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Bitwise, a crypto-focused fund manager, announced on Wednesday that it has become the inaugural U.S. Bitcoin ETF to disclose the digital wallet addresses of its holdings.
This step towards transparency aligns with Bitwise's commitment to on-chain visibility. The company aims to provide the public with direct insight into the fund's holdings and transactions on the blockchain.
Leap Towards Public Transparency
Bitwise emphasized the significance of this decision, allowing anyone to independently verify BITB's holdings and transaction flows directly on the blockchain.
The firm sees publishing on-chain addresses as an initial stride towards enhancing public transparency. Bitwise expressed their vision for future developments in their Wednesday social media thread, stating, "As infrastructure evolves, we hope to do more, such as working with firms like Hoseki to provide real-time cryptographic attestations."
Following the Securities and Exchange Commission's approval of spot Bitcoin ETF applications, Bitwise and 10 others experienced a noteworthy influx of $238 million on its first day of trading, as reported by The Block. This development underscores the growing interest and confidence in cryptocurrency investment vehicles, particularly ETFs.
Bitwise's Market Position and Trading Activity
Bitwise currently holds a significant 3.1% market share in the spot Bitcoin ETF sector.
According to The Block, the fund recorded a daily trading volume of $49.8 million on January 23, further solidifying its presence in the market. These figures highlight Bitwise's standing and reflect the broader momentum and trading activity in the evolving landscape of cryptocurrency exchange-traded funds. This also shows that cryptocurrencies are becoming part of mainstream society, and more people are trying this new technology.
According to Crypto News, Bitwise's proactive approach to transparency sets a precedent in the industry, fostering trust and accountability. As the crypto market continues to adapt and grow, such initiatives contribute to building a more robust and informed investment environment for both institutional and retail participants.
Photo: Sajad Nori/Unsplash
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