Arkham Intel, a blockchain data tracking company, has discovered 134 wallets associated with WisdomTree’s physically-backed Bitcoin ETP (WBIT), holding a total of 8,900 BTC worth approximately $579 million. According to the WBIT website, the physically-backed Bitcoin ETP is designed to provide shareholders with a simple, secure, and cost-effective way to gain exposure to the price of Bitcoin. Similar to a spot Bitcoin ETF, the physically-backed Bitcoin ETP, such as WBIT, uses Bitcoin as its underlying asset. However, a spot Bitcoin ETF can track the price of Bitcoin using derivatives without investors needing to hold Bitcoin themselves. The physically-backed Bitcoin ETP, like WBIT, allows investors to have ownership rights to a portion of the Bitcoin held in cold storage by the fund.
