Welcome to Bitwise @0xChaosWalking 🙌

Less than 12 months ago, Bitwise was at $5 billion. Today, $15 billion - not just US ETPs, but also Europe ETPs, Alpha Solutions, Options Strategies, and staking validators for clients. To quote Peter Drucker, “The only thing we know about the future is that it will be different.” Grateful to clients for going on their journey into the future with us. Grateful to the incredible team here. And grateful to be part of a space filled with people aspiring to weild the power of the internet to improve the financial system for the future. Excited for the journey ahead with all of you 🙌

Folks need to stop making careless comparisons between stablecoins and the “free-banking era” of the 1830s. In the free-banking era, local banks were able to issue notes in far-flung territories of the United States. They ran into trouble when the notes were backed by weak collateral, like low-grade railroad bonds and remote land bonds. The system was drastically inefficient, in part because redemptions required you to physically return to the local bank. This meant some notes traded at steep discounts depending on their distance from the issuing point, and merchants needed to maintain giant books of reference pricing across thousands of non-standardized individual notes. None of these things apply to stablecoins. In the Genius Act, there are strict limits on the assets they hold, redemptions can be made daily from anywhere, and stablecoin prices will trade on exchanges allowing instant convertibility and price discovery. State-regulated stablecoins are size limited ($10b cap), which means they’ll be a vanishing fraction of the market, and are generally subject to the same asset holding and redemption provisions as the federally regulated stablecoins that will make up 95%+ of the market. I like analogies. They can be helpful in understanding things. But they have to be reasonable. Comparisons to the free-banking era -- which started 188 years ago, when letters moved on horseback and Samuel Morse was still tinkering with the telegraph in the lab -- are not reasonable.

Today, we’re introducing third-party Proof of Reserves transparency for the Bitwise Bitcoin ETF $BITB and the Bitwise Ethereum ETF $ETHW, provided by @The_NetworkFirm, a U.S.-based certified public accounting firm. Live now, you can check daily balance updates on each fund’s website. How does it work? At the end of each trading day, The Network Firm directly verifies the onchain holdings for each ETF and reconciles bitcoin and ether balances against each fund's outstanding shares. This is just the beginning. In the coming weeks, we will add a second layer of transparency: CPA-attested Proof of Reserves reports, published daily. This new report will bring two key benefits: – Verification of both sides of the ledger—not just assets, but also liabilities – Independent examination reporting by a certified public accountant Together, these features deliver a more comprehensive and easily readable approach to transparency as more mainstream investors engage with digital assets. As a part of this transition, we’re retiring publishing the list of our now nearly 90 public wallet addresses directly on the websites. As ever, we strive to be a good steward for investors, advancing the values of this space, and earning your trust. Excited for the chapter ahead —

We’re pleased to announce the launch of the Bitwise NEAR Staking ETP (Ticker: NEAR | ISIN: DE000A4A5GV2) on Deutsche Börse Xetra. The ETP offers efficient, regulated exposure to @NEARProtocol —a high-performance, energy-efficient Layer 1 blockchain purpose-built for the AI era, enabling seamless cross-chain interoperability and AI-native applications. As part of Bitwise’s European suite of index-linked staking strategies, the ETP will stake the NEAR it holds, targeting ~5.5% in net additional returns (after staking fees and TER), while offering daily liquidity on regulated exchanges. “NEAR was built to power a new kind of internet—one where AI serves people, not platforms. This ETP brings that vision closer to investors worldwide.”  — Illia Polosukhin, Co-Founder, NEAR Foundation @NEARProtocol @Bitwise_Europe @BitwiseInvest

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PUBLIC AUDITABILITY and PRIVATE OWNERSHIP can safely coexist with Bitcoin. Bitwise will continue to champion this unique property of Bitcoin. To be clear, publishing addresses isn't a panacea. You still need auditors for attestation on the liability side. You need to be mindful of operational business privacy concerns. But for public investment vehicles like bitcoin ETFs where all of this information (e.g. custodian, daily inflows/outflows, etc) is already public, the bias should be greatly towards publishing your addresses. It increases public confidence for these products and for the network as a whole and we're committed to this practice at Bitwise.

Pectra live! Vibe from the Bitwise Onchain Solutions team. Cheers to the relentless developers and builders.

PECTRA was just released!! 😍 we now have: - improved UX (EOAs -> smart contract, batch txs, better gas mgmt) - more efficient staking / validator set (maxEB etc) - more scalability with blobs & calldata pricing ... -> good page for details: LFG!! 🔥🔥🚀

An incredible group of savvy bitcoin investors gathered last week for @BitwiseInvest's Bitcoin Standard Corporations Investor Day, all committed to a common goal of building a community around bitcoin adoption. We look forward to continuing to grow these kinds of initiatives for the community. Thank you to all the investors and speakers who made the journey to New York to share their insights, make connections, and learn from one another. We’re just getting started.