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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.
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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.
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