Blockchain data tracking company Arkham Intel found wallets associated with WBIT, a physical Bitcoin exchange-traded product (ETP) from asset manager WisdomTree.
WBIT holds 8,900 BTC, worth approximately $579 million, across 134 wallets, Arkham note on the social media platform X Friday.
“WisdomTree Physical Bitcoin is a physical-backed exchange-traded product (ETP) designed to provide shareholders with a simple, secure and cost-effective way to gain exposure to the price of Bitcoin,” according to the WBIT website. solutions for access, tradability, transparency and institutional preservation with a robust physical structure.
A physically-backed Bitcoin ETP is comparable to a spot Bitcoin exchange-traded fund (ETF) in that both products hold Bitcoin as the underlying asset. While both closely track the price of bitcoin, a spot bitcoin ETF can use derivatives to track the price of bitcoin without the investor needing to hold the coin. A physically backed Bitcoin ETP, such as WBIT, entitles investors to a portion of the Bitcoin held by the fund in cold storage.
WisdomTree also issues the bitcoin spot ETF (WBTC) which was approved on January 10, 2024. BTCW recorded volume of US$31.6 million on April 24 and $10.6 million on April 25, according to the The Block’s data dashboard.
Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto sector. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
