Arkham Labels CoinShares Bitcoin ETP Wallets Holding $1.53B in BTC

Arkham Intelligence has labeled 98 Bitcoin addresses tied to CoinShares' Physical Bitcoin ETP (BITC), exposing reserves of 20,652 BTC worth roughly $1.53 billion as of November 11, 2026. The labeling effort, completed between November 9 and November 11, converts a set of anonymous alphanumeric strings into a publicly identifiable institutional fund that anyone with a browser can audit in real time.

The distribution inside the product is highly uneven. A single address holds 15,359.46 BTC — about $1.13 billion, or nearly three-quarters of the ETP's total backing. That wallet received its first deposits in March 2026, according to Arkham's on-chain records. The remaining 97 addresses collectively hold just 5,292.54 BTC, and only two of the 98 labeled wallets show recent activity.

That concentration matters for anyone watching the fund. The main wallet effectively becomes the primary public benchmark for monitoring how BITC's reserves behave day to day. A significant transfer out of that address would be visible to every market observer at once, not just to the issuer.

What does this change for BITC holders?

The answer is verification. Traditional funds publish holdings on a scheduled reporting calendar, and market participants have to trust the issuer's declared figures in the intervals between reports. A spot-backed product on a public ledger works differently. With the addresses labeled, holders can now cross-check the reported 20,652 BTC against actual balances sitting on the Bitcoin network at any moment.

Arkham announced the labels on November 11: "BITC holds 20,652 $BTC ($1.53B) across 98 addresses, 2 of which hold coins today." The firm framed the update as part of its broader institutional labeling rollout.

Part of a $3 billion labeling batch

The CoinShares labeling sits inside a wider Arkham update announced on November 9, 2026, which added labels covering approximately $3 billion in digital assets across various institutional funds. BITC accounted for the largest single contribution, at $1.52 billion in the initial Monday announcement.

The same November catalog included:

• VanEck's VBTC product — $507.2 million
• Invesco's BTIC — $266.6 million
• Grayscale's Solana trust — $125.9 million

The effort extends a cataloging initiative Arkham launched in early 2024 covering spot exchange-traded funds, with the stated goal of building a public directory of institutional holdings verifiable directly on-chain.

The structure behind the labels

BITC is a physically backed exchange-traded product issued by CoinShares Digital Securities Limited, with assets under management ranging between $1.5 billion and $1.7 billion according to records cited in the report. CoinShares' corporate documentation states the firm never lends out the Bitcoin backing its ETPs. The instrument also permits direct redemption, allowing investors to exchange shares for the physical underlying asset.

The labeling shift moves institutional custody from periodic disclosure toward continuous public proof, in effect turning CoinShares' custody claims into a permanent, crowd-checkable record. As of the close of trading on November 11, 2026, all 98 addresses remain indexed on Arkham's public explorer, and every future flow through the dominant 15,359 BTC wallet will land in public view the moment it moves.