21Shares, the spot bitcoin ETF provider, has strategically partnered with Chainlink to enhance transparency and bolster investor confidence. Together, they are implementing a groundbreaking proof-of-reserve (PoR) service for the ARKB ETF, marking a significant step forward in ensuring the legitimacy and security of the investment vehicle.
The collaboration enables cryptocurrency enthusiasts to closely monitor the underlying BTC collateralization of the ARKB ETF, marking a significant step forward in ensuring the legitimacy and security of the investment vehicle.
Crypto ETF issuer @21shares_us has integrated #Chainlink Proof of Reserve on @ethereum to increase the transparency of ARK 21Shares Bitcoin ETF’s (ARKB) reserves with @ARKInvest.
Explore how PoR provides transparency for both onchain and offchain assets: https://t.co/uauB02irKm
— Chainlink (@chainlink) February 28, 2024
Through the utilization of Chainlink’s PoR service, 21Shares aims to provide investors with tangible reassurance regarding the adequacy of the bitcoins held in reserve to support its burgeoning ETF, which was launched less than three months ago.
This initiative follows in the footsteps of Bitwise, another prominent spot bitcoin ETF issuer, which garnered widespread acclaim in January for its decision to publicly disclose its digital wallet address. Now, with 21Shares embracing transparency through on-chain disclosure, the crypto investment landscape is witnessing a notable trend toward greater openness and accountability.
Notably, the ARKB ETF, jointly launched by 21Shares and ARK Investment Management, has emerged as a standout player in the ETF space, ranking as the fourth-largest holder among SEC-approved ETFs. With holdings exceeding 30,880 bitcoins valued at approximately $1.8 billion, as reported by on-chain analytics, the ARKB ETF solidifies its position as a leading choice for investors seeking exposure to the dynamic world of cryptocurrencies.
