Super ETF MKT: Bitwise's Receives Unexpected Gifts =Benefits Shareholders

Bitwise, the first spot bitcoin exchange-traded fund (ETF) issuer, recently disclosed its bitcoin wallet for the ETF. Since then, crypto users have sent various tokens and small bitcoin amounts to the wallet. Bitwise asserts that these assets will benefit its shareholders.

Earlier this week, Bitwise became the pioneer ETF issuer to publicly share its wallet, resulting in the wallet receiving unexpected gifts, including small bitcoin amounts, BRC-20 tokens, Bitcoin domain names, and diverse Bitcoin NFTs, totaling over $5,000.

Bitwise's Chief Investment Officer, Matt Hougan, confirmed that all assets received accrue to the benefits of BITB shareholders. As per the fund's S-1 filing, involuntarily received assets may be sold, and the cash proportionally distributed to shareholders. Notably, the initial S-1 versions allowed in-kind distribution, but this clause was removed before approval.

OFAC-Sanctioned Addresses Concern

Crypto commentators raised concerns about the United States Treasury sanctioning some bitcoin wallet addresses. Bitwise addresses this issue at the custodian level, currently using Coinbase as its custody provider. Coinbase ensures compliance by blocking OFAC-sanctioned addresses, collaborating with clients to block and report funds as required by law.