Share this article
Bitwise Adds Proof of Reserves for Bitcoin, Ether ETFs
The process involves daily on-chain holdings verification, reconciling balances with the number of fund shares outstanding.
Jul 15, 2025, 3:38 p.m.
What to know:
- Bitwise introduced third-party proof-of-reserves verifications for its spot bitcoin and ether ETFs.
- The process involves daily on-chain holdings verification, reconciling balances with the number of fund shares outstanding and replaces Bitwise's prior practice of listing wallet addresses on its website.
- Bitwise plans to add a second layer of transparency in the coming weeks, with daily CPA-attested reports verifying asset balances and fund liabilities.
Crypto asset manager Bitwise said it is improving transparency for its spot bitcoin and ether exchange-traded funds, rolling out third-party proof-of-reserves verifications through U.S. accounting company The Network Firm.
The process, which is already live, replaces Bitwise’s prior practice of publicly listing nearly 90 wallet addresses on its websites.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Instead, The Network Firm will confirm on-chain holdings daily for the Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW), reconciling balances with the number of fund shares outstanding, Bitwise said in a post on X.
In the coming weeks, the firm said, it plans to add a second layer of transparency. That layer will bring in daily CPA-attested reports verifying not just asset balances but also fund liabilities.
“Together, these features deliver a more comprehensive and easily readable approach to transparency,” the company wrote.
The added layer is meant to assure investors that fund holdings match obligations. Proof-of-reserve audits have been a growing trend in the cryptocurrency industry, taking off after the collapse of FTX in November 2022.
That collapse occurred after a leaked balance sheet triggered a bank run on the exchange, revealing it did not have customers’ assets on hand to meet its obligations. Since then, platforms’ reserves have been a major concern for investors.
Bitwise’s bitcoin exchange-traded fund currently has $4.9 billion in net assets, far below the market leader, BlackRock’s iShares Bitcoin Trust (IBIT), which holds $85.9 billion, according to SoSoValue data. Similarly, its ether ETF holds $358 million in net assets, below the sector’s leader’s $6.28 billion.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bhutan Debuts TER Gold-Backed Token on Solana
The Himalayan kingdom introduced TER, a Solana-based token backed by physical gold and issued through Gelephu Mindfulness City.
What to know:
- Bhutan introduced TER, a sovereign-supported gold-backed token issued via Gelephu Mindfulness City and custodied by DK Bank, offering a blockchain-based representation of physical gold.
- The token runs on Solana, giving international investors digital portability and on-chain transparency while mimicking the experience of traditional gold purchases.
- TER follows Kyrgyzstan’s USDKG launch, highlighting a growing trend of smaller nations issuing asset-backed digital currencies tied to audited reserves as part of broader economic and technological strategies.
Top Stories
