Bitwise is setting a new practice by publishing its spot Bitcoin ETF holdings and flow on the blockchain.
Bitcoin spot ETF holdings and movements are available to the public, according to asset management company Bitwise.
In light of this, many in the cryptocurrency industry are wondering whether the other spot Bitcoin ETF candidates who were just authorized would make similar disclosures.
Investment company claims first among newly authorized spot Bitcoin ETF applicants to give this degree of information in X (previously Twitter) statement:
“As of today, the Bitwise Bitcoin ETF (BITB) has made history as the first U.S. bitcoin ETF to disclose its assets’ bitcoin addresses.”
On January 10, the US Securities and Exchange Commission (SEC) authorized eleven proposals for spot Bitcoin exchange-traded funds. With more than $9 trillion in assets under management, BlackRock is one of the biggest asset managers in the world.
The evaluation procedure between the regulator and asset management businesses was extensive and complex, leading up to this.
Nevertheless, Bitwise clarifies that this is really the first phase of their endeavors to bolster trust in the Bitcoin industry.
“One way to make things more open is to publish on-chain addresses. We want to do more as infrastructure develops.”
The community supported Bitwise’s most recent action, even though the cryptocurrency market has taken a lot of heat recently. As a result of its success, more asset management companies will follow suit.
While Bitcoin expert The Rational Root said that he had made an inquiry urging this, Samson Mow reacted by stating “well done on leading the way,” while the latter claimed to have “but didn’t expect such fast results.”
This comes after reports surfaced that Bitwise will be reinvesting 10% of its spot Bitcoin ETF revenues. Bitwise CEO Hunter Horsley stated his ambition to back Bitcoin developers the day after the spot Bitcoin ETF was approved. So they may keep doing important work for the sector; this is necessary.
“The Bitcoin network has been running smoothly for the past fifteen years, thanks to the hard work of an enthusiastic group of open-source programmers.”
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