Arkham Intel, a blockchain data tracking company, discovered a wallet associated with WBIT, a physical wallet. Bitcoin BTC
-1.14%
WBIT holds 8,900 BTC worth approximately $579 million in 134 wallets. Arkham famous On the social media platform X Friday.
According to WBIT’s website, “WisdomTree Physical Bitcoin is a physically backed exchange-traded product (ETP) designed to provide shareholders with a simple, secure, and cost-effective way to gain exposure to the Bitcoin price.” . “ETPs offer investors an easy access, tradable, transparent and institutional custody solution with a strong physical support structure.”
Physically backed Bitcoin ETPs are similar to spot Bitcoin exchange-traded funds (ETFs) in that both products hold Bitcoin as the underlying asset. Both follow the Bitcoin price closely, but spot Bitcoin ETFs use derivatives to allow investors to track the Bitcoin price without the need to hold the coins. Physically backed Bitcoin ETPs, such as WBIT, give investors the right to a portion of the Bitcoin owned by the fund in cold storage.
WisdomTree also issues a spot Bitcoin ETF (WBTC), approved on January 10, 2024. According to The Block’s data dashboard, BTCW hit $31.6 million on April 24 and $10.6 million on April 25.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.