Arkham Intel, a blockchain data tracking firm, has identified wallets linked to WBIT, a physical Bitcoin exchange-traded product (ETP) managed by WisdomTree.
As per Arkham’s findings shared on the social media platform X on Friday, WBIT holds approximately 8,900 BTC valued at around $579 million spread across 134 wallets.
According to the description on WBIT’s website, it is a physically backed ETP created to provide shareholders with a straightforward, secure, and cost-effective method to gain exposure to Bitcoin’s price movements. This ETP ensures easy investor access, tradability, transparency, and institutional custody solutions through a robust structure backed by physical Bitcoin holdings. A physically backed bitcoin ETP operates similarly to a spot bitcoin exchange-traded fund (ETF), as both products maintain Bitcoin as their underlying asset. However, while both closely track bitcoin’s price, a spot bitcoin ETF may utilize derivatives for price tracking without requiring investors to hold the actual coin. On the other hand, a physically backed bitcoin ETP like WBIT grants investors ownership of a portion of the bitcoin stored in cold storage by the fund.
