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 <p class="is-style-lead">Bitwise has publicly disclosed its Bitcoin ETF fund <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>, attracting unsolicited Bitcoin from ETF supporters.</p>
 <p>Bitwise, a prominent player in the field, became the first issuer of a spot Bitcoin ETF to reveal the <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> address for its fund publicly. Shortly after this disclosure, the <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> began to receive an array of unsolicited contributions.</p>
 <p>Unexpectedly, individuals began sending small quantities of Bitcoin to the wallet, with amounts such as 0.00042069 BTC. Additionally, the wallet received various BRC-20 tokens, Bitcoin domain names, and a collection of Bitcoin NFTs. The total value of these unsolicited assets exceeded $5,000.</p>
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    <p lang="en" dir="ltr">What happens with those donations being sent to Bitwise’s digital <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> for their spot bitcoin ETF?@Matt_Hougan: "All assets accrue to the <a rel="noopener noreferrer nofollow" title="benefit" href="https://thebittimes.com/tag/benefit.html">benefit</a>s of shareholders of BITB."<br><br>via @Timccopeland pic.twitter.com/X7yLe9BdEf</p>— Nate Geraci (@NateGeraci) January 26, 2024
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 <p>Bitwise Chief Investment Officer Matt Hougan explained that these assets would ultimately benefit the shareholders of the BITB fund. Bitwise’s policy, as detailed in its S-1 filing, indicates that involuntarily received assets may be converted into cash and distributed proportionally among shareholders.</p>
 <p>Previous iterations of the S-1 filing suggested the possibility of in-kind distributions, but this option was omitted in the final approved version.</p>
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 <p>A critical concern raised in the crypto community relates to handling funds from OFAC-sanctioned addresses. The U.S. Treasury has blacklisted certain Bitcoin <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> addresses, requiring any recipient <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> to block and report any transactions from these addresses to the Office of Foreign Assets Control. This presents a unique challenge, given that Bitcoin <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s cannot refuse incoming funds.</p>
 <p>Hougan addressed this issue, stating that it is managed at the custodian level. Bitwise utilizes Coinbase as its custody provider, and a spokesperson from Coinbase affirmed that the exchange actively blocks OFAC-sanctioned addresses.</p>
 <p>Bitwise’s process indicates collaboration with clients to ensure that funds are blocked and reported in compliance with legal requirements. Coinbase’s approach is further detailed in a blog post, clarifying that funds from sanctioned addresses are transferred to and securely held in a Coinbase internal account.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitwise-bitcoin-sent-to-etf-wallet-to-benefit-fund-investors-tbt77905.html">https://thebittimes.com/bitwise-bitcoin-sent-to-etf-wallet-to-benefit-fund-investors-tbt77905.html</a></p>

Bitwise: Bitcoin sent to ETF wallet to benefit fund investors

TheBitTimes

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