Bitwise, responsible for the BIBT ETF, published the address of its bitcoin wallet this week, stating that transparency is linked to the essence of Bitcoin. As expected, several people have made donations to this wallet.
Commenting on the issue, Hong Kim, co-founder and CTO of Bitwise, stated that donations will be counted as part of the fund. In other words, all investors in your ETF will benefit from this and other future donations.
Another wallet that received donations was Donald Trump’s. The amount reaches R$4 million and is linked to a cryptocurrency created in his honor. The former US president did not comment on the matter.
Bitwise Bitcoin Wallet receives donations
At the time of writing, Bitwise’s Bitcoin wallet contains more than 12,840 bitcoins (R$2.6 billion). When the administrator revealed the address of this wallet, some people sent some tips to the ETF.
While these donations are insignificant compared to the total amount, even Bitwise’s co-founder and CTO has spoken out about this. First, he stated that the values now belong to the investors in his fund.
“In the last two days, our Bitcoin ETF received 998,085 sats ($419 or R$2,050) in 35 UTXOs”said Kim. “This pales in comparison to assets under management (AUM) (~$511 million yesterday), but these sats are added to net asset value (NAV) and benefit shareholders.”
Perhaps more importantly, Kim also spoke about donations from addresses on the US sanctions list. Therefore, this connection can ‘pollute’ the Bitwise ETF address. Regarding this matter, Kim presented a simple solution to the problem.
“If sats sent to us come from OFAC sanctioned addresses, Coinbase custody will flag them and these UTXOs will not be touched and will not be added to NAV”continued the Bitwise CTO. “Dealing with substance transactions is not that difficult for an institutional custodian and the idea that you can ‘attack’ a public bitcoin address by sending free sats is not true.”
in the last two days our bitcoin ETF received 998,085 sats (~$419) spread over 35 utxos
it is negligible compared to AUM (~$511 million yesterday), but these sats are added to NAV and benefit shareholders
if sats are sent to us from ofac, sanctioned… https://t.co/Bw2SWuXnVg
— Hong Kim (@hongkim__) January 26, 2024
Brazilian Bitcoin expert sees problems with Bitwise wallet
Through Kim’s language and approach, it is clear that Bitwise really understands and likes Bitcoin. However, some experts were concerned about the manager’s address.
In his live broadcast last Thursday (25), the Brazilian Edilson Osório Jr. emphasized. that the Bitwise address is a common wallet, that is, it does not have multiple signatures, and that this can be very dangerous.
“Look how much money is in that wallet, half a million dollars”Edilson said. “The boys are using an old address where the private key is stored in someone’s hand.”
“It’s a wallet in someone’s hand, this private key is active, it’s a very big target. Do you think the guys aren’t already looking and doing social engineering to find out who the Bitwise wallet manager is?
After his explanation, Edilson notes that this private key could be lost, or something worse could happen, such as an attack on the person responsible for this wallet.
Donald Trump receives millions in shitcoins created in his honor
Although the donations to Bitwise were small, Donald Trump’s wallets received millions of reais in a shitcoin created in his honor, MAGA. At the time of writing, the former US president’s portfolio numbers 579,281 MAGAs, equivalent to R$4 million.


Trump’s address was leaked after the former president launched collections of NFTs, with this wallet receiving money from the sale. Unlike Bitwise, Trump has not taken a position on what he will do with the donations.
Finally, Trump recently stated that he will not allow the creation of the digital dollar if he is re-elected president in this year’s election. It seems that Trump can win votes in favor of freedom with this speech. However, the former president has not yet made any major statements about cryptocurrencies in his campaigns.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.