Key Points
- Blockchain data tracking firm Arkham Intel identified wallets linked to WisdomTree’s Physical Bitcoin ETP WBIT.
- WBIT, a physically-backed Bitcoin ETP, holds 8,900 BTC across 134 wallets, valued at approximately $579 million.
Arkham Intel, a company specializing in blockchain data tracking, has identified wallets that are linked to WBIT, a physical Bitcoin (BTC) exchange-traded product (ETP) managed by WisdomTree.
The ETP has approximately 8,900 BTC in its possession, which are distributed across 134 different wallets. The total value of these Bitcoins is around $579 million.
About WBIT
WBIT is a physically-backed ETP that provides shareholders with a straightforward, secure, and cost-effective means to invest in Bitcoin. The ETP offers easy access for investors, tradability, transparency, and institutional custody solutions, all within a robust physically-backed structure.
A physically-backed Bitcoin ETP is similar to a spot Bitcoin ETF in the sense that both types of products use Bitcoin as their underlying asset. They both closely track the price of Bitcoin. However, a spot Bitcoin ETF may employ derivatives to track the price of Bitcoin, eliminating the need for the investor to hold the coin.
In contrast, a physically-backed Bitcoin ETP like WBIT gives investors entitlement to a portion of the Bitcoin owned by the fund in cold storage.
Other WisdomTree Products
WisdomTree also offers a spot Bitcoin ETF, known as WBTC, which received approval on January 10, 2024. As per available data, WBTC saw a U.S. dollar volume of $31.6 million on April 24 and $10.6 million on April 25.