Crypto ETFs Get A Confidence Boost As Bitwise Adds Proof Of Reserves
US firms are moving to shore up trust after past reserve mishaps. According to recent reports, Bitwise Asset Management has rolled out a daily proof‑of‑reserves check for its spot Bitcoin and Ethereum ETFs.
This change swaps public wallet listings for a professional audit done every trading day. Investors will now see a clear match between on‑chain balances and ETF shares before the market opens.
Daily Checks To Boost Confidence
Based on reports, the new process taps The Network Firm, a US accounting company, to run on‑chain balance comparisons each day. The checks cover the Bitwise Bitcoin ETF (BITB) and the Bitwise Ethereum ETF (ETHW).
Today, we’re introducing third-party Proof of Reserves transparency for the Bitwise Bitcoin ETF $BITB and the Bitwise Ethereum ETF $ETHW, provided by @The_NetworkFirm, a U.S.-based certified public accounting firm.
Live now, you can check daily balance updates on each fund’s…
— Bitwise (@BitwiseInvest) July 15, 2025
Bitwise holds $5 billion in its Bitcoin fund and nearly $360 million in its Ethereum fund. The audit matches these amounts against the number of ETF shares out there. It’s a simple idea, but it puts an expert eye on the numbers rather than leaving investors to track addresses on their own.
The move comes after the collapse of FTX in 2022 showed how blind spots in reserve reporting can leave investors stranded. Back then, missing assets only came to light when it was too late. By running daily checks, Bitwise is making sure it won’t face a surprise shortfall.
Adding CPA Attestations Soon
According to the firm, investors will also get CPA‑attested reports within weeks. Those reports will cover not only assets but also liabilities. That means you’ll see both sides of the balance sheet. With that extra layer, shareholders can see what the fund owes as well as what it owns.
Credit: Investopedia/Photo Illustration by Alice Morgan/Getty Images
This step isn’t just for show. It helps with regulatory reviews as US authorities tighten their grip on crypto products. Having a certified accountant sign off on the numbers gives regulators a clear path for verification. It also means more peace of mind for anyone wary of hidden risks.
Industry Reaction And Comparison
Based on expert commentary, other ETF issuers will likely take note. BlackRock’s iShares Bitcoin Trust (IBIT) currently manages $86 billion—by far the largest fund in this space. But size alone won’t cut it if investors demand proof of reserves. Smaller players like Bitwise could outshine bigger rivals by being more open about their holdings.
Fund issuers in the US have watched closely since the FTX fallout. Many have toyed with monthly or quarterly attestations, but daily checks raise the bar. Investors who want real‑time peace of mind might soon expect proof of reserves on a daily basis.
Featured image from Coinmama, chart from TradingView
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