Arkham Intel Finds Wallets Associated with WisdomTree’s WBIT Bitcoin ETP Holding $579 Million
Arkham Intel, a blockchain data tracking firm, has made a significant discovery regarding wallets associated with WBIT, a physical Bitcoin exchange-traded product (ETP) from asset manager WisdomTree. According to Arkham Intel, WBIT holds a staggering 8,900 BTC, valued at approximately $579 million, spread across 134 wallets.
Described as a physically backed ETP, WBIT aims to provide shareholders with a simple, secure, and cost-efficient means of gaining exposure to the price of Bitcoin. The ETP offers easy investor access, tradability, transparency, and institutional custody solutions through a robust physically backed structure.
A physically-backed bitcoin ETP, like WBIT, is similar to a spot bitcoin exchange-traded fund (ETF) in that both products hold Bitcoin as their underlying asset. However, while both products closely track the price of bitcoin, a spot bitcoin ETF may utilize derivatives to track the price without requiring investors to hold the actual coin. In contrast, a physically-backed bitcoin ETP entitles investors to a portion of the bitcoin held by the fund in cold storage.
Notably, WisdomTree also issues the spot bitcoin ETF (WBTC), which was approved on Jan. 10, 2024. WBTC saw significant trading volume, with $31.6 million in U.S. dollar volume on Apr. 24 and $10.6 million on Apr. 25, according to The Block’s Data Dashboard.
It is essential to note that The Block is an independent media outlet that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block, with investments in other companies in the crypto space. The Block remains committed to delivering objective, impactful, and timely information about the crypto industry.
Overall, the discovery of the substantial holdings of WBIT in Bitcoin showcases the growing interest and investment in digital assets, further solidifying the role of cryptocurrencies in the financial landscape.
