So, there’s this thing happening where a bunch of companies are getting into Bitcoin, right? Like, they’re setting up these corporate treasuries with Bitcoin to hedge against inflation. But here’s the kicker – most of these companies are super secretive about their Bitcoin addresses. Why the cloak and dagger act? Could it be that they don’t actually have as much Bitcoin as they claim?
Enter Bitwise, the trailblazer in the world of Bitcoin transparency. Back in January 24, 2024, Bitwise dropped a bombshell by revealing its spot Bitcoin ETF address to the public. This move was like a mic drop moment, shutting down any doubts about whether Bitwise was legit or not. It’s like saying, “Hey, we’ve got the goods, and we’re not afraid to show it.”
But hold on a second, did Bitwise really nail it with their disclosure game? Fred Krueger, co-author of the Big Bitcoin Book, thinks there’s room for improvement. He’s all like, “Hey, Bitwise, why not add some cryptographic ownership proofs to really seal the deal?” And you know what? He’s got a point.
Krueger’s suggestions include using multiple addresses instead of just one, signing messages to prove ownership, and even bringing in third-party audits for that extra layer of transparency. It’s like Bitwise opened the door, and Krueger is here to give them a high five and some tips on how to spruce up their transparency game even more.
Now, let’s talk about Strategy, the big kahuna of Bitcoin holders among companies. They’ve got over 570,000 bitcoins under their belt, making them the envy of the corporate world. But here’s the plot twist – they’re facing a lawsuit over alleged misleading claims about their Bitcoin strategy. Maybe if they had been more transparent from the get-go, they could have avoided this mess.
While Strategy and other companies keep their Bitcoin addresses under wraps, sleuths out there are doing some detective work and uncovering these hidden gems. Arkham Intelligence, for example, has managed to sniff out 96% of Strategy’s addresses. It’s like a game of cat and mouse, with companies trying to keep their Bitcoin stash on the down-low while others are hot on their trail.
So, what’s the deal with these companies holding Bitcoin but not wanting to spill the beans on their addresses? It’s like they’re hiding a juicy secret that everyone wants to know. But hey, at least Bitwise showed us that transparency is the name of the game in the world of Bitcoin. Who knows, maybe more companies will follow suit and lift the veil on their Bitcoin treasuries. But until then, it’s up to the sleuths and analysts to keep digging and uncovering the truth behind these corporate Bitcoin holdings.
