Bitwise Bitcoin ETF Wallet Receives Donations as ‘Inscriptions’

The bitcoin address designated for holding acquired Bitwise Bitcoin ETF (BITB) coins received donations primarily in the form of ‘inscriptions’.

Hours earlier, the product issuer Bitwise Asset Management disclosed information about the product’s wallet.

At the time of writing, the address contains 16,773 ‘inscriptions’ valued at over $6,000. Among them are RSIC airdrops, Bitcoin Punk, Bitcoin Burials, and Quadkey.

The address also received thousands of BRC20 tokens with invalid balances.

The community welcomed Bitwise’s initiative to disclose the bitcoin address. Some were ‘shocked’ by the absence of test transactions before transferring 12,000 BTC to the wallet.

Very cool. However, it would be nice to see at least one transaction spending FROM the address. Honestly kind of shocked they didn’t test that before throwing ~12k BTC in there ? https://t.co/RpNqyWBs1T https://t.co/DtSC09D9rs pic.twitter.com/rKDSgTsWaf

— Alexander Leishman ?? (@Leishman) January 24, 2024

Others questioned the asset manager’s use of multisignature, suggesting it indicates a low level of wallet security.

While the transparency is cool… WTF at putting half a billion dollars into a single pay-to-pubkey-hash address.

That’s completely insane. Use multisig. And prove to the world that you’re using multisig. https://t.co/ULCQUkIbCE

— Peter Todd/mempoolfullrbf=1 (@peterktodd) January 24, 2024

“While transparency is cool […], what the heck is the point of putting half a billion dollars into one address? That’s complete madness. Use multisig and prove it to the world,” lamented a user.

Earlier, K33 Research analysts ranked BITB third in terms of fund inflows since the product’s approval among competitors.

Previously, Bitcoin Treasuries estimated the volume of coins held by bitcoin ETP issuers at 832,432 BTC, equivalent to 3.96% of the current issuance of the first cryptocurrency.