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Bitwise ETF Overcollateralized As Community Send Sats
Bitwise have published their ETF's Bitcoin address. Naturally, people are sending them sats - and more.
Bitwise is now the proud owner of the first overcollateralized ETF. Earlier this week, the organization made the decision to publish the Bitcoin address for its holdings, in the interests of transparency.
Anyone can now check that Bitwise does indeed hold the amount of BTC it claims is backing its ETF shares. They can also deposit funds to that address, and members of the crypto community have been doing just that.
Needless to say, since this is the crypto world, many of those transactions have included meme numbers such as 420 and 69.
But why stop at mere sats? Other users have added to the value of Bitwise's flagship product by sending Ordinals.
A New Era In Transparency
Providing transparent and real-time attestations of holdings is a game-changer in the industry, since this is impossible for gold or other ETFs. Because it provides additional reassurance and is attractive to investors, it's almost certain that the other ETFs will follow suit.
However, questions have already been raised about the wisdom of holding all of those BTC in one address.
Moreover, other X/Twitter users have openly wondered what would happen if non-OFAC compliant BTC, even dust, were sent to the Bitwise address. If there were some Satoshis in the wallet that were flagged as originating from sanctioned wallets, would that compromise the value and integrity of the entire ETF?
Likely not, but given that this is crypto, it's presumably only a matter of time before we find out.
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