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Home»ADOPTION NEWS»Bitwise said Bitcoin received in ETF wallets will benefit fund shareholders.
ADOPTION NEWS

Bitwise said Bitcoin received in ETF wallets will benefit fund shareholders.

By Crypto FlexsJanuary 26, 20243 Mins Read
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Bitwise said Bitcoin received in ETF wallets will benefit fund shareholders.
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Earlier this week, Bitwise became the first Bitcoin exchange-traded fund issuer to issue a wallet for its fund, and it wasn’t long before the wallet started receiving unexpected gifts.

Some users sent small amounts of Bitcoin to their wallets as follows: 0.00042069 BTC

+3.58%
. Others sent BRC-20 tokens, Bitcoin domain names, and various Bitcoin NFTs to their wallets. The purses totaled more than $5,000.

Commenting on all of this, Bitwise CIO Matt Hougan said, “All assets are accrued for the benefit of BITB shareholders.”

If Bitwise receives assets involuntarily, it may sell those assets for cash and distribute the cash proportionately to shareholders, according to the fund’s S-1 filing. A previous version of the S-1 stated that such assets could be distributed in-kind, but this language was removed prior to approval.

What about OFAC approved addresses?

Cryptocurrency critics have raised another issue related to the fund. The U.S. Treasury has approved some Bitcoin wallet addresses and any wallets that receive funds from those addresses must block the Bitcoin they receive and report the transaction information to the Office of Foreign Assets Control.

Bitcoin wallets are problematic because they cannot prevent funds from being transferred. Anyone can send Bitcoin to any wallet. The recipient cannot prevent the funds from entering their wallet.

Hougan said the issue is addressed at the custodian level. Bitwise currently uses cryptocurrency exchange Coinbase as its custody service provider. When asked for comment, a Coinbase spokesperson said the exchange blocks OFAC-approved addresses. When asked how they can do so, they responded, “We work with our clients to ensure their funds are blocked and reported in accordance with the law.”

The spokesperson also pointed to a Coinbase blog post that said, “If we receive a notification that an attempt has been made to send to or receive from an authorized address, the funds will be transferred to an internal Coinbase holding account and held securely.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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