Arkham Intelligence has publicly labeled 98 on-chain addresses linked to the CoinShares Physical Bitcoin ETP, known as BITC, revealing a total backing of 20,652 BTC worth approximately $1.53 billion as of November 11, 2026.
The largest single address holds 15,359.46 BTC, about $1.13 billion and roughly 75% of the product’s total Bitcoin reserves. According to Arkham, only two of the 98 identified wallets have recent activity, while the main wallet first received funds in March 2026.
The labeling was part of a broader institutional data update announced by Arkham on November 9, 2026, which added approximately $3 billion in digital assets across institutional funds. CoinShares’ BITC was the largest contribution at $1.52 billion, followed by VanEck’s VBTC with $507.2 million, Invesco’s BTIC with $266.6 million, and Grayscale’s Solana trust with $125.9 million.
BITC is issued by CoinShares Digital Securities Limited and is physically backed. The firm states it does not lend out the Bitcoin backing its exchange-traded products, and the instrument allows direct redemption for the underlying asset. Arkham’s labeling enables real-time public verification of the reported reserves, turning CoinShares’ custody statements into blockchain-verifiable proof.
