Bitwise Adds Proof of Reserves for Bitcoin, Ether ETFs
2025-07-15 16:32:35
Main Idea
Bitwise is enhancing transparency for its Bitcoin and Ethereum ETFs by introducing daily proof-of-reserves verifications through a third-party accounting firm.
Key Points
1. Bitwise is implementing third-party proof-of-reserves verifications for its Bitcoin (BITB) and Ethereum (ETHW) ETFs, conducted by The Network Firm.
2. The company will publicly list nearly 90 wallet addresses on its websites to provide transparency.
3. The Network Firm will reconcile on-chain holdings daily with the number of fund shares outstanding.
4. Bitwise plans to add a second layer of transparency involving daily CPA verification in the coming weeks.
5. The move follows concerns about reserves after the collapse of FTX in November, emphasizing the importance of transparency in crypto ETFs.
Description
Crypto asset manager Bitwise said it is improving transparency for its spot bitcoin (BTC) and ether (ETH) exchange-traded funds, rolling out third-party proof-of-reserves verifications through U.S. accounting company The Network Firm. The process, which is already live, replaces Bitwise’s prior practice of publicly listing nearly 90 wallet addresses on its websites. Instead, The Network Firm will confirm on-chain holdings daily for the Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW), ...
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