Arkham Intelligence has labeled 40 blockchain addresses linked to VanEck’s VBTC product, which hold between 6,864.99 and 6,868 BTC, worth approximately $507.2 million. These addresses hold the Bitcoin backing the ETN, launched in Europe in November 2020 and physically backed by Bitcoin kept in cold storage. The labels now make it possible to publicly attribute wallet movements to the creation and redemption of notes, without changing the product’s structure, custody arrangements, or underlying assets. They form part of a broader initiative to map roughly $3 billion in institutional holdings, including CoinShares’ BITC, Invesco’s BTIC, and Grayscale’s Solana Trust.
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