Arkham labels CoinShares’ Bitcoin ETP wallets holding 20,652 BTC

Arkham Intelligence has put name tags on the Bitcoin wallets behind CoinShares’ Physical Bitcoin ETP. The product, which trades under the ticker BITC, holds 20,652 BTC spread across 98 addresses.

At current prices, that stash is valued at approximately $1.53 billion. Anyone with a browser can now watch it sit there, move, or grow.

What Arkham actually labeled

The labeling went live around November 9 to 11, 2026. Arkham attached CoinShares’ name to the full set of BITC addresses, turning a scattered collection of anonymous strings into a single, identifiable fund.

The distribution of coins across those 98 addresses is far from even. Two of the addresses remain active, and one of them does most of the heavy lifting.

The largest BITC address holds 15,359.46 BTC, worth about $1.13 billion. It was first funded in March 2026.

Run the math and that single wallet accounts for roughly three-quarters of the product’s total Bitcoin. The other 97 addresses together hold the remaining 5,292.54 BTC.

Part of a bigger cataloging push

BITC was not labeled in isolation. Arkham’s November 9 announcement added approximately $3 billion in Bitcoin and other digital asset fund addresses to its platform.

CoinShares’ product was the single largest contributor to that batch, accounting for $1.52 billion of the total.

This is also not Arkham’s first pass at the exchange-traded product space. The firm has previously labeled addresses for multiple Bitcoin ETPs and ETFs, building out what amounts to a public directory of institutional on-chain holdings.

BITC itself is a physically backed ETP issued by CoinShares Digital Securities Limited. Its assets under management sit somewhere between $1.5 billion and $1.7 billion.

CoinShares states that it never lends out the Bitcoin backing its products. The company also permits direct redemption, meaning investors can exchange their holdings for the underlying asset itself.

Why on-chain labels matter for fund investors

Traditional funds publish holdings reports on a schedule, and investors largely take the numbers on faith. Crypto funds holding spot Bitcoin have an unusual option: the ledger is public, so the proof can be too.

For BITC holders, the practical benefit is verification. The reported 20,652 BTC can be checked against what actually sits in the labeled wallets, and any large movement out of the main 15,359.46 BTC address would be visible to everyone at once.

What this means

For CoinShares specifically, the labeling turns its custody claims into something closer to a standing, public proof. With roughly three-quarters of BITC’s Bitcoin concentrated in a single address, that wallet effectively becomes the product’s public heartbeat.

For the broader ETP and ETF market, Arkham has now tagged multiple Bitcoin funds, and the November batch alone added approximately $3 billion in labeled fund assets.