On Jan. 23, Arkham, a firm specializing in onchain intelligence, announced the identification of four lists of connected addresses linked to four new spot bitcoin exchange-traded funds (ETFs). These groups of addresses are reportedly associated with fund managers including Blackrock, Fidelity, Bitwise, and Franklin Templeton.
4 ETFs Identified Onchain
According to an X post by Arkham Intelligence on Tuesday, the firm has pinpointed four out of ten spot bitcoin ETFs. Previously, the firm had uncovered the holdings of GBTC, and with this latest revelation, Arkham has now identified half of the ETFs in the U.S. market. “Arkham has identified the onchain location of four of the bitcoin ETFs,” the company said on Tuesday. “We are the first to publicly identify these addresses.”
Arkham unveiled the initial list of addresses, allegedly belonging to Blackrock and linked to the IBIT ETF. The identified addresses, however, contain 39,925 BTC, which is less than the 44,004 BTC reported by IBIT. Analysis shows IBIT’s funds are distributed over multiple addresses, each holding a maximum of 1,200 BTC. Additionally, Franklin Templeton’s EZBC ETF has been pinpointed, with its onchain holdings aligning with the asset manager’s reported figures.
Arkham’s investigation also uncovered the holdings of Fidelity’s Wise Origin spot bitcoin ETF, FBTC, revealing a possession of 34,127 BTC. This finding is consistent with Fidelity’s latest update as of January 23, 2024. The wallets for Bitwise’s BITB fund have been identified as well, holding 11,188 BTC. Furthermore, Bitwise manages additional crypto assets for the Bitwise 10 Crypto Index Fund, known as BITW.
Coinbase Custody oversees the assets of all the aforementioned exchange-traded funds (ETFs), with the exception of Fidelity’s. Fidelity, in contrast, utilizes its own custody services for managing its bitcoin (BTC) reserves. Among the transactions of the other three ETFs, Coinbase frequently emerges as the primary counterparty. The availability of onchain data regarding these new funds significantly enhances market transparency.
Transparency fosters trust among investors and enhances decision-making. By providing clear insights into fund operations and holdings, it strengthens the overall integrity and stability of the cryptocurrency market. This transparency is key to attracting more informed participation and investment in the burgeoning crypto economy. In the aftermath of FTX’s collapse, crypto exchanges holding significant balances started disclosing proof-of-reserve data, aiming to enhance transparency in the sector.
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