- Arkham Intelligence identified a total of 98 on-chain addresses linked to the CoinShares Physical Bitcoin ETP (BITC), which collectively hold 20,652 $BTC.
- At market prices on November 11, 2026, the identified reserves were worth approximately $1.53 billion.
- One address holds 15,359.46 $BTC, worth around $1.13 billion, or nearly three-quarters of the financial product’s total holdings.
Arkham maps CoinShares Bitcoin ETP wallets between November 9 and November 11, 2026, by publicly labeling 98 addresses associated with the exchange-traded product CoinShares Physical Bitcoin ETP (BITC). The on-chain tracking shows total backing of 20,652 $BTC, valued at nearly $1.53 billion when the information was published.
CoinShares's $1.5B Bitcoin ETP Now on Arkham
Arkham has labelled the Bitcoin addresses of CoinShares's Physical Bitcoin ETP (BITC). BITC holds 20,652 $BTC ($1.53B) across 98 addresses, 2 of which hold coins today.
The largest single address holds 15,359.46 $BTC ($1.13B) and was… pic.twitter.com/liqRE6G62I
— Arkham (@arkham) November 11, 2026
The record published on the blockchain analytics platform turns anonymous alphanumeric strings into an identifiable institutional fund. With this update, anyone with a web browser can check the reserves’ movements, inflows, and balances in real time.
The data shows that assets are unevenly distributed across the product’s custody arrangements. Of the 98 wallets identified by Arkham Intelligence, only two have been recently active, while a single address holds most of the deposited capital.
The main wallet holds 15,359.46 $BTC, worth roughly $1.13 billion according to the market report. It received its first funds in March 2026 and contains approximately 75% of all the Bitcoin owned by the ETP.
The other 97 registered addresses collectively hold 5,292.54 $BTC. An industry source report says that this concentration makes the largest wallet the primary public benchmark for monitoring the fund’s reserves.
Arkham’s Institutional Labeling Rollout in November
The identification of CoinShares’ wallets is part of a broader update announced by Arkham Intelligence on November 9, 2026. In that data batch, the firm added labels for approximately $3 billion in digital assets held by various institutional funds.
CoinShares’ BITC product made the largest single contribution to that broader addition, totaling $1.52 billion in Monday’s initial announcement. The November catalog also included holdings from other industry managers: VanEck’s VBTC product with $507.2 million, Invesco’s BTIC with $266.6 million, and Grayscale’s Solana trust with $125.9 million.
This effort extends the cataloging initiative Arkham launched in early 2024 to cover spot exchange-traded funds. The platform aims to build a public directory of institutional holdings that can be verified directly on the blockchain.
As for the financial vehicle’s structure, BITC is a physically backed exchange-traded product issued by CoinShares Digital Securities Limited. Records cited in the report put its assets under management between $1.5 billion and $1.7 billion.
CoinShares’ corporate documentation says the firm never lends the Bitcoin backing its exchange-traded products. The instrument also allows direct redemption, enabling investors to exchange their shares for the physical underlying asset.
On-Chain Transparency vs. Traditional Financial Reports
Traditional investment funds publish periodic reports on their holdings according to set schedules. Market analysis says this model requires participants to trust figures declared by the issuer without being able to verify them immediately.
By contrast, financial vehicles backed by spot Bitcoin operate on a public ledger. Labeling addresses allows BITC holders to compare the reported 20,652 $BTC with the actual balances on the network.
The analysis adds that any significant transfer from the main address holding 15,359.46 $BTC would be visible simultaneously to all market observers. The report says this visibility turns CoinShares’ custody statements into permanent public proof.
At the close of trading on November 11, 2026, all 98 addresses linked to CoinShares remain indexed on the Arkham Intelligence public explorer, allowing their flows on the Bitcoin network to be tracked continuously.
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