According to Woofun AI, blockchain analysis platform Arkham Intelligence completely uncovered the wallet distribution behind the exchange's trading products by publicly tagging 98 addresses related to CoinShares (CSHR.US) Physical Bitcoin ETP (BITC) from November 9 to 11, 2026.
This action converts originally anonymous alphanumeric strings into identifiable institutional fund information, so that any user with an Internet browser can view changes in reserve assets, capital inflows, and current balances in real time. According to on-chain tracking data, the total number of BTC stored in these wallets was 20,652, with a total value of nearly $1.53 billion at current prices.
This transparency measure not only breaks the practice of “blind letter” issuer data in traditional finance, but also turns institutional asset custody statements into permanent public evidence, marking a key step towards full on-chain verifiability of spot Bitcoin-backed financial products.
Notably, the distribution of assets is extremely unbalanced. Of the 98 wallets that Arkham intelligently identified, only 2 addresses currently hold bitcoins, and one of them holds the vast majority of stored funds. The core address holds 15,359.46 BTC, which is worth around $1.13 billion according to market reports. Since first receiving funding in March 2026, this address currently holds approximately 75% of the BTC belonging to the exchange's traded products. In contrast, the second holding address held the remaining 5,292.54 BTC, while the remaining 96 registered addresses had zero balance. This high level of concentration has made this major wallet the core public benchmark for monitoring the status of the fund's reserve assets.
From a structural point of view, this “capital is concentrated in two coin holding addresses” distribution model means that any large transfer from this main address will be seen by all market observers at the same time, thereby greatly reducing the potential risk caused by opaque operations.
According to data compiled by Woofun AI, this single address's holding size not only dominates the BITC reserve structure, but also makes it a key point for transparency monitoring throughout the industry.
The identification of CoinShares-related wallets is part of a broader update announced by Arkham Intelligence on November 9, 2026. In that update, the company added identification information for digital assets totaling approximately $3 billion held by various institutional funds. Of all the assets that have been tokenized, CoinShares' BITC products account for the largest share, and in the initial announcement alone, their value has reached $15.2 billion. The November list also lists related assets held by other industry management companies, including VanEck's VBTC products holding $507.2 million, Invesco (IVZ.US) BTIC products holding $266.6 million, and Grayscale's Solana trust products holding $125.9 million.
This work continues the relevant catalogue preparation program for spot exchange-traded funds launched by Arkham Intelligence in early 2024. The platform aims to establish a public catalog of institutional assets that can be directly verified on the blockchain, thereby covering the wider field of crypto asset management. By unifying the tagging and tracking of these assets scattered across different issuers, Arkham is building a cross-agency asset transparency network to enable market participants to more clearly understand capital flows and reserve health across the industry.
As far as the way this financial product works, BITC is an exchange-traded product with physical support issued by CoinShares Digital Securities Limited, with assets under management between $1.5 billion and $1.7 billion. CoinShares' official documents clearly state that the company will never lend the BTC behind its exchange-traded products. The product's structure also supports a direct redemption function, which allows investors to exchange their shares for corresponding physical assets.
Traditional investment foundations regularly publish their asset holdings according to a set schedule, but this model requires market participants to trust figures published by issuers without immediate verification. Financial products backed by spot BTC, on the other hand, run on public ledgers. The address tagging feature allows BITC holders to compare the published amount of 20,652 BTC to the actual balance on the network. Analysts note that this transparency has turned CoinShares' asset custody statement into permanent public evidence.
As of the end of the transaction on November 11, 2026, all 98 addresses associated with CoinShares were still included on Arkham's intelligent public inquiry platform to continuously track their financial flows on the Bitcoin network. This is another substantial step forward in building institutional asset transparency since the catalogue preparation program was launched in early 2024. It indicates that in the future, more financial instruments will have to be pressured by real-time on-chain audits.