Quantum solvency · ETF custody

Bitwise Bitcoin ETF (BITB)

Bitwise Asset Management (custodian Coinbase Custody)

Scored from BITB wallet addresses, bitbetf.com (live), 65 of 65 published addresses read. The holder declared 38,306 BTC at its snapshot; the chain shows 38,306 BTC now. Bitwise publishes the addresses holding the trust’s bitcoin on the fund site, with balances that reconcile to the daily "Bitcoin in Trust" figure. The only spot ETF issuer that does so. Snapshot .

By exposure class

Practical risk

An attacker must recover each key separately. 50 exposed keys hold 10 BTC or more, 29,289 BTC in total; that is the part worth attacking first, and the part to sweep to fresh keys first.

Largest exposed keys

Disclosure freshness

Live endpoint. The holder's endpoint was read 20 days ago.

Custody, as observed on-chain

Of the 35,595 BTC in the 60 addresses read, 73% is spent by a single key (indistinguishable from MPC on-chain), 0% through a multisig script, and 25% has never spent, so its control is not yet visible.

Read from 60 of 65 published addresses, holding 35,595 BTC, on 2026-09-30.

Repeated nonces

473 signatures from 44 keys across 44 addresses were checked and no nonce was repeated. For 1 busy address only the most recent transactions were read.

What it would take to move the exposed balance

98 unspent outputs in 1 transaction, about 0.0001 BTC in fees at the one-hour rate (about $8 at today’s price), using well under one percent of a day’s block space.

Each of the 98 unspent outputs is spent once into one fresh output of the same script family, in transactions of up to 400 inputs. Fee rates are mempool.space's recommendations at 2026-09-30T21:40:54.760Z. Signing ceremonies, custody procedures and withdrawal queues are not included and usually dominate.

Live badge for this reserve. It reads the latest snapshot and links back here.

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