, doth manage holdings exceeding $490 million in BTC. In January, the heralds of Coinspeaker reported that the US Securities and Exchange Commission (SEC) hath granted approval for a fresh ETF filing backed by the New York Stock Exchange (NYSE). 🎉

This grand approval allows Bitwise’s joint Bitcoin and Ethereum ETFs to be listed and traded, adding yet another feather to the cap of this ambitious company!

Remarkably, Bitwise is not merely a provider of ETFs; it is a champion of transparency and a supporter of Bitcoin’s noble development. The company generously donates 10% of its BITB ETF profits to worthy organizations such as the Human Rights Foundation, Open Sats, and Brink. A true benefactor of the realm! 🤝

As ETF providers vie for the favor of investors, being forthright about their Bitcoin reserves is becoming a crucial strategy to stand out. One can only wonder if other providers shall soon follow in the footsteps of Bitwise to gain trust and attract the ever-elusive investors! 🤑

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2025-02-18 19:55