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Bitwise Launches Daily Verified Proof of Reserves for BITB ETF

Bitwise has introduced a new third-party asset reserve proof transparency service for its Bitcoin and Ethereum spot ETFs, enhancing investor trust.

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ETH

Summary

Bitwise has launched a third-party asset reserve proof transparency service for its Bitcoin spot ETF (BITB) and Ethereum spot ETF (ETHW), provided by The Network Firm. This service aims to enhance transparency by verifying on-chain assets and ensuring they align with outstanding shares, thereby simplifying information access for investors.

Terms & Concepts
  • Proof of Reserves: A method used by financial institutions to demonstrate that their assets match their liabilities, ensuring transparency and trust.
  • BITB ETF: Bitwise's exchange-traded fund that allows investors to gain exposure to Bitcoin through traditional financial markets.
  • The Network Firm: A third-party verification service that ensures the accuracy of on-chain data related to cryptocurrency holdings.