The blockchain data tracking firm Arkham Intel has identified wallets linked to WBIT, a physical Bitcoin exchange-traded product (ETP) managed by WisdomTree.

Arkham Intel revealed on the social media platform X that WBIT holds approximately 8,900 BTC, valued at around $579 million, distributed across 134 wallets.

According to the description on WBIT's website, it is a physically backed ETP designed to provide investors with a straightforward, secure, and cost-effective method to gain exposure to Bitcoin's price movements. The ETP offers ease of access for investors, transparency, and institutional custody solutions, all supported by a robust physically backed structure.

A physically-backed bitcoin ETP operates similarly to a spot bitcoin exchange-traded fund (ETF), as both products hold Bitcoin as their underlying asset. However, while a spot bitcoin ETF may use derivatives to track Bitcoin's price without requiring investors to hold the coin directly, a physically-backed bitcoin ETP like WBIT grants investors ownership of a portion of the actual bitcoin held in cold storage by the fund.

Notably, WisdomTree also manages the spot bitcoin ETF (WBTC), which obtained approval on Jan. 10, 2024. As per The Block's Data Dashboard, WBTC saw trading volumes of $31.6 million in U.S. dollars on Apr. 24 and $10.6 million on Apr. 25.